RBW Consulting has just been announced as winner of the Best Corporate Social Responsibility category at the 2022 Best Business Awards.
Upon receiving the Award, RBW Consulting’s Chief Growth Officer, Emma Thorp, said: “As a business, we’ve always wanted to ‘give back’. Investing in patient-focused research is the most relevant, most immediate way of impacting the patient populations that our clients serve, hence the creation of our RBW IMPACT programme. I know first-hand the impact a rare disease diagnosis can have on a family, and we’ve been bowled over by the reception this first project has received from the community, which only goes to show how needed more action is. Our hope is that in some small way we can make a positive difference to better health outcomes, and having our endeavours recognised by the Best Business Awards is the icing on the cake”.
The Best Business Awards pride themselves on having a large panel of independent expert judges who select winners according to strict criteria for each category and sector.
Commenting on RBW Consulting, the chairman of the judges said: “Specialist life science talent acquisition consultancy RBW Consulting can’t be praised enough for funding some patient-focussed research into the mental health impact of a rare disease diagnosis. It is a devasting moment for the patient and family when a diagnosis is made and to ease the shock RBW Consulting, working with the Rare Disease Research Partners, has developed a statement of good practice and guidance for healthcare professionals to help them improve their approach. This is a wonderful project that is being supported by many rare disease organisations and helping patients with their mental health.”
The Best Business Awards are one of the UK’s highest profile awards and winning this accolade speaks volumes about RBW Consulting. Due to its high profile, the Awards attract a wide range of entries from across all sectors from large international PLCs and public sector organisations to dynamic and innovative SMEs. The winners all have one thing in common – they are truly outstanding at what they do.
The South African mobile gambling industry experienced a boost in the last decade partly because of increased smartphone use in the country. Increased smartphone use opened a floodgate of opportunities for mobile casino and sportsbook operators seeking to expand in South Africa.
Over 300 million Africans were using smartphones in 2019, comprising a market worth $15 billion. The last decade saw a 400% increase in mobile Internet subscriptions in the Sub-Saharan region. And today, 5G smartphone use is on the rise all over Africa.
Moreover, most of the African population is young, accounting for the rise of mobile gambling in the country. Experts estimate that the African youth population will grow in the years to follow, creating a consumer base exceeding 200 million mobile gamblers. All these factors indicate a bright future for the African mobile gambling industry.
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Mobile casinos and sportsbooks have already captured a large share of the African gambling market. According to Statista.com, Africans accounted for 11% of Internet users worldwide. The number of Africans who access the Internet through smartphones, mobile phones, and tablets is rising because mobile devices and broadband Internet subscriptions are becoming affordable and accessible to many more Africans.
The biggest African gambling markets are Nigeria, South Africa, and Kenya. According to the Pocket Gamer overview of 2021, gamblers wagered $290 million on mobile casino games in South Africa alone.
Here are some reasons for the growth of mobile gambling in South Africa:
South Africans Love to Bet: The South African love for betting is the number one reason for the mobile gambling boom in the country. Betting has long been a part of the South African lifestyle and culture. South Africans do not bet for entertainment alone but also to generate income and support their families.
Over 50% of South Africans gamble regularly, and the rest place occasional bets. Using mobile devices to place bets on sports events and casino games is convenient for most South Africans.
Covid-19 Pandemic: Mobile gambling and online betting apps experienced a boost because of the Covid-19 pandemic and the restrictions it imposed on people worldwide. Many South Africans found themselves unemployed and restricted to their homes during this time.
Young people took to sports betting on their mobile devices to pass the time and earn some money. During the lockdowns, they got more time to learn betting strategies and ways to predict game outcomes.
Betting Culture: Playing online casino games, watching sports events and betting on them is part of the South African lifestyle and culture. Popular sports in South Africa include horse racing, rugby, football, and golf, to mention just a few. When smartphone usage increased in South Africa, locals naturally started betting and enjoying online casino games while on the move.
Here are some facts and figures indicating the rising popularity of mobile betting apps and mobile gambling in South Africa:
71% of the adults in South Africa play mobile casino games.
Mobile gamblers in South Africa spend 4+ hours per day on their smartphones and tablets.
Genres like sports, racing, action, and adventure are popular in South Africa.
While watching TV, more than 50% of South Africans play games.
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Bonuses and Promotions: Sign up at mobile casinos offering big bonuses with reasonable wagering requirements, lucrative promotions, and tournaments with big prize pools.
Customer Support: Check if the mobile casino has 24/7 live support and toll-free telephonic support for South African players.
South African Mobile Gaming Industry – Challenges
While the South African mobile gaming industry has a bright future, it also faces a few challenges that may hinder its growth.
In the first place, most South African gamblers do not have the latest smartphones. Many still use Edge, 2G, and 3G Android phones that lower gaming speeds and lead to frustration.
Operators have to consider factors like low internet speeds if they want to give South African players a good mobile gaming experience with enhanced user engagement.
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South Africa Mobile Casino FAQs
Q: Is Online Gambling Legal in South Africa?
There are many types of online gambling options available for South African players. According to South African gambling legislation, online casinos aren’t allowed to be located within South Africa’s borders. However, most mobile casinos are located offshore and millions of players frequent these sites every month without any worry. Read more about the South African Online Gambling Law
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A: Yes you can. Playing in Rands means you avoid expensive conversion fees. You play in a currency that you’re familiar with and you can deposit and withdraw your funds without any hassle.
Household Finances Connor Campbell at NerdWallet said: “A further spike in inflation was expected – but this will offer little comfort to struggling households, particularly as wages aren’t keeping up. Indeed, recent research from NerdWallet found that almost half (46%) of UK SMEs have not raised employee wages in line with inflation, suggesting that the financial strain will persist for some time.
“Clearly, the government must go beyond one-off financial support and develop a long-term economic recovery plan to help the UK emerge from its current economic predicament. Not all households, however, can afford to wait for such measures to be announced.
“Certain steps can be taken if you are seeking assistance. Free support is available in the form of debt charities StepChange and Citizen’s Advice, if you want to air your concerns or take steps to develop a financial recovery plan, while the Trussell Trust has a postcode tool that can allow you to find a food bank in your area. Price comparison sites could also offer some solutions, by allowing households to compare prices for a variety of necessities, from groceries to energy providers.
“There is no quick fix to the cost-of-living crisis. However, Britons should know that there are tools available to provide some short-term relief. And such action could set them on the right track towards regaining some control over their finances.”
Investors Jatin Ondhia, CEO of FCA-regulated investment platform Shojin: “Prices are rising faster than they have for four decades and while May’s CPI figures represent little change from last month’s record hike, the tide remains strong and is set to continue rising, which could push inflation into double figures towards the end of the year.
“The combination of sustained and high inflationary pressure with sharp rate rises and generally tighter monetary policy constitutes a radically different macroeconomic environment, posing a serious threat to investment returns and consumers’ finances. As the global economic outlook darkens, investors must take the time to reassess their inflation toolbox and consider which assets are likely to help cushion their portfolios against further hikes. Maintaining a well-diversified portfolio and ensuring investments remain aligned with long-term goals will be key in navigating the challenges and it should be expected that the defensive and income yielding capabilities of resilient assets, such as real estate, will stand out ever more sharply against the current economic climate.”
Retailer Support for Consumers Mohsin Rashid, co-founder of ZIPZERO, said: “Consumers are being battered on all sides. If you delve beyond today’s data about the eyewatering rate of inflation, the figures make for ugly reading: annual spending on food is expected to rise £380 this year, while energy bills are on track to pass £3,000 for the first time ever.
“Savvy financial management is important, yes. But to think consumers can work their way through such a challenging economic climate on their own is foolish. Businesses must do more – namely, retailers and energy providers.
“Positively, there’s a solution. Each year, retailers and brands spend a whopping £27 billion on digital marketing. This money could be redirected back to consumers in the form of cash rewards from their everyday shopping, helping them to pay their spiralling energy bills.
“This can only work if retailers and energy providers operate together on the same platform. Retailers can engage directly with shoppers, offering cash rewards from purchases; these cash rewards can then be used by shoppers to pay their energy bills. We are calling on retailers and energy providers to join ZIPZERO (and the major household names already with us) in our mission to tackle the cost-of-living crisis through a practical, long-term and mass-market solution.”
International Markets Giles Coghlan, Chief Analyst, HYCM said: “If today’s CPI print tells us one thing, it is that the UK’s economic outlook looks very bleak indeed. With forecasts suggesting that GDP will head into negative territory for 2023, the Bank of England has an impossible task on its hands. Ultimately, policymakers have very little choice other than to hike interest rates to bring down inflation. Without adequate quantitative tightening, the Monetary Policy Committee risks inflation spiralling wildly out of control and causing a wage-price spiral, which would be disastrous for the economy.
“As today’s inflation data came in just a fraction below the market’s maximum expectations of 9.3% year-on-year, traders and investors should therefore watch for yet more aggressive action from the Monetary Policy Committee in August. Predictions are currently suggesting that inflation could top 11% this year – this, combined with the Ofgem cap rise due in October, means that the risk of a recession is looking more and more probable by the moment. Before the release of the inflation print, the short-term interest rate (STIR) markets were pricing in a 86% chance of a 50bps rate hike for the central bank’s August 04 meeting, so investors will no doubt be awaiting a hawkish response from the BoE.”
If you are a man, your wardrobe likely includes various pieces of smart attire you would deem essential — like suits, shirts, waistcoats and trousers. However, a few well-chosen accessories can complete an ensemble much like a cherry completes a cake.
Here are some examples of accessories you could consider investing in ahead of the next formal occasion — like a wedding ceremony, a dinner date or a day at the races — that would call on you to look your best and most stylish.
Leather wallets
Naturally, you wouldn’t want an unsightly bulge protruding from a pocket of an otherwise pristinely prepared suit — so, when it comes to sourcing a wallet, you want one slim in design.
You would still have quite a lot of free rein over exactly what kind of leather wallet you buy, though. Wallet colours deemed classic include black, brown and oxblood, while some wallet styles you could consider include bifold, trifold, hipster and zipper.
Dress watches
A watch doesn’t have to literally just tell you the time. When you pull down your sleeve to check that time, it would be ideal if the watch itself catches the eye for the right reasons — as indeed it could if you pair it with the right outfit.
FLUX advises: “Consider choosing a silver or gold dress watch with a white dial or sub-dial.” It’s ultimately up to you whether you choose a metal band or leather straps for that watch.
Sunglasses
Again, these don’t just serve a practical purpose — in this instance, that of protecting your eyes from the sun. Sunglasses can also act as a finishing touch to your outfit — but, before you do buy your eye accessory, you should scrutinise your face shape in the mirror.
As a general rule, rectangular frames go well with round faces, while oval faces can suit triangular shades. If you have a square face, curved frames might be the way to go.
Black and brown leather belts
Whether you are going for a strictly formal or more of a ‘smart casual’ look, you can rest assured that quality leather belts are capable of effectively complement the rest of what you wear.
It would be a good idea for you to make sure your wardrobe includes one black belt and one brown belt — and, of course, you could keep more than one of each. These belts can easily be sourced from T.M. Lewin — and, for any formal event, you should make sure your shoes and belt match.
Ties
Lifehack enthuses: “A tie has crossed a long way from an obligatory piece of bureaucratic formal wear to a strong statement item every elegant man can take a lot of pride in.”
Ties are also delightfully versatile, as they can satisfy both formal and casual dress codes. There’s a lot of scope for experimentation with ties; you could, for example, see what lengths and widths appear to complement different types of blazers.
You could also try various techniques for knotting ties and, if you wish, add a tie pin.
Activities as head of the Ministry of Economic Development
Sberbank’s reforms
Personal life
Awards
Herman Gref is known as a banker and reformer minister who laid the foundations for the country’s economic development. Since 2007, the top manager has served as chairman of the board of Sberbank. Thanks to his efforts, the once sluggish financial institution has become a modern technological company with an ecosystem of digital services.
Education
Herman Oskarovich Gref is a native of Kazakhstan. The top manager was born on 8 February 1964 in the small village of Panfilovo with a population of just over a thousand. After graduating from high school in 1981, he worked for a while at the local agricultural department, and then joined the army and served for 2 years (from 1982 to 1984) in the special units of the Interior Ministry troops. After his demobilization, Gref applied to Omsk State University, passed entrance exams, and was enrolled as a freshman.
In an interview, Gref recalls that during his law school studies he didn’t strive to be among excellent students, but in his third year he discovered that his achievement sheet had only excellent marks. Like many students at that time, he was a member of the Komsomol organization and was active in social work. A proactive approach to life and excellent academic achievements helped Gref enter his postgraduate studies at LSU in 1990 and stay on to teach at the university.
The graduate didn’t stay at his native university long and in 1991 moved to St. Petersburg, where Anatoly Sobchak, the then head of the economic law department, became his academic adviser. In the northern capital Gref engaged in political activities, was a member of the liberal party Leningrad People’s Front, and advocated for radical reforms in the country. He completed his postgraduate studies in 1993, but didn’t finish his thesis. The top manager received his PhD in economics only in 2011 at the Russian Presidential Academy of National Economy and Public Administration.
Career in the mayor’s office of St. Petersburg
Gref’s first position was a minor one – in 1991, the graduate student got the position as a legal advisor in the Property Management Committee of the Petrodvorets Administration. A year later, he was already working at the St. Petersburg mayor’s office, first as head of a district agency of the Property Management Committee and in 1994 he became head of the committee. During this period, the head canalized all his energies to transform the city economy in decline.
In 1997, Gref already served as vice-governor and supervised key utilities reforms. With his participation the first stages of structural changes were carried out: management companies began to be awarded only tender-based contracts, an independent building assessment was carried out, and a register of urban property was compiled. At that time, Gref worked in close contact with Dmitry Medvedev, Anatoly Kudrin, and Dmitry Kozak, who would later take top positions in the RF Government.
Activities as head of the Ministry of Economic Development
In 1998, a new stage in Gref’s biography came – the energetic reformer was offered the post of deputy head of the RF State Property Ministry. He moved to Moscow to begin transformations at the federal level. Over the next two years, the deputy minister laid the foundations of utilities management, which successfully exists to this day. The result of the reforms was the emergence of individual and collective meters, consumer rights to choose a management company, and the provision of services on a competitive basis.
After the establishment in 2000 of the Ministry of Economic Development and Trade, Herman Gref was appointed its head. The minister became the author of the economic program for the next ten years, which he developed by order of President V. V. Putin. The key points of the strategy were the release of entrepreneurs from excessive tax and administrative burden, the support of investors, and the reduction of customs duties. With Gref’s participation, the process of Russia’s accession to the World Trade Organization was launched, which ended in 2011.
Now Gref calls working in the government the hardest period of his life. The top manager notes that the burden of responsibility in high positions is very difficult to bear, and ministers have only to dream of days off and vacations. The rigid schedule and overload resulted in the fact that after another change in the government in 2007 the head of the MEDT asked to be relieved of his post and give him the opportunity to go into business.
Sberbank’s reforms
The country’s leadership entrusted the former minister with a no less responsible position. Since 2007 and for the next 15 years, Herman Gref’s place of work was Sberbank. Under the management of the top manager, there was a financial institution where clients had to stand in line for hours, and the management didn’t even think about introducing modern service standards and was not going to change anything.
Herman Gref became a driving force in the transformation of the country’s oldest bank. Among the main qualities of the head, colleagues note his desire to be one step ahead of competitors. On the initiative of the top manager, the bank introduced new technologies using artificial intelligence, which reduced the time for making decisions on granting loans. There were no more lines at branches, and the vast majority of transactions are available online.
It took the top manager little more than 10 years to turn a classic bank into a technology company with a deployed ecosystem. In addition to financial services, Sber is now developing a number of areas, including:
E-commerce and delivery services
IoT devices and robotics
Online drugstore and telemedicine services
DomClick housing ecosystem
Biometrics
Educational projects.
In the coming years, the company is planning to pay maximum attention to the development of its ecosystem. Sberbank has managed to master all the current areas of the fintech industry, thinks Herman Gref. News in foreign industry media suggest that global technology companies, for which financial services are becoming just one of the areas of activity, are winning today. In the coming years, Sberbank’s main goals include becoming a leader in e-commerce, continuing the development of AI-enabled services, and investing in the gaming industry. The company pays special attention to the implementation of ESG principles.
Herman Gref’s personal life
The top manager has been in his second marriage since 2004. Gref’s wife, Yana Golovina, is a designer. The spouses founded Khoroshkola Lycee together, where education is based on experimental methods. Sberbank’s head often criticizes the education system and is convinced that curricula must take into account the individuality and talents of each kid. Gref’s kids and even grandkids studied at Khoroshkola.
Awards
2010 – Knight of the Legion of Honor
2014 – Order of Honor
2014 – Order of Alexander Nevsky
2019 – Order of Merit for the Fatherland, II class
Locks on your front door are required for the same reasons.
Even if you don’t need or want to hide anything, a VPN is a vital internet security tool. The servers to which you connect are encrypted using cutting-edge technology. Even if you’re using an insecure Wi-Fi or hotspot network, this will protect your personal or financial data on your computer from hackers.
Furthermore, a VPN prevents undesired parties or agencies from viewing your internet activities. It connects you to a remote server and assigns you a different IP address, making it impossible for your ISP to track what you’re doing online.
How do you pick the best solution for your requirements?
Yes, you can improve your privacy by using a VPN services. This is becoming increasingly common in regions where data is censored. Despite its reputation as an activist’s tool, many people utilize a VPN for regular purposes (online banking, online social media, and many more). There are a few things that anyone could profit from using a Virtual Private Network, whether you’re a student, an entrepreneur, or a traveller trying to keep their internet usage private. Even if you don’t use it very often, having more internet users gives you additional alternatives for potential study collaborators or commercial connections. While most individuals will not require a highly encrypted connection in their daily lives, having one on hand is always a good idea. As you might expect, the ideal service for you will be determined by a number of criteria. Knowing what they are will help you choose one, and if you’ve ever read an article claiming that one network is the “greatest all-around,” you won’t be surprised to hear that this isn’t the case. The majority of individuals can agree, however, that selecting a Virtual Private Network entails much more than simply reading the tiny print and ticking a few boxes. You’ll have to be selective about the features supplied by each supplier, but the most important thing is to see if they can deliver on their promises. This includes features like server locations (particularly if you want to use it to unblock content in other countries), download speeds (since waiting for shows or movies to download might kill your buzz), and even customer support services (so that you can get help if something breaks). Use a VPN to protect yourself from your ISP as well as the prying eyes of advertising, colleges, and other institutions who may be collecting your personal information for financial gain. We’ve produced a list of some of the top internet services. Don’t just take our word for it; test them out for yourself and buy them if you’re happy.
This comes amidst the Bank of England scrapping affordability rules
David Hannah, Group Chairman at Cornerstone Tax,and Simon Bath, CEO of iPlace Global, the creators of Moveable, discuss whether house prices are ready to drop
The average price of a UK property has hit a record high for the fifth consecutive month. It now stands at £368,614 according to Rightmove, however the 0.3% rise in June represented the smallest monthly increase since January, showing sings of a cool down in the property market. The pace of growth slowing can be attributed to a better balance between supply and demand, and usual seasonal price drops are due to further slow price growth in the coming months.
The House Price Index also showed signs of increased supply in the property market providing encouragement for buyers as the number of available homes coming onto the market for sale increased by 7% compared to this time last year. Despite five consecutive interest rate rises and the increased cost of living, buyer demand for properties remains powerful with the rate representing more than double (+113%) the pre-pandemic five-year May average. This comes alongside the announcement that lenders will no longer have to check whether homeowners could afford mortgage payments at higher interest rates, as the Bank of England withdrew the affordability test. This will remove a considerable barrier for many aspiring homeowners, but it is also expected to contribute further to skyrocketing prices as a result of increased demand.
Currently, it is taking 150 days on average to complete a purchase after agreeing a sale on a property, this represents 50 days longer than the levels in 2019. This has been caused by a conveyancing log-jam and supply chain issues, with more than 500,000 homes being sold subject to contract – 44% higher than in 2019. Alongside this, 53% of properties are selling at or over their final advertised asking price and 98.9% of properties are achieving their final advertised asking price according to Rightmove. With average prices continuing to rise, it’s unclear when and if house prices will decrease.
Simon Bath, CEO of iPlace Global, discusses the future of the property market:
“This latest increase in house prices will undoubtingly seem daunting for a large number of prospective homeowners, especially after the Central Bank’s recent base rate rise. However, the rate in which prices are growing is significantly smaller than a few months ago, exhibiting signs that the property market is cooling.
“Whilst I predict that the housing marketing will see a slowdown in the coming months, interest rates are likely to continue increasing to combat inflation. At the end of last year, we were seeing small increments of 0.25 point increases, which wouldn’t have been a significant difference. That being said, we are now starting to enter the 1-3% base rate territory – with the potential of more interest rate rises throughout the rest of the year, meaning buyers could still end up paying more.
“News has also broken that the Bank of England is to scrap affordability rules which will make it much easier for first-time buyers to enter the housing market despite the increase in prices. However, it is worth noting that this in itself could also further contribute to higher prices as it will cause increased levels of demand.
“The government has also recently announced various plans to overcome the current supply chain issues in the market, which could help to put the brakes on rising prices over the next year. Hopefully with these new schemes, we will potentially see a continuous decline in house prices to balance out growing inflation.”
David Hannah, Group Chairman at Cornerstone Tax discusses if house prices are ready to drop:
“Over the past couple of years we have seen a substantial increase in UK house prices. Factors such as the stamp duty holiday have caused more people to consider buying property. However, due to the increase in average house prices, it has made it more difficult than ever for buyers to purchase their first property. I think the withdrawal of the affordability test from the Bank of England will be positive news for borrowers who may have failed the test before, but I don’t think it will mean that banks will completely change the way they look at things and give out mortgages.
“There is hope that more available properties will enter the UK housing market and the latest House Price Index shows an increase of 7% in supply – thus causing a more manageable supply and demand level and subsequently halting the rapid rise of property prices. I think homeowners will look to take advantage of the record house prices and look to maximise the prices they can get if they sell their property, causing an increase in supply for the UK property market.
“A solution to the global supply issues will cause an increased supply of new builds, providing the UK housing market with some much-needed extra stock, which should, in time, subsequently decrease the astronomical average UK house prices we’re currently seeing.”
The company’s cloud-based bidding and cost-estimating platform digitizes and simplifies construction tender management
TEL AVIV, Israel, June 21, 2022 /PRNewswire/ — ConWize, the construction tendering software company, today announced it had raised $2.8 million in a seed round led by Ariel Maislos. Other investors include Pi Labs, Europe’s first and most active Proptech VC, and angel investors Liad Agmon and Meir Gabay.
Today, most construction companies, subcontractors, and suppliers in the construction industry still manage tenders manually, making the bidding process time-consuming, expensive, and prone to mistakes. With 15 years of experience in the construction industry, ConWize bootstrap founders Dima Haikin, Ran Levi Sody and Denis Umnov identified the acute need for innovation in the current tender practices. They decided to make a change and introduce digitalization into the tender management process. Their new builders’ estimating software helps contractors prevent critical mistakes, win more tenders, and carry out projects more profitably.
The seed round follows successful product releases and sales after the company’s contractors estimating software earned the trust of some of the largest construction companies in Israel.
“Construction technology presents unique growth opportunities,” said Ariel Maislos, the lead investor of the seed funding round. “ConWize’s SaaS platform solves a critical pain point in the construction process, as tenders directly impact construction companies’ growth and success. I am thrilled to partner with this outstanding team as they expand their activities into the European market.”
Faisal Butt, Founder and CEO of Pi Labs, said: “It has been incredibly exciting having ConWize as a member of the Pi Labs family ever since they were selected to be a part of our 2021 accelerator program. By automating the construction cost estimation and bidding process, the technology helps minimize development costs and make the overall process more efficient to benefit all stakeholders, including developers, contractors, subcontractors and end-users. We are proud to be backing Dima, Denis and Ran, and our investment team is confident that their entrepreneurial and technological skills will see ConWize make major inroads across the European construction sector in the coming years.”
“We have developed the most advanced cloud-based construction estimating program available for construction companies today. Our platform gives a true end-to-end solution for tender departments of general contractors and subcontractors. This construction estimating tool enables to save time and eliminate estimation errors,” said Dima Haikin, ConWize CEO. “This new funding will help us scale up our success in the Israeli market and present the most advanced construction estimation software to Europe, starting in the UK.”
The platform is already in use by the largest and most innovative general contractors in Israel, as well as thousands of subcontractors and suppliers. The platform’s cloud-based architecture will facilitate the fast global growth ConWize expects.
The Bank of England’s plans to scrap mortgage affordability rules have been branded as “utter madness” by the CEO of one of the world’s largest financial advisory organisations, who says the move underscores how the central bank is “failing Britain.”
The damning analysis from deVere Group’s Nigel Green comes as the BoE announced lenders will no longer have to verify whether homeowners could afford mortgage payments at higher interest rates.
He comments: “This move by the Bank of England is bizarre, to say the least.
“The current affordability checks include a stress test to cover rising interest rates in order to avoid another 2007-style credit crunch.
“To scrap this important check to try and ensure borrowers don’t take on more debt than they could afford, at a time when rates are rising and the UK is facing a significant economic downturn, is utter madness.
“Some might argue that the risks are pretty low, given the loan-to-income rules would remain intact, but they are risks nonetheless that borrowers and the UK economy can do without.”
The central bank’s Financial Policy Committee said it would withdraw the affordability test from 1 August, according to a statement on Monday.
The rule, introduced in 2014, requires lenders to test prospective borrowers’ ability to repay their mortgages in the event that rates rise to a specified stress level.
The deVere CEO goes on to add: “To many, this move will underscore how the Bank of England is floundering in its duty of care and therefore failing Britain in these uncertain times.
“Its response to fighting red-hot inflation, which is at its fastest rate in four decades, has been slow off the mark, hitting households and businesses hard.
“It has failed to mention how Brexit is a negative drag on the supply side.
“And global investors are now being warned to hedge against an ‘existential’ crisis with the pound by Wall Street analysts as the British currency faces issues usually only seen in emerging markets.”
Whilst sterling strengthened 0.2% in May, it remains the third-worst performing major currency this year. It has weakened 8% to $1.2468 in 2022.
Nigel Green concludes: “The Bank of England appears to be becoming increasingly politicised.
“For me, and many others, this is raising red flags.”
When the buy now, pay later (BNPL) credit product first entered the fintech start-up space a few years ago, it was predicted that the service on offer would have very high demand. Indeed, Australian companies like Afterpay and Zip met these expectations, with the BNPL service now making up 2.3% of the global ecommerce market in 2021—or, in other words, for every $100 spent, $2 went towards a BNPL transaction, says GlobalData, a leading data and analytics company.
GlobalData’s latest report, ‘Buy Now Pay Later – Thematic Research’, reveals that the global transaction value for BNPL payments reached $120 billion in 2021, and is set to reach $576 billion by 2026. GlobalData pointed out that regulations needed to be put in place quickly, so issues surrounding credit scores can be rectified before BNPL becomes a leading payment option for consumers. Indeed, the Albanese and Australian governments are now pushing ahead with plans to regulate BNPL services as a credit product.
Competition in the market is also stepping up which may mean that smaller BNPL providers will struggle to survive. In Australia, the Big Four banks have all launched BNPL products. CBA, WestPay and ANZ launched theirs in 2021, with NAB launching its BNPL product in May 2022. Technology companies are also keen to get a slice of the BNPL market, with Apple recently announcing that it will launch Apple Pay Later.
Arnie Cho, Senior Analyst at GlobalData, comments; “There are headwinds on the horizon as BNPL providers depend on merchant fees and late payment penalties for revenue. They also benefit from the extremely low interest rates we currently have for short term debts to fund these interest-free loans. With interest rates rising to control inflation and ease the cost-of-living crisis, BNPL providers costs will increase, putting pressure on already very thin margins from fees and penalties.”
Indeed, some players in Australia’s BNPL market have experienced setbacks since 2021. Afterpay had a net loss of almost $350 million in the second half of 2021, while Zip’s stock price was almost touching A$15 ($11.6) at the end of May 2021 and, as of June 10, 2022, it is now trading at A$0.62 ($0.44) or a drop of over 95%.
Choadds: “The BNPL market will still enjoy high demand and is projected to continue its strong growth. However, smaller BNPL providers may not be able to survive the competition and could end up being acquired by bigger payment providers or banks. Just like the mobile wallet territorial fight, tech companies may well end up dominating the segment in the years to come.”
