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 [...]
Simply Be and Jacamo owner hit by revenue fall and warns 2024 will be tough June 6, 2023 The owner of Simply Be and Jacamo has told investors that it expects the hangover of high inflation and low consumer confidence to continue to impact the business next year, as the retailer posts a 82.6 per cent decline in profit before tax. N Brown, which trades solely online posted a 5.3 per cent decline [...]
UBS expects to complete Credit Suisse deal within a week June 5, 2023 UBS expects to complete the acquisition of Credit Suisse as early as 12 June but reports suggest its next earnings statement will be delayed until the end of August. In a regulatory filing today, UBS confirmed Credit Suisse will be delisted from the Swiss stock exchange when the deal is complete. It said Credit Suisse [...]
Cost of insurance against UK debt default has more than doubled over last year June 2, 2023 The cost of insuring the UK’s debt against default has more than doubled in the past year, as rising rates, increased borrowing and a deteriorating economic environment spooked investors. According to exclusive data from reinsurance firm Chaucer, the cost of a credit default swap (CDS) on the UK’s debt has increased 131 per cent. A [...]
Return Finance launches fully compliant high-yield savings application in 27 European countries May 24, 2023 Return Finance has been granted Virtual Asset Service Provider (VASP) authorisation from regulatory authorities to operate in 27 European countries.