Cost of weekly shop continues to rise as Brits opt for TV nights in June 6, 2023 Brits are continuing to fork out more on their weekly shop, with households spending 8.9 per cent more on groceries year on year, with the nation increasingly turning to takeaways and nights in front of the telly in efforts to cut down on spending costs. During May, consumer card spending rose just 3.6 per cent [...]
Barclays, Lloyds, Halifax and Bank of Scotland to shut 63 more branches – including in London June 2, 2023 Two of the country’s biggest banking giants have announced they are slashing another 63 branches, taking away services from local communities around the UK. Barclays and Lloyds Banking Group between them announced a series of closures which are due to take place later this year or early next year. Barclays said on Friday it was [...]
Could JP Morgan boss Jamie Dimon run for President of the United States? Billionaire investor Bill Ackman thinks so June 1, 2023 Billionaire investor Bill Ackman has argued that JP Morgan boss Jamie Dimon should run for president after comments earlier this week suggesting Wall Street’s longest-serving bank boss would consider running. In a tweet, Ackman said “we need an exemplary business, financial, and global leader to manage through what is likely to be a critically important [...]
Bumper Bank Holiday drives footfall levels up June 1, 2023 Bumper bank holidays in May helped hike footfall levels as work-free Brits flocked to the high streets to drink and shop in a welcomed boost for businesses. Footfall over the last month climbed 3.6 per cent, the second month in a row in which levels have risen following a 3.3 per cent jump in April, [...]
Goldman Sachs to make another round of job cuts as dealmaking slump continues – reports May 31, 2023 Goldman Sachs is considering another round of job cuts over the next few weeks as the drought in dealmaking continues to weigh on performance. According to Reuters, the layoffs – which would total not more than 250 – could include senior figures like partners and managing directors. The news was first reported by the Wall [...]
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 [...]