Asos warns profit will be hit as shoppers return more clothes amid cost of living crunch June 16, 2022 Asos has warned it is expecting lower profit this year after an increase in customers returning clothes due to the pressures of higher living costs. Asos lowered forecasts for the year, with sales anticipated to be in the range of four per cent and seven per cent, which it put down to “market volatility and [...]
Taco Bell ‘on fire’ as Mexican fast-food chain gears up for 100th UK site June 16, 2022 “We’re on fire” is how Taco Bell International’s president Julie Felss Masino described the Mexican fast food chain’s rollout to CityA.M. After launching 50 sites in the UK over the past decade, the US-based firm has expanded by another extra 50 sites in just the past 18 months. The chain, a subsidiary of Pizza Hut [...]
Mark Kleinman’s exclusive column: Downing Street business adviser pondering exit? June 15, 2022 Raging inflation, labour shortages, a weakening currency, supply chain chaos and – in the eyes of many colleagues and opponents alike – a lame duck prime minister: if you thought that being a CEO in such a climate was tough, spare a thought for his own business liaison chief. Alex Hickman, a co-founder of the [...]
Crypto crash to get worse with deeper price drops as a multibillion-dollar hedge fund struggles to survive June 15, 2022 The price of leading cryptocurrencies continued to plummet today, with industry experts warning that the “crypto winter” could last for years. Bitcoin dropped about 3.87 per cent per cent today to $21,392.46 trade at $, while Ether fell 3.73% per cent to $1162.52. Bitcoin is now down near 70 per cent from it’s all-time high of [...]
US Federal Reserve fires 75 basis point rate hike bazooka to tackle inflation June 15, 2022 The US Federal Reserve today fired a rate hike bazooka as it scrambles to tame the worst bout of inflation across the pond in recent history. Chair Jerome Powell and co lifted the world’s most important interest rate 75 basis points, the steepest rise since 1994, to between 1.5 and 1.75 per cent. The move [...]
Banks boosted by looming BoE interest rate hike June 15, 2022 Strengthening bets on the Bank of England tomorrow hiking interest rates for the fifth meeting in a row boosted the UK’s biggest-listed banks today. The capital’s premier FTSE 100 index surged 1.2 per cent to 7,273.41 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, [...]
Steel can power UK’s energy ambitions, says Severfield boss June 15, 2022 Steel has a vital role in boosting energy infrastructure and help power the transition to a greener economy, argued Severfield's boss.
Starmer says Johnson wants rail strikes so he can ‘feed off the division’ June 15, 2022 Boris Johnson wants this month’s widespread rail strikes to go ahead so he can “feed off the division” they will cause, Labour leader Sir Keir Starmer has said. Starmer said during Prime Minister’s Questions (PMQs) that “I don’t want the strikes to go ahead”, after a series of Tory attacks pinning the blame for the [...]
Dexters bets on US buyers to ride out UK’s cost of living crisis June 15, 2022 Dexters’ is “highly confident” that London’s property market will remain buoyant amid a cost of living crisis which is expected to weigh on house moving, CEO Andy Shepherd has told City A.M. today. The London real estate agent revenue has spiked more than a third over the past year, from £108.7m a year prior to [...]
Central banks must front-load rate hikes to tame inflation, Carney warns June 15, 2022 The world’s biggest central banks need to dial up the pace of rate hikes to shake inflation out of their respective economies, the former chief of the Bank of England said today. Canadian banker Mark Carney, 57, who led Threadneedle Street from 2013 to 2020, told Bloomberg that monetary authorities “need to start moving more [...]