UK economy swings back to growth but spectre of recession looms amid interest rate fears June 14, 2023 Britain’s economy swung back to growth in spring, but the recent turmoil in the mortgage market and the prospect of the Bank of England hiking interest rates aggressively has put the risk of a recession back on the table. Official figures out today from the Office for National Statistics (ONS) showed gross domestic product – [...]
FTSE 100 close: Rio Tinto and Glencore hoist London index as UK economy resumes growth June 14, 2023 London’s FTSE 100 jumped today, led higher by industrial giants offsetting losses among retail and consumer-focused firms and housebuilders. The capital’s premier index added 0.1 per cent to close at 7,602.75 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, was largely unchanged at 19,175.50 [...]
Pound hits highest level against US dollar in over a year as traders bet Bank of England will outmuscle Fed June 14, 2023 Pound sterling today climbed to its highest level against the US dollar in over a year, driven upwards by investors betting that the Bank of England will surpass the Federal Reserve in its interest rate rise cycle to bring down inflation. Britain’s currency jumped around 0.7 per cent today to nearly $1.27, taking it to [...]
Edinburgh Woollen Mill Group still owes £167m to unsecured creditors following collapse June 14, 2023 Philip Day’s Edinburgh Woollen Mill Group empire is understood to still owe money to unsecured creditors following its collapse almost three years ago. The cluster of retail assets, which included Jaeger, Peacocks, Bonmarché, and Edinburgh Woollen Mill, fell into administration in 2020 after sales declined during the pandemic. However, administrator reports for the brands now [...]
Airbus raises 20-year delivery forecast as aviation’s ‘centre of gravity’ shifts east June 14, 2023 Airbus has today upped its 20-year forecast for the number of new aircraft it expects to deliver, estimating a total of 40,850 by 2042, up from 39,490 last year amid rising demand for fuel-efficient jets. The aerospace titan said that 80 per cent of its crafts would be made up of single-aisle jets, such as [...]
WE Soda scraps London listing plans in ‘fresh blow’ to the City June 14, 2023 Soda ash firm WE Soda has ditched its plans to float on the London Stock Exchange today citing “extreme investor caution”, just one week after first announcing the move. The Turkish owned firm had delivered a boost to London’s beleaguered exchange when it revealed last week it was plotting a London IPO in what would [...]
PMQs sketch: All the fun of the fair for Sunak and Starmer June 14, 2023 In the wake of Boris Johnson’s seemingly endless headline generating abilities being demonstrated again this week, it’s unsurprising Keir Starmer launched into what should have been a brutal takedown of a government fiddling while Frome (oh no, that’s already gone independent…) Stoke-on-Trent – majority of just 670 – burns. It’s just a shame the criticism [...]
Tomorrow’s World: Flying taxis to launch in San Francisco June 14, 2023 Flying air taxis will take to the skies in San Francisco, it has been announced today, as part of a collaboration between United Airlines and producer Eve Air Mobility. The partnership will see Eve’s electrical vertical takeoff and landing aircrafts (eVTOL’s) carry commuters to work in helicopter-like drones, sometimes described as ‘flying taxis.’ eVTOL’s are [...]
TSB calls on Meta to make ‘urgent’ interventions on fraud or consumers risk losing up to £250m June 14, 2023 TSB Bank has called on Meta to make urgent interventions to protect consumers from spiralling levels of fraud with customers at risk of losing hundreds of millions of pounds. According to current industry projects, consumers could lose up to £250m from Meta platforms in 2023 without action from the tech giant. Earlier this year, TSB [...]
Why British investors are pouring into US tech funds this year June 14, 2023 British do-it-yourself investors are pouring back into tech funds this year in a bid to cash in on a tech-fuelled market rally in the US and Asia.
