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Bank of England

UK economy to hit pre-pandemic level late 2021: BoE

The pandemic sparked a 10-percent slump of UK economic output last year -- the worst annual performance in more than three centuries.

Published 15 Mar, 2021 06:11pm

Markets

UK 10-year gilt yield hits highest since last year's ‘dash for cash’

Ten-year gilt yields edged up by almost 2 basis points to 0.843% .
Earlier on Monday, Bank of England Governor Andrew Bailey said he was more optimistic about the economy, "with a large dose of caution," and the rise in rates in financial markets was consistent with recovery prospects.

Published 15 Mar, 2021 06:04pm

Markets

BoE's Bailey: rise in market rates consistent with better outlook

Bailey said the British economy would recover this year and get back to its late 2019 level around the end of this year.

Published 15 Mar, 2021 02:07pm

World

UK GDP seen back to pre-COVID level within two years as Sunak policies please

Sunak said the economy would have recovered by mid-2022, six months earlier than previously forecast.

Published 11 Mar, 2021 11:27am

Markets

UK draws record demand for inflation-linked bond

Investors submitted 2.832 billion pounds ($3.93 billion) of bids for the 800 million pounds on offer of an index-linked bond maturing in August 2031 .
That gave a bid-to-cover ratio of 3.54, the highest for any index-linked bonds since such auctions began in 1998.

Published 10 Mar, 2021 06:23pm

Markets

Sterling reaches two-week high vs euro on BoE governor's cautious optimism

More than 22 million people have had the first dose of a COVID-19 vaccine in the UK. Traders expect the swift inoculation programme will help the economy rebound from its biggest contraction in 300 years.
In early London trading, the pound rose to a two-week high against the euro at 85.57 pence. It was flat at 85.76 pence at 1227 GMT.

Updated 09 Mar, 2021 09:33pm

Business & Finance

Bank of England should push back against growth risks: Haskel

Commercial banks should follow BoE advice to make sure they are ready to implement negative interest rates, although the central bank does not yet know if they will be needed later this year, Haskel added.
Risk management considerations dictate that policy should lean strongly against downside risks to the outlook and I remain open to the possibility that the economy might need further support to return inflation to the target sustainably.

Published 05 Mar, 2021 09:05pm

World

UK's 2021 growth outlook not 'strong': BoE's Haskel

A number of people have talked about a 'strong' forecast. I find that rather misleading, because of course it is from a very low base. If you go down by 25% then you go up by 25% ... it doesn't take you back to where you started."
British government forecasters predicted on Wednesday a 4.0% expansion this year and 7.3% growth in 2022, after a historic 9.9% collapse in 2020.

Published 05 Mar, 2021 08:37pm

Markets

Britain starts countdown on Libor's 'final chapter'

"Today's announcements mark the final chapter in the process that began in 2017, to remove reliance on unsustainable Libor rates and build a more robust foundation for the financial system.
"With limited time remaining, my message to firms is clear - act now and complete your transition by the end of 2021."

Published 05 Mar, 2021 07:32pm

Business & Finance

Bank of England says Wyelands is able to repay depositors

"The firm has the resources... to repay all depositors in full and we have required it to operationalise an orderly repayment of its deposits," the BoE said in a statement.

Published 03 Mar, 2021 09:10pm

Business & Finance

Bank of England's Haldane warns inflation ‘tiger’ is prowling

People are right to caution about the risks of central banks acting too conservatively by tightening policy prematurely.
"There is a tangible risk inflation proves more difficult to tame, requiring monetary policymakers to act more assertively than is currently priced into financial markets," Haldane said.

Published 26 Feb, 2021 06:09pm

World

BoE Governor Bailey speaks to lawmakers

"It would be very controversial in my view because legislating extra-territorially is controversial anyway and obviously of dubious legality, frankly."
"It will certainly contribute to global growth because the US is obviously such a sizeable part of the global story. So there will be a spillover, a positive spillover, from that."

Published 24 Feb, 2021 09:21pm

Business & Finance

BoE not targeting change in insurers' capital, says Gerken

We are not looking for increase or decrease ... but are interested in the evidence as to ... what is the amount of capital that is about right. *"The industry has proven resilient over the last 12 months in the current regime," she said.

Published 23 Feb, 2021 08:38pm

Business & Finance

Billions of pounds in the red, UK budget to have greenish hue

LONDON: British finance minister Rishi Sunak’s annual budget on March 3 is set to have a green tinge, even as the...

Updated 22 Feb, 2021 09:57am

Business & Finance

UK might need negative rates if recovery disappoints: BoE's Vlieghe

Vlieghe said in a speech published by the BoE that there was a risk of lasting job market weakness hurting wages and prices.
"In such a scenario, I judge more monetary stimulus would be appropriate, and I would favour a negative Bank Rate as the tool to implement the stimulus," he said.

Published 19 Feb, 2021 08:10pm

Business & Finance

Negative rates may be BoE's best tool in future: Saunders

Saunders, one of nine members of the BoE's Monetary Policy Committee, said in December that he saw scope for borrowing costs modestly below zero.
"If we wanted to lower the yield curve from current levels, then I suspect a lower Bank Rate might be more appropriate," he told the Resolution Foundation think tank.

Published 18 Feb, 2021 08:59pm

Business & Finance

Libor nearing its demise?

ISLAMABAD: The London Interbank Offer Rate (LIBOR) is dying a slow but predictable death as after serving as bedrock...

Published 15 Feb, 2021 04:53am

Business & Finance

UK economy slumps by 9.9pc in 2020, most in over 300 years

LONDON: Britain’s coronavirus-ravaged economy suffered its biggest crash in output in more than 300 years in 2020...

Published 13 Feb, 2021 04:11am

Business & Finance

Britain's economy to reach pre-COVID-19 levels within two years

Last year the BoE slashed Bank Rate to 0.1% and restarted its bond buying programme to offer support to the economy. Medians in the poll suggest there will be no unwinding of that ultra-loose monetary policy until 2024 at the earliest.

Updated 12 Feb, 2021 11:49pm

Business & Finance

Sterling consolidates above $1.38

LONDON: Sterling held above the $1.38 mark hit earlier this week on Thursday in relatively quiet currency markets...

Updated 12 Feb, 2021 09:30am

Business & Finance

Sterling breaks above $1.38

LONDON: Sterling edged up against the dollar on Wednesday, breaking above $1.38 and touching its highest level in...

Updated 11 Feb, 2021 09:32am

Business & Finance

Bank of England rules out big capital reduction for insurers after Brexit

Lawmaker: "sky's the limit" ambition needed after Brexit.
Industry facing 1.7 billion pound bill for COVID claims.
BoE: COVID claims won't mean "tons" more capital needed.

Published 10 Feb, 2021 08:23pm

Business & Finance

Pound hits highest against dollar since April 2018

LONDON: The British pound hit its highest level against the dollar since April 2018 and traded just below ...

Published 10 Feb, 2021 04:12am

Business & Finance

BoE's Bailey challenged over his testimony on collapsed fund LCF

Bailey, who had been chief executive of LCF's financial regulator at the time of the collapse.
Bailey's "primary position" in his representations was that references to him or other individuals having personal responsibility for the FCA's regulation of LCF should be deleted.

Published 09 Feb, 2021 09:43pm

Markets

Sterling slips slightly versus dollar; speculators' net long position increases

Britain has injected over 12 million first doses of COVID-19 vaccines and is on track to meet a target to vaccinate everyone in the most vulnerable groups by mid-February.

Published 08 Feb, 2021 02:24pm

Business & Finance

Sterling moves higher against dollar, euro

LONDON: Sterling edged higher against the dollar and the euro on Friday after the Bank of England avoided sub-zero...

Published 06 Feb, 2021 04:06am

Business & Finance

Bank of England keeping close eye on shipping costs

"We have seen some quite sharp rises and some shipping costs (increase)," Bailey said during an online presentation organised by the BoE.

Published 05 Feb, 2021 07:47pm

Business & Finance

Worst yet to come for banks in terms of pandemic fallout, BoE's Woods says

We feel good about what's happened so far but in a way the tougher bit is coming.
"I am not worried about that, it will be manageable but it will be significant."

Published 05 Feb, 2021 07:34pm

Business & Finance

Bailey says fears over BoE independence are ‘without merit’

I'm sorry to have to be blunt, I'm afraid these arguments are entirely without merit.
The BoE has doubled its target for government bond purchases to 895 billion pounds ($1.23 trillion) since the start of the pandemic last year.

Published 05 Feb, 2021 07:28pm

Markets

Gold inches up, but set for worst week in ten

The Bank of England gave British lenders breathing space of at least six months on Thursday before negative interest rates are a possibility.

Published 05 Feb, 2021 11:50am

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / May 3	278.23
USD PKR Interbank Buying / May 3	278.03
USD to Japanese Yen / May 3	153.05
USD to Swiss Franc / May 3	0.91
Pound Sterling to USD / May 3	1.25
Euro to USD / May 3	1.08

Stock	Volume
S&P 500 / May 3	5127.79
India Sensex / May 3	73878.15
Tokyo Nikkei / May 3	38236.07
Nasdaq / May 3	16156.33
Hang Seng / May 3	18475.92
FTSE 100 / May 3	8213.49
Dow Jones / May 3	38675.68
Germany DAX 30 / May 3	18001.60

Item	Value
Crude Oil USD/Barrel / May 3	78.11
Karachi Cotton PKR/37.32 KG / May 3	20535
Gold 10 Grams PKR / May 3	205418
Gold Spot USD/Ounce / May 3	2301.74
Cotton US¢/pound / May 3	78.06
Petrol/Litre / May 4	288.49

Gainers
Losers
Leaders

Stock	Price
786 Invest Ltd / May 4 786 Investments Limited(786)	5 ▼ 0.00 (0.00%)
AL-Abbas Sugar / May 4 Al-Abbas Sugar Mills Limited(AABS)	585 ▼ 0.00 (0.00%)
Agro Allianz / May 4 Agro Allianz Limited(AAL)	16 ▼ 0.00 (0.00%)
AL-Abid Silk / May 4 Al-Abid Silk Mills Limited(AASM)	3.49 ▼ 0.00 (0.00%)
Ali Asghar / May 4 Ali Asghar Textile Mills Limited(AATM)	2.07 ▼ 0.00 (0.00%)
Allied Bank / May 4 Allied Bank Limited(ABL)	87.10 ▼ 0.00 (0.00%)
Abbott Lab. / May 4 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▼ 0.00 (0.00%)
Abson Ind. / May 4 Abson Industries Limited(ABSON)	2.50 ▼ 0.00 (0.00%)
Alfalah ETF. / May 4 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▼ 0.00 (0.00%)

Stock	Price
786 Invest Ltd / May 4 786 Investments Limited(786)	5 ▲ 0.00 (0.00%)
AL-Abbas Sugar / May 4 Al-Abbas Sugar Mills Limited(AABS)	585 ▲ 0.00 (0.00%)
Agro Allianz / May 4 Agro Allianz Limited(AAL)	16 ▲ 0.00 (0.00%)
AL-Abid Silk / May 4 Al-Abid Silk Mills Limited(AASM)	3.49 ▲ 0.00 (0.00%)
Ali Asghar / May 4 Ali Asghar Textile Mills Limited(AATM)	2.07 ▲ 0.00 (0.00%)
Allied Bank / May 4 Allied Bank Limited(ABL)	87.10 ▲ 0.00 (0.00%)
Abbott Lab. / May 4 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▲ 0.00 (0.00%)
Abson Ind. / May 4 Abson Industries Limited(ABSON)	2.50 ▲ 0.00 (0.00%)
Alfalah ETF. / May 4 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▲ 0.00 (0.00%)

Stock	Volume
P.I.A.C.(A) / May 4 Pakistan International Airlines Corp(PIAA)	47,200,500 ▲ 0.00
Cnergyico PK / May 4 Cnergyico PK Limited(CNERGY)	29,719,327 ▲ 0.00
Pak Petroleum / May 4 Pakistan Petroleum Limited(PPL)	21,170,581 ▲ 0.00
Pak Refinery / May 4 Pakistan Refinery Limited(PRL)	16,965,134 ▲ 0.00
The Searle Co. / May 4 The Searle Company Limited(SEARL)	15,793,227 ▲ 0.00
P.T.C.L. / May 4 Pakistan Telecommunication Company Ltd(PTC)	15,054,641 ▲ 0.00
K-Electric Ltd. / May 4 K-Electric Limited(KEL)	14,145,556 ▲ 0.00
WorldCall Telecom / May 4 Worldcall Telecom Limited(WTL)	13,158,668 ▲ 0.00
Telecard Limited / May 4 Telecard Limited(TELE)	12,358,668 ▲ 0.00

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