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Tag: hikes

Price controls considered in UK to stop hikes in coronavirus essentials

Price controls considered in UK to stop hikes in coronavirus essentials

Business
The competition regulator is considering whether to advise the government that price controls may be needed to prevent coronavirus outbreak profiteering.The Competition and Markets Authority (CMA) made its announcement hours after the banking sector revealed it was offering help to customers as growing virus disruption threatens payment deadlines. Meanwhile, the governor of the Bank of England has reiterated that collective action being planned with the Treasury to support the economy would have "maximum impact" if deployed.The CMA said it was urging retailers "to behave responsibly" in their pricing of goods and not exploit the evolving COVID-19 situation.The statement threatened enforcement action against firms charging excessive prices - adding that those making "misleading claims about...
France abandons petrol price hikes in response to violent protests

France abandons petrol price hikes in response to violent protests

World
France has scrapped plans for all petrol price hikes in 2019 following weeks of violent protests. Just a day after Prime Minister Edouard Philippe announced the rises would be suspended for six months from their original introduction date in January, the environment minister confirmed that they had been cancelled completely.Minister Francois de Rugy told BFM TV that the government had decided to ditch the plans in their entirety in order to assuage fears that the increase would be be reintroduced as soon as the protests came to an end. Image: Protesters think Mr Macron is out of touch with the working class Demonstrations against what would have been one of Emmanuel Macron's flagship policies began on 17 November.While...
HDFC hikes interest rates on home loans 20 basis points

HDFC hikes interest rates on home loans 20 basis points

Finance
MUMBAI: Mortgage lender HDFC on Thursday hiked interest rates on home loans by 20 basis points, a day after RBI raised the benchmark repo rate by 25 bps to 6.5%. As per the new rates, women borrowers can avail a home loan of upto Rs 30 lakh at 8.7% while other customers will be charged a rate of 8.75%. New rates are effective from 1st August. For loans above Rs 30 lakhs women borrowers will be charged at 8.80% while other borrowers will be charged a rate of 8.85%. On Wednesday, at least three banks - Union Bank of India, Kotak Mahindra Bank and Karnataka bank – increased their marginal cost of lending rates (MCLR) by 5-10 basis points. The largest mortgage loan providers such as State Bank of India (SBI), ICICI Bank and Punjab National Bank have kept their MCLR rates unchanged. On J...
PNB hikes lending rates by 15 bps to 8.30%

PNB hikes lending rates by 15 bps to 8.30%

Finance
MUMBAI: The scam-hit Punjab National Bank (PNB) today raised its lending rate by 15 basis points to 8.30 per cent with immediate effect. The New Delhi-based lender also increased its retail and build deposit rates by up 45 basis points on various maturities. The move comes in the same day when the industry leader SBI increased the lending rates by 20 bps to 8.15 per cent. The one-year marginal cost of funds based lending rate (MCLR) was earlier at 8.15 per cent. The overnight, one-month, three-month and six-month rates were raised by 15 basis points to 7.80 per cent, 7.95 per cent, 8.10 per cent and 8.25 per cent, respectively, PNB said in a statement. The lender also increased its retail and bulk term deposits by up to 45 basis points. For retail deposits maturing in one-yea...
New Year rail fare hikes at five-year high

New Year rail fare hikes at five-year high

Business
Commuters are being "priced out of going to work" by the largest rail fare increase in five years, according to a campaign group.Passengers catching a train on the first working day of 2018 will be hit with an average ticket price rise of 3.4%, with some commuter routes set for price hikes of more than £100.There are protests planned at around 40 railway stations up and down the country on Tuesday, with some commuters spending up to five times as much of their salary on season tickets as people on the continent.:: Top five average increases by operator:4.7% - Northern.4.6% - TransPennine Express.4.1% - CrossCountry.3.6% - Merseyrail.3.4% - Virgin Trains East Coast, Greater Anglia, London Overground and TfL Rail Travelcards and price caps.:: 'Raw deal': Trains must be run for passengersImag