Federal Reserve bumps interest rates 25 basis points higher in what may be its final hike May 3, 2023 The US Federal Reserve today hiked interest rates for the tenth time in a row in what could be its final move.
Calm for now: US regional banks make small gains ahead of Fed rate decision May 3, 2023 Regional banks in the US notched small gains on Wednesday as the sector seemed to calm down following yesterday’s sell-off. Pacwest was trading 3.3 per cent higher while Western Alliance was up 2.1 per cent. The KBW Regional Bank index was up 1.2 per cent. Larger lenders were more mixed. JP Morgan was down 1.1 [...]
Hunt hypes up UK’s future as ‘world’s next Silicon Valley’ May 3, 2023 Jeremy Hunt has talked up Britain’s prospects of becoming the “world’s next Silicon Valley” in a summit with creative industries leaders. The Chancellor has said the Prime Minister’s ambition for the UK to become a “science and technology superpower” is key to the country’s future. Speaking at a Treasury Connect event in a series of [...]
Porsche sees jump in profit and sales as luxury brands float above recession fears May 3, 2023 Porsche, the German-based car manufacturer, reported a 25 per cent jump in its profit this quarter as luxury car demand remains unperturbed amid a gloomy global economy. The luxury car marque saw its operating profit jump 25.4 per cent to €1.8bn (£1.59bn), beating analysts’ predictions, while sales rose 25.5 per cent in the first quarter [...]
Coronation: Flight restrictions to be imposed over central London May 3, 2023 Flight restrictions affecting light aircraft and drones will be imposed above central London on Friday and Saturday due to the coronation. Transport Secretary Mark Harper has banned aircraft from flying below 2,500 feet in an area which includes Buckingham Palace and Westminster Abbey “on advice from the Metropolitan Police Service”, according to a notice to [...]
Covid cash lost to fraud down by third because we’re ‘going after everybody’, Sunak claims May 3, 2023 Government cash lost to fraud and error via Covid-19 business and jobs support schemes has been reduced by a third thanks to “hundreds of criminal investigations”, Rishi Sunak has claimed. The prime minister defended the pandemic business loans and job support and vowed his government was “going after everybody” in a bid to reclaim the [...]
FTSE 100 close: London index claws back losses ahead of US Federal Reserve interest rate decision May 3, 2023 London’s FTSE 100 regained ground this today after nursing sharp losses yesterday driven by fears over the global banking system flaring up again. The capital’s premier index jumped 0.2 per cent to 7,788.38 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, climbed 0.27 per [...]
London Stock Exchange chief: FCA rule changes won’t stop the City’s decline on their own May 3, 2023 New rule changes designed to boost the appeal of UK capital markets are “just one element” of arresting the City’s decline, the chief of the London Stock Exchange warned today.
Sweden approves its first multi-asset ETP on Nasdaq Stockholm May 3, 2023 Virtune has announced it will be listing the first physically-backed multi-asset crypto ETP on Nasdaq Stockholm.
Explainer: Rishi Sunak’s fight against the fraudsters robbing Britain May 3, 2023 Fraud is now the most common crime in Britain. Whether it’s done via call, text or online, it constitutes 41 per cent of all offences committed. We used to think fraud was a danger purely for older and vulnerable people, until we all started falling for it. Criminals have become so skilled at impersonating banks, [...]
