UK inflation to surge above 15 per cent, more than seven times Bank of England target August 4, 2022 The Bank of England faces the grim prospect of overseeing the largest inflation surge in recent memory, with prices rising more than seven times faster than its target, a top think tank warned today. A sustained surge in energy costs triggered by Russia’s invasion of Ukraine and a sudden burst in demand after the Covid-19 [...]
Vast majority of UK businesses struggle to get staff back into the office as workers demand flexibility August 4, 2022 Three in five UK business leaders are struggling to get employees back in the office, with younger workers in particular seeking flexibility and better workspaces. In fact, two-fifths seeking a new workspace to reflect their changing office needs, according to new research shared exclusively with City A.M. this morning. infinitSpace found that more than a third of [...]
Evraz profits plunge 99.5 per cent as sanctions hit August 4, 2022 Russian steel giant Evraz saw its profits fall by 99.5 per cent in the first half of the year after sanctions were slapped on the firm in May and demand for its products dried up.
Go-Ahead bidders add another £22m to their offer to give takeover of transport giant the final push August 4, 2022 The bidders planning to buy transport operator Go-Ahead Group have upped their offer by more than £20m. Australian bus network Kinetic and Spanish transport firm Globalvia agreed to take over Go-Ahead in June for around £647m. But the consortium of investors raised their takeover bid by £22m to about £669m today despite not having any [...]
Households face two painful energy bill hikes this winter as Ofgem confirms quarterly price cap August 4, 2022 The consumer price cap will be updated four times a year rather than twice, raising the prospect of painful hikes in energy bills this winter.
Phoenix Group set to buy Sun Life UK in £248m cash deal August 4, 2022 Pensions giant Phoenix Group is set to snap up life insurance firm Sun Life UK today in a cash deal worth £248m, the firm announced this morning.
Energy watchdog Ofgem to review price cap quarterly ahead of ‘challenging winter’ August 4, 2022 Energy regulator Ofgem said this morning that the energy price cap will be reviewed quarterly, rather than every six months, as it warned that customers face a “very challenging winter ahead”. The regulator said the change would go “some way to provide the stability needed in the energy market”, adding: “It is not in anyone’s [...]
Four Londoners charged for daylight murder in Wood Green that sent shockwaves through Haringey August 4, 2022 The Metropolitan Police has confirmed to City A.M. that four people have been charged as part of the force’s investigation into a fatal shooting in Haringey late last month. 27-year old Devonte Jackson of Elm Grove, N8, and a 16-year-old boy were charged with arson, assisting an offender and perverting the course of justice. They [...]
Consortium inks £3.7bn takeover deal for Mediclinic August 4, 2022 Hospital chain operator Mediclinic is to be bought by a consortium for an equity value of around £3.7bn. The South African investment holding firm has snapped up the UK operation alongside MSC Mediterranean Shipping. “The recommended offer represents a near-term value realisation for Mediclinic shareholders at an attractive premium,” Dame Inga Beale, chair of Mediclinic, [...]
Glencore shareholders set for payday as profits jump to $18.9bn August 4, 2022 Mining and commodities giant Glencore announced it would put $4.5bn back in shareholders pockets today after it reported record half-yearly profits of $18.9bn on the back of soaring metal prices and market volatility.