Investors pour £22m into real estate trust Impact Healthcare July 6, 2022 Investors have poured more than £22m into a London-listed healthcare real estate investment trust (REIT), the company’s board announced today. Impact Healthcare REIT, which specialises in care home investments, has grown its market capitalisation north of £450m since listing on London’s main market in 2017. The funds from a share placing, which the board announced [...]
The Very Group hires ex-Walmart executive as CEO amid £4bn IPO rumours July 6, 2022 The Very Group has snapped up the former president and CEO of Walmart Japan Lionel Desclée to run the online retail giant as it mulls a £4bn float. Desclée will join the company on 19 September, as current CEO Henry Birch will step down after four and a half years overseeing the firm. Very Group [...]
Wounded Boris Johnson in fight of his life after shock resignations: Westminster numb as UK wakes up with new chancellor July 6, 2022 After a night of high drama in Westminster, which saw a pair of Cabinet resignations and a series of Government exits threaten to force the Prime Minister from Number 10, Boris Johnson fights on this morning to save his premiership, or what is left of it. Rishi Sunak quit as chancellor on Tuesday, alongside Sajid [...]
Rishi Sunak and Sajid Javid quit cabinet as PM on the brink July 5, 2022 Rishi Sunak and Sajid Javid have both sensationally resigned from cabinet, leaving Boris Johnson’s government on the brink of collapsing. The two resignations may spell the end of Johnson’s premiership as more ministers are now likely to resign in anger with Johnson’s handling of the Chris Pincher sexual misconduct scandal. Johnson’s chief of staff Steve [...]
Bank of England economy warning sends London markets lower July 5, 2022 London markets were dragged lower today by the Bank of England warning the UK economy is headed for a tough time over the coming year. The capital’s premier index shed nearly three per cent to close at 7,025.47 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the [...]
Bank of England orders lenders to strengthen reserves amid ‘deteriorating’ economy July 5, 2022 The Bank of England yesterday ordered lenders to fortify their defences in preparation for the looming economic downturn, warning the City against “excessive” cuts in lending to households and businesses. The central bank, which oversees Britain’s banking sector and the country’s monetary policy, doubled the proportion of money lenders need to keep in reserve to [...]
Venues plead Chancellor to reduce tax burden as pubs and restaurants face ‘bleak summer’ July 4, 2022 Night time economy bosses have urged the Chancellor to slash VAT to 12.5 per cent in a bid to help businesses recover to their pre-Covid glory. Pleas for help from sector leaders followed reports last week that Downing Street was mulling reducing the headline rate temporarily to help UK households navigate the cost of living [...]
UK Finance chair Bob Wigley: We need to create ‘reasons for banks to be in London’ July 4, 2022 Bob Wigley, a seasoned City veteran, knows a thing or two about banking. He has chaired UK Finance, the British banking sector’s representative body, since its creation in 2017 by condensing several lobby groups into one. He was also instrumental in setting up TheCityUK, spent over a decade with investment banking giant Merrill Lynch and [...]
UK banks’ profits surge past French rivals for first time since before Brexit vote July 4, 2022 Profits at Britain’s banks have topped their French counterparts for the first time since before the Brexit vote, reveals a fresh study published today. The UK’s largest lenders posted pre-tax profits of $55.1bn (£45.6bn) last year, slightly higher than the $54.8bn (£45.3bn) registered by French banks, according to The Banker’s annual top 1,000 world bank [...]
Sainsbury’s and M&S walk into shareholder storm over minimum living wage versus bumper bonuses July 4, 2022 As activists mobilise in the first shareholder resolution of its kind, supermarket giant Sainsbury’s will be put under pressure this week to pay all staff and contracted workers the national living wage. Responsible investment campaign group ShareAction is driving the experimental motion at the supermarket giant’s annual general meeting on Thursday 7 July. Legal & [...]