Increase in number of water sports enthusiasts and government initiatives for promoting water sports drive the growth of the global water sports gearmarket. North America contributed the highest share in 2019, and will maintain its dominance throughout the forecast period.During the coronavirus pandemic, all the nations across the globe have banned all sports activitiesand the supply chainhas been impacted negatively. Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines. This is Equity Monday, our week-starting primer, in which we go over the latest, look to the week ahead, talk about some neat funding rounds and dig into the latest on the health of the startup market. Don’t […] Getting a mortgage worth 90% or 95% of the value of a property is the only realistic way many first-time buyers have of getting their own home, but coronavirus-spooked lenders are fast withdrawing these products China’s top legislative body passed a controversial national security law on Tuesday that critics say will threaten the autonomy of Hong Kong and the freedoms of its citizens.
Portland, OR, June 29, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research,the global water sports gear market generated $43.2 billion in 2019, and is estimated to reach $55.2 billion by 2027, registering a CAGR of 3.6% from 2020 to 2027.The report offers anextensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Increase in number of water sports enthusiasts and government initiatives for promoting water sportsdrive the growth of the global water sports gear market. However, low penetration in developing regions and penetration of private label brands hinder the market growth. On the other hand, continuous innovation in water sports gears and rapid growth of online retail platform create new opportunities in the coming years.
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- During the coronavirus pandemic,all the nations across the globe have banned all sports activities.
- Investors have frizzed funding in the leading water sport gear manufacturing companies during the novel COVID-19 outbreak.
- The demand has been reduced for water sports gears and the supply chain has been impacted negatively during the global lockdown.
The report offers a detailed segmentation of the global water sports gearmarket based onproduct type, age group, distribution channel, and region.
Based on product type, the watersports clothessegment contributed to the largest share in 2019, accounting for nearlyone-fifth of the total share, and is estimated to maintain its dominant position during the forecast period. However, thesafety helmetssegment is expected to register the highest CAGR of 5.4% from 2020 to 2027.
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Based on age group, the adult segment accounted for the largest share in 2019, holding more than two-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the kid segment is estimated to portray the highest CAGR of 4.1% during the forecast period.
Based on region, North America contributed the highest share, accounting for nearly two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 5.1% from 2020 to 2027.
Leading market players analyzed in the research include Cressi S.p.A., Ltd., Mares S.p.A, Beuchat, Aqua Lung International, O’Brien, Johnson Outdoors Inc., Oneill, Tabata Co., Puma, and Speedo International.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Author: Allied Market Research
Equity Monday: Scandal, one IPO and the Indian startup market – TechCrunch
Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines. This is Equity Monday, our week-starting primer, in which we go over the latest, look to the week ahead, talk about some neat funding rounds and dig into the latest on the health of the startup market.
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Author: Alex Wilhelm
Mortgage Lenders Pull High LTV Deals As Covid Clobbers Housing Market
First-time buyers are hit particularly hard by the lack of high LTV mortgages
The choice of mortgages for borrowers looking to buy a home with just a 5% or 10% deposit is getting smaller by the day as more lenders pull high loan-to-value (LTV) mortgages from the market on the back of the coronavirus Covid-19 crisis.
Figures released today (Monday 29 June) from price comparison site Moneyfacts reveal that the number of 95% LTV mortgages (those that require a 5% deposit to be added to the mortgage to reach the purchase price) fell from 162 at the start of April to just 14 at the end of June.
Meanwhile, the number of 90% LTV deals (requiring a 10% deposit) has shrunk from 326 in April to 72 today.
Nationwide building society has been one of the biggest lenders to announce it would no longer be offering 90% and 95% LTV mortgage products.
This, it said, was due to the uncertain mortgage market in the era of coronavirus as well as concerns around borrowers falling into negative equity – where the size of the mortgage is larger than the value of the property.
Negative equity is more likely to occur when you have only lodged a relatively small amount of money in your home (meaning the amount borrowed accounts for a higher proportion of its value).
Other lenders, including Virgin Money, Accord Mortgages and Yorkshire building society, have also withdrawn 90% LTV mortgages, although Yorkshire has since relaunched them exclusively for first-time buyers.
Eleanor Williams, finance expert at Moneyfacts, says the mortgage market has seen a raft of changes in recent months as the industry adapts to the pandemic, with the overall number of available mortgage products steadily declining by 2,656 between March and May this year.
She said: “The recent product count fluctuations have been mainly focused around the higher-risk, higher LTV tiers which can be explained by a number of possible factors.
“There has been an overwhelming level of demand from borrowers seeking products in these sectors, leading to some lenders who had relaunched offerings needing to pull them back to ensure their workload could be managed. The potential for negative equity issues should house prices slump is now also a spectre.”
As well as a reduction in the number of mortgages available, figures also out today from the Bank of England show the number of mortgage approvals for house purchase fell to a new low of 9,300 in May – almost 90% below the level in February. Approvals for remortgage also dropped 42% compared to February, to 30,400.
Andrew Montlake, managing director at mortgage broker, Coreco, described the drop as ‘jaw-dropping’ but understandable given the events of the second quarter.
He said: “Along with the fact that many lenders were operating at reduced staff levels and demand had almost evaporated during the dark month of April, the property market only opened up again in the second half of May, which will have further weakened the number of approvals.
“There has certainly been a pick-up in demand from borrowers in June, while lenders have also started to get back into the rhythm of lending, albeit, understandably, with an increased sensitivity to risk.”
Eleanor Williams at Moneyfacts agreed that banks and building societies will be more cautious in future: “Lenders will need to assess how they intend to approach widespread extenuating circumstances (among borrowers) and the risk these may bring to their lending decisions, such as gaps developing in household incomes and other economic impacts that may affect the affordability of household borrowings.”
The combination of fewer high LTV mortgages and low approval rates will be particularly troubling for first-time buyers, particularly as low savings rates are also making it harder to save for a deposit.
Last year’s closure to new applicants of the government’s Help to Buy ISA scheme, which offered a 25% savings bonus, was a further blow to savers who may now have to turn to the Lifetime ISA instead – where, again, choice is severely limited.
The Lifetime ISA allows first-time buyers to save £4,000 a year and receive a 25% bonus from the government. The funds can then be used to buy a property costing no more than £450,000.
However, Moneyfacts says there are just six Lifetime ISA deals available, with the best interest rate standing at 1.25% AER.
Borrowers who have only a small amount of equity in their home may also struggle in the current environment if they need to remortgage in the coming months.
Those affected are advised to speak to their existing lender to see if it can help – existing Nationwide customers, for example, can still switch to a new mortgage deal regardless of their LTV, providing it hasn’t increased.
Alternatively, it can be worth speaking to an independent financial adviser or mortgage broker to talk through the options and see what is available.
Although the latest figures appear gloomy, the good news is lenders may look to reintroduce high LTV mortgages once the economic climate is more stable and once they have more capacity to process applications.
This means if you’re not in a rush to buy your first home or remortgage, you may have greater access to high LTV deals in the future.
What’s more, following the cut in the Bank of England base rate to an all-time low of 0.1% in March, mortgage rates remain competitive.
Figures from Moneyfacts show the average two-year fixed rate mortgage now stands at 1.98%, compared to 2.44% at the start of the year, while the average standard variable rate stands at 4.48% compared to 4.90% in January.
The Bank of England analysis also shows that UK households and businesses continued to pile cash into savings accounts during May. The total amount of money held on deposit rose by £52 billion, having risen substantially in March (£67.3 billion) and April (£37.8 billion).
In the six months to February 2020, the average monthly increase was £9.3 billion, suggesting the economic shutdown caused by coronavirus has diverted funds away from spending in many households.
The Bank recorded net repayment of consumer credit of £4.6 billion. There were repayments on both credit card lending (£1.8 billion) and other forms of consumer credit (£2.8 billion).
The net repayments of consumer credit compare with additional borrowing of around £1 billion per month in the 18 months to February 2020.
StepChange Debt Charity says that today’s figures from the Bank should not be taken as a reassuring sign that all is well in household finances.
It says those households already indebted are in fact accumulating more debt in the form of missed payments and arrears.
Its research suggests that, since the beginning of the lockdown period, around 4.2 million people have borrowed to make ends meet, most often using a credit card (1.7 million), an overdraft (1.6 million) or a high cost credit product (980,000).
Richard Lane, StepChange’s Director of External Affairs said: “The economic effects of coronavirus are amplifying the problems for poorer and more financially vulnerable households, which is the worrying aspect that the (Bank of England) aggregate data doesn’t show.
“Our research suggests that around a quarter of all households have been negatively affected financially, and that over £6 billion of debt directly attributable to the pandemic has been built up among over four million people. It’s crucial that public policy recognises the need for exit strategies that give those affected a safe way out of financial difficulty.”
Author: Rachel Wait
China passes controversial Hong Kong national security law
June 29 (UPI) — In a move that is expected to not only further strain relations between China and the West but attract retaliatory measures, China’s top legislative body passed a controversial national security law on Tuesday that critics say will threaten the autonomy of Hong Kong and the freedoms of its citizens.
The law — which criminalizes secession, sedition, subversion, terrorism and working with foreign actors to undermine the national security of the People’s Republic of China in Hong Kong — was passed unanimously by the congress’ standing committee, both public broadcaster RTHK and local media South China Morning Post reported, citing unnamed sources.
“If my voice will not be heard soon, I hope that the international community will continue to speak up for Hong Kong and step up concrete efforts to defend our last bit of freedom,” Wong said in a tweet.
Little was known about the law after it was approved by the congress in late May, but last week China’s state-run Xinhua News released details that suggest it will expand Beijing’s oversight of Hong Kong, which has been rocked by pro-democracy protests for nearly a year but which have simmered in the past few months due to the coronavirus pandemic.
According to the law, the Hong Kong Special Administrative Region will be responsible for punishing those who commit acts that endanger national security, to establish a national security commission whose head will be appointed by the central government and to create a national security office in Hong Kong.
Tam told reporters that under the law, offenses will carry a sentence of three to 10 years in prison. However, RTHK reported that terms could be much higher than that.
Amnesty International condemned the law’s passing as “the greatest threat” to human rights in the region in recent history.
The law was passed on the last day of the three-day congress after being deliberated on Sunday and is expected to go into effect on Wednesday — the 23rd anniversary of Hong Kong returning to Chinese rule from British authority.
The region was returned in 1997 under the promise that it would maintain its autonomy from mainland China for 50 years established in the U.N.-filed Sino British Joint Declaration.
It has since functioned under the so-called One Country, Two Systems structure, but many fear the new national security law will all but scrap that governmental framework — U.S. Secretary of State Mike Pompeo described the law after it was announced as its “death knell.”
A few hours before China’s congress passed the law on Tuesday, the United States pre-emptively ended U.S. exports of defense equipment to Hong Kong and restricted its access to high technology products as it begins to end its special trade status with the region.
“The Chinese Communist Party’s decision to eviscerate Hong Kong’s freedoms has forced the Trump administration to re-evaluate its policies toward the territory,” Pompeo said in a statement.
Pompeo added they are examining other policies and will take “additional measures to reflect the reality on the ground in Hong Kong.”
Late last week, Pompeo also imposed visa restrictions on CCP officials the United States blames for undermining Hong Kong’s autonomy. On Monday, Foreign Ministry spokesman Zhao Lijian said China would retaliate with visa restrictions on U.S. citizens who commit “egregious conducts on Hong Kong-related issues.”
Beijing has repeatedly condemned foreign nations, but specifically the United States over, interfering in what it calls China’s internal business.
The law has attracted widespread international condemnation, with Britain vowing to overhaul its country’s visa system creating a possible path to citizenship for some 3 million Hong Kong residents.
Taiwan on Tuesday issued a statement condemning the law and stating from Wednesday the Taiwan-Hong Kong Service Exchange Office will officially launch to offer support to Hong Kongers who may seek to flee the city.
The law was tabled following months of pro-democracy protests in Hong Kong that not only grabbed international attention but threatened the region’s stability.
Wong described the law as the end of the region as it is known and the beginning of a “reign of terror.”
“With sweeping powers and ill-defined law, the city will turn into a secret police state,” he said via Twitter. “Hong Kong protesters now face high possibilities of being extradited to China’s courts for trials and life sentences.”
“Even in despair we must always think of each other and live stronger,” she said. “If you are alive, there is hope.”