Recession warning flashes after ‘gloomy’ UK manufacturing data August 22, 2023 Recession concerns intensified today after new data showed manufacturing output fell at its fastest pace since September 2020 in July. According to the Confederation of British Industry’s (CBI) industrial trends survey, the balance of factories reporting a rise in output versus a fall slumped to -19 per cent, compared to plus three per cent in [...]
Investors worth $10tn shun ‘overvalued’ venture capital funds August 22, 2023 Top investors with more than $10tn in assets under management have said they will shun venture capital funds in the year ahead in a worrying signal as the UK tries to get more cash flowing from big investors into start-ups. In a new survey of 178 top institutional investors by Preqin, some 68 per cent [...]
S&P downgrades multiple US banks citing ‘tough’ operating conditions August 22, 2023 S&P Global on Monday cut credit ratings and revised its outlook for multiple U.S. banks, following a similar move by Moody’s, warning that funding risks and weaker profitability will likely test the sector’s credit strength. S&P downgraded the ratings of Associated Banc-Corp and Valley National Bancorp on funding risks and a higher reliance on brokered deposits. It [...]
Network Rail faces prosecution over deadly train crash August 22, 2023 Network Rail faces prosecution over a train crash which killed three people. Train driver Brett McCullough, 45, conductor Donald Dinnie, 58, and passenger Christopher Stuchbury, 62, died in the smash near Stonehaven, Aberdeenshire, on August 12 2020. The case will call at the High Court in Aberdeen on September 7. The ScotRail train derailed at [...]
Bitcoin and Ethereum attempt to steady the line as altcoins get picked off August 22, 2023 Bitcoin and Ethereum remain on the same steady path since yesterday, with the leading crypto by market cap trading a notch above $26k.
Arbuthnot appoints ex-Treasury minister Angela Knight as non-exec in boardroom shuffle August 22, 2023 Angela Knight, former chief executive of the British Bankers’ Association and an ex-Treasury Minister, has been appointed to the board of Arbuthnot Banking Group. Knight will join as a non-executive director from the beginning of September. She was a Conservative member of parliament between from 1992 to 1997, serving as economic secretary to the Treasury [...]
FTSE 100 close: London kicks longest losing streak since 2019 as Arm listing lifts sentiment August 22, 2023 London’s FTSE 100 index rose for the first time in seven days as it successfully ended its longest losing streak since 2019. Miners helped lift the FTSE 100 0.2 per cent to 7,274.71 while the midcap FTSE 250 index climbed 0.7 per cent to 18,029.00. Fresnillo, Endeavour Mining, Anglo American and Glencore were among the [...]
Microsoft offers new Activision Blizzard deal to UK competition watchdog August 22, 2023 Microsoft has put a fresh deal on the table for its $69bn (£55bn) acquisition of gaming giant Activision Blizzard, triggering a new investigation by Britain’s competition watchdog. On Tuesday the Competition and Markets Authority (CMA) confirmed it is blocking the original deal to protect consumer choice in cloud gaming. However, Microsoft has submitted a fresh [...]
Woodside Energy posts huge profits amid looming threat of strikes August 22, 2023 Woodside Energy has posted record half-year net profits of $1.7bn, fuelled by high production levels from the oil and gas assets it snapped off BHP.
Arm announces Nasdaq float in largest US IPO in 2 years August 22, 2023 SoftBank-owned chip designer Arm has confirmed it will float on New York’s Nasdaq next month in what will be the largest US initial public offering (IPO) in almost two years. Arm, which licenses its chip designs to tech giants like Apple, Nvidia, and Qualcomm, has said the offering is being led by Barclays, Goldman Sachs, [...]
