From Ocado to Trustpilot and M&S to ITV: Value of dozens of FTSE giants down by a third since start of Ukraine war June 11, 2022 Nearly 50 companies in the FTSE 350 have seen their stock market values fall by at least a third since the start of the Ukraine crisis. The biggest fallers have been technology companies, new data shared exclusively with City A.M. shows today. Review website Trustpilot, which listed just over a year ago, has seen its [...]
UK banks no longer ‘too big to fail’ but sector still has room for improvement June 10, 2022 All of the UK’s top banks would survive a major financial shock, but some have shortcomings in ensuring they fund themselves through a crisis, the Bank of England said today. Britain’s eight biggest high street lenders would be able to fail safely without a repeat of bailouts seen during the financial crisis in 2008, according [...]
State Street denies claims it is planning to take over Credit Suisse after Swiss bank’s chief brushes aside rumours June 9, 2022 State Street today denied claims it is planning to take over Credit Suisse, after a Swiss website published a report claiming the Boston bank is planning to buy out Zurich headquartered investment bank. The denial comes after the head of Credit Suisse also brushed aside claims Credit Suisse could be bought out by Boston bank [...]
Credit Suisse tells investors to brace for losses once again June 8, 2022 Credit Suisse has warned investors it expects to suffer group losses in the second quarter of 2022 amid challenging market conditions.
MPs call for lower taxes as UK marks latest annual Tax Freedom Day since the early-1980s June 7, 2022 MPs have called on the UK government to cut the burden on UK taxpayers after new figures showed working people spent a higher proportion of their incomes on taxes than at any other point since the early-1980s. The calls come after the Adam Smith Institute (ASI) published new figures, for Tax Freedom Day, showing UK [...]
World Bank slashes global growth forecast after warning the world is teetering on the edge of ‘stagflation’ June 7, 2022 THE WORLD Bank yesterday slashed its forecast for global growth this year by more than 1 per cent due to increasing inflation and the economic after-effects of Russia’s invasion of Ukraine. The body had anticipated global growth of 4.1 per cent at its last update in January, but cut that in an announcement yesterday to [...]
London fund set to lose millions following Mike Ashley’s £20m Misguided acquisition June 7, 2022 The London private equity firm that injected £50m into fast fashion retailer Misguided, in the months running up to its insolvency, is set to lose tens of millions on its investment. Alteri Investors is set to lose £20m- £30m after Mike Ashley’s Frasers Group bought the Manchester based retailer for £20m last week, according to [...]
LV= appoints new chair as insurance mutual’s CEO faces calls to quit June 7, 2022 LV= has appointed Simon Moore as its new chair, as the insurance specialist’s chief executive faces renewed calls to step down. Moore, who presently holds the position of chair at consumer lending firm PCF and digital bank RCI Bank UK, will succeed interim chair Seamus Creedon. Moore said he was “determined” that the legacy firm [...]
Happening down under this a.m.: Australian central bank hikes interest rate for second time in five weeks June 7, 2022 Australia’s central bank this afternoon local time lifted its benchmark interest rate for a second time in five weeks, changing the cash rate to 0.85 per cent from 0.35 per cent. When the Reserve Bank of Australia raised the rate by a quarter of a percentage point at its last monthly board meeting on May [...]
Beleaguered Amigo Loans makes interim finance chief permanent in attempt to leave near-fatal woes behind June 7, 2022 Amigo Loans confirmed to City A.M. that Danny Malone will join its Board as the company’s new chief financial officer, and as an executive director. His appointment as an Executive Director is subject to approval under the Senior Managers’ Regime, by the Financial Conduct Authority. Malone has been acting as Interim CFO since February 2022. “Danny [...]