Balli Steel execs found guilty of £120m fraud at collapsed trading firm February 2, 2023 Two Balli Steel executives have been convicted of using forged documents to mislead banks into lending the bankrupt commodities trader $150m (£122m). A jury at Southwark Crown Court today found Balli Steel executives Melis Erda and Louise Worsell guilty on six counts of fraud. Worsell, the managing director of Balli’s UAE business, and Erda, group [...]
FTSE 100 close: Markets shrug off rate hike as JD Sports and BT lift index February 2, 2023 The FTSE 100 closed higher on Thursday, boosted by a strong performance from BT and JD Sports, as investors digested the latest interest rate decision from the Bank of England later today. Governor Andrew Bailey increased interest rates by 50bps to a post-financial crisis high of four per cent earlier today. Investors think the Bank [...]
European Central Bank kicks rates 50 points higher and signals more such hikes to come February 2, 2023 The European Central Bank (ECB) today hiked interest rates 50 basis points and signalled further such increases are coming this year. The monetary authority of the 19 countries using the euro kicked rates higher to tame inflation, which last year hit the highest level since the creation of the common currency back in 1999. Borrowing [...]
Another interest rate hike to boost banks’ profits, but how long will the windfall last? February 2, 2023 Bank shares prices were mixed after the Bank of England raised interest rates by 50 basis points earlier today, as the pressure on banks to pass on higher interest rates to savers grew. The more domestically focused Lloyds and Natwest were trading 1.0 per cent and 0.6 per cent higher respectively. Barclays was up 0.8 [...]
Ofgem slaps Eon with provisional order in clampdown on poor service as it launches urgent British Gas probe February 2, 2023 Ofgem has continued its clampdown on the energy sector, naming and shaming firms in a critical review of the energy market.
Are AI avatars the next digital frontier? February 2, 2023 Sasha Tityanko from Sensorium Galaxy talks about the game-changing new breed of avatars which are permeating the worlds of metaverse and AI.
Forget the IMF, the Bank of England are the real doomsters in this UK recession merry-go-round February 2, 2023 This week the International Monetary Fund (IMF) became public enemy number one for saying the UK will be the only rich economy to suffer a contraction in 2023. Even Russia, hobbled by sanctions to punish it for its invasion of Ukraine, is poised to squeeze out more growth than Britain this year, the lender of [...]
Bank Station: Cars will be banned from Square Mile accident blackspot as works to make area safer begin later this month February 2, 2023 One of the Square Mile’s most dangerous junctions is to go car-free in a bid to save lives and make it more tourist-friendly. The Queen Victoria Street junction with Bank Station will permanently close on 13 February, with the City of London Corporation embarking on a major redevelopment program. There is set to be major [...]
Peel Hunt joins forces with rival brokers to launch retail capital markets and IPO investment platform February 2, 2023 Peel Hunt is set to launch a new independent retail investment platform alongside other brokers in the second half of 2023, as it seeks to broaden access to capital markets amongst retail investors. The investment bank will establish RetailBook as a new legal entity which will own and operate a deal platform based on Peel [...]
Explainer: A year of levelling up, in Gove’s style February 2, 2023 I know it’s hard to believe, but it has been a whole year since we were privileged enough to read Michael Gove’s magnum opus on “levelling up”, complete with his adoration of Renaissance Florence. You might think the anniversary of the White Paper is uninteresting to few people outside some policy nerds and civil servants, [...]
