THG share price lifts after SoftBank sells stake to boss Moulding and Qatar October 18, 2022 Beleaguered retailer THG saw its share price leap after SoftBank is to sell its stake to the group’s co-founder Matthew Moulding and Qatar’s sovereign wealth fund. THG’s shares were boosted 13 per cent on Tuesday afternoon, after the loss-stricken Japanese investment management firm said it would offload its stake. SoftBank’s stake was once valued at [...]
The Bank of England: From whatever it takes to whatever it breaks October 18, 2022 Markets have responded positively to the effective cancellation of Kwasi Kwartang’s ‘mini-budget’ from 23 September that new Chancellor Jeremy Hunt announced yesterday. However, it remains clear that the Bank of England is more focussed on the longer-term implications of inflation. The Old Lady confirmed it is no longer willing to offer unending support to markets. [...]
Goldman Sachs profits trimmed by sluggish deal making October 18, 2022 A sharp slowdown in deal making activity caused by the weakening global economic environment has squeezed investment banking giant Goldman Sachs’s profits, the firm announced today. Net earning applicable to common shareholders at Goldman over the three months to September fell to $2.96bn (£2.62bn). That is nearly half the $5.28bn (£4.67bn) notched by the Wall [...]
New breed of private capital firms will face performance headwinds October 18, 2022 Under the private equity fundraising model, every few years fund managers secure capital commitments with a 10-year duration and charge management and advisory fees during the lock-up period. While longer-dated products have emerged over time, the basic pattern has remained essentially unchanged. Unfortunately, fundraising is cyclical. Downturns require patience: fund managers must wait until the [...]
Exodus of London bosses as FTSE 350 CEO departures triple in just one year October 18, 2022 There has been a sharp increase in the number of FTSE 350 CEOs leaving their businesses. In fact, chief execs stepping down jumped by 162.5 per cent this year, compared to a year ago. The figures by advisory firm Russell Reynolds Associates are more extreme than those seen in the US where year to date [...]
UK borrowing costs fall below US, Italian and Greek equivalents after Hunt mini-budget reversal October 18, 2022 UK borrowing costs have dropped below their European and transatlantic counterparts after new chancellor Jeremy Hunt tore up prime minister Liz Truss’s tax cutting mini-budget. Since Truss and her former chancellor Kwasi Kwarteng decided to launch £45bn of unfunded tax cuts in a bid to boost economic growth, gilt yields have shot higher. Rates on [...]
Housebuilder Bellway banks record revenue – but inflation eats into profits October 18, 2022 Bellway has recorded yet another record revenue amidst the UK’s housing market boom, but rising inflation has significantly eaten into profits. The FTSE housebuilder’s revenue grew 13.3 per cent to £3.53bn in the year to 31 July, up from £3.12bn a year prior. However, Bellway’s pre-tax profit has plunged more than a third over the [...]
Liz Truss has installed Jeremy Hunt in the driving seat and is in for a wild ride October 18, 2022 NICOLE Richie, the American reality TV star, once described getting an Uber as “going somewhere with a friend, just that friend doesn’t know you.” Last week, Liz Truss had a similar realisation as her government veered dramatically off the road.
Rees-Mogg opens talks with British Steel owner over bailout and jobs October 17, 2022 The business secretary has reportedly opened formal talks with the owner of British Steel about a taxpayer bailout and job cuts. As first reported by Mark Kleinman for Sky News, Jacob Rees-Mogg wrote to parent firm Jingye Group last week and agreed that British Steel would maintain its current operations and 4000-strong work force during the [...]
UK borrowing costs tumble after Hunt shreds Truss’s mini budget October 17, 2022 UK borrowing costs scaled lower today after new chancellor Jeremy Hunt ripped up prime minister Liz Truss’s tax cutting mini budget. The yield on the 30-year UK gilt, which has suffered heavy selling since the mini budget last month, fell around 40 basis points to 4.33 per cent. Rates on the 2-year and 10-year UK [...]