FTSE finance chiefs ditch UK recession bets as confidence rebounds sharply April 17, 2023 Money managers at Britain’s biggest companies have signalled a sharp increase in confidence in the UK economy, a closely watched survey out today shows, in a further sign the country is on course to dodge a recession. Chief financial officers of top UK corporates notched a net positive 25 per cent confidence rating in Deloitte’s [...]
National Grid needs competition for UK to meet energy ambitions, argues energy boss April 17, 2023 National Grid’s electricity network should be opened up to competition from private companies to speed up connections for new projects.
As The Perkcession Bites, What Workplace Benefits Are Important Now? April 17, 2023 With layoffs at Goldman Sachs, Morgan Stanley and Bank of New York Mellon racking up thousands of job cuts, those working in the financial services sector are understandably worried about contagion, and whether their own jobs will be safe. The collapse of Credit Suisse in March, and its subsequent rescue by rival UBS, as well [...]
‘A breath of fresh air’ vs ‘more to do’: What City grandees have to say about Sunak April 17, 2023 As Labour leader Sir Keir Starmer doesn’t tire of reminding voters: expertise beyond politics can be invaluable. For the current resident behind that most famous front door, it’s so far proved an advantage. Liz Truss’ accountancy background may not have aided her short-lived leadership bout, but – for the City’s boardrooms at least – her [...]
Our measure of productivity should be how much energy it takes to create new growth April 17, 2023 If the UK and Europe want to compete with Joe Biden's massive package of incentives for green energy, we need drastically change how we talk about productivity, writes Martin Rossen
Crisis, what crisis? Interest income boosts US banks as boon expected to continue April 16, 2023 The largest US banks appear in rude health despite concerns about the wider financial sector as higher interest rates continue to boost lenders. JP Morgan, Citi and Wells Fargo all beat expectations when they released results for the first quarter on Friday. In response, analysts at UBS wrote “crisis, what crisis? The banking industry flexes [...]
Britain still at risk of ‘mild recession’ despite better than feared start to year, Lloyds Bank chief predicts April 16, 2023 Britain could still suffer “a mild recession” despite the economy performing much better than experts warned at the turn of the year, the head of Lloyds Bank, the country’s largest mortgage lender, has said. Charlie Nunn, chief executive of Lloyds Bank, told The Sunday Times that there is a “more positive outlook” about the UK [...]
Coalition of 15 investors with total assets of £2.4trn plead with firms to protect lowest-paid workers April 14, 2023 A coalition of investors are demanding that businesses take “decisive action” to protect their lowest paid workers during the cost of living crisis. The coalition, which includes 15 investors with a combined £2.4trn in assets under management, argued that the lowest-paid workers are “disproportionately impacted by the rising cost of living.” Companies should ensure that [...]
HSBC’s exit from French retail market set to face delays as ‘unexpected interest rate rises’ force Cerberus to find more cash April 14, 2023 HSBC’s exit from the French retail market has been thrown into doubt after Cerberus Capital said it will need to stump up more cash to fund the transaction as a result of rising interest rates. In a statement today, HSBC said “unexpected interest rate rises” have forced Cerberus to significantly increase the amount of capital [...]
US banks outperform expectations with interest income boosting profit at both Wells Fargo and Citi April 14, 2023 Wells and Citi both saw profit come in comfortably ahead of market expectations as US banks weathered the storm prompted by the collapse of Silicon Valley Bank (SVB). At Wells Fargo, revenue climbed 17 per cent to $20.7bn helping profit rise 32 per cent year-on-year to come in at $5.0bn. Markets expected revenue to be [...]