FTSE 100 close: Wage growth fuels rate fears as M&S soars and B&M drops on Wilko speculation August 15, 2023 London’s FTSE 100 ended Tuesday down more than 1.6 per cent, as record-breaking wage growth fueled speculation of a 15th straight Bank of England rate hike. The capital’s blue-chip index was down 1.63 per cent by close of play to to 7,384.94, weighed down by listed investment firm Abrdn, down three per cent, alongside Pheonix [...]
Interest rate hikes and unsettled markets rain on private equity’s dealmaking parade August 15, 2023 Private equity dealmaking has cooled in the first six months of the year as rapid interest rate hikes and unsettled markets rained on the parade of a predicted deal frenzy, new figures have revealed. The number of private equity deals in the UK fell to 689 from 909 last year, with just 327 deals worth [...]
Grocery price inflation drops sharply to 12.7 per cent August 15, 2023 Grocery price inflation saw its second sharpest fall since 2008, falling 2.2 percentage points to 12.7 per cent for the four weeks to 6 August, new data shows. While food prices are still rising, some goods actually became cheaper, with shoppers paying £1.50 for four pints of milk, down from £1.69 in March, and a [...]
UK banks handling interest rates better than US counterparts – but are lagging on AI August 15, 2023 UK financial services execs are coping better with the bleak market conditions compared to their US counterparts, according to a study by New York-listed Fidelity National Information Services (FIS). While 91 per cent of financial services company executives in the US have expressed that soaring interest rates have been hampering their investments, only 78 per [...]
Gambling giant 888 turns page from scandals with William Hill boost August 15, 2023 Betting giant 888 has said its acquisition of William Hill has helped boost its revenue up 165 per cent. The firm said in the six months ended 30 June, revenue flew up 165 per cent, with adjusted earnings before interest, tax, depreciation and amortisation up 211 per cent thanks to its purchase of world’s biggest [...]
UK unemployment ticks up but wage growth hits two-decade-high August 15, 2023 The rate of UK unemployment rose to 4.2 per cent in the three months to June from 3.9 per cent in the previous three months, the Office for National Statistics said. However, this was tempered by annual growth in pay – excluding bonuses – up to 7.8 per cent in June. This is the highest [...]
L&G tops expectations with £940m profit as it reveals scale of accounting tweak hit August 15, 2023 Legal & General beat market expectations this morning as it posted profits of £941 for the first six months of the year, as Nigel Wilson prepares to step away
Analysis: Why record wage growth will give the Bank of England kittens – and see them raise rates again August 15, 2023 Wage growth outstripping inflation should be good news, but Bank of England wonks will fear a wage price spiral is in play
Rio Tinto suffers from China’s sluggish revival despite inching closer to mega mine project in Guinea August 15, 2023 Investor sentiment towards multinational miner Rio Tinto has not improved in this week's early trading on the London Stock Exchange.
How bots came to rule the world, from Ticketmaster to global elections August 15, 2023 Bots are not only a problem on social media: they shape retailers like Ticketmaster and can influence politics, including global elections. Yet the danger they pose is underestimated, writes Elena Siniscalco