Ashmore profits plunge by half to £53.8m as spooked investors pull out of emerging markets February 8, 2023 Ashmore’s profits plunged during the first six months of its financial year, with the emerging markets asset manager blaming extreme market turbulence for investors’ decision to pull their cash. The London-listed asset manager notched up pre-tax profits of £53.8m in the six months to the end of December, a fall of 54 per cent on [...]
Brexit: UK Supreme Court rules Northern Ireland Protocol is lawful February 8, 2023 The UK Supreme Court has ruled the Northern Ireland Protocol is lawful, rejecting a legal challenge to the Brexit process. The legality of the contentious trading arrangements has been challenged by a collective of unionists and Brexiteers. Judge Lord Stephens said in his ruling: “The most fundamental rule of UK constitutional law is that Parliament, [...]
Ukraine’s president Zelensky to make surprise UK visit TODAY, meet PM Rishi Sunak and address parliament February 8, 2023 Ukrainian President Volodymyr Zelensky will make his first visit to the UK since the Russian invasion of his country, with Rishi Sunak promising extra military support. The Prime Minister announced plans to train Ukrainian pilots, paving the way for them eventually being able to fly sophisticated Nato-standard jets, a key request from Mr Zelensky. Downing [...]
Equinor joins rivals Shell and BP with record £23.8bn profits as Norwegian energy giant props up Europe’s gas supplies February 8, 2023 Equinor has posted record £23.8bn full-year profits powered by soaring oil and gas prices, in line with bumper results from rival firms.
Barratt: ‘Uncertainty’ pushes housebuilder’s sales reservations down 44 per cent but pre-tax profit rockets to £521m February 8, 2023 Barratt Developments posted profit before tax of more than £520m as the company suggested that its outlook for the year was improving, despite sales at the beginning of 2023 lagging behind last year. The housebuilder’s revenue increased 24 per cent in the six months to December 31 from the same period last year while its [...]
More than £18bn was added to non-food retail sales by inflation as 80 per cent of retailers prepare to raise prices February 8, 2023 Inflation is set to add £18.2 billion to UK non-food retail sales this year, a report suggests. Sales values are expected to hit £249 billion in 2023, but the 2.6 per cent increase – or an additional £18.2 billion of spending on last year – will be driven entirely by rising consumer prices, according to [...]
Exclusive: Service sector confidence in Britain’s economy has rebounded since Liz Truss, research reveals February 8, 2023 Confidence in the state of the UK economy has rebounded since Liz Truss’ term as prime minister, new research shared exclusively with City A.M. has revealed. Execs working in the UK’s professional services sector are significantly more confident about the state of the British economy than they were in middle of 2022, data from the [...]
Legal & General CEO would like to see UK ‘move more quickly’ on Solvency II reforms February 8, 2023 Insurance giant Legal & General would like to see the UK “move more quickly” in reforming the EU rules that govern Britain’s insurance sector, the head of the FTSE 100 firm’s pensions buyout segment told City A.M. Andrew Kail, chief executive of L&G’s institutional retirement business, called for “clarity” on the UK’s plans to reshape [...]
Businesses trim hiring ahead of possible UK recession but experts cheer swelling vacancies February 8, 2023 Businesses are reining in hiring ahead of an economic slowdown that could tip the UK into recession, a closely watched survey out today shows. Permanent hires fell for the fourth month in a row last month, with KPMG and the Recruitment and Employment Confederation’s (REC) permanent placement index coming in below the 50 point growth [...]
UK to narrowly avoid recession but cost of living crisis will leave families £4,000 worse off February 8, 2023 The UK is poised to narrowly avoid a recession but the cost of living crisis will still leave average Brits £4,000 worse off this year, fresh forecasts out today reveal. Britain’s economy is set to squeeze out 0.2 per cent of GDP growth in 2023, meaning it will just about swerve a technical reversal, two [...]
