Petroineos: Sir Jim Ratcliffe-backed energy giant loses $250m October 24, 2025 Petroineos, the energy trading company backed by Sir Jim Ratcliffe, lost $250m (£187.5m) in 2024 as it slumped into the red for the first time since 2020, it has been revealed. The Jersey-based business has reported the pre-tax loss after posting a profit of $30m in 2023. The results for the previous financial year were [...]
Natwest shares jump after cost-cutting boosts profit October 24, 2025 Natwest stock surged in early trading this morning after the lender posted a major bump in third-quarter profit following its cost-cutting regime. The FTSE 100 giant’s operating profit before tax surged over 30 per cent in the third quarter to £2.2bn, up from £1.7bn last year. Shares were up over five per cent as markets [...]
Scrap stamp duty on shares or risk FTSE 100 exodus, Peel Hunt warns October 24, 2025 The government must scrap stamp duty taxed on share trades or risk a growing number of firms quitting London for the New York Stock Exchange, investment bank Peel Hunt has warned. As much as £200m is already set to be lost from government tax receipts by the decision of Astrazeneca, the FTSE 100’s largest constituent, [...]
Another US lender tumbles as credit jitters accelerate October 24, 2025 Another mid-sized lender filed for bankruptcy in the US, highlighting the growing strain in American credit markets which Andrew Bailey has likened to the subprime crisis that foreshadowed the Great Financial Crisis (GFC). Primalend, a Texan provider of subprime financing to car dealerships, said in a filing on Wednesday that it had collapsed after months [...]
Motor finance: Where do the banks, regulator and Treasury stand? October 24, 2025 The UK banking sector had hoped the Supreme Court’s motor finance ruling would finally switch off the hazard lights and allow lenders to return to business as usual. The industry was handed a lukewarm win by the highest court in the land, who ruled in favour of the banks on two out of three cases. [...]
A mansion tax would hit ordinary Londoners and stall the market October 24, 2025 A rumoured tax raid on sales of properties over £1.5m would be a disaster for Londoners, says James Evans With the Treasury neither confirming nor ruling out the prospect of a so-called ‘mansion tax’ – a capital gains levy thought to be based on the sale of primary residences above £1.5m – uncertainty is already [...]
Motability cuts? Rachel Reeves is taking British taxpayers for a ride October 24, 2025 Rachel Reeves pledge to reform the absurd Motability scheme essentially amounts to giving alcoholics Peugeots instead of a BMWs, says Jack Rankin As Rachel Reeves continues to take the scenic route to the next Budget, rumours are swirling that she is setting her sights on the Motability Scheme, hoping to claw back around £1bn in [...]
Jaguar Land Rover cyber attack hammers UK car production October 24, 2025 The most expensive cyber attack in British history suffered by Jaguar Land Rover contributed to car production being slashed by almost 30 per cent in September, according to new figures. Jaguar Land Rover was forced to halt production for five weeks from 1 September which has been estimated to have cost the UK around £1.9bn. [...]
City AM crowns the capital’s best at Toast the City Awards 2025 October 23, 2025 London’s Square Mile played host to a celebration of culinary and cultural excellence last night at City AM’s inaugural Toast the City Awards 2025. Supported by five Business Improvement Districts, the Eastern City, Culture Mile BID, Aldgate Connect, Cheapside and Fleet Street Quarter, Toast the City awards was the first ever ceremony celebrating Square Mile [...]
UK justice ministry adopts ChatGPT to cut red tape October 23, 2025 OpenAI has signed a new agreement with the UK Ministry of Justice (MoJ) that will see 2,500 civil servants gain access to ChatGPT, as the government prioritises rolling out AI to modernise public services. Announced on Thursday at the OpenAI frontiers conference in London, the move forms part of a broader deal signed earlier this [...]