Hints and tips:
...Stephen Stanley, chief US economist at Santander, described the Fed’s statement as a “nice balance between getting rid of the hiking bias but adding that they are not close to easing yet”....
...🤠 HMRC v Premier Foods Ltd (2007) is an epochally important case that considered whether a fruit bar was confectionery....
...Wednesday’s UK inflation report came as a shock to economists, politicians and consumers who had anticipated the rate of price increases would continue to tick down....
...price index (CPI) inflation rate data US: Federal Open Market Committee July interest rate announcement Results: Airbus H1, AT&T Q2, Banco Santander Q2, Boeing Q2, British American Tobacco Q2, Carrefour...
...In 2019, it acquired Peak Resorts, the owner of 17 ski resorts including Hunter Mountain in New York and Mount Snow in Vermont, for roughly $264mn....
...As always, drop your story ideas to me at sid.v@ft.com and have a great week....
...Victoria Clarke, UK chief economist at Santander CIB: Falling inflation will see consumers benefit from positive real pay growth....
...Write to the FintechFT team at imani.moise@ft.com and sid.v@ft.com....
...You can reach the fintechFT team at Imani.Moise@ft.com or Sid.V@ft.com. Your thoughts and suggested topics for coverage are always welcome. Thanks for reading....
...They illustrate their argument by comparing the paths to success of the richest people in Mexico and the USA (p. 39)....
...Santander’s US retail banking operation is separate from its more profitable consumer finance division, which was hit by a $550m settlement this year to resolve claims of deceptive lending....
...Santander Consumer USA made $31bn in car loans in 2019, an increase of 9 per cent, and reported net income of just under $1bn....
...A temporary stamp duty holiday that offers purchasers a tax saving of up to £15,000 has fuelled a V-shaped recovery in the housing market since May....
...They illustrate their argument by comparing the paths to success of the richest people in Mexico and the USA (p39)....
...HSBC North America’s total loan book, on a risk weighted basis, was almost $129bn at the beginning of the stress tests, while Santander USA’s was almost $119bn....
...He is also encouraged by a “V-shaped” recovery in Asia, its largest market, and less dire forecasts for UK consumers....
...Credit Acceptance Corp and Santander Consumer USA (a subsidiary of Madrid-based Banco Santander) are both down more than a third for the year to date. Ally Financial has shed nearly half of its value....
...This requires separating the impact on existing and new consumers considering flavours largely help recruit new users.A flavour ban reduces ZYN’s growth, but not necessarily its existing consumer base. 2...
...Bankers’ early optimism that the pandemic would manifest as a sharp economic shock followed by an equally rapid recovery — the ubiquitous “V-shaped” recession — has given way to pessimism....
...[But] we are a consumer company.”...
...And now a fifth expect a “V-shaped” economic recovery, up from a 10th in the previous month....
...With companies such as Ally Financial and Santander Consumer USA offering forbearance to borrowers, it could buy enough time to stave off widespread defaults if the economy gets back on track quickly....
...Our current FY21E estimates effectively assume flat admissions versus FY19 (which were 14% below FY18 in the USA)....
...And are now reassured by its ongoing relevance to UK consumers....
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