Smiths: Arm making X-ray machines for airports has strong quarter as revenue guidance lifted, share price up May 19, 2023 Engineering company Smiths Group has upped its guidance after the company’s unit that makes X-ray machines for airports saw a strong quarter. The business said it now expects 10 per cent organic revenue growth this financial year. It comes as revenue rose by 13.4 per cent in the nine months to the end of April, [...]
Shares in Magners maker C&C slump 17 per cent after leadership shakeup and botched software upgrade May 19, 2023 Shares in beer and cider brewer C&C slumped today as the firm said plans to upgrade software at a subsidiary hit big obstacles, forcing a leadership shakeup. Shares in C&C, which makes Magners and Bulmers, were down nearly17 per cent on Friday morning. The company said it has encountered “significant challenges” when rolling out new [...]
Stocks on Wall Street rise despite hint Fed’s rate hikes may NOT be over May 19, 2023 Stocks rose again on Thursday after more companies reported better profits than expected, while yields climbed after a Federal Reserve official cautioned the end to its interest-rate hikes may not arrive as soon as Wall Street hoped. The S&P 500 gained 0.9 per cent , adding to its rally from the day before as hopes [...]
Consumer confidence continues to recover as double-digit inflation fails to deter Brits from splashing cash May 19, 2023 Consumer confidence in the year ahead is continuing to recover despite persistent cost-of-living pressures, a long-running survey suggests. GfK’s Consumer Confidence Index rose by three points in May to minus 27, the fourth monthly increase in a row from January’s minus 45. Confidence in personal finances over the coming 12 months saw a “robust” five-point [...]
Rich list: Richard Branson and Rishi Sunak see fortunes shrink – but who are the wealthiest Brits now? May 19, 2023 The billionaire Hinduja family have topped the Sunday Times Rich List for the second year in a row as their fortune jumped by more than £6 billion. Gopi Hinduja and his family, which is behind the Indian conglomerate Hinduja Group, were named as Britain’s richest just days after Mr Hinduja’s brother Sri died. For the [...]
Morning in the City: Live news and updates on Nationwide, Lloyds Bank and the rich list May 19, 2023 Good morning and welcome to the City A.M. Live blog on Friday 19 May. We bring you update from Nationwide Building Society, Lloyds Bank’s new report saying Britain is powering away from a dreaded recession, and GFK consumer figures.
Man Capital buys new Major League Soccer franchise in San Diego for record £400m May 18, 2023 London-based Man Capital has been confirmed as the owner of a new San Diego franchise in Major League Soccer after agreeing a record deal with US football chiefs. The family office of Egyptian billionaire Mohamed Mansour, the Conservative Party senior treasurer, is understood to have paid around $500m (£402m) for the team, who will begin [...]
London crowned best city brand in the world May 18, 2023 London has been crowned the best city brand in the world, according to a new international league table. London topped the leader board of Brand Finance’s new City Index, which was based on a survey of 15,000 people in 20 countries. With a score of 84.6 out of 100, London recorded a stronger brand perception [...]
David Davis calls for review of authorities’ role in Libor probes in light of new evidence May 18, 2023 Conservative MP David Davis has called for a review of state agencies’ role in the investigation and prosecution of traders for rigging Libor ahead of new evidence that is set to be released next week. The evidence, Davis said, will come from a new book on the Libor scandal by BBC economics correspondent Andy Verity [...]
PwC global execs take the reins at Australian unit amid tax leak scandal May 18, 2023 PwC’s global bosses will take control of its Australian business after the unit became embroiled in a tax leak scandal. International executives were flown out earlier this month to help contain the crisis, but they are now set to stay for several months longer in a bid to prevent any further damage to the firm’s [...]