How airports and captive audiences are driving a revenue spike at WH Smith May 31, 2023 WH Smith continued to reap the benefits of resurgent post-pandemic travel demand, with the newsagent improving its expectations for the financial year in a trading update this morning, on the back of a 31 per cent year on year rise in revenues from its airport shops. In the 13 weeks to May 27, the newsagent [...]
FTSE 100 close: Debt ceiling breakthrough fails to lift London index as recession fears reignite May 30, 2023 London’s FTSE 100 dropped sharply today as recession fears outweighed US lawmakers closing in a deal to end the debt ceiling deadlock. The capital’s premier index slid 1.38 per cent to 7,522.08 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, was broadly flat, closing [...]
Property fintech LendInvest sells £243m buy-to-let mortgage portfolio following financing deals May 30, 2023 London-listed property fintech LendInvest confirmed the sale of a £243m buy-to-let mortgage portfolio to digital bank Chetwood Financial. The portfolio includes mortgages originated between 1 March 2022 and 30 November 2022 during which time interest rate hikes reduced the profitability of the mortgages. LendInvest will take a £10.5m loss on the sale which will be [...]
Government to ‘encourage’ supermarkets to cap food prices May 28, 2023 Government plans to encourage supermarkets to impose price caps on food staples to help with the cost of living will have no “element of compulsion”, a Cabinet minister has said. Downing Street is understood to be drawing up proposals that would seek to get retailers charging the lowest possible amount for some basic products like [...]
The Square Mile and Me with HowdenCAP’s Mary O’Connor May 25, 2023 Each week we ask the Square Mile’s great and good to take a trip down memory lane. This week, it’s HowdenCAP’s Mary O’Connor on her time as a regulator, the insurance industry, and a well-hidden bar What was your first job? Filling jam doughnuts at the local bakery. I started at 5am! What was your [...]
Libor-rigging: Senior MPs demand inquiry into claims parliament was ‘misled’ May 24, 2023 MPs are demanding an inquiry into claims that central banks and authorities misled parliament during their investigations into the rigging of the London Interbank Offered Rate, known as Libor. The new claims come from a new book on the Libor scandal by BBC economics correspondent Andy Verity called ‘Rigged’, which The Times is publishing extracts [...]
UK mortgage holders will see payments rise to 30 per cent of their income, Barclays boss warns May 24, 2023 UK mortgage holders will see their monthly payments jump to up to 30% of their income from about 20% over the past few decades, the boss of Barclays has said. CS Venkatakrishnan, known as Venkat, said the sharp rise in interest rates will lead to a “huge income shock” by the end of next year. [...]
FTSE 100 close: Stress over US debt ceiling talks drag London index as IMF ditches UK recession forecast May 23, 2023 London’s FTSE 100 nipped lower today as investors zeroed in on the latest developments in talks between Republicans and Democrats about raising the debt ceiling. The capital’s premier index slipped 0.1 per cent to 7,762.96 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, dipped [...]
Do FTSE 100 bosses need more money? May 23, 2023 A debate is raging in the Square Mile over how much executives are paid - do UK firms need to pay more money to attract the best talent?
Why the network state is the next logical evolution to current forms of governance: Part 2… May 18, 2023 Dr Chris Kacher with his second instalment of 'The Network Web3/Blockchain/Money State' as he hails decentralisation.