FTSE 100 close: London markets finish higher but investors cautious before BoE rate hike July 31, 2023 London’s FTSE 100 closed slightly higher this afternoon, after a tempered start to a week in which the Bank of England is expected to hike interest rates to their highest level since 2008. The capital’s premier index kicked off down 0.26 per cent, before bouncing back by close to 0.17 per cent on stronger than [...]
Pearson profits soars over 50 per cent as AI strategy pays off July 31, 2023 Pearson has posted a strong first half of the year after it has started to embrace Artificial Intelligence in May. The London-based publisher said on Monday that it achieved a 56 per cent increase headline growth, with its adjusted operating profit up to £250m. The listed firm also said there had been 44 per cent [...]
British businesses locked in disputes with HMRC over possible unpaid tax July 31, 2023 More than half of British mid-sized firms are locked in disputes with the taxman over potential unpaid tax, a sign of the troubles companies encounter when trying to navigate the UK’s complex web of levies. Some 61 per cent of 500 firms surveyed by consultancy BDO are embroiled in a tax dispute with HMRC. Tax [...]
Gen Z and millennials shrug off inflation woes to buy ethical goods July 31, 2023 Gen Z and millennial shoppers are shrugging off inflationary woes and continuing to prioritise a retailer’s reputation when choosing where to spend. Some 33 per cent of 18-34-year-olds said they are more loyal to brands with a ‘positive corporate reputation’ and ‘values’ that align with their own, compared to just one in seven shoppers aged [...]
UK private economy wilts amid high inflation and interest rates, CBI survey shows July 31, 2023 Britain’s private sector economy is being trapped by high inflation and elevated interest rates and companies fear growth will continue to contract, a new survey out today shows. Research by the lobby group the Confederation of British Industry (CBI) has found that activity across the private sector – which generates most output in the UK [...]
Tortilla boss remains ‘quietly confident’ despite investment and Brexit challenges July 31, 2023 The boss of fast-food Mexican chain Tortilla, Richard Morris, has said that soaring costs and a tumultuous two years for restaurants has led the sector to be hit “quite badly” from a lack of investment. Tortilla, which serves lunchtime burritos and salads, floated in 2021 on London’s junior AIM market, as part of a five [...]
Retailers in trouble as 51 per cent of punters cut back on clothes shopping July 31, 2023 Retail and hospitality industries continue to be bruised by the UK’s cost of living crisis as 59 per cent of people have cut their spending on eating out and a further 51 per cent have cut spending on clothing. As Brits continue to watch their pennies amid high inflation, figures from Oxera show that in [...]
The Notebook: Andy Silvester on suppressed British success stories, why Global Airlines could raise the game and Bazball July 31, 2023 Where the City’s movers and shakers get a few things off their chest. Today, City A.M. editor Andy Silvester takes the pen British cynicism can mean we overlook our success stories Heading east out of the City towards the Strand one passes the ugly, brutalist facade of King’s College London, nobody’s idea of an architectural [...]
EP: 217 Glorious Goodwood – Tuesday July 30, 2023 The Goodwood Cup is the feature race on the first day of Glorious Goodwood. On today’s podcast, trainer Aidan O’Brien discusses the chances of his filly Emily Dickinson in this Group 1 event. The Group 2 Lennox Stakes and Vintage Stakes are also top-class races to look forward to on Tuesday’s card. City AM Racing [...]
Prime Minister Rishi Sunak to meet energy leaders ahead of new pledges July 30, 2023 Prime Minister Rishi Sunak and energy security secretary Grant Shapps will meet industry leaders from across the energy sector.