Julian Harris: No Publicity is Good Publicity for the BOE
The Bank of England did everything it could to avoid ruffling feathers this afternoon — and succeeded. At the time of writing, markets are pricing UK assets at eerily similar levels to where they were sitting prior to the Old Lady's midday decision to keep interest rates at 4.25%.
That may seem unsurprising, given the widely-expected hold, but bear in mind that the boat could easily have been rocked by any of the following: the 6-3 vote split, the minutes of the Monetary Policy Committee's meeting, Governor Andrew Bailey's written statement, Bailey's social media clip, Bailey's obligatory letter to the chancellor, or even a brief TV appearance by Deputy Governor Clare Lombardelli. All of which were closely watched by traders hunting for any hint of a dovish or hawkish shift in sentiment.
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World Bank urges 'radical' debt transparency for developing countries
By Libby George LONDON (Reuters) -The World Bank is urging "radical" debt transparency for developing countries and their lenders to stave off future crises, it said in a report released on Friday. The Bank wants to broaden the depth and detail of what sovereign countries disclose regarding new loans, as more of them enter complex, off-budget borrowing deals due to global market turmoil. "When hidden debt surfaces, financing dries up and terms worsen," World Bank senior managing director Axel van Trotsenburg said in a statement, adding: "Radical debt transparency, which makes timely and reliable information accessible, is fundamental to break the cycle." The Bank wants countries to make legal and regulatory reforms that mandate transparency when signing new loan contracts and to share more granular debt data. It also wants more regular audits, the public release of debt restructuring terms, and for creditors to open their loan and guarantee books. It is calling for better tools for international financial institutions to detect misreporting. The World Bank and other multilateral banks have been pressing for years to improve lending transparency. The proportion of low-income countries reporting some debt data is now above 75%, up from below 60% in 2020. But only 25% of them disclose loan-level information. As financing costs spike due to trade wars and geopolitical risk, more countries are using arrangements such as central bank swaps and collateralized transactions that complicate reporting. Senegal has used private debt placements as it negotiates with the International Monetary Fund over misreporting of its previous debts, and Cameroon and Gabon have also used what are known as "off-screen" deals. Angola recently had to pay a $200-million margin call after a rout in its bond prices. In Nigeria, the central bank disclosed in early 2023 that billions of U.S. dollars of its foreign exchange reserves were tied up in complex financial contracts negotiated by the previous leadership. The Bank said broader loan coverage and deeper loan-by-loan disclosures would enable the international community to fully assess public debt exposure. (Reporting By Libby GeorgeEditing by Rod Nickel) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Entrepreneur
an hour ago
- Entrepreneur
No Perfect Time
Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur United Kingdom, an international franchise of Entrepreneur Media. At just 23, Emily Jeffrey-Barrett landed a role as Radley Yeldar's first-ever copywriter, quickly managing campaigns for giants like NIVEA and IKEA. By 25, she was leading a team of 12, pushing through large-scale sustainability projects despite resistance from more senior colleagues. Then came the pandemic - no investors, no backup plan, and zero external funding - and Emily launched Among Equals, a creative agency with a blunt mantra: "No one cares about your brand, and it's on you to change that." Starting a business during Covid-19 wasn't just a practical challenge, Jeffrey-Barrett explains, it was psychological too. "I always assumed I would hit a point where I felt 'ready'. That never came. But there's nothing like a global pandemic to show you there's never a perfect time to start. The world isn't waiting, you just need to go for it." The pandemic also brought unexpected perks. "We didn't need to pay for an office – if working from a spare room was good enough for, say, the CEO of Unilever, it was good enough for me. And people had more free time - they had, quite literally, nowhere to go - so grabbing people for a chat became easier." Jeffrey-Barrett's approach to seizing opportunities was equally fearless. "I was shameless. I asked anybody I possibly could for help, advice, connections - and people really showed up. I was blown away by people's generosity." Persistence, she adds, has been key. "I pitched for something two years ago. Lost. Then kept checking in. Today, they're one of our biggest clients." For her, every interaction counts: "I saw everything - every email, every call, every micro-interaction - as an opportunity. I still have that mindset today. You never know where an introduction will lead." Having spent two years working closely with UK founders before launching her agency, Jeffrey-Barrett understood the ecosystem was small — and ripe with potential. But what surprised her most was "how resilient you need to be. I don't just mean staying positive when you lose a pitch; I mean the sheer amount of energy you need to bring to the table every single day. Yes, you need ideas. And yes, you need a hell of a lot of luck. But really, energy beats everything." Her advice to founders? "Go for it. Seriously. You don't need to wait until you're 'ready' - you'll never be 'ready'. The best time to start your business? Yesterday. So as long as you have the ability to give it a go, do it. Commit. Throw all your energy at it. Try. You'll need some things along the way – people who share your vision and are equally committed to it, the ability to prioritise ruthlessly, the discipline to look after yourself not just your team or business. But there's never a perfect time. So stop waiting, start working." Now a trusted advisor to CMOs across industries, Jeffrey-Barrett's story is a testament to tenacity, boldness, and the power of community - all driving forces behind the fresh, unapologetic voice of Among Equals.
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Car interest rates are going up as the Fed quells inflation
The Federal Reserve doesn't directly set auto loan rates — but it does affect the cost for lenders to borrow money. The Federal Funds rate was cut three times in 2024 but has not seen any changes in 2025, so it currently sits at 4.25-4.5 percent. High interest rates have offset any concrete wins from stabilizing vehicle prices. Inflation and its impacts are likely not going away anytime soon. That means high car loan interest rates will likely linger, too. While the Federal Open Market Committee (FOMC) announced the third federal funds rate cut in December 2024, rates remain unusually high, which tends to drive higher rates on consumer loan products. With no cut announced after the FOMC meeting in June, rates will likely remain high over the coming months. Unfortunately, this does mean that car loan interest rates are also high, though they have been on the decline. 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According to Foster, high interest rates make it more expensive to borrow money. And that, combined with high costs, has been like a one-two punch to Americans' finances. She explains that this has left many drivers 'resigned to finance an exceptionally expensive big-ticket purchase at an uncomfortably high rate.' Higher interest rates are just one result of the Feds' goal to quell inflation. 'Higher borrowing costs don't just disincentivize spending but squeeze people out of being able to afford big-ticket items, causing the economy to slow,' Foster says. Bankrate experts believe the Fed will continue cutting rates through 2025. However, rates on auto loans are unlikely to significantly drop after this initial cut. The increases can be attributed to the higher benchmark rate and more expensive vehicles. Stay up to date with changing news and how it affects your finances with Bankrate's Federal reserve hub. While the interest rate you receive depends on many factors, including uncontrollable ones like inflation, you can still make moves to save money regardless of rate hikes made by the Fed. Most lenders will have higher rates right now, but that doesn't negate the benefit of shopping around. Compare rates and terms from at least three lenders to decide which quote is best for your needs. Pay close attention to the available APR along with the repayment term. As vehicle prices hit record highs, focusing on your budget when shopping is vital. With little wiggle room, it is best to calculate how much you can afford before heading to the dealership. This way, you will understand how much you need to borrow to drive your new car. Bankrate tip Be sure to shop the total loan amount, not just the monthly payment. While taking out a longer-term loan for cheaper monthly costs can be enticing, it can be more expensive in the long run. You are able to apply for prequalification or preapproval with most lenders, which will give you a firm idea of what your expected rates will be. It can also help during negotiations at the dealership — with a loan already in place, you know exactly what you can afford to spend and potentially negotiate for lower rates through dealership financing. Not all lenders offer this step, so look for it when comparing options. The upfront cost of an EV tends to be higher, but electric vehicles — and hybrids — do have added benefits beyond the gas pump. Although both auto loan rates and vehicle prices are high right now, you have ways to cut down on costs. By applying for a green auto loan and applying for EV tax credits, you can make back any money lost due to higher interest rates. And if you don't need your vehicle to be fully electric, a hybrid is often a more budget-friendly option that can help you save at the pump. It may seem counterintuitive because used cars typically have higher rates, but buying a used car can save you money if you choose a car with a lower price tag. It can also help you save money every month. According to data from Experian, the average payment for a used car was $523 in the third quarter of 2024. Compared to the average new payment of $735, even a slightly higher interest rate on a used car still saves money. One of the most effective times to consider refinancing your auto loan is when rates have lowered and your credit score has improved. The process is similar to applying for your initial loan, though there are a few extra steps on the back end. Evaluate your current loan. Before beginning your refinancing process, it is important to look at your current loan's term and interest rates. Use an auto refinance calculator to understand potential monthly savings once you have those numbers in mind. Check your credit. By understanding your credit score, you can determine your eligibility for good rates. When it comes to refinancing — just like with any loan — the better your credit, the more competitive your rates will be. Shop around. Comparing refinancing rates with at least three different lenders is the key to getting a good deal. Just like your initial car loan, calculating potential costs and working them into your budget will help you avoid spending more than you need to. Receive new terms. If you are approved, your new lender will typically send your payoff amount to your current lender. Follow up with both lenders to make sure everything is completed on time and accurately. Although many do not have the luxury of waiting to buy a car, patience may be on your side when it comes to saving money. Interest rates will continue to make borrowing money for your vehicle more expensive. So whether you plan to wait out the high rates or head to a dealership, prepare for higher prices to finance your vehicle. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
