Rival brokers FinnCap and Cenkos Securities merge to make City’s largest mid-tier investment bank March 23, 2023 Rival brokers FinnCap and Cenkos Securities have agreed an all-share merger which will create the City’s largest investment bank focusing on small cap growth companies. Together the combined company has expected revenue of more than £50m and over £20m on its balance sheet. Both companies’ shareholders will hold 50 per cent of the equity in [...]
Lloyd’s of London cheers strong results despite paper loss in 2022 March 23, 2023 The centuries-old insurance marketplace Lloyd’s of London reported a significant uptick in premiums last year, though mark-to-mark accountancy rules saw it book a pre-tax £800m loss in 2022. Lloyd’s expects that loss to reverse in the coming years as interest rates boost investments and assets reach maturity. The Lime Street icon reported underwriting profits of [...]
First Kingfisher now Wickes: DIY drop off dents profit for home improvement – but it’s not all bad news March 23, 2023 Wickes has seen a drop in profits for the year as consumers’ love for home improvements took a dent from rising costs, despite the company reporting ‘record’ sales. The DIY retailer posted pre-tax profits of £75.4m down from a “record” £85.0m in 2021 when Brits were engulfed in a number of circuit breaker lockdowns and [...]
Is this crisis capitalism’s fault? No. And neither was the last one March 23, 2023 In the fourth of an eight part series, Dr Rainer Zitelmann mythbusts the arguments against free markets. Today, it’s “Capitalism repeatedly leads to new economic and financial crises” For as long as there have been anti-capitalists, they have been anticipating the great crisis that would bring about the final, irreversible collapse of capitalism. Karl Marx [...]
When is the Bank of England interest rate decision and what is going to happen? March 23, 2023 The Bank of England is going to deliver its interest rate decision today against the backdrop of a shock rise in inflation and a now becalmed banking mini-crisis. Before Wednesday’s surprise increase in inflation to 10.4 per cent, there was speculation about whether the Bank’s decision making body, the Monetary Policy Committee (MPC) would raise [...]
Mark Kleinman: This crisis feels far from over March 23, 2023 Deal of the century or dud of the decade? UBS’s government-orchestrated swoop on Credit Suisse, its historic rival, was one of those moments in global finance that will be debated long after any of those involved in have retired to their lives of Alpine luxury. Make no mistake: this was a state bailout masquerading as [...]
In London, we have no other option but to break up the Metropolitan Police March 23, 2023 The Metropolitan Police has had years to make things right - but it hasn't done it. It's time we admit we should reform it for good - and the best way is to break it up, writes Will Cooling
Let’s be honest, the financial sector needs to learn to get the basics right March 23, 2023 After the collapse of both Credit Suisse and Silicon Valley Bank, the financial sector needs to learn the basics before an over-emphasis on ESG, writes Matthew Lesh
UK ‘unicorn’ creation plummets as tech venture capital dries up March 23, 2023 The creation of so-called unicorns in the UK’s tech sector slowed by more than ten times last year as venture capital dried up and companies reined in their valuations to raise cash, new data has revealed.
Post-Brexit rules on capital for challenger banks will only hurt the industry more March 23, 2023 The last week of upheaval in the banking world is proof of the importance of a competitive landscape; we must do more to ensure a level playing field for smaller banking players, writes Karen Bradley One of Britain’s great economic success stories since the global financial crisis has been the emergence of a vibrant and [...]
