Letters: When the going gets tough September 15, 2022 [Re: Tax cuts are not enough to help the small businesses facing crippling energy bills, Sept 2] Businesses are facing soaring costs and weakening demand which threatens their existence. From the start of April to the end of June, there were over 5,600 registered company insolvencies in the UK, an 81 per cent increase from [...]
Starbucks interim chief says firm ‘lost its way’ as chain heads for fresh growth plan September 15, 2022 Starbucks’ interim chief said the firm had “lost its way” in recent times as the coffee giant eyes up a $450m growth plan. In an interview with the Financial Times, Howard Schultz said although the company had gone through a rocky period, he believed “the best days of Starbucks are ahead of us”. In an [...]
UK consumer confidence falls into negative territory for first time since 2020 September 15, 2022 Confidence among UK consumers has fallen into negative territory for the first time since June 2020, according to a survey. The Consumer Confidence Index from YouGov and the Centre for Economics and Business Research (Cebr) fell by 4.2 points in August from 103.0 to 98.8, the largest decline since the early stages of the pandemic. [...]
Bankers’ bonus cap could be scrapped by Kwasi Kwarteng September 14, 2022 The bankers’ bonus cap, which limits the pay of top City and Canary Wharf executives, could be scrapped by new Chancellor Kwasi Kwarteng. The cap, which was brought in as part of EU-wide efforts after the financial crisis, has long been criticised as an anti-competitive stranglehold on the capital’s competitiveness. Kwarteng wants to scrap the [...]
Citigroup hires veteran JP Morgan dealmaker to bolster London team September 14, 2022 Citigroup has hired JP Morgan veteran Barry Weir as the new managing director of its London investment banking team. The veteran dealmaker, known for his expertise in natural resources, will join Citigroup’s London office in September, acco. rding to Bloomberg. Citibank’s poaching efforts come as the New York bank is seeking to bolster its UK [...]
Citigroup opens Malaga hub to offer junior bankers better work-life balance September 14, 2022 Citigroup has opened a new hub for junior investment bankers in the Spanish seaside city of Málaga on the Costa del Sol. The US bank selected 27 of more than 3,000 applicants to work at its new Spanish hub, as part of a two-year programme promising work-free weekends and eight hours days. In locating its [...]
UK’s financial sector faces new wave of brute force DDoS attacks September 14, 2022 The UK’s financial sector is experiencing a wave of brute force Distributed Denial of Service (DDoS) attacks, new data obtained through a freedom of information request shows. Hackers are increasingly using brute force tactics to launch cyberattacks against the UK’s financial sector, as they pivot away from using phishing and malware scams, the Financial Conduct [...]
Shares in Naked Wines plummet following shock stock market announcements September 14, 2022 INVESTORS gave Naked Wines a sniff yesterday after two shock stock market announcements – and sent the sommellier back to the cellar. Shares were down almost 40 per cent yesterday after the firm this week announced the departure of a non-executive director after just two weeks and a worrying business update. Wayne Brown, an analyst [...]
Tullow Oil chiefs double down on plans for £1.5bn Capricorn merger September 14, 2022 BOSSES at Tullow Oil yesterday reaffirmed their commitment to a £1.5bn merger with Capricorn – though shareholders in the latter continue to sound the alarm on the possible deal. Tullow announced the deal in June, with CEO Rahul Dhir yesterday saying that the merger has “the potential for material value creation” alongside half year profits [...]
Assault on ‘profiteering’ green energy firms misses the point entirely September 14, 2022 The European Commission’s assault on energy providers of all stripes yesterday has been coming. Thanks to the byzantine structure of the energy market, the biggest winners of gas prices going through the roof have been electricity producers who source their fuel from alternatives. The European Commission wants to stop them raking it in whilst gas [...]
