Crest Nicholson: ‘Persistently’ high inflation leads house builder to lower forecast for the year August 21, 2023 British house building company Crest Nicholson said it expects adjusted profit before tax for the full year to be around £50m down from previous expectations of £73.7m, after a challenging period for the sector bruised business activity. The Surrey based firm said “persistently” high inflation and rising interest rates worsened during the summer of this [...]
Citi eyes shake up to give Brit-born boss more influence August 21, 2023 Citigroup boss Jane Fraser is reportedly contemplating a major corporate shake up, potentially dissolving the bank’s largest division, the Institutional Clients Group (ICG). Under this plan, according to the Financial Times, the ICG would be divided into its core segments: investment and corporate banking, global markets, and transaction services. In what would mark the most [...]
‘Burglar’ short-sellers under fire over Darktrace attack August 21, 2023 Quintessential Capital Management has been accused of 'rogue' short-selling tactics in its pursuit of Darktrace
China’s modest rate cut surprises markets expecting greater stimulus August 21, 2023 The recovery in the world's second-largest economy has lost steam due to a worsening property slump, weak consumer spending and tumbling credit growth
What a day out in Whitstable tells us about our water companies August 21, 2023 Water, water everywhere, and not a drop to drink. To be fair to the water companies, they continue to provide us with drinkable stuff out of the tap. Unfortunately it’s everything else they’re failing at. Over the weekend, a City A.M. reporter took a trip to Whitstable for a sunny(ish) weekend break. The beach was [...]
The Notebook: Susannah Streeter on the parenthood trap, stripped-back burgers and the terrible trend of pub queues August 21, 2023 Today, it’s Susannah Streeter, head of money and markets at Hargreaves Lansdown, holding the City A.M. pen The pricey parenthood trap I congratulated my 40-something friends and new parents who took on the daunting task of moving house with their baby last week. It’s a challenge we recklessly took on ourselves, almost 17 years ago [...]
Ofgem cannot fix the energy market unless ministers scrap the price cap August 21, 2023 Ofgem will struggle to fix the crisis-hit energy market unless the price cap is reformed, or even scrapped.
Polymetal hopes for Russian asset sale within six months August 21, 2023 Polymetal plans to sell its Russian business within six months, with mining groups from the country and Chinese investors among the potential suitors.
House prices: August sees biggest fall since 2018 as signs of crash mount August 21, 2023 The average price of a home fell by 1.9 per cent in August, the biggest dip for the month since 2018, following a season of surging mortgage rates which led sellers to slash the prices of their homes in order to secure a sale. During the tail end of the summer the cost of a [...]
HMRC paid out over £500,000 to tax fraud whistleblowers – but lawyers say rewards should be higher August 21, 2023 Lawyers are calling for the UK’s tax authority to expand its whistleblower rewards scheme as new figures show that HMRC paid out over £500,000 to people blowing the whistle on tax fraud. HMRC has paid out over £509,000 to individuals providing evidence about tax fraud during the course of the last financial year, up from [...]
