AI better than our staff, reckon half of business leaders – so what does that mean for jobs? April 19, 2023 NEARLY half of business leaders reckon AI could replace humans, new data out today shows, but experts think job losses caused by mass adoption of tools such as ChatGPT would be limited. Some 44 per cent of C-suite executives think AI could perform tasks to a similar or better quality than humans, according to a [...]
FTSE 100 close: China economy growth spurt jolts London miners higher April 18, 2023 London’s FTSE 100 bumped upwards again today, boosted by stronger than expected Chinese economic growth boosting sentiment toward the capital’s biggest listed industrial giants. The capital’s premier index climbed 0.38 per cent to 7,909.43 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, was broadly [...]
London economy powers ahead of every other UK region as the capital shrugs off recession fears April 18, 2023 London’s economy is firing on all cylinders and has raced ahead of every other region in the UK as spending in the capital climbs to the highest level in a year, a new survey shows. According to NatWest and S&P Global’s regional purchasing managers’ index (PMI), businesses in London are performing better than in any [...]
UK workers still gripped by inflation despite better than expected near six per cent pay growth April 18, 2023 UK workers are still being squeezed by a historic inflation crunch despite wage increases smashing expectations, official figures out today reveal. The average pay increase including bonuses hit 5.9 per cent over the three months to February, up from the previous period and above the City’s expectations of a 5.1 per cent increase, according to [...]
Inflation sliding and tough Bank of England means the pound will see better days April 18, 2023 “Hope is not a strategy,” Jordan Rochester, a wonk at Japanese investment bank Nomura, said last September, referring to politicians’ attempts to revive the pound after it plummeted to its lowest level ever against the US dollar following Liz Truss’s tax cutting mini budget. A lot has changed since then. Chancellor Jeremy Hunt raised taxes [...]
Bank of England to shun interest rate hike for first time since November 2021 next month April 18, 2023 The Bank of England will keep interest rates unchanged at its next meeting on 11 May, marking the first time the central bank has not hiked borrowing costs since November 2021, a new survey out yesterday predicted. According to a survey by Bloomberg, more than half of City economists suspect Governor Andrew Bailey and the [...]
FTSE 100 close: THG skyrockets 40 per cent while miners edge London index higher April 17, 2023 London’s FTSE 100 kicked off a fresh week in muted fashion today, inched higher by investors snapping up shares in mining giants, while fashion firm THG skyrocketed more than 40 per cent on mounting takeover rumours. The capital’s premier index added 0.1 per cent to close at 7,879.52 points, while the domestically-focused mid-cap FTSE 250 [...]
FTSE finance chiefs ditch UK recession bets as confidence rebounds sharply April 17, 2023 Money managers at Britain’s biggest companies have signalled a sharp increase in confidence in the UK economy, a closely watched survey out today shows, in a further sign the country is on course to dodge a recession. Chief financial officers of top UK corporates notched a net positive 25 per cent confidence rating in Deloitte’s [...]
Bank of England won’t cut interest rates until Christmas but UK to avoid recession April 17, 2023 The Bank of England is poised to cut interest rates at Christmas, lured into the decision by inflation falling rapidly over the course of this year, new forecasts that also say the UK will dodge a recession out today claim. Governor Andrew Bailey and his team of economists are tipped to launch the first rate [...]
Britain still at risk of ‘mild recession’ despite better than feared start to year, Lloyds Bank chief predicts April 16, 2023 Britain could still suffer “a mild recession” despite the economy performing much better than experts warned at the turn of the year, the head of Lloyds Bank, the country’s largest mortgage lender, has said. Charlie Nunn, chief executive of Lloyds Bank, told The Sunday Times that there is a “more positive outlook” about the UK [...]