Customers face higher bills as Ofgem double Covid allowance for suppliers February 17, 2023 Ofgem has announced it will almost double the allowance it grants energy suppliers to recover some of the bad debt costs from the pandemic.
FTSE 100 close: Record-breaking week ends with a whimper February 17, 2023 Although it broke records this week the FTSE100, slipped back from the highs, weighed down by underperformance in the banking sector, which has acted as a bit of a deadweight. The blue chip index was at 7,994.94 down17.59 points or 0.22 per cent. The FTSE 250 was down 20,073.69, off 107.76 points. There was also some weakness [...]
Cost of living: Brits switch to discount brands while 1.7m have cancelled subscriptions like Netflix, reveals Lloyds February 17, 2023 A fifth of people polled by Lloyds Bank have switched to discount brands in a bid to save cash to cope with the cost of living, while 1.7m have cancelled subscriptions like Netflix, it has been revealed. The shift to discount shopping has been significant during the cost of living crisis, with an 18 per [...]
From Harry Styles to house prices: The top ten most read stories on City A.M. this week February 17, 2023 From Harry Styles’ Grammy outfit to more recession speculation, to here are the top ten most read stories by readers of City.A.M. this week, ending Friday 17 February. One: Harry Styles’ Grammys outfit The former One Direction band member’s choice of outfits came under the spotlight as he made appearances at both the Grammys and [...]
Will Heathrow airport’s resurgence boost the profits of British Airways’ owner IAG? February 17, 2023 British Airways’ parent company is set to return to profit for the past year as it continues its turbulent recovery. International Consolidated Airlines (IAG), which also runs Spanish operator Iberia, will reveal its latest annual financial figures on Friday February 24. It comes amid early positivity in the sector, which has helped support a 30 [...]
Explainer: A solution – finally – in sight for the Northern Ireland protocol February 17, 2023 After countless back and forth and failed negotiations attempts on the Northern Ireland protocol, Rishi Sunak is in Belfast today to present the Democratic Unionist Party (DUP) with a deal. If they accept it, we might have a solution by early next week. In the meantime, foreign secretary James Cleverly is in Brussels for meetings [...]
NatWest shares dive six per cent as £1.3bn profits fail expectations and fear grows of banking ‘slump’ February 17, 2023 NatWest became the second FTSE 100 bank to take a beating as its forward guidance disappointed investors and analysts alike. NatWest’s share price was trading more than six per cent lower this afternoon, despite delivering its biggest profits since the financial crisis in 2022, as it forecast a difficult 2023. “The outlook for this year [...]
Welsh whisky pioneer Penderyn backing up rare single malts with NFTs February 17, 2023 Penderyn Distillery CEO Stephen Davies took a wild leap of faith creating NFTs to back-up their 20-year-old bottles of whisky.
Liberty Steel in rescue deal for collapsed Aartee after tycoon Sanjeev Gupta steps in February 17, 2023 Collapsed steel firm Aartee Bright Bar is set to be merged with Liberty Steel Group after steel tycoon Sanjeev Gupta stepped in to take over the business. GFG Alliance, owned by Mr Gupta and his family, has bought Aartee and filed an application to challenge the administration, it revealed on Friday. The rescue deal comes [...]
Shadow banks: S&P warns higher borrowing costs risk contagion of ‘financial instability’ February 17, 2023 Risks to financial stability “could emerge from the shadows”, according to a report from S&P Global Ratings. The report found that higher interest rates may put pressure on the highly leveraged shadow banking sector. While traditional banks have limited exposure to shadow banks, the wider financial system could face “indirect” risks of contagion if large [...]
