BANKING FAILURE

It is generally accepted that when the US sneezes, the UK catches a cold. Therefore, US banking failures are of keen interest here. The recent banking crisis in the United States has negatively impacted selected stocks in the sector, with investors raising trust issues about the industry’s stability.

With investors looking for alternatives, it seems Bitcoin is among the winners despite the asset being a relative newcomer in the broader financial scene. In this line, data acquired and calculated by Finbold indicates that, as of March 20th, five leading US banks have lost a cumulative market capitalisation of $108.92 billion in 2023 alone. In comparison, Bitcoin

Recent analysis has found that two Surrey councils spend more on interest and paying back loans than they do on services, like transport and social care.

Neighbouring borough councils Spelthorne and Runnymede have said they have had to make investments in response to government cuts. Both councils’ investment has mainly been in commercial property, which they rent out for a profit. In 2021/22, Spelthorne spent £36m on financing debt, almost 60% more than the £22.8m they spent on services. Runnymede also spent nearly 50% more on debt than on services, spending £17m on debt and £11.5m on services.

Across England, the amount of Revenue Support Grant given to councils overall has decreased by 90% between 2013/14 to 2021/22.

has added $219.86 billion to its market cap during the same period.

Among the banks, Charles Schwab suffered the worst loss in capitalisation, dropping from $155.42 billion to $105.33 billion. Bank of America has the second highest losses at $43.72 billion, followed by Wells Fargo at $15.74 billion, while JPMorgan Chase recorded an outflow of $4.59 billion. Only Morgan Stanley recorded gains, with $5.22 billion added to its market cap year-to-date (YTD).

A breakdown of the market cap movement shows that Bitcoin has gained 69.07% from $318.31 billion to $538.17 billion since the start of the year. Bitcoin has also dwarfed the banking giants regarding return on investment (ROI). On a yearto-date basis, Bitcoin’s return stand at 65.42%, while the average ROI of the banks is -11.64%.

Morgan Stanley has the highest ROI among the banks at 0.28%, followed by JPMorgan Chase at -5.17%, while Wells Fargo is third at -8.29%. Bank of America has the fourth worst losses at -15.26%, followed by Charles Schwab at -29.75%.

Companies based on the Manor Royal Business District in Crawley are joining forces to invest in clean energy and reduce their impact on the environment.

Re-Energise Manor Royal is a new local energy community working on behalf of businesses to attract investment into Manor Royal and deliver new clean energy projects for the business district, such as roofmounted solar panels and batteries to store clean electricity. Creating a more sustainable Manor Royal is a key objective of the Manor Royal BID’s new business plan for the next five years, and West Sussex County Council has worked alongside the BID and Crawley

Borough Council to support this aim through the local energy community.

Re-Energise Manor Royal is a Community Benefit Society that will raise capital through community share offers, including a ‘pioneer’ share offer that will launch before the summer to attract initial capital investment. While investors will receive a return on their investment, Re-Energise Manor Royal will operate on a not-for-profit basis by reinvesting the financial surplus it makes from selling energy and other services into new energy projects that benefit members and the wider community.