Credit Suisse’s former top shareholder Harris Associates dumps stake in beleaguered bank March 6, 2023 Long-standing Credit Suisse shareholder, Harris Associates, has sold its entire stake over the past few months, its chief investment officer David Herro has said. Herro told the Financial Times the investor had lost patience with Credit Suisse’s strategy to stem persistent losses and its client exodus. Herro had been a prominent supporter of Credit Suisse [...]
Costa Coffee hikes staff pay as cost of living crisis prompts chain to raise wages for third time in 12 months March 6, 2023 Costa Coffee became the latest coffee chain to give its staff a pay rise, as employers seek to retain employees who are battling a cost of living crisis. Beginning in April, some 16,000 baristas at the high street coffee chain will see wages increase from £10 per hour to £10.70 per hour. The rise is [...]
FTSE 100 live: London index steady as China growth target disappoints investors March 6, 2023 The FTSE 100 has barely moved this morning, after China disappointed investors with modest growth targets for the year.
The financial crisis lurking in the shadows: Why regulators must now turn their attention to shadow banking March 6, 2023 Some would argue that predicting the next financial crisis is a near impossible task. But Nobel-prize winning economist Douglas Diamond said in October last year: “The last [financial crisis] started in the banks, it stayed in the banks. This one’s going to start in the shadow banks and the companies.” Shadow banking encompasses a variety [...]
Why housebuilders’ share prices are sinking – despite healthy industry profits March 5, 2023 If you quickly skim over the financial results of any major residential home builder you would presume that business, for the most part, is doing quite well. Just last week a flurry of housebuilding companies revealed their earnings for 2022 with major players in the market such as Persimmon and Taylor Wimpey seeing profits of [...]
‘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 [...]
Crypto will face years of legal arguments before a cohesive framework is in place March 3, 2023 Jason Deane notes that last week's positive sentiment in the crypto markets is suffering from a bear market hangover.
‘Google of the property market’ Rightmove shrugs off housing fears to post £241m profit March 3, 2023 Rightmove, the UK’s largest property portal, saw its operating profits rise seven per cent to £241m as the group revealed it was “not materially affected” by the difficult property market. The London-listed company, which lists homes for rent and sale, also saw revenues increase 9 per cent to £332.6m up from £304.9m the prior year. [...]
Celebrating the Square Mile: Full list of winners at City A.M. Awards 2023 March 2, 2023 The great and the good of the Square Mile gathered for the annual City A.M. awards in the Guildhall on Thursday evening. The winners – drawn from right across the City – were rightly feted, having gone through a rigorous shortlisting and judging process to stand on the stage with host Julia Streets and City [...]
Inflation in Europe rises to record high, raising spectre of steep ECB interest rate hikes March 2, 2023 European inflation is running at record levels, piling pressure on the European Central Bank (ECB) to keep hiking interest rates aggressively this year. The rate of core price increases bumped to a record 5.6 per cent last month, up from 5.3 per cent and up to the highest level since records began in 1999, according [...]