Wells Fargo, the bank serving one in three households in the United States, is shuttering all personal lines of credit, according to customer letters reviewed by CNBC. The revolving credit lines-a popular product which will be shut down in the coming weeks, typically let users borrow $3,000 to $100,000. “Wells Fargo recently reviewed its product offerings and decided to discontinue offering new
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Investment demand for gold remained high in 2020, thanks to purchases undertaken by central banks which continue to be positive on the yellow metal. Around 21 per cent of the central banks around the world intend to increase their gold reserves over the next 12 months, according to the 2021 Central Bank Gold Reserves (CBGR) survey jointly undertaken by the World Gold
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Russia shared on Tuesday (July 6) it has completed necessary exchange operations for eliminating the US dollar currency from the National Wealth Fund (NWF) which holds part of the country’s oil revenues, according to plans previously announced. “As a result of these transactions, the dollar was excluded from the structure of the NWF, the stake of the British pound was reduced to
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Banco Santander, one of Mexico’s leading banks, launched its second equity fund based on environmental, social and governance principles (ESG) together with Robeco Institutional Asset Management (Robeco). The bank explained the new Global ESG Equity Fund (SAM-RVG), a diversified portfolio of between 30 to 40 issuers, will now have a global focus and complements its offering of instruments of sustainable investment, with local and global options, being the
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Grantham, Mayo, & van Otterloo (GMO) has released its latest 7-Year Asset Class Forecasts through May 2021 warning clients to “concentrate assets where the bubble ain’t”. The Boston-based asset management firm’s extraordinarily bearish forecast for stocks and bonds predicts a negative annual real return over seven years with only emerging markets value stocks priced to deliver quite decent relative and absolute returns. “It gives us
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Oil prices jumped on Wednesday (June 23), with major benchmarks gaining nearly 1% after US Energy Information Administration data showed that crude stockpiles in the country decreased by 7.6 million to 459.1 million barrels in the week ending June 18, exceeding analyst expectations. Brent for August settlements moved up 0.98% to $75.51 per barrel at 11:35 am ET, while West Texas Intermediate
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Emerging-market currencies are well up this quarter and repeatedly ascended to record highs. The Brazilian real has been the top performer this month, followed by Russia’s ruble and Colombia’s peso. Last week, Brazil’s central bank announced its third interest rate hike in 2021, a 75-basis point increase to 4.25%. It also said it anticipated a similar rise in August. The aggressive tightening
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