New Saudi law renews drive to boost foreign investment October 2, 2024 The Kingdom of Saudi Arabia is radically re-wiring its economy. The Vision 2030 programme announced in 2016 kick-started an ambitious plan to reduce the country’s dependence on oil revenues, launch infrastructural “giga-projects” and generate an extensive array of modern industries, ranging from luxury tourism to AI. In order to achieve these ambitions, the Kingdom will [...]
City minister battles for UK to issue blockchain gilts October 2, 2024 City minister Tulip Siddiq is pushing for the UK to begin issuing gilts on the blockchain, despite resistance from other areas of the government. ‘Digital gilts’ would be a government bond issued and traded using blockchain technology, and Siddiq has been fighting for the prospect to modernise the UK financial system. “The underlying asset would [...]
Millions set for mortgage payment shock this year October 2, 2024 Mortgagors refinancing over the next year will continue to see a big jump in their monthly repayments.
Will JD Sports be able to shrug off problems at Nike? October 2, 2024 Despite a strong set of results, with record revenue and a pick-up in sales, shares in JD Sports fell around five per cent this morning. After a tough year, which included a profit warning in January and £2bn wiped off its market cap, JD reported like-for-like sales growth in the first half of the year [...]
All you missed in the Tory leadership speeches: Badenoch dubbed ‘arrogant’, Cleverly wants party to be ‘normal’ October 2, 2024 Tory leadership candidate James Cleverly has urged his party to “be more normal” and take inspiration from US president Ronald Reagan. Making his leadership campaign speech at the annual Conservative Party conference in Birmingham, Cleverly opened his address from behind a lectern with an apology to the public. The former home and foreign secretary said: [...]
Rabbit R1 founder defends ‘unfinished’ AI gadget October 2, 2024 When Jesse Lyu unveiled Rabbit’s flagship device, the R1, in January, the response was swift. The neon-orange, compact AI-powered gadget quickly gained attention for its playful design, selling over 100,000 units in just a few months – a feat that founder Lyu has hailed as “incredible for a first-gen product.” But many of those who [...]
Moody’s upgrades UK banking outlook as lenders weather falling interest rates October 2, 2024 Credit rating agency Moody's has upgraded its outlook for the UK banking system to "stable" from "negative", expecting lenders' balance sheets to stay resilient to falling interest rates.
Bank of England: Markets need to be prepared for ‘severe but plausible stresses’ October 2, 2024 Officials at the Bank said that the “significant but short-lived spike in volatility and falls in equity indices” seen in early August demonstrated the risks facing global markets.
Starling Bank fined £29m for ‘shockingly lax’ financial crime controls October 2, 2024 The Financial Conduct Authority (FCA) has fined digital challenger bank Starling £28.96m for failings related to its financial crime controls that the City regulator called "shockingly lax".
Scottish Mortgage no longer most bought trust as Fundsmith Equity claws back 10th October 2, 2024 Scottish Mortgage is no longer the most bought investment trust in the UK, according to the Interactive Investor Most Bought List, as the popular retail pick falls into second. The growth trust was eclipsed in September by Blackrock World Mining, a commodities-focused trust which is up 15 per cent in the last three weeks and [...]
