|Citigroup Inc: Lloyds Banking Group and RBS could see profits slashed following downgrade|
|Tuesday, 01 May 2012 08:37|
News round up: Citi, Lloyds, Royal Bank of Scotland, Mortgage payments, China, Sterling and Euro collapse.
More than one million homeowners will see their mortgage payments jump by hundreds of pounds a year from today as lenders, including two state-backed banks, raise borrowing costs. Borrowers with other banks and building societies face similar increases in the months ahead, experts have warned, with the Eurozone crisis and lenders’ funding problems driving up the cost of home loans.
China has announced plans to cut import tariffs just days before US Treasury Secretary Timothy Geithner arrives in Beijng for the latest round of talks between the two superpowers. Duties will be reduced on an array of imports, including energy products and some consumer goods, China's State Council said on Monday, without giving more details. The White House is pushing Beijing to cut tariffs and reverse a currency policy that many in the US believe hands Chinese manufacturers an unfair advantage.
Sterling climbed to its highest level against the euro in almost two years on Monday as concerns grew in the financial markets about the deepening crisis in the single currency. A pound at one stage bought more than €1.23 on the foreign exchanges – making foreign holidays cheaper but UK exports to the single-currency zone more expensive.
David Cameron raised the spectre of the collapse of the euro and years more economic turmoil yesterday as he confronted his deepest political crisis since entering Downing Street. The Prime Minister warned the debt crisis across the Continent was not even halfway through, blaming the EU's woes for Britain's double dip recession.
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