£15m fine for Xbox data violation
If you’re remortgaging:
■ Marsden Building Society has a 3.99% discounted variable until 31/07/2025 at 60% LTV.
■ AIB has a 4.39% fixed rate until 31/08/2028 at 80% LTV.
If you’re moving home:
■ Danske Bank has a 3.92% fixed rate until 03/07/2028 at 60% LTV.
■ Danske Bank has a 3.96% fixed rate until 03/07/2028 at 80% LTV.
If you’re a first-time buyer:
■ Danske Bank has a 4.22% fixed rate until 03/07/2028 at 90% LTV.
■ Beverley Building Society has a 4.79% discounted variable rate for three years at 100% LTV. Please check the fees and T&CS of the mortgage before arranging it. Your home may be repossessed if you do not keep up repayments.
Microsoft has been fined more than £15million for collecting data from children using its Xbox gaming system.
As part of its $20million (£15m) settlement with the US Federal Trade Commission, the firm must also implement new privacy protections for young people.
Investing in markets is uncertain but the role of markets is to price in that uncertainty. There were a lot of negative surprises in the last 25 years but there were a lot of positive ones as well.
The net result was a stock market return that seems very reasonable – generous, even. It’s a tribute to human ingenuity that when negative forces pop up, people and companies respond and mobilise to get things back on track. Think about how different life is today from the way it was in 1998 – the way we work, the way we communicate, the way we live. For example, the gross domestic product of the US in 1998 was $9trillion – but it grew to over $25trillion in 2022. In 1998, few would have forecast a nearly 10% return for the stock market. But that was available to anyone who could open an investment account, buy a broad-market portfolio and just let the market do its job.
It’s because of uncertainty that we have a positive premium when investing in stocks vs relatively riskless assets. But in my opinion, reaping the benefits of the stock market requires being a long-term investor.
By investing in a market portfolio, you’re not trying to figure out which stocks will thrive – you’re betting on human ingenuity to solve problems.
I would never try to predict what might happen in the next 25 years. But I do believe the best investment strategy going forward is not to panic – and invest for the long-term.
■ For more investing insights, visit Lexo.co.uk.
Chinese exports fell by more than expected in May, raising concerns about the nation’s economic recovery. Exports fell 7.5% yearon-year against a 0.4% forecast. Weak global demand is said to be the main culprit – America has seen exports plunge by 18.2%.
My teenage son wants to invest in the stock market. What do you recommend? WARREN: Investing in the stock market comes with risks but it is arguably a good time to start looking when you’re young. An investment fund that follows a world index is a good place to start but don’t try to outsmart the stock market by timing your investments. You should also consider signing up for a Junior Individual Savings Account. These have a £9,000 annual limit and you do not need to pay tax on any interest earned.
I’m 35 and have worked in the NHS for over five years. I have signed up for the pension scheme but should I also look to start a private pension plan?
WARREN: Have you repaid any unsecured debt and built up an emergency fund (approximately three to six months of expenditure)? If the answer is yes, then split any additional savings you have between mortgage overpayments and pension investments. You need to ensure you don’t exceed the maximum funding amounts. The annual allowance to put into a pension and still receive tax relief is capped at £60,000 for 2023/24.