Nearly every sector of UK economy powers away from feared recession March 22, 2023 Nearly every sector of the UK economy is powering away from a recession that was much-tipped at the turn of the year, a new survey out today shows. Some 11 of the 14 sectors monitored by Lloyds Bank are producing more than they did a month ago, the highest number in nearly a year. The [...]
FTSE 100 close: Credit Suisse turmoil eases as Barclays and NatWest claw back losses March 21, 2023 London’s FTSE 100 today shook off market turmoil sparked by UBS saving Credit Suisse, with the UK’s largest lenders, such as Barclays and NatWest, soaring to the top of the index. The capital’s premier index surged nearly two per cent to 7,536.23 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with [...]
Bank of England and Fed to ignore Credit Suisse chaos and hike interest rates this week March 21, 2023 The Bank of England and US Federal Reserve are this week expected to ignore the on-going financial market chaos which resulted in Credit Suisse being pawned off in a shotgun sale and hike interest rates. City analysts have tipped Fed Chair Jerome Powell and Bank Governor Andrew Bailey to prioritise fighting inflation instead of shielding [...]
Spring Budget 2023 fails contractors, freelancers, agency workers (and the country as a whole) March 21, 2023 | Sponsored Jeremy Hunt’s first budget met expectations. ‘Dammed by faint praise’ fits the bill when best trying to articulate the frustration felt at yet another in a long list of missed opportunities. For those working in compliance and contingent employment, across the contracting sector, the failure is stark and can be charged on two counts. First [...]
Learn about Mental Health with the UK’s Biggest Mental Health Research Charity March 21, 2023 | Sponsored Taking place this Friday March 24th from 12.30pm–1.30pm, The Lord Mayor’s Appeal is teaming up with their newest charity partner MQ Mental Health Research to host a free ‘Lunch & Learn’ webinar. Designed to target professionals from the City and beyond on their lunch break, the informative session will give an insight into MQ’s work [...]
UK borrowed record £16.7bn for February but Jeremy Hunt handed interest bill boost March 21, 2023 The UK borrowed a higher than expected £16.7bn in February, a record for that specific month due to the government spending billions on helping families with the cost of energy bills, official figures out today reveal. Office for National Statistics (ONS) numbers indicate Chancellor Jeremy Hunt’s decision to cap typical household energy bills at £2,500 [...]
Credit Suisse and Silicon Valley Bank chaos are symptoms of fragile banking system March 21, 2023 City folk around in 2007 must have been getting very twitchy over the last week. Some of the market moves were reminiscent of the early stages of the financial crisis once people clocked on to just how bad banks had messed up. Credit Suisse tumbled more than 30 per cent at one point. Its peers [...]
UBS and Credit Suisse face legal threats after bond wipeout and shareholder bypass March 20, 2023 UBS and Credit Suisse are facing potential legal action from investors after the controversial tie-up between the two banks bypassed a vote by shareholders and wiped out $17bn of Credit Suisse bonds.
Credit Suisse: ECB tries to settle market after UBS deal wipes out $17bn of AT1 bonds March 20, 2023 The European Central Bank said its banking sector was “resilient” today as it moved to settle volatile bond markets today following the controversial move to wipe out Credit Suisse AT1 bondholders last night. As part of UBS’s rescue swoop for its beleaguered Swiss rival, regulators wrote off some £13.92bn ($17bn) of Credit Suisse additional tier [...]
Gold price tops $2,000 and Bitcoin gets a bump as investors scramble for safety after Credit Suisse rescue March 20, 2023 Gold prices have climbed near record highs and topped $2000 for the first time in over a year this morning as investors scramble for steady ground following UBS’s rescue of Swiss rival Credit Suisse.