Pound on course for best week since Christmas 2020 May 21, 2022 The pound was on course for its best week against the dollar since December 2020 driven by investors betting on the Bank of England having to keep raising interest rates to get on top of a historic inflation crunch. Markets are baking in a fifth successive rate hike at the Bank’s next meeting in June [...]
Wall Street tips into bear market territory on recession fears May 21, 2022 Intensifying concerns about the health of the global economy has tipped Wall Street into bear market territory. The US’s top index, the S&P 500, at one point yesterday lost two per cent, ratcheting up its losses since its peak in January to more than 20 per cent, breaching the threshold for a bear market. The [...]
‘Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings ALWAYS wrong’, says HSBC official on climate change impact May 20, 2022 A top HSBC banker has claimed global authorities are overplaying the impact of climate change, saying “unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS wrong”. The banking giant’s head of responsible investing, Stuart Kirk, made his controversial claim during a presentation on a slide during a London conference yesterday. HSBC said his views did not [...]
How carbon offsets can help achieve net-zero carbon emissions. May 20, 2022 Alan Simpson CA explains the use of carbon offsets as a means of achieving net zero carbon emission Carbon offsetting is an activity that compensates for, or balances out, greenhouse gas emissions generated by an organisation through its activities and operations. These offsets (or carbon credits) are expressed in tonnes of carbon dioxide (CO2). Each [...]
Bank of England hints further interest rates are coming soon to bring down highest inflation in four decades May 20, 2022 As the British economy is hit by high levels of inflation, the Bank of England’s chief economist said today interest rates might need to rise further in the near future. Huw Pill said the 9 per cent inflation rate – the highest in 40 years – is a “very uncomfortable situation” for decision-makers at the [...]
City Moves: Who’s switching jobs in the Square Mile? May 20, 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. BNP Paribas Real Estate BNP Paribas Real Estate (BNPPRE) has bolstered its West End Agency team with a new director. Katrina Love previously spent 11 years in Colliers’ central London office team. The Colliers veteran, who had [...]
Brits’ optimism tumbles to new depths, below financial crisis and Covid-19 lockdowns May 20, 2022 Rampant inflation, tax hikes, swelling food and energy bills and the Russia-Ukraine war has sent Brits’ optimism to its lowest level ever, reveals a closely watched survey published today. UK households are now even more pessimistic than they were when the world was in the teeth of the global financial crisis in 2008 and during [...]
The City View: Inflation hits 9%, and why companies should put consumers first May 18, 2022 Today Andy Silvester talks to Professor Seán Meehan from the IMD School of Management. They discuss the importance of customer centricity, and go through how companies can integrate consumer-first practices. Listen to his IMD Management podcast here. Andy also talks to City A.M.’s Andy also talks to City A.M.’s Economics and Markets reporter Jack Barnett. [...]
British factories’ costs climb at record pace in sign of even higher consumer prices to come May 18, 2022 Prices for materials used by British factories are rising at the quickest pace on record in a sign firms may be pushed to keep passing on costs to consumers, official figures published today revealed. The cost of buying components such as fuels used for the day to day running of manufacturing firms jumped 18.6 per [...]
Bank of England to launch brisk rate hike cycle to tame 40-year high inflation May 18, 2022 The Bank of England will have to launch a cycle of steeper and quicker rate hikes to tame the steepest rise in living costs in four decades, according to City economists. The case for front-loading rate rises is strengthening after new figures published this morning by the Office for National Statistics (ONS) revealed inflation climbed [...]