Return of loan loss reserves crimp JP Morgan profits July 14, 2022 Swelling reserves set aside to deal with a historic inflation surge raising the risk of US consumers defaulting on their debts has eroded investment banking giant JP Morgan’s profits, the firm announced today. Net income dropped 28 per cent in the second quarter compared to the same period last year, driven by a $428m (£360m) [...]
Ericsson confirm US authorities are still investigating possible ISIS payments as firm posts mixed bag results July 14, 2022 Ericsson confirmed that US authorities are still investigating possible payments to Islamic State (ISIS) by the company in Iraq. Posting half year results this morning, President and CEO of Ericsson Börje Ekholm said: “We continue to engage with the Department of Justice and the Securities and Exchange Commission in relation to the 2019 Iraq investigation [...]
Emirates accuses Heathrow of being ‘cavalier’ after refusing to comply with cap July 14, 2022 Gulf carrier Emirates has accused Heathrow’s management of being “cavalier”, after refusing to comply with the hub’s passenger cap. The airline described Heathrow’s request to cut daily departing passengers to 100,000 as “unreasonable and unacceptable,” blaming airport executives for showing “blatant disregard for consumers.” On top of operating flights as scheduled, the Dubai carrier added [...]
Upper Crust owner posts elevated sales as passengers face lengthy airport queues July 14, 2022 Upper Crust and Ritazza sites saw quarterly sales elevated as passengers flocked back to railway stations and airports. Travel food operator SSP said on Thursday its revenue had recovered to 87 per cent of 2019 levels for the third quarter, including a benefit from price hikes. It accredited the sales boost to an ongoing recovery [...]
1 in 3 Londoners still working from home as Brits demand flexible hours, casual clothing and in-house gyms July 14, 2022 One in 3 Londoner’s are still working from home, the Office for National Statistics said this week. In fact, there has been a sizeable fall in commuters across the UK following the pandemic. As a result, offices are forced to rethink how they serve their workers, with many feeling the need to resemble a home [...]
Tory leadership contest: Mordaunt faces rival attacks as Truss battles to keep pace July 14, 2022 New Tory leadership favourite Penny Mordaunt has faced increased attacks by opposition camps this morning as foreign secretary Liz Truss battles to keep pace in the contest. Former senior minister Lord David Frost this morning said Mordaunt was not up to the job of Prime Minister, while also revealing that he asked Boris Johnson last [...]
Barclays on the hunt for Chinese banking partner to enter $4.3tn asset management market July 14, 2022 Barclays is on the hunt for a Chinese Banking partner as it looks to grow its footprint into the Chinese asset management market, according to reports today.
Ashmore assets plunge $14bn as investors pull cash July 14, 2022 Specialist emerging markets manager Ashmore revealed the value of its assets under management plunged $14.3bn in the second quarter as war in Ukraine and rising interest rates caused investors to pull back sharply.
Rents in London grow at fastest rate ever of any UK region hitting record £2,257 per month July 14, 2022 London rents have grown at the fastest ever rate out of any region in the UK, according to new research today, as prices hit a new record. The cost to rent a property in the capital has jumped by 15 per cent in the past year, hitting an average of £2,257 per month. Demand [...]
Slump in trading: Turnover of a quarter of ALL British companies dropped last month, ONS reveals July 14, 2022 Almost a quarter of UK firms have revealed a slump in trade over the past month as cost-of-living pressures continue to bite, according to new figures. The Office for National Statistics (ONS), in its latest fortnightly business survey, found 24% of companies said their turnover dropped in June compared with May. It comes as half [...]