China and India fuel record high coal prices despite falling US and EU usage June 26, 2023 Coal prices climbed to record levels last year driven by rising demand across Asia, according to a new report on global energy trends.
Credit fears send bank shares lower after Bank of England lifts rates by 50bps June 22, 2023 Shares in the UK’s biggest banks today fell after the Bank of England raised interest rates by 50 basis points, heaping more pain onto borrowers. The Bank’s Monetary Policy Committee reverted to a larger rate hike after inflation remained stuck at 8.7 per cent last month. It was the 13th rate hike in a row [...]
Does raising interest rates actually bring down inflation? June 22, 2023 Britain’s inflation problem is looking much harder to solve than first thought. Numbers out from the Office for National Statistics (ONS) yesterday revealed the rate of price increases was unchanged in May at 8.7 per cent. The City thought it would slim to 8.4 per cent. Core inflation – the best barometer of underlying price [...]
UK inflation smashes forecasts again raising chances of larger Bank of England interest rate hike June 21, 2023 UK inflation is still outpacing experts’ predictions and is running at a level that could lure the Bank of England into an outsized interest rate hike tomorrow, heaping more pain on families and businesses. Official figures out this morning from the Office for National Statistics (ONS) showed the rate of price hikes held steady at [...]
Sadiq Khan to address ‘cost of doing business’ crisis at summit with Uber and Natwest June 20, 2023 Sadiq Khan is set to address the “cost of doing business crisis” at a crunch summit with firms including Uber, Natwest and KPMG. The mayor of London will welcome more than 200 CEOs to his annual City Hall business reception at the Crystal in east London today. He is expected to tell firms the “cost-of-doing-business [...]
Digital stores predicted to appear on the high street as automation threatens retail jobs June 19, 2023 Large e-commerce stores are likely to crop up as physical stores across the UK high street in the next five to ten years, according to predictions aided by AI. Money saving website Savoo used AI to visualise the future of the British high street and it suggested more than 11,000 chain stores would disappear by [...]
Zopa: C-suite hiring spree continues with ex Sainsbury’s, Moonpig and KPMG execs June 16, 2023 Digital bank Zopa has drafted in top figures from Sainsbury’s, Moonpig and KPMG as part of a major leadership shakeup before an expected flotation. The lender announced today Peter Donlon and Kate Erb have been brought in as chief technology officer (CTO) and chief operating officer (COO) It said the moves were made as it [...]
Mark Kleinman: The must-read City column June 15, 2023 Mark Kleinman, City editor of Sky News, writes fortnightly for City A.M. This week he opines on the ICAEW, Eton's new Provost and the future of the Telegraph
The Square Mile and Me with Michael Barrington-Hibbert: ‘Headhunted’ at the market stall to a love for Leadenhall June 15, 2023 Each week we ask a City figure to take a trip down memory lane. Today, it’s Michael Barrington-Hibbert, founder and CEO of executive search firm Barrington-Hibbert Associates What was your first job? When I was 13 years old, I worked at a fruit and veg stall in Wembley after school which led to me being [...]
Bank of England to hoist interest rates to 5.75 per cent as experts warn UK inflation is out of control June 13, 2023 The Bank of England will have to hike interest rates to their highest level since July 2007, the eve of the financial crisis, in a sign that markets think the UK has the worst inflation problem in the rich world. Traders ratcheted up bets on how high Bank Governor Andrew Bailey and the rest of [...]