From the digital pound, to homeworking via heat pumps: City A.M.’s five most-read stories of the week March 3, 2023 The most read story of the last seven days was the revelation that the digital pound would coming this decade. Details of the unpublished Treasury and BoE report were reported here and read by hundreds of thousands of readers Second most read was our energy editor’s piece on heat pumps, following British Gas owner’s decision [...]
‘Fading recession fears’ boost optimism as services sector bounced back to growth in February March 3, 2023 The UK’s service sector bounced back to growth in February as business optimism improved and activity expanded at the fastest pace since June. The S&P Global/CIPS UK services PMI survey showed a reading of 53.5 in February, up from 48.7 in January and slightly ahead of market expectations. Any score above 50 is considered growth [...]
FTSE 100 close: Buildings firm CRH lifts London index as it readies for New York departure March 2, 2023 London’s FTSE 100 reversed an early morning slide today to finish in the black, lifted higher building giant CRH topping the index despite announcing it is mulling re-listing in New York. The capital’s premier index jumped 0.37 per cent to 7,944.05 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the [...]
Lloyd’s of London member Beazley’s profits plummet 48 per cent as interest rate hikes dent portfolio March 2, 2023 Shares in specialist insurer Beazley today fell almost nine per cent after the firm told investors its profits had plummeted in 2022 due to a sharp drop in income from its investment portfolio. The insurer said its overall pre-tax profits fell 48 per cent in the year ending in December 2022 to $191m, as rising [...]
London businesses sweat over UK recession risk as experts warn on cost of living pressures February 28, 2023 Uncertainty over whether the UK economy will tip into recession this year has led London businesses to sweat over their finances this year, a closely watched survey out today reveals. Optimism among the capital’s companies slid 19 points in February to 18 per cent, arresting a steady upward rise in confidence, according to Lloyds Bank’s [...]
HSBC doubles down on homeworking as Lloyd’s of London pushes for return to City HQ February 26, 2023 HSBC’s and Lloyd’s rival plans for the futures of their London headquarters have revealed a growing split in attitudes towards the long-term prospects of working from home. Lloyd’s of London is reportedly in talks to extend the lease on its iconic City headquarters as it works to bring staff back into the office in resisting [...]
The cost of living, Will Smith and the future of Wasps and Worcester: This week’s best read stories on City A.M. February 24, 2023 The rising cost of living and its implications dominated this week’s best read list, along with UCL researcher Rosie Collington’s challenge to the consultancy sector and One: Lloyds Bank’s profits to help cushion customers’ rising cost of living Lloyds Bank’s announcement that its profits are to be held back to help with the cost of [...]
The Square Mile and Me: Aon’s Dominic Christian on the Lamb, the Broker and the City’s green ambitions February 23, 2023 Every week we ask the great and good of the Square Mile to share their memories of the City – and their favourite pubs and restaurants. This week it’s Dominic Christian, Chair of Aon’s Global Reinsurance Solutions business and a City councilman First memory of the Square Mile Scary, surreal, fascinating. Suits everywhere. Everyone seemed [...]
FTSE 100 close: Wall Street sell off spreads to London pushing premier index further away from 8,000 point mark February 22, 2023 London’s FTSE 100 was drawn into a sell off on Wall Street last night, pushing it further below the 8,000 point threshold today. The capital’s premier index fell 0.59 to 7,930.64 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, slid 0.82 per cent to [...]
FTSE 100 close: Barclays and Lloyds Bank help London index kick off new week in the black February 20, 2023 London’s FTSE 100 kicked off the week with a positive start, led higher by Lloyds Bank and Barclays which both rose ahead of UK banks’ earnings season ramping up. The capital’s premier index nudged 0.12 per cent higher to 8,014.22 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health [...]