UK to issue visas for foreign construction workers to fill job shortages July 17, 2023 Carpenters, bricklayers and roofers are among migrant workers who will be allowed to apply for work visas and get a discount on fees in a bid to fill UK job shortages. The Home Office said it was “temporarily easing visa restrictions” for a string of construction roles by adding them to the shortage occupation list. [...]
US Federal Reserve will slash interest rates in March 2024, Morgan Stanley bets July 17, 2023 The US Federal Reserve will in the early part of next year slash interest rates for the first time since the onset of the Covid-19 crisis, Wall Street analysts are betting, Researchers at Morgan Stanley have said they expect the federal open market committee (FOMC) to bring rates down in the first quarter of 2024, [...]
UK inflation to fall to lowest level since March 2022 but Bank of England still tipped to hike interest rates July 17, 2023 UK inflation is on course to drop to its lowest level in over a year, but lingering underlying price pressures will heap expectation on the Bank of England to keep on hiking interest rates, new figures out this week are tipped to show. The rate of price growth in Britain is expected to have dropped [...]
Investment banking slowdown set to hit Goldman Sachs and Morgan Stanley results this week July 17, 2023 Goldman Sachs and Morgan Stanley will likely report another slowdown in profit on Wednesday and Tuesday respectively amid a continued slump in global dealmaking. Analysts at JP Morgan reduced their earnings per share estimates for Goldman Sachs and Morgan Stanley on “lower IB revenues…with limited cost offset”. The analysts cut Goldman Sachs’s EPS for the [...]
The Liberal Democrats and the long, hard climb back to political relevancy July 17, 2023 As Keir Starmer looks increasingly likely to be the next PM, Ed Davey's Liberal Democrats have a shot at power - if they can remind voters they exist, writes Eliot Wilson
Pound surges to strongest level since April last year as traders bet on further rate hikes July 14, 2023 The pound has surged to its strongest position in over a year over the past week as traders bet the Bank of England will have to hike rates further and faster than global counterparts. Since the beginning of the month, the pound has risen from below $1.27 to trade at over $1.31. The last time [...]
Wall Street winning streak continues as US inflation continues to fall way past UK July 14, 2023 Wall Street’s winning streak barrelled into a fourth day following the latest signal that inflation is easing its chokehold on the economy. The S&P 500 rose 0.8 per cent on Thursday for its highest close since April 2022. The Dow Jones Industrial Average rose 0.1 per cent , and the Nasdaq composite rallied 1.6 per [...]
Cash still king in the City compared to rest of London but amount withdrawn almost halves July 13, 2023 Westminster and the City remained London’s biggest centres for cash withdrawals but saw a near halving in the amount of cash withdrawn over the past four years. According to figures from LINK, which operates the interbank network, the amount of cash withdrawals from the City and Westminster fell to £55m in May 2023, 49 per [...]
How Balans, the best of the Soho restaurants, is getting even better July 13, 2023 Soho institution Balans, one of the best Soho restaurants, is finally realising how good it is – Adam Bloodworth meets the founder David Taylor is the sort of restaurateur who has no idea how good his restaurant is. You may not either: but Balans on Old Compton Street is open all night on Fridays and [...]
The Square Mile and Me: Paragon Bank CEO Nigel Terrington talks paper rounds, The Lamb and office faux pas July 13, 2023 We dig into the memory bank of the City’s great and good: this week, Nigel Terrington, chief executive of Paragon Bank, takes a stroll down memory lane. What was your first job? I was a paper boy, aged around 14, in Surrey. I had to get up ridiculously early and the biggest challenge was to [...]