FTSE 100 close: London index slips after of Bank of England interest rate hike March 23, 2023 London’s FTSE 100 slipped lower today after the Bank of England’s hiked interest rates for the eleventh time in a row. The capital’s premier index dropped 0.89 per cent to just under 7,500 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, lost 0.15 per [...]
Bank of England hikes interest rates for eleventh time in a row to post financial crisis high of 4.25 per cent March 23, 2023 The Bank of England today hiked interest rates for the eleventh time in a row to a post-financial crisis of 4.25 per cent as it continues to lead the fight against the worst UK inflation crisis in four decades. Governor Andrew Bailey and his team of rate setters bumped borrowing costs 25 basis points higher, [...]
Ford admits it’s losing billions as heavy investment in electric puts brakes on profit March 23, 2023 Ford’s electric vehicle business has lost three billion US dollars (£2.44 billion) before taxes during the past two years and will lose a similar amount this year as the company invests heavily in the new technology. The figures were released on Thursday as Ford rolled out a new way of reporting financial results. The new [...]
Crypto markets react following US Federal Reserve interest rate hike March 23, 2023 The price of Bitcoin dropped below $28k, trading for $27,700 this morning while Ethereum is also down around 2%, dipping below $1,800.
Livin’ la vida CoCo not possible in circumstances: Regulator defends AT1 wipe out in Credit Suisse merger March 23, 2023 The Swiss banking regulator defended its decision to wipe out alternative tier 1 (AT1) bondholders – also known as CoCo bonds – in the merger of UBS and Credit Suisse. In a statement put out today, Finma said Credit Suisse’s coco bonds could contractually be completely written down in a ‘viability event’, particularly if there [...]
Can Tulip Siddiq get Labour’s City plans blooming? March 23, 2023 Labour's Shadow City minister talks facing off against her opposite number and the struggle for the Square Mile.
When is the Bank of England interest rate decision and what is going to happen? March 23, 2023 The Bank of England is going to deliver its interest rate decision today against the backdrop of a shock rise in inflation and a now becalmed banking mini-crisis. Before Wednesday’s surprise increase in inflation to 10.4 per cent, there was speculation about whether the Bank’s decision making body, the Monetary Policy Committee (MPC) would raise [...]
Let’s be honest, the financial sector needs to learn to get the basics right March 23, 2023 After the collapse of both Credit Suisse and Silicon Valley Bank, the financial sector needs to learn the basics before an over-emphasis on ESG, writes Matthew Lesh
US Federal Reserve presses on with interest rate hike amid banking chaos March 22, 2023 The US Federal Reserve today looked past the ongoing wobbles in the global banking system and hiked interest rates for the ninth time in a row, extending its aggressive fight against inflation. Chair Jerome Powell and the rest of the federal open market committee (FOMC) today bumped the world’s most important interest rate 25 basis [...]
UBS set to benefit from Credit Suisse deal as dust settles on dramatic acquisition March 22, 2023 Analysts were increasingly convinced that UBS’ acquisition of Credit Suisse had the potential to create long-term value for the newly merged entity. Bank of America’s Alastair Ryan said: “The industrial logic is impeccable: Credit Suisse was the closest competitor to UBS in wealth management and Switzerland; and both banks are heavy in Swiss central costs. [...]