S&P downgrades multiple US banks citing ‘tough’ operating conditions August 22, 2023 S&P Global on Monday cut credit ratings and revised its outlook for multiple U.S. banks, following a similar move by Moody’s, warning that funding risks and weaker profitability will likely test the sector’s credit strength. S&P downgraded the ratings of Associated Banc-Corp and Valley National Bancorp on funding risks and a higher reliance on brokered deposits. It [...]
Sir Michael Parkinson dies aged 88: Heartfelt tributes to ‘greatest interviewer of our age’ August 17, 2023 Sir Michael Parkinson has died aged 88, as tributes flowed in for the TV talk show host, also known for being the face of Axa insurance adverts for over-50s. A statement from Sir Michael’s family said: “After a brief illness Sir Michael Parkinson passed away peacefully at home last night in the company of his [...]
Tech Workers Spend Less Than Half The Day On Focus Work August 17, 2023 A recent Blind study has revealed that 45% of tech workers spend less than four hours each day on “focused work”. Instead, they spend the rest of their time in meetings, fire-fighting and catching up on correspondence and admin tasks. While this lack of focus on high level tasks can impact career progression, especially if [...]
Admiral: Insurance giant hikes prices by 20 per cent to stave off inflation hit August 16, 2023 Insurance group Admiral ramped up its prices by 20 per cent in the first half of the year to stave off the worst impact of rampant inflation on its profits margins. In its half year results today, the London-listed motor insurance specialist posted a four per cent bump in profits in the six months to [...]
Moneysupermarket expects no ‘significant’ energy switching this year July 24, 2023 Moneysupermarket has said that it does not expect customers to start switching energy suppliers in any “significant” numbers this year.
Income for richest UK households is nearly four times larger than poorest, ONS finds July 18, 2023 The richest households in Britain earn nearly four times as much as the poorest, although government tax and benefit spending has kept income inequality in check in the UK over the last year, according to official figures out today. Top earners made £83,700 last year, 3.8 times higher than the £22,300 average final income of [...]
Man Group snaps up private credit fund Varagon Capital to boost access to US market July 6, 2023 Man Group has acquired a controlling stake in US middle market manager Varagon Capital Partners for $183m. The London-listed fund said Varagon’s emphasis on insurances brings “significant institutional credibility” to support Man Group’s expansion in US private credit. Varagon, which specialises in senior secured loans in non-cyclical industries, delivered compound AUM growth of 13 per [...]
Shadow banks need ‘increased resilience’ to avoid financial stability concerns, Bank of England warns June 21, 2023 The Bank of England’s Lee Foulger warned there needed to be “increased levels of resilience” in the shadow bank space to avoid risks to financial stability. With increased regulation of the traditional financial sector since the financial crisis, Foulger, a director, financial stability, strategy and risk. said “it is no surprise that over that time [...]
Tesco: ‘Encouraging signs inflation is starting to ease’ as quarterly revenue tops £14.8bn June 16, 2023 Britain’s biggest supermarket Tesco has reported a nine per cent increase in UK sales, with its new chief executive saying there are “encouraging early signs that inflation is starting to ease”. Tesco said it reported £13bn in sales across the UK and Republic of Ireland, up almost nine per cent on the previous quarter. In [...]
Asos suppliers cut ties amid struggling share price and profits June 7, 2023 Asos suppliers have reportedly begun to cut ties with the struggling fashion website following a move by credit insurers to pull cover amid falling profits, in a fresh knock of confidence for the brand. Leading creditors at Allianz Trade, formerly Euler Hermes, withdrew cover for suppliers last month, according to The Times, due to a [...]