Pound crashes to fresh 37-year low against US dollar after Kwarteng tax bonfire September 23, 2022 The pound plunged to a new historic low against the US dollar in response to new chancellor Kwasi Kwarteng launching the biggest round of tax cuts since 1972 at today’s mini-budget. Sterling crashed over one per cent against the greenback to $1.1108, its lowest level in 37 years. The pound has been on a downward [...]
Pound plummets to 37-year low against dollar ahead of Kwarteng’s mini-budget September 23, 2022 The Pound has plummeted to a fresh 37-year low against the dollar ahead of the Chancellor’s mini-budget today. Sterling dropped below $1.12 against the backdrop of a new low for consumer confidence, while FTSE 100 fell early. The pound has been on a poor recent run, with it announced this week the UK borrowed more [...]
Polymetal shares plummet as troubled miner scraps dividend September 22, 2022 Polymetal shares fell 11.5 percent today after the Anglo-Russian precious metals mining company announced it was scrapping the full-year 2021 dividend due to dwindling cash flows and a lack of new sales channels. It also suggested cancelling the interim 2022 dividends “to allow the Group to strengthen its cash position and enhance its resilience in [...]
London’s FTSE 100 drops after second big Bank of England rate hike September 22, 2022 London’s FTSE 100 plunged today after the Bank of England lifted interest rates 50 basis points for the second time in a row. The capital’s premier index fell 1.08 per cent to 7,159.52 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, tumbled 2.05 per [...]
Link faces £50m fine over Woodford fund’s collapse September 21, 2022 The UK firm that managed Neil Woodford’s flagship investment fund is facing a £50m fine over its running of the fund before its collapse in 2019. The UK’s Financial Conduct Authority (FCA) has issued a draft warning notice against Link Fund Solutions Ltd (LFS) indicating it could be forced to pay £306m in costs and [...]
RAC calls on Big Four supermarkets to pass on savings to customers September 21, 2022 Motoring group RAC has accused the Big Four supermarkets of failing to pass on drops in wholesale costs to drivers.
London’s FTSE 100 bumps higher after government halves firms’ energy bills September 21, 2022 London’s FTSE 100 bumped higher today as investors digest the details of the government’s energy support package for UK businesses. The capital’s premier index climbed 0.63 per cent to 7,237.64 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, rose 1.01 per cent to 18,714.67 [...]
What are the key factors that can sink M&A? September 21, 2022 | City Talk 2021 saw booming markets and the release of capital from investors that had built up during the pandemic. It was a record-breaking year for mergers and acquisitions (M&A) activity. This year, circumstances are quite different. Economies are now dealing with geopolitical issues like the Russia-Ukraine war, rising inflation and interest rates, and declining company valuations, [...]
London’s FTSE 100 edges higher ahead of central bank rate announcements September 20, 2022 London’s FTSE 100 slid yesterday, driven by traders bracing for a big week of central bank announcements. The capital’s premier index dropped 0.64 per cent to reach 7,190.16 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, slumped 1.48 to 18,519.69 points. The world’s biggest [...]
US dollar this year has become the only asset in town September 20, 2022 Investors have had an insatiable appetite for US dollars this year. According to the Wall Street Journal’s dollar index, which measures the greenback against a basket of some of the world’s top currencies, the dollar is its strongest for over a decade. One dollar will buy you the greatest amount of Japanese yen since the [...]