FTSE 100 Live: London markets open higher as Travis Perkins issues profit warning June 16, 2023 FTSE 100 opened higher on Friday on a boost from energy and mining stocks, despite a profit warning from Travis Perkins.
Tesco: ‘Encouraging signs inflation is starting to ease’ as quarterly revenue tops £14.8bn June 16, 2023 Britain’s biggest supermarket Tesco has reported a nine per cent increase in UK sales, with its new chief executive saying there are “encouraging early signs that inflation is starting to ease”. Tesco said it reported £13bn in sales across the UK and Republic of Ireland, up almost nine per cent on the previous quarter. In [...]
Adam Smith 300: Was the king of free market economics left-wing? June 16, 2023 Was Adam Smith left wing? Adam Smith is generally regarded as the father of modern capitalism. His works are cited by Milton Friedman, Friedrich August von Hayek and many other liberal and libertarian thinkers. Adam Smith, Friedman explained, “who but for the accident of having been born in the wrong century … undoubtedly have been [...]
European Central Bank hikes rates 25 basis points to 2001 and hints at more to come June 15, 2023 The European Central Bank (ECB) today signed off what many thought would be its final interest rate rise, but lingering concerns about high inflation may lure the monetary authority into further increases, experts have bet. The monetary authority of the 20 countries using the euro sent borrowing costs up 25 basis points to 3.5 per [...]
Natwest boss: We’re managing loan book ‘very very closely’ as rates spike June 15, 2023 Natwest boss Dame Alison Rose said the bank was seeing “no material signs of distress” in its loan book despite the impact of rising interest rates. Speaking at the Goldman Sachs financial conference, Rose said: “We have seen no increase in defaults or impairments and the same on the business side… What we’ve actually seen [...]
More lenders expected to hike mortgage rates following HSBC, brokers warn June 15, 2023 More and more lenders are set to increase rates on mortgages, brokers have warned, as the fallout from the Bank of England’s rate rise continues to devastate homeowners. The fresh blow to the housing sector comes as HSBC pushed mortgage rates up for the second time in one week in an unprecedented move for the [...]
Bitcoin slips to three-month low as US considers further interest rate hikes June 15, 2023 Bitcoin dropped to March lows and was trading at just under $25k this morning, while Ethereum was down 6% over the last 24 hours.
Oaknorth founder Rishi Khosla: Tall poppy syndrome, Tory rhetoric and why the UK is losing its lustre for fintech June 15, 2023 Rishi Khosla, chief of OakNorth, says the UK needs to celebrate the success of its fintech entrepreneurs
HSBC agrees new terms for delayed sale of French retail business as exit from global markets picks up pace June 15, 2023 HSBC has agreed new terms for the sale of its French retail division to Cerberus-backed My Money Group, paving the way for the delayed sale to be completed early next year. Under the new terms of the deal, Cerberus will invest €225m (£192.5m) into the business while HSBC will retain a €7.0bn portfolio of loans [...]
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 [...]