New data: Cost-cutting and restructuring helps keep restaurant industry alive July 17, 2023 Bank of England interest rate rises could threaten the UK restaurant sector’s return to profitability, according to national accountancy group, UHY Hacker Young. The group say the percentage of UK restaurant companies turning a profit has more than doubled from 35 per cent to 78 per cent in the past year, but recent rate increases could [...]
Ministers are obliged to find a fudge to end rail strike misery July 17, 2023 One of the skills of the modern politician is to be close to success and far from failure. For reasons best known to them, a host of greasy pole-climbers felt obliged to tweet out appropriately statesmanlike congratulations to Carlos Alvarez yesterday after his victory at Wimbledon, basking in some kind of reflected glory. Yet many [...]
Investment banking slowdown set to hit Goldman Sachs and Morgan Stanley results this week July 17, 2023 Goldman Sachs and Morgan Stanley will likely report another slowdown in profit on Wednesday and Tuesday respectively amid a continued slump in global dealmaking. Analysts at JP Morgan reduced their earnings per share estimates for Goldman Sachs and Morgan Stanley on “lower IB revenues…with limited cost offset”. The analysts cut Goldman Sachs’s EPS for the [...]
The Notebook: Guy Hands on shattering the class ceiling, how to hire the right person and the importance of empathy July 17, 2023 The Notebook is where the City’s movers and shakers get a few things off their chest. Today it’s Guy Hands, founder of Terra Firma Capital Partners Our education system separates pupils. That’s wrong Sir Keir Starmer recently made headlines with his ambition to “shatter Britain’s class ceiling” by reforming the education system. While less radical [...]
Easyjet: Can the budget airline quell investors’ fear of strikes and cancellations? July 16, 2023 EasyJet shareholders will be looking ahead with bated breath this week, with the budget airline set to unveil its third quarter trading performance on Thursday. EasyJet shares have plateaued following a flying start to the year, with concerns peaking amid an announcement earlier this week that nearly 2,000 of its flights would be cancelled over [...]
Gatwick boss says airport is prepped to avoid chaos – despite strikes and cancellations July 16, 2023 Gatwick’s boss has said that the airport is not expecting further flight cancellations over the busy summer season. Speaking to the Sunday Times, Stewart Wingate said “I haven’t had any discussions with any other airlines [about cancellations].” He added: “I think that from the perspective of passengers, if there’s a need for an airline to [...]
UBS to retain EY as auditor after Credit Suisse takeover – report July 16, 2023 UBS Group has decided to retain EY as its external auditor, enlarging its role to include Credit Suisse's accounts from 2024, the Financial Times reported on Sunday, citing people with knowledge of the decision.
Shapps to ask supermarkets to ‘explain themselves’ over pump price hikes July 16, 2023 Supermarket bosses are set for showdown talks with the government next week over soaring prices at the pumps. Energy Secretary Grant Shapps will meet with chiefs from Asda, Sainsbury’s, Morrisons and Tesco, with the minister vowing to slam “the brakes down on the mistreatment of motorists.” In a column in The Sun, Shapps said he [...]
Rail strikes: Lynch says government hasn’t spoken to RMT since January July 16, 2023 Rail strike misery looks set to continue for commuters after Mick Lynch, the RMT’s general secretary, said the government had not spoken to him about finding a resolution since the start of the year. Speaking on Sky News’ Sophy Ridge on Sunday Programme, Lynch said that there has been “no contact. They seem to pick [...]
Survey reveals extent of remote working loneliness July 16, 2023 Ever since the pandemic the conversation has rattled on about the benefits and setbacks of remote working. Increased flexibility, it turns out, has a downside: loneliness. A new survey by Promoleaf has revealed that more than a third of female remote workers (39 per cent) feel lonely working from home, and a much higher rate [...]