FTSE 100 close: US recession jitters outweigh oil price surge on London index June 5, 2023 London’s FTSE 100 lost momentum in the afternoon session today after new data revealed the US economy is wilting under the weight of the Federal Reserve’s interest rate hikes. The capital’s premier index slipped 0.1 per cent to 7,600 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of [...]
Boosting renewables is the best way to just stop oil, says Octopus Energy boss June 5, 2023 The best way to 'Just Stop Oil' is to accelerate the transition to renewable energy, argued the boss of Octopus Energy Greg Jackson.
FCA hits broker ED&F Man Capital Markets with record £17.2m fine over cum-ex trading June 5, 2023 The Financial Conduct Authority has hit City broker ED&F Man Capital Markets with a record £17.2m fine for “serious failings” in its oversight of a murky cum-ex trading strategy. In a statement today, the watchdog said the failings from ED&F Man allowed it to collect millions of pounds of fees for the trading strategy as [...]
Families splashing cash despite high inflation and interest rates fuels services growth June 5, 2023 Families splashing the cash despite high inflation and interest rates crimping their budgets is keeping Britain’s services economy motoring along, a closely watched survey out today shows. S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) final purchasing managers’ index (PMI) for the services sector, which generates about £2 in every £3 in [...]
British businesses mull ‘onshoring’ supply chains in response to soaring costs June 5, 2023 Snags in international supply chains lingering on from the Covid-19 pandemic are steering mid-sized businesses toward bringing their production lines back to the UK, a new survey out last night showed. Research by consultancy BDO found just under 50 per cent of the 500 firms they surveyed are considering “onshoring” as much of their operations [...]
London seals European finance investment crown every year since Brexit June 5, 2023 London is beating away the dire warnings that Brexit would knock it off its perch as Europe’s top finance hive and is even drawing in more investors amid high inflation and interest rates, a new report out today unveils. Foreign investors pumped cash into 46 financial services projects in the capital last year, up from [...]
Exclusive: Rishi Sunak plans shake-up of worker ownership schemes June 4, 2023 Rishi Sunak and Jeremy Hunt are drawing up plans to revamp schemes designed to hand workers a stake in their employers, City A.M. can reveal. The Treasury will today ask businesses for their view on the effectiveness of government-sponsored programmes that steer staff toward taking stakes in their employer by offering financial incentives. The Prime [...]
House prices to stutter after Bank of England interest rate hikes June 4, 2023 House price growth is poised to stutter, new figures out this week are expected to show, as prospective homeowners are gradually priced out of the market by the Bank of England’s successive interest rate rises.
Pound records strong week as London markets expects Bank to hike rates further June 2, 2023 The pound has recorded its strongest week against the dollar in half a year as investors expect the Bank of England to keep hiking rates after the Fed has paused. Across the week, the pound gained more than 1.5 per cent against the dollar to trade at over $1.2530 on Friday afternoon. The pound performed [...]
Sticky inflation and regulatory pressure push UK deals to lowest level since 2016 June 2, 2023 Deals in the UK have slumped to their lowest level since 2016 amid sticky inflation and regulatory pressure.