Inflation, Ukraine war and pandemic contribute to Jupiter Fund Management haemorrhaging profit and assets July 29, 2022 The London-listed Jupiter Fund Management haemorrhaged profits and assets in the first half of 2022 owing to the challenging geopolitical environment. Assets under its management (AUM) dropped to £48.8bn from £55.3bn at the end of March, while underlying profits were down to £53.9bn, from £79.8bn in the same period last year. Its statutory profits before [...]
What is the “just transition” and why does it matter for investors? July 29, 2022 You’ve probably heard of the concept of a just transition in relation to climate change, but what does it actually mean? The transition to a low-carbon world is gaining momentum with a dramatic increase in the number of countries and companies that have made commitments to transition their activities to net zero. Around 90% of [...]
Letters: Jump on the treadmill July 29, 2022 [Re: Millions of Brits can no longer afford the gym as inflation eat way at budgets, yesterday] The economic crisis we face is one that will affect us for many years to come, and not just in the most obvious ways. We’ve been so focused on making sure people can afford their energy bills – [...]
Dock workers join industrial wave and call for strike at Felixstowe July 28, 2022 Members of the union Unite working at the port of Felixstowe have called for strike over salaries. The dock workers join the wave of industrial action which has led to what many call the “summer of discontent.” The union announced that 92 per cent of workers balloted voted in favour of walking out on an [...]
Hefty £1.5bn trading error legal charge erodes Barclays profits July 28, 2022 A £1.5bn legal charge for a trading error has eroded British bank Barclays’s profits, it announced today. Hefty litigation and regulatory costs to deal with selling too many financial products dealt a major blow to Barclays’s first half earnings. Pre-tax profits dropped by a quarter to £3.7bn in the six months to June, down from [...]
Cost of living crisis prompts almost a third of UK workers to take second job July 28, 2022 Nearly third of workers in the UK are seeking to work two jobs to support themselves as the cost of living crisis sends prices of essentials soaring. 32 per cent of workers are aiming to take on a second job in addition to their current job to make more money, a national survey of 2000 [...]
Millions of Brits can no longer afford the gym as energy bills and inflation eat away their budgets July 28, 2022 Almost 1 in 5 Brits can no longer afford fitness services, according to new research shared with City A.M. this afternoon. No longer being able to afford them is the number 1 reason Brits cancel fitness products and services, according to recent research by Myprotein. In a survey of over 2,000 UK adults, Brits were [...]
US plunges into technical recession as rest of world braces for similar fate July 28, 2022 The US economy has plunged into a technical recession in a sign of things to come for the rest of the world, figures published today revealed. The American economy unexpectedly shrank 0.9 per cent in the three months to June, marking the second successive quarter the economy has contracted, meeting the common definition of a [...]
Metro Bank losses narrow despite big loan-loss reserve charge July 28, 2022 A ramping up in lending to riskier borrowers and an anticipated uptick in defaults caused by inflation surging to a 40-year high has led Metro Bank to set aside millions of pounds of loan-loss reserves. The lender, which has been grappling with severe under performance for years, narrowed losses in the six months to June [...]
Surge in loan-loss reserves poison Santander profits July 28, 2022 Funds set aside to deal with an expected jump in loan defaults caused by borrowers’ being squeezed by a historic inflation surge has whacked Spanish bank Santander’s profits. The lender, which has a big presence in the UK, banked over €500m (£420m) in loan-loss reserves over the three months to June, up 25 per cent [...]