Bank of England to hike interest rates to lower peak but still to financial crisis high January 12, 2023 The Bank of England will lift interest rates to a much lower peak than expected just a matter of months ago, but is still set to send them to their steepest level since the financial crisis, City traders suspect. Markets reckon borrowing costs will peak at below 4.5 per cent, meaning investors think the Bank [...]
London holding off UK recession but businesses sweat over inflation January 12, 2023 London appears to be withstanding the UK’s wider economic decline, with businesses hiring at a record pace and expecting their finances to fatten up over the coming year, a new survey out today reveals. The capital’s jobs market is running at red hot levels, according to the London Chambers of Commerce and Industry’s (LCCI) latest [...]
Global cost-of-living crisis risks ‘dire consequences’ for planet as firms ditch climate concerns January 11, 2023 The global cost-of-living crisis threatens to railroad efforts to combat climate change, “potentially leading to dire planetary and societal consequences,” the World Economic Forum (WEF) warned today. Soaring energy and food prices are forcing governments and private businesses to turn to cheaper, often dirtier resources to produce goods and services. As a result, “the risks [...]
FTSE 100 close: JD Sports springs London flagship index to 2018 high January 11, 2023 London’s FTSE 100 index leapt to its highest level since 2018 in afternoon exchanges in the City today after a series of strong retailer earnings signalled the UK consumer is holding up well amid the cost of living crunch. The FTSE 100 index climbed 0.99 per cent to 7,770 points, while the domestically-focused mid-cap FTSE [...]
Barratt: Rising mortgage costs could hit its profits as house prices slide January 11, 2023 Barratt Developments said the outlook for 2023 was ‘uncertain’ as rising mortgage costs force residential property sales down. The FTSE 100 listed house builder said demand for its homes in 2023 looks “uncertain” due to prospective home buyers shunning big ticket purchases amid a cost of living and mortgage affordability squeeze. Mortgage costs have been [...]
City law firms may be forced to make layoffs as UK downturn hits, recruiters say January 11, 2023 The City’s top law firms could soon be set to follow their US counterparts in laying off staff, recruiters have said. The UK’s corporate law firms may be forced to make lawyers redundant due to the wider economic downturn and a lull in M&A activity, recruiters told City A.M. Scot Gibson, director of legal sector [...]
FTSE 100 close: New year rally loses steam on central bank rate warnings and Ocado slump January 10, 2023 London’s FTSE 100 premier index’s new year rally lost some steam today driven by investors wobbling over a string of hawkish comments from central bankers and Ocado’s shares slumping. The flagship index shed 0.39 per cent to close at 7,694.50 points, while the domestically focused mid-cap FTSE 250 index, which is more aligned with the [...]
Andrew Bailey and Jerome Powell play down central banks’ climate change role January 10, 2023 Andrew Bailey and Jerome Powell, two of globe’s top rate setters, have today said central banks should only have a limited role in tackling climate change. The chiefs of the Bank of England and US Federal Reserve, speaking at a summit hosted by the Swedish central bank, the first in the world, played down their [...]
Global economy ‘perilously close’ to recession after aggressive rate hikes to tame inflation January 10, 2023 The global economy “is perilously close to falling into recession” after central banks across the world have collectively raised interest rates aggressively to tame roaring inflation, one of the globe’s top economic institutions has warned. World GDP will expand just 1.7 per cent this year, a slump beaten only by the Covid-19 pandemic and financial [...]
Recruiter Robert Walters sounds profit alarm on recession chilling UK jobs market January 10, 2023 Jitters over the UK economy tumbling into a tough recession is likely to trigger a hiring slow down, sparking recruiter Robert Walters to today warn its full year profits will drop below expectations. The alert sent the firm’s London-listed shares down more than three per cent today, clawing back some ground after shedding around nine [...]