Chancellor Jeremy Hunt to meet lenders as mortgage crisis worsens June 23, 2023 Chancellor Jeremy Hunt will ask banks if they can do more to support struggling households after a shock interest rate hike deepened the mortgage crisis. He is meeting large lenders including HSBC and Santander in Downing Street this morning as the government comes under pressure to relieve the pain. Prime minister Rishi Sunak and Hunt [...]
Hotel Chocolat shares plummet 13 per cent after profit warning on flagging consumer sentiment June 23, 2023 Hotel Chocolat shares have plummeted by around 12 per cent as the premium brand is expected to be back in the red. The retailer, which has fallen victim to cash-strapped Brits cutting back on luxuries, said it now anticipates revenue of £201.8m and underlying profit before tax of £0.3m for the 2023 financial year. It [...]
Wall Street drifts after Bank of England hikes interest rates again June 23, 2023 Stocks drifted to a mixed finish on Wall Street on Thursday as central banks around the world keep cranking interest rates higher in their fight against inflation. The S&P 500 rose 16.20 points, or 0.4per cent , to 4,381.89, even though the majority of stocks fell. A rebound for technology stocks helped to overshadow losses [...]
Soaring inflation forces Brits to tighten belts on groceries as summer clothes, DIY and fuel sales pick up June 23, 2023 Brits are still splashing the cash amid soaring inflation, with retail sales estimated to have increased by 0.3 per cent last month off the back of non-food splurging. The main driver of sales was online, with non-store selling volumes up by 2.3 per cent, while food store sales were down by half of one per [...]
It was do or die for Andrew Bailey and the Bank of England – in the end, there was no choice June 23, 2023 When it came down to it, there was no choice. Inflation stuck at just below nine per cent. Unforgiving buried price pressures. Businesses rebuilding profits. Workers with no choice but to demand more money. These are the characteristics of an economy stuck in stagflation. The Bank of England had to take drastic measures. Yesterday’s interest [...]
Doling out more debt to developing countries won’t help without giving them a global voice June 23, 2023 Can we stop burying countries at risk of climate change in more debt?
The Isle of Man and the City of London are linked by a shared financial future June 23, 2023 It might look like the Isle of Man and the City of London have nothing in common, but mutual financial cooperation is actually the way forward so that the whole country can benefit, writes Michael Crowe
LME compliance chief called FCA nickel queries ‘ridiculous’ June 22, 2023 The London Metal Exchange's head of compliance described questions from the UK's markets regulator about nickel prices as "ridiculous."
US mid-tier banks set to face tighter capital requirements following SVB collapse June 22, 2023 Mid-tier banks in the US are set to face tighter capital rules as regulators respond to the near collapse of the regional banking system earlier this year. Chair of the Federal Deposit Insurance Commission (FDIC) Martin Grueberg said regulators will seek public comment on “changes to the US capital framework”. The proposals will come as [...]
St Paul’s revamp to create new public square June 22, 2023 St Paul’s gyratory is set to undergo a redesign as part of a drive to create bigger and better public spaces in London. The City of London Corporation has approved project proposals to “partially remove” the gyratory, built in the 1970s, and create the largest public square in the Square Mile. The area between the [...]
