Pound plummets to 37-year low against dollar ahead of Kwarteng’s mini-budget September 23, 2022 The Pound has plummeted to a fresh 37-year low against the dollar ahead of the Chancellor’s mini-budget today. Sterling dropped below $1.12 against the backdrop of a new low for consumer confidence, while FTSE 100 fell early. The pound has been on a poor recent run, with it announced this week the UK borrowed more [...]
Average monthly mortgage bill rises to £1,150 as new buyers set to struggle September 23, 2022 Average mortgage repayments are now above £1,150, as house sales are set to plummet with further rate-rises expected. Experts at Savills have said the Bank of England’s seventh consecutive base rate rise is hitting home-owners hard, and new buyers even harder. The hike to 2.25 per cent yesterday, the highest since 2014, means home-owners may [...]
Top investor may go against £9.5bn Schneider takeover bid for AVEVA September 23, 2022 A top AVEVA investor is reportedly planning to go against a £9.5bn takeover offer by Schneider Electric because it represents an “opportunistic bid”. Peter Lampert said the bid, at £31-a-share would undervalue the UK technology group, the Financial Times reported. This comes after numerous major UK firms have been approached by foreign investors, including Ted [...]
Ex Russian president and PM: Nuclear weapons may be used to defend land seized from Ukraine September 22, 2022 Strategic nuclear strikes may be used to defend territories seized by Russia, its former Prime Minister and President Dmitry Medvedev has said. The threat was made on Thursday ahead of referendums due to be held in Ukraine’s Donetsk, Luhansk, Kherson and Zaporizhzhia provinces, about being incorporated into the Kremlin’s reach. This comes after Vladimir Putin [...]
Queen mourning period gave tourism and retail big boost, says payment firm SumUp September 22, 2022 The Queen’s death and funeral may have led to 10 days of national mourning, but it also gave Britain a welcome tourism boost, according to payments firm SumUp. SumUp, which provides 4m small and medium-sized firms and other organisations with payment devices, said the industry experienced a spike in the last fortnight. It released data [...]
Lidl now highest-paying supermarket in UK with £39.5m investment in staff salaries September 22, 2022 Discount giant Lidl has committed £39.5 in salary increases to its store and warehouse staff, becoming the highest-paying supermarket in Britain. The retailer is increasing hourly rates from £10.10 to £10.90 outside the capital, and within London, hourly wages will go up to £11.30 and £11.95 inside the M25. , Some workers are set to [...]
Credit Suisse board considering splitting investment bank into three parts September 22, 2022 The board of Credit Suisse is considering splitting up its investment bank into three. Among proposals put forward by its leadership are the resurrection of a “bad bank” for risky assets. Reported first by the Financial Times, under proposals the bank would look to sell profitable units in a bid to offset damaging capital raise. [...]
Two BP workers dead after refinery blaze September 22, 2022 Two BP workers have died following a fire at an oil refinery. The unnamed workers were stationed at bp-Husky Toledo Refinery in Ohio, the US. In a statement, BP said: “It is with deep sadness we report that two bp staff injured in a fire at the bp-Husky Toledo Refinery have passed away.” “Our thoughts [...]
Oxford Street candy stores to face tougher rules amid claims of ‘dirty money’ and tax evasion September 21, 2022 Westminster Council will come down hard on its so-called ‘dirty money’ problem, zeroing in on US-style candy stores in Oxford Street. A motion will be passed this evening as 30 confectionary shops are under investigation for business rates evasion totalling £3m. The council leader said the war in Ukraine highlighted Russian oligarch investment in Westminster, [...]
Marks and Spencer announces bumper £15m pay package for its 40,000 frontline staff September 21, 2022 Marks and Spencer has announced a bumper £15m pay package to support its 40,000 frontline staff during the cost of living crisis. The British high-street giant is also introducing an autumn pay review for the first time, while extending its benefits scheme for workers. More than 40,000 workers will get a boost to their hourly [...]