UK risks exodus of semiconductor firms without an industry strategy, MPs warn February 3, 2023 The government risks endangering the semiconductor industry unless it urgently publishes a strategy for the sector, warned a body of MPs.
London’s litigation financiers primed to profit on global downturn, Therium chief says February 3, 2023 London’s litigation funders are in a prime position to capitalise on the global economic downturn, the founder of one the UK’s top lawsuit financiers told City A.M. The economic slump threatens to stretch in-house legal budgets and drive an uptick in legal battles, Therium founder Neil Purslow said, which could force companies and litigants turn [...]
Balli Steel execs found guilty of £120m fraud at collapsed trading firm February 2, 2023 Two Balli Steel executives have been convicted of using forged documents to mislead banks into lending the bankrupt commodities trader $150m (£122m). A jury at Southwark Crown Court today found Balli Steel executives Melis Erda and Louise Worsell guilty on six counts of fraud. Worsell, the managing director of Balli’s UAE business, and Erda, group [...]
FTSE 100 close: Markets shrug off rate hike as JD Sports and BT lift index February 2, 2023 The FTSE 100 closed higher on Thursday, boosted by a strong performance from BT and JD Sports, as investors digested the latest interest rate decision from the Bank of England later today. Governor Andrew Bailey increased interest rates by 50bps to a post-financial crisis high of four per cent earlier today. Investors think the Bank [...]
Ofgem slaps Eon with provisional order in clampdown on poor service as it launches urgent British Gas probe February 2, 2023 Ofgem has continued its clampdown on the energy sector, naming and shaming firms in a critical review of the energy market.
How To Know Layoffs Are Coming And What To Do About It February 2, 2023 If recent headlines are anything to go by, the future of the tech industry isn’t as secure as we once thought it was. Mass layoffs at Stripe and Meta closed out 2022, and in January alone, Google’s parent company announced it plans to shed 12,000 of its workforce, while Amazon has decided to cut 18,000 [...]
Ferrari revs up for ‘even stronger’ 2023 after beating forecasts February 2, 2023 Ferrari today said it saw “even stronger” results this year after posting a 16 per cent increase in its core earnings in 2022, supported by increased sales volumes of its luxury sports cars. Ferrari said its adjusted earnings before interest, tax, depreciation and amortization (ebitda) would come in between €2.13-2.18bn in 2023, from an above-guidance result of [...]
The Square Mile and Me: Lloyd’s of London’s Dawn Miller on her favourite City spots February 2, 2023 We dig into the memory bank of the City’s great and good. This week, Lloyd’s of London’s Commercial Director Dawn Miller tells us why she’s never too far from the market… WHAT WAS YOUR FIRST JOB? My first internship was for my state representative from Georgia when I was in University. He was a former [...]
Ofgem to suspend forced prepayment meter switches after British Gas break-ins February 2, 2023 Ofgem will tell suppliers to suspend all warrants forcing customers to switch to prepayment meters, City A.M. has learned.
Capricorn Newmed merger hits the rocks as activists win boardroom battle February 2, 2023 Capricorn Energy's proposed merger with Newmed has all but collapsed, after Palliser secured all six of its nominees on to the new board.