What a difference a day makes: Markets go into full reversal mode as recession concerns grow May 6, 2022 What a difference a day makes? Having rallied strongly in the aftermath of the Federal Reserve’s decision to hike rates by 50bps on Wednesday evening, and not go harder, US stock markets went into full reversal mode yesterday, dragging European markets down with them. Bond yields also shot back up, with the US 10 year [...]
Makeup seller Revolution Beauty’s sales soar after Boots picks up products May 6, 2022 British makeup seller Revolution Beauty Group today vowed to continue selling “quality products at affordable prices” as the firm said strong demand for “mass market beauty” led to its earnings increasing by 73 per cent year-on-year. The cosmetics firm said its UK sales increased 85 per cent over the previous year, following the successful rollout [...]
Thanks, Bank of England: Households will pay £858m more in interest after yesterday’s rate rise May 6, 2022 With the Bank of England Monetary Policy Committee confirming yesterday that its base rate will rise by 0.25 per cent to 1 per cent, UK households face an immediate increase in interest payments of around £858m. Analysis of Bank of England data shows UK households are currently paying £18.3bn annually in interest payments on floating rate [...]
Beazley written premiums ‘ahead of expectations’ but investment losses loom May 6, 2022 Non-life insurance firm Beazley has come in ahead of expectations in its latest update, despite swelling investment losses. Gross premiums written jumped nearly a third (27 per cent) in the three months to 31 March, to $1.2bn, up from $971m a year prior. The London-listed insurance firm, however, did report spiralling losses from its investments, [...]
British Airways owner IAG predicts bounce back to profitability on return of global travel May 6, 2022 British Airways owner International Airlines Group (IAG) today said it believes the easing of global restrictions and the return of global travel will see it bounce back to profitability. The firm – formed through the merger of Iberia and British Airways in 2011 – said its Q1 2022 passenger numbers were 65 per cent those [...]
InterContinental Hotels makes steady progress to 2019 levels as travel booms May 6, 2022 InterContinental Hotels (IHG) said that pent-up demand had driven people back on holiday, with revenue up 61 per cent and catching up with pre-pandemic rates. For Europe, the Middle East and Africa, revenue per available room (RevPAR) hit 122 per cent compared 2021, whilst the Americas were up 58 per cent. With America leading the [...]
House prices inch higher to £286,079 as steamroll slows May 6, 2022 House prices have inched higher to an average of £286,079, another new record high – though spiralling prices are beginning to slow. The average price of a home climbed 1.1 per cent since April, but has risen 10.8 per cent year-on-year. While prices appear to have slowed in their steamroll, costs have grown for the [...]
City Moves: Who’s switching jobs in the Square Mile? May 6, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. GoCardless Fintech firm GoCardless has appointed a former Mastercard lead as its new president. Paul Stoddart brings a wealth of experience to the London firm, having been CEO of Vocalink after its takeover by Mastercard, and spent [...]
Government empowers compliance unit with teeth to curb big tech dominance May 5, 2022 New 'fair-play' rules and ten per cent turnover fines will be among the strong tools available to a new technology unit.
Self-proclaimed Bitcoin inventor sues crypto exchanges in multi-billion-pound trademark spat May 5, 2022 An Australian cryptographer, who claims to be the inventor of Bitcoin, is suing two of the world’s largest cryptocurrency exchanges over claims they undermined his intellectual property rights by using the name Bitcoin. Craig Wright, who claims to be the real person behind the Bitcoin creator’s alias Satoshi Nakamoto, is suing Coinbase and Payward – [...]