By: Chris Dorrell

Chris Dorrell is a freelance journalist and City AM contributor. He was previously City AM's banking and then economics reporter. When Chris is not breaking news, he can often be found playing with his band Totally Amorphous.

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Cost of insurance against UK debt default has more than doubled over last year

June 2, 2023

The cost of insuring the UK’s debt against default has more than doubled in the past year, as rising rates, increased borrowing and a deteriorating economic environment spooked investors. According to exclusive data from reinsurance firm Chaucer, the cost of a credit default swap (CDS) on the UK’s debt has increased 131 per cent. A [...]
FTSE 100 close: London markets round off the week in the green as US economy impresses again

June 2, 2023

London markets recorded one of their best days in months as investors were buoyed by a strong jobs report from the US suggesting its a long way off recession. The capital’s premier index climbed 1.46 per cent to 7,599.29 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of [...]
Natwest set to receive £47m after reducing stake in Irish bank Permanent TSB

June 2, 2023

Natwest and the Irish finance ministry have sold nearly 55m shares in Permanent TSB, representing about 10 per cent of the Irish bank’s share capital. The sale reduces Natwest’s share holding from around 16.7 per cent to around 11.7 per cent. The Irish government will continue to hold 57.4 per cent of the bank. The [...]
US Senate approves debt ceiling bill narrowly avoiding traumatic default

June 2, 2023

The US Senate approved a deal to lift the debt ceiling yesterday, avoiding a traumatic federal default by a matter of days. 63 senators backed the proposals on Thursday night after the deal secured bipartisan support in the House of Representatives on Wednesday. Senate Majority Leader Chuck Schumer said ahead of voting that the Bill’s [...]
TEAM: AIM-listed asset manager in acquisition spree with £850m now under control

June 1, 2023

TEAM, the Jersey-based asset manager, has announced two acquisitions today bringing its total funds under control to more than £850m It agreed to buy Thornton Associates, based in the Isle of Man, for up to £2.5m and that the acquisition was a “natural fit” for its existing assets in Jersey. Thornton serves around 180 clients, [...]
Could JP Morgan boss Jamie Dimon run for President of the United States? Billionaire investor Bill Ackman thinks so

June 1, 2023

Billionaire investor Bill Ackman has argued that JP Morgan boss Jamie Dimon should run for president after comments earlier this week suggesting Wall Street’s longest-serving bank boss would consider running. In a tweet, Ackman said “we need an exemplary business, financial, and global leader to manage through what is likely to be a critically important [...]
‘Antiquated technology’ scuppering fraud threat response at over three quarters of retail banks

June 1, 2023

Retail banks worldwide are struggling to upgrade their defences against fraud despite the increasing threat of financial crime. According to data collected for BioCatch, 78 per cent of financial firms worldwide are concerned about their ability to respond to emerging fraud threats quickly and effectively. The report revealed how lenders feel impelled to boost defences [...]
Pennon Group swings to loss in “extraordinary year” as pressure mounts on water industry

June 1, 2023

Water company Pennon Group swung to a pretax loss in 2023 due to rising costs as the water industry faces pressure to clean up its act . The owner of South West Water reported a pretax loss of £8.5m, swung from a profit of £127.7m last year as costs increased by over £100m in the [...]
HSBC launches £15bn SME fund amid cost of living crisis with £3bn available in London

June 1, 2023

HSBC has launched a £15bn fund dedicated to financing the survival and expansion of small and medium-sized enterprises (SMEs) across the country. The £15bn fund, which equals the largest SME fund HSBC has launched, is available to businesses across the country, with £3bn put aside for SMEs in London. Across sectors, £2bn will be allocated [...]
Consumer Duty: High street banks prepare for major regulatory shakeup as clock ticks down

May 31, 2023

Banks in the UK have just two months to prepare for the incoming Consumer Duty, with some prominent bankers suggesting the new regulatory standards will prompt widespread changes in the industry. The Financial Conduct Authority’s (FCA) flagship Consumer Duty, which will come into effect on 31 July, requires firms to deliver good outcomes for retail [...]

Hospitality sector braces for ‘devastating’ tube strikes

Horse racing came together to fight tax hikes. Now it must unite again

Spirit of Speyside Whisky Festival to drive millions into Scotch sector

By: Chris Dorrell

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