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Tag: raises

Energy prices to increase for millions as Ofgem raises cap

Energy prices to increase for millions as Ofgem raises cap

Business
More than half of British households are set to see an increase in the cost of energy in April after the regulator, Ofgem, raised price caps.Ofgem sets maximum prices that can be charged for gas and electricity to those who have not switched suppliers and are on default tariffs.The new cap could see these households typically pay an extra £117 a year.The regulator is allowing suppliers to cover the higher costs they face on the wholesale market."We can assure these customers that they remain protected from being overcharged for their energy and that these increases are only due to actual rises in energy costs, rather than excess charges from supplier profiteering," said Dermot Nolan, chief executive of Ofgem. About 11 million households are on defau...
Fed raises rates but cuts 2019 forecast

Fed raises rates but cuts 2019 forecast

Business
The Federal Reserve has raised interest rates again - but future increases may come at a slower pace.Officials at the US central bank voted to lift the Fed's key interest rate by 0.25%, to a target range of 2.25%-2.5%.But estimates released on Wednesday show most members expect two rate increases in 2019 - not three, as previously forecast.The shift follows a downturn in US financial markets and concerns about slowing growth in the US and abroad.Officials now expect economic growth of 2.3% in 2019, down from the 2.5% they anticipated in September. Members also said they expect inflation to hover around 1.9% next year, compared to a 2% forecast in September.Federal Reserve Chair Jerome "Jay" Powell said the strength of the US econ...
United Bank of India raises deposit rates by 0.25%

United Bank of India raises deposit rates by 0.25%

Finance
NEW DELHI: State-owned India United Bank of India on Wednesday raised deposit rates across select maturities by 0.25 per cent. With the increase, fixed deposit rate for one-year tenure will increase to 6.5 per cent from existing 6.35 per cent, the bank said in a regulatory filing. The interest rate for fixed deposits between 1-3 years will increase to 6.25 per cent from 6 per cent. The bank has revised the rate of interest on domestic term deposits for less than Rs 1 crore, with effect from December 14, 2018, it said. Let's block ads! (Why?) Banking/Finance-Industry-Economic Times
Govt raises Rs 17,000 crore from CPSE ETF of Reliance MF

Govt raises Rs 17,000 crore from CPSE ETF of Reliance MF

Finance
MUMBAI: The third further fund offer (FFO) of the CPSE ETF by Reliance Mutual Fund was subscribed 3.5 times getting subscriptions worth Rs 27,300 crore till 5 pm on Friday. This makes it the largest ever FFO by the government through the ETF route. The fund house has received 1.25 lakh application so far. The government will retain Rs 17,000 crore through this issue. “The Rs 17,000 crore raised from disinvestment is also the largest ever equity fund offering through ETF in India. We have seen good participation from FIIs, retirement and pension funds and domestic institutions.” says Sundeep Sikka, chief executive officer, Reliance MF. The ETF offered a 4.5% to all categories of investors. The number of stocks in the CPSE index has increased to 11 from 10 with the entry of...
Amazon jumps out ahead of its rivals and raises wages to $15

Amazon jumps out ahead of its rivals and raises wages to $15

Technology
Amazon, the business that upended the retailing industry and transformed the way we shop for just about everything, is jumping out ahead of the pack again, announcing a minimum wage of $ 15 an hour for its U.S. employees that could force other big companies to raise their pay. The online giant also said it will push Congress to increase the federal minimum wage, now at $ 7.25. Given Amazon's size and clout, the move Tuesday is a major victory for the $ 15-an-hour movement, which has organized protests of fast-food, gas station and other low-paid workers. Already, several states and cities have raised their minimum wages above the federal one. Amazon, whose value topped an awesome $ 1 trillion in September, has been under political and economic pressure to pay its employees more. "We list...