FTSE 100: London edges ever closer to a new record high January 14, 2023 The FTSE 100 fell short of hitting some all-time highs on Friday after a strong start to the year. Pushing up to fresh five-year highs, the FTSE hit its highest score since the record points it had tallied in May 2018. It closed at 7,844.07 on Friday after briefly peaking at 7,864.95 a little earlier [...]
Drax fined £6m after charging National Grid excessive prices to cut energy January 13, 2023 Drax has agreed to pay the energy watchdog Ofgem a £6m-plus fine, after it admitted to an 'inadvertent breach' of its generation licence.
Trump Organisation fined £1.3m for tax fraud January 13, 2023 Donald Trump’s company has been fined 1.6 million dollars (£1.3 million) as punishment for a scheme in which the former US president’s top executives dodged personal income taxes on lavish job perks – a symbolic, hardly crippling blow for an enterprise boasting billions of dollars in assets. A fine was the only penalty a judge [...]
Virgin Orbit rocket launch failure to be investigated by UK officials January 13, 2023 UK officials will work with counterparts in the US to oversee an investigation into the failure of Virgin Orbit’s rocket launch mission from Cornwall. The Space Accident Investigation Authority (CAIS) said it will work alongside the Federal Aviation Administration to “ensure that any relevant safety lessons are learnt”. The organisations will oversee Virgin Orbit’s investigation. [...]
Magners cider owner says cost of living and strikes help sink its profits as Brits stayed away from pubs January 13, 2023 The company behind Magners cider and Tennent’s lager disappointed investors on Friday as it said that strikes and cost of living pressures had eaten into its performance in recent weeks. C&C Group said that it expects operating profit to reach between €84m and €88m (£75 million to £78m) in the financial year. The company had [...]
DFS shares up as sofa giant records rise in orders despite cost of living pressures January 13, 2023 Sofa retailer DFS has recorded a rise in orders over the latest quarter, as it hailed improving demand from customers despite pressures from the rising cost of living. It came as the retailer said that orders dropped 4.8% over the half-year to December 25, compared with the same period last year. However, the company said this included [...]
Probe into Revolution Beauty’s accounts flag ‘concerns’ over £9m sales and personal loans made to employees January 13, 2023 An independent investigation into troubled cosmetics maker Revolution Beauty identified concerns, including over certain historical sales, inventory provisioning methods and personal loans made by a former CEO. The probe was instigated by the company’s auditors BDO last autumn and has already claimed the scalp of former chief executive officer Adam Minto who stepped down from the [...]
Energy bills could drop below £2,500 per year, saving the government billions in support packages January 13, 2023 Energy bills could fall under £2,500 per year in the second half of this year, saving the Government billions of pounds.
Diaries of a fund manager: Jack Hsiao on running a multi-billion pound investment giant January 13, 2023 As 2023 gets under way, the spotlight is firmly on the City and on its fund managers. What will be their next move? How and where do they find inflation-busting assets? Are they opting for more risk or playing it safe? City A.M. checked in with fund manager Jack Hsiao, he is a managing director [...]
Taylor Wimpey: Average selling price hits £350,000 as firm shrugs off mini budget housing chaos January 13, 2023 The average selling price for private completions increased six per cent to more than £350,000 according to one of the UK’s largest construction companies. Taylor Wimpey released its 2022 overview today, saying total completions were a shade under last year’s at 13,154, compared to 14, 302. It said of the completions, more than a fifth [...]