‘Wrong priority’: Labour pledges to reintroduce pensions allowance March 16, 2023 Labour says it will reverse the abolition of the lifetime pensions allowance limit, branding the move the “wrong priority”. Chancellor Jeremy Hunt announced plans to scrap the £1m tax free limit on lifetime savings in pensions in Wednesday’s budget. The move is aimed at keeping Brits – including top NHS staff – in work for [...]
Credit Suisse shares rebound following £44bn support from Swiss central bank as top shareholder slams ‘unwarranted’ sell off March 16, 2023 Credit Suisse’s shares rebounded over 20 per cent on Thursday morning as markets reacted positively to the embattled lender’s announcement that it will tap a CHF50bn (£44bn) liquidity line from the Swiss Central Bank. Credit Suisse’s shares jumped over 22 per cent in morning trading. The cost of insuring company bonds against default also dropped [...]
Pensionbee: Retirement platform says 56 per cent rise in savers puts it on profit path despite £19.5m loss March 16, 2023 London-listed fintech firm Pensionbee doubled down on its target of profitability this year today despite its losses widening to £19.5m in the past year. Adjusted earnings-before-deductibles losses at the pensions fintech jumped 19 per cent to £19.5m for the full year, up from £16.4m in 2021, which it said reflected “continued investment in growth” over [...]
John Lewis blames ‘pain of inflation’ for £234m loss and admits it will not be paying partner bonuses March 16, 2023 John Lewis Partnership has blamed shoppers feeling the “pain of inflation” and a write down in the value of its Waitrose stores for its second year of losses in a row. For the year ending January, the middle class favourite, which owns John Lewis department stores and grocery chain Waitrose, posted a loss of £234m [...]
Short haul powers London Gatwick’s return to profit after £830m pandemic loss March 16, 2023 London’s second busiest airport, Gatwick, is “cautiously optimistic” about a full recovery from the pandemic as passenger demand levels reach 70 per cent of pre-covid levels. The West Sussex hub reported 32.8m passengers in 2022 as it announced a £250m investment in the site to reach net zero by 2030. In its annual results this [...]
Deliveroo shares slide as £1.9bn reported revenue fails to bolster market confidence in food delivery favourite March 16, 2023 Deliveroo shares have continued to pedal downwards this morning as investors struggle to regain confidence in the brand following its decision to slash some 350 job roles and disastrous IPO listing. It comes as the food delivery group, which has seen its share price fall consecutively over the past 12 months due to tough market [...]
Home REIT extends takeover deadline as lawyers accuse firm of trying to ‘bypass accountability’ March 16, 2023 Beleaguered social housing investor Home REIT said it would extend the ‘put-up or shut-up’ deadline for a takeover this morning as discussions with potential suitor Bluestar “remain ongoing”.
Investec profits set for £100m hike with bank latest to enjoy a boost from rising interest rates March 16, 2023 Banking and wealth management group Investec said it would report a significant increase in profit compared to last year, with rising interest rates boosting the firm’s bottom line. Releasing a statement ahead of the bank’s year-end on 31 March, Investec expects to report an adjusted operating pretax profit of between £782.8m and £833.6m. Last year’s [...]
Vodafone Business CEO steps down as mobile giant battles European sales slowdown March 16, 2023 The chief executive of Vodafone Business will leave the mobile giant at end of this year, it has been announced. Vinod Kumar will continue to run the business until 31 December before pursuing a portfolio career. This comes after the dramatic stepping-down of Vodafone Group’s former CEO Nick Read in December 2022, with Margherita Della [...]
Dominic Raab claims staff ‘relish’ ambitious agenda as bullying inquiry continues March 16, 2023 Justice secretary Dominic Raab has said the “overwhelming majority” of his staff “relish” working on his “very ambitious agenda”, as an ongoing inquiry into bullying claims continues. Adam Tolley KC is investigating bullying claims and considering a number of formal complaints made by senior civil servants against Raab, who is also deputy prime minister. Asked [...]
