Tech Nation in talks with Brent Hoberman’s Founders Forum as wind-down date looms March 28, 2023 Start-up quango Tech Nation said it is in talks to sell its brand to Brent Hoberman’s Founders Forum today as it prepares to wind down at the end of this month.
Why the Bank of England and Fed could welcome Credit Suisse and Silicon Valley Bank failures March 28, 2023 There’s been reams and reams of wild predictions about whether we’re slipping into another financial crisis, triggered by the collapse of US tech lender Silicon Valley Bank (SVB) and Credit Suisse’s arranged marriage with its crosstown rival UBS. Blackrock chief Larry Fink even warned in his annual letter to shareholders we’re slipping into a slow [...]
FTSE 100 close: Deutsche Bank surges while Barclays and HSBC yank London index higher March 27, 2023 London’s FTSE 100 kicked off the week in upbeat style, yanked higher by UK banking giants Barclays and Lloyds racking up gains. The capital’s premier index jumped 0.9 per cent to 7,471.78 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, climbed 0.19 per cent [...]
Saudi National Bank chair resigns after bank loses $1.2bn in Credit Suisse investment March 27, 2023 Chair of Saudi National Bank (SNB) Ammar Al Khudairy stepped down today after the bank chalked up a $1.2bn loss on its investment in Credit Suisse. SNB said in a statement that Al Khudairy had resigned for “personal reasons” and the current chief executive, Saeed Mohammed Al Ghamdi, will takeover as chair of the lender. [...]
5 Key Warning Signs That You Need To Update Your CV Now March 27, 2023 The outlook for top tech companies across the UK is, at the moment, very uncertain. Not a day goes by when we don’t hear reports of projects being stalled, hiring freezes being put into place, or worse still another employee posting on LinkedIn that they have been laid off and are #opentowork. While talk of [...]
FTSE 100 close: London index slips after of Bank of England interest rate hike March 23, 2023 London’s FTSE 100 slipped lower today after the Bank of England’s hiked interest rates for the eleventh time in a row. The capital’s premier index dropped 0.89 per cent to just under 7,500 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, lost 0.15 per [...]
UK ‘unicorn’ creation plummets as tech venture capital dries up March 23, 2023 The creation of so-called unicorns in the UK’s tech sector slowed by more than ten times last year as venture capital dried up and companies reined in their valuations to raise cash, new data has revealed.
Why HAVE savers missed out on interest rate rises? MPs accuse banks of ‘profiting’ in failing to pass on savings hike March 22, 2023 MPs suggested banks were earning “disproportionate profits” by failing to pass on interest rates rises to savings accounts. In a letter to the Financial Conduct Authority (FCA), the Treasury Committee also asked whether banks were earning “disproportionate profits” by “increasing rates on mortgages far quicker than rates on savings products”. Earlier this month, the chair [...]
The Notebook: Neil Wilson on Credit Suisse, interest rates and Ayn Rand March 22, 2023 How did you go bankrupt?” Two ways. Gradually, then suddenly.” Hemingway’s wisecrack could be the epitaph for Credit Suisse, whose ignominious end caps a series of disasters at the Swiss bank, eventually bringing it to the brink on Sunday. UBS has probably done rather well, picking up CS for cents on the dollar, even if it will take [...]
FTSE 100 close: Credit Suisse turmoil eases as Barclays and NatWest claw back losses March 21, 2023 London’s FTSE 100 today shook off market turmoil sparked by UBS saving Credit Suisse, with the UK’s largest lenders, such as Barclays and NatWest, soaring to the top of the index. The capital’s premier index surged nearly two per cent to 7,536.23 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with [...]