Lloyds profit remains flat on last year despite boost from rising rates but guidance lifted for the year July 26, 2023 Lloyds’ profit remained flat on last year despite the benefit of rising interest rates as the bank set aside more than anticipated to cope with bad loans. In the second quarter the high street bank recorded a pre-tax profit of £1.6bn, flat with last year but slightly lower than company compiled consensus. However, the profit [...]
London court gives green light to £2.7bn foreign exchange claim against six major banks July 25, 2023 The Court of Appeal ruled today that a £2.7bn class action claim relating to foreign exchange manipulation can proceed on an opt-out basis. The claim, brought by FX Claim UK, represents tens of thousands of participants in the foreign exchange market who suffered damages from the anticompetitive behaviour of six of the largest banks in [...]
Telegraph owner ‘confident’ of reaching 1m subscribers this year as bidders circle in ongoing sale July 25, 2023 The Telegraph Media Group (TMG) said it is on track to reach 1m subscribers this year as bidders circle to buy the newspaper owner. The Daily Telegraph and Sunday Telegraph publisher reported strong subscription figures this morning, up two per cent to 734,000. TMG said it was “confidently” on target to hit 1m by the [...]
Formula E set for close London finale while F1 sees repeat results July 25, 2023 While Formula 1’s increasing predictability is testing viewers’ appetite, the same cannot be said of Formula E ahead of this weekend’s finale in London. On Saturday and Sunday race fans will descend on Docklands for a double header to decide the championship. With a maximum of 58 points available across two races, any one of [...]
FTSE 100 close: Barclays, HSBC and Lloyds retrace losses as Ocado soars July 24, 2023 London’s FTSE 100 retraced early losses today to close in the black, driven higher by online supermarket Ocado surging after it settled a dispute over its warehouse technology. The capital’s premier index climbed 0.19 per cent to 7,678.60 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the [...]
Julius Baer records £6.4bn in new money after Credit Suisse collapse July 24, 2023 Swiss private bank Julius Baer has reaped the rewards of Credit Suisse’s collapse as it reported net inflows in the first half of the year. In the six months to June, the bank attracted CHF7.1bn (£6.4) in new money from wealthy clients, helping to bring assets under management to CHF441bn. This compared to net outflows of [...]
Federal Reserve and European Central Bank may back final rate rises this week, experts bet July 24, 2023 US Federal Reserve and European Central Bank officials could launch their final interest rate rises this week as inflation ebbs in their respective economic blocs, experts are betting. Members of the federal open market committee (FOMC) are on Wednesday tipped to raise borrowing costs 25 basis points to a range of 5.25 per cent and [...]
Banks in line for another round of bumper profit amid savings rate row July 23, 2023 The UK’s largest banks are set to report another round of bumper profits this week amid the furore over savings rates and growing concern about the health of the UK economy. Lloyds, Natwest and Barclays are expected to report another strong set of figures for the second quarter thanks to the impact of rising interest [...]
The Alzheimer’s ‘wonder drug’ isn’t the miracle we want it to be July 21, 2023 This week, a new miracle drug for Alzheimer's has raised the hopes for millions of families, but it might have done so with false promise, writes Michael Young.
Banks to avoid surge in delinquency even as average interest rate on credit card hits highest level this millennium July 19, 2023 The average rate of interest on UK credit cards hit their highest level in nearly 30 years last month, but experts suggested there would not be a surge in delinquencies. According to Bank of England data, the average rate of interest on a credit card surpassed 23 per cent in June for the first time [...]