Fintech PR

Gold Price Hits Fresh GBP All-Time High – Solomon Global Analyses Key Factors

Published

3 weeks ago

January 16, 2025

– £2,228.26 per troy ounce representing a 41% rise within 12 months –

LONDON, Jan. 16, 2025 /PRNewswire/ — The price of gold has climbed to its highest level ever recorded in sterling terms, driven by a combination of global economic trends and UK-specific factors.

Over the past 12 months, gold has appreciated by £647.63 rising from a January 2024 low of £1,580.63¹ to today’s £2,228.26² per troy ounce. While the global economic landscape has played a pivotal role, domestic economic issues and political uncertainty have been instrumental in pushing gold to its all-time high against the pound. Solomon Global (https://solomon-global.com/), the specialist supplier of LBMA-approved gold and silver bars and coins, looks at some of the contributors to this latest high.

Internationally, the gold price has advanced due to economic uncertainties, ongoing geopolitical tensions, fears about economic slowdowns and sustained inflationary pressures (it is anticipated that global inflation will remain high until at least 2028, according to a recent survey by the German ifo Institute and Swiss Economic Policy Institute). Investors continue to turn to gold as a ‘safe-haven’ asset amidst these issues. Additionally, central banks worldwide increasing their gold reserves has further pushed up prices and underpins global demand.

In the UK, the all-time high for gold in GBP can be attributed to several key factors:

Sterling weakness:

The pound has faced headwinds due to persistent inflation, concerns over the UK’s economic outlook and Trump’s incoming tariffs. When sterling weakens against the US dollar, the relative purchasing power of GBP diminishes. Since gold is priced internationally in US dollars, a depreciating pound increases the cost of gold in GBP terms.

Inflation and interest rates:

A recent surprise fall in UK inflation has tempered immediate concerns but long-term inflation expectations remain elevated. Gold continues to be a popular choice for investors seeking to hedge against sustained price pressures. Conversely, softer inflation figures offer a path for the BoE to reduce interest rates. As a non-yielding asset, gold becomes more attractive when interest rates fall.

Economic uncertainty:

The UK economy continues to grapple with sluggish growth prospects. External challenges, such as potential shifts in global trade dynamics, and internal fiscal pressures following the autumn budget, have left investors wary about the future. Despite the slight decrease in inflation, structural issues persist. UK investors remain cautious and continue to be attracted toward gold to preserve wealth.

Strong retail demand:

Gold’s reputation as a ‘store of value’ has led to robust demand among UK retail investors, particularly as other traditional savings options offer limited returns amidst rising living costs.

“Gold’s record-breaking performance in GBP reflects local and global economic conditions,” said Paul Williams, managing director at Solomon Global. “Gold shone on the global stage throughout 2024, and the factors that led to its stellar performance don’t look to be abating in 2025. As the UK navigates economic challenges, many are turning to the asset as a stable and reliable investment. This trend underscores gold’s enduring appeal as a hedge against uncertainty and a means to safeguard wealth.”

For more information about Solomon Global’s products and services, visit the website at https://solomon-global.com.

NOTES TO EDITORS

About Solomon Global

Solomon Global specialises in supplying LBMA-approved gold and silver bars and coins that can be delivered directly to customers’ doors or stored in its highly recommended high-security storage vaults. The company takes a uniquely consultative approach to purchasing and selling physical gold and silver, regardless of the investment amount. Its simple and tailored strategy is designed to work with beginners and experienced investors alike.

Solomon Global’s team of experienced professionals is always available to provide practical solutions for clients – including products that are exempt from Capital Gains Tax – and assist with any inquiries.

For any questions about buying or selling gold and silver, contact the team here: https://solomon-global.com/contact/

For further press information, please contact: Francesca De Franco on 0794 125 3135 or email [email protected]

[i]

[1] Reached on January 24^th, 2024 – source: https://www.royalmint.com/gold-price/

[2] Reached on January 16^th, 2025 (1.28pm GMT) – source: https://www.royalmint.com/gold-price/

[i] Disclaimer: This press release is for informational purposes only and does not constitute financial advice. Buying physical gold as an investment involves risk, as the value of precious metal prices can be volatile. Historical financial performance does not necessarily give a guide of future financial performance. We recommend that you conduct your own independent research and seek professional tax, legal and financial advice before making any investment decisions.

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Fintech PR

CGTN: China’s booming ice and snow industry fuels its economic growth

Published

2 hours ago

February 7, 2025

CISION (PR Newswire)

BEIJING, Feb. 7, 2025 /PRNewswire/ — Harbin, capital of northeast China’s Heilongjiang Province, exemplifies the country’s thriving ice and snow economy.

During the eight-day 2025 Spring Festival holiday from January 28 to February 4, the city has seen booming snow tourism. As an ice-themed park known for its dazzling ice sculptures, Harbin Ice-Snow World attracted over 610,000 visits. In particular, more than 100,000 visits were made on February 1, setting a new record for single-day attendance.

The increasing popularity of the park is partly attributed to the city’s upcoming role as the host of the 9th Asian Winter Games, which will be held from February 7 to 14, marking China’s second major winter sports event following the Beijing 2022 Winter Olympics.

Chinese President Xi Jinping will attend the opening ceremony of the 9th Asian Winter Games and host a welcome banquet for foreign leaders in attendance.

Ice and snow economy enters ‘fast lane’

Xi has paid close attention to the development of China’s ice and snow sports and industries, urging efforts to consider ice and snow economy as a new growth point to promote the development of the whole industrial chain involving winter sports and culture, snow-and-ice equipment and tourism.

In recent years, as winter sports and tourism surged in popularity across China, the ice and snow economy has witnessed significant growth.

According to the General Administration of Sport of China, the number of people participating in various ice and snow sports such as skating, skiing, curling and ice hockey nationwide reached 57.35 million in the 2023-2024 snow season. Over 385 million winter leisure visits nationwide were recorded, marking a 38 percent increase from the previous year.

During the last snow season, Harbin alone welcomed over 87 million visitors, marking a 300 percent year-on-year increase and generating 124.8 billion yuan (about $17.4 billion) in tourism revenue – a staggering 500 percent growth.

Meanwhile, the ice and snow consumption is becoming an important growth point to expand domestic demand, transforming the “cold” resources into “hot” engine for economic development.

According to online shopping and tourism platforms, orders for ice and snow equipment surged, while searches and bookings for ice and snow tours saw rapid growth during the “Double 11” shopping festival last year.

On China’s leading e-commerce platform, Tmall, sales of categories such as down jackets, thermal wear and skiing equipment surged by over 200 percent year on year during the “Double 11” shopping festival.

Broad prospects

To harness its abundant ice and snow resources for economic development, China is intensifying efforts to expand its winter economy, encompassing sports, culture, equipment, and tourism.

According to the guidelines issued by the General Office of the State Council, the country aims to promote its ice and snow economy as a new growth point, with the goal of reaching an economic scale of 1.2 trillion yuan (about $169 billion) by 2027, and 1.5 trillion yuan by 2030.

To achieve these goals, various cities and regions are integrating winter sports and tourism into their development plans.

The Heilongjiang Province is promoting the establishment of a China-Shanghai Cooperation Organization winter sports demonstration zone, expediting the development of ice-and-snow equipment and digital industry parks.

In Beijing, the city has launched an action plan, proposing 24 specific measures in areas such as expanding the ice and snow sports and consumption, and advancing the construction of ice and snow venue facilities.

The vigorous growth of the ice and snow economy has also drawn global attention. A slew of measures, including optimizing the visa-free policy and opening new international flight routes, have attracted a number of foreign tourists to start their “China Travel” and enjoy the winter season in the country.

China’s thriving ice and snow economy has also injected new momentum into the global tourism market, Chinese Foreign Ministry spokesperson Guo Jiakun said on Thursday, extending a warm invitation to friends from around the world to participate in ice and snow events, fostering friendship and cooperation.

For more information, please click:
https://news.cgtn.com/news/2025-02-06/China-s-booming-ice-and-snow-industry-fuels-its-economic-growth–1ALQPnOkxO0/p.html

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Fintech PR

SM Investments Recognized for Landmark Capital Market Deal

Published

2 hours ago

February 7, 2025

CISION (PR Newswire)

sm-investments-recognized-for-landmark-capital-market-deal

PASAY CITY, Philippines, Feb. 7, 2025 /PRNewswire/ — SM Investments Corporation (SM Investments), the parent company of the SM Group, has been awarded the “Philippine Capital Market Deal of the Year” by International Financing Review Asia (IFR Asia) for its successful issuance of a USD500 million five-year bond in 2024. This recognition underscores SM Investments’ leadership in the capital markets and the strong confidence of global investors in the company’s financial strength.

IFR Asia cited SM Investments’ return to the US dollar bond market after a decade-long absence as a significant development for the Philippine corporate sector. The transaction, which was the largest five-year deal by a Philippine corporate in 2024, reopened the market amid volatile conditions and achieved competitive pricing at 35 basis points.

“This landmark transaction represents a major milestone for both SM Investments and the Philippine capital markets. The strong demand from investors reflects confidence in Philippine corporate issuers and underscores SM’s reputation as a stable and well-managed investment option,” said Erwin G. Pato, Executive Vice President for Treasury, Finance, and Planning at SM Investments Corporation.

IFR Asia noted that SM Investments’ bond issuance attracted significant investor interest, given the relative scarcity of corporate issuances from the Philippines in recent years. The transaction also marked SM Investments’ first bond issuance since its USD350 million 10-year note in June 2014.

The deal was arranged by leading global financial institutions, with HSBC, JP Morgan, Standard Chartered, and UBS acting as joint lead managers and joint bookrunners. BDO Capital and Chinabank Capital also participated as joint lead managers.

International Financing Review Asia is a respected source of news and analysis on capital markets and investment banking, reinforcing the credibility of this recognition.

SM Investments’ achievement highlights its commitment to financial excellence and its role in strengthening investor confidence in the Philippine market.

About SM Investments Corporation

SM Investments Corporation is one of the leading Philippine companies that is invested in market-leading businesses in retail, banking, and property. It also invests in ventures that capture high growth opportunities in the emerging Philippine economy.

SM’s retail operations are the country’s largest and most diversified, consisting of grocery stores, department stores and specialty retail stores. SM’s property arm, SM Prime Holdings, Inc., is the largest integrated property developer in the Philippines with interests in malls, residences, offices, hotels, and convention centers as well as tourism-related property developments. SM’s interests in banking are in BDO Unibank, Inc., the country’s largest bank, and China Banking Corporation, the fourth largest private domestic bank.

For more information, please visit www.sminvestments.com

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Fintech PR

BRI UMKM EXPO(RT) 2025 Officially Concludes, Attracting Over 63,000 Visitors and Securing USD 90.6 Million in Export Contracts

Published

6 hours ago

February 7, 2025

CISION (PR Newswire)

bri-umkm-expo(rt)-2025-officially-concludes,-attracting-over-63,000-visitors-and-securing-usd-90.6-million-in-export-contracts

JAKARTA, Indonesia, Feb. 7, 2025 /PRNewswire/ — PT Bank Rakyat Indonesia (Persero) Tbk. (IDX: BBRI) successfully concluded BRI UMKM EXPO(RT) 2025, reinforcing its commitment to empowering MSMEs and expanding their global market reach. Held from January 30 to February 2, 2025, at ICE BSD City, the event attracted over 63,000 visitors, generated IDR 38.9 billion in transactions, and secured USD 90.6 million in export contracts through business matching. The closing ceremony was led by BRI President Director Sunarso.

A Platform for Global MSME Expansion

With the theme “Broadening MSME’s Global Outreach”, the event showcased 1,000 top Indonesian MSMEs ready for the international market. The closing ceremony was attended by BRI Vice President Director Catur Budi Harto. BRI President Director Sunarso highlighted the expo’s success in raising awareness of local MSME products, exceeding its initial target of 50,000 visitors.

By February 1, 2025, transactions hit IDR 38.9 billion, exceeding expectations. Sunarso reaffirmed BRI’s commitment to MSMEs, with business matching continuing through 2025 in partnership with the Ministry of Trade, holding twice-monthly sessions to boost exports.

This year’s BRI UMKM EXPO(RT) 2025 saw the participation of 506 registered buyers from 34 countries, significantly exceeding the initial target of 94 buyers from 33 countries.

So far, 166 MSMEs have engaged in 270 business meetings, one of the standout success stories is PT Siger Jaya Abadi, which secured a USD 13.05 million export deal with Bluestar Food Corporation, USA.

BRI UMKM Awards: Honoring Top MSMEs

BRI recognized outstanding businesses in three categories:

1. Top Deals on Business Matching

For MSMEs achieving the highest potential transactions in business matching sessions: