Credit Suisse offers to buy back $3bn of its own debt October 7, 2022 Beleaguered bank Credit Suisse has offered to buy back $3bn of its own debt. It announced this morning it was making a cash tender offer in relation to eight euro or pound sterling denominated senior debt securities. This comes amid doubts over the solidity of Credit Suisse, which have been mounting after a string of [...]
UK house prices level out as Covid boom subsides October 7, 2022 UK house prices have dropped for the second time over the past three months in a sign the surge experienced over the previous year is starting to level out. Average UK house prices dropped by 0.1 per cent in September from August’s record highs of £293,992. The September drop marks the second marginal decrease over [...]
Tim Martin hits out at UK’s Covid policies as Wetherspoons sales linger below pre-pandemic levels October 7, 2022 JD Wetherspoon chairman Tim Martin has hit out at the UK’s Covid restrictions after warning the pub group is still suffering from the adverse effects of Covid-19. The pub company said its sales had failed to return to pre-pandemic levels as it posted losses of £30.4m for the past financial year, on the back of [...]
Joe Biden: Putin ‘not joking’ about using nuclear weapons October 7, 2022 US President Joe Biden has warned Vladimir Putin is “not joking” about using nuclear weapons and the world could face the prospect of “armageddon”. The leader of the free world made his comments at a fundraising event for his Democratic Party in New York, as the battle for eastern Ukraine continues to rage after Putin’s [...]
Avanti operator FirstGroup gets six-month extension from DfT to improve ‘unacceptable’ service October 7, 2022 FirstGroup has struck a short-term deal with the government to continue its contract for the West Coast Partnership (WCP) until Match next year. The Department for Transport placed the operator on a six-month contract and “challenged it to deliver the urgent increase in services required”. The deal includes the operation of Avanti West Coast, which [...]
Superdry back in the black after pandemic-induced loss October 7, 2022 Superdry is back in the black with a profit before tax of £22m, recording from a loss of £12.6m last year. The British clothing giant’s statutory profit was up to £18m following a loss of £36.7m last year, while its revenue was up almost 10 per cent to £609.6m, from April 2021 until 2022. Buoyed [...]
City Moves: Who’s switching jobs in the Square Mile? October 7, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Atrato Alternatives asset management and advisory group Atrato has poached its latest director from abrdn to help oversee the supermarket investment fund management team. Ollie Mottram, who most recently held the position of transactions maager at abrdn, [...]
Licensing round launched for new North Sea oil and gas projects October 7, 2022 The latest licensing round for oil and gas projects has been launched, paving the way for new developments in the North Sea.
Online tech regulation needs to change business models, not censor content October 7, 2022 Molly Russell’s tragic story highlights why regulation is needed. But the Online Safety Bill is not the answer.
As households cut spending, the big beasts of insurance need to get up to speed October 7, 2022 When the economy is fragile, sectors must adapt. This is a truism repeated again and again because it is the nature of financial growth and innovation. As household budgets shrink, customers are shopping around for better deals – for food, for bills and almost all other outgoings. Insurance is no exception, though it is unique [...]
