Andrew Bailey and Jerome Powell play down central banks’ climate change role January 10, 2023 Andrew Bailey and Jerome Powell, two of globe’s top rate setters, have today said central banks should only have a limited role in tackling climate change. The chiefs of the Bank of England and US Federal Reserve, speaking at a summit hosted by the Swedish central bank, the first in the world, played down their [...]
Clawback: How Barclays is chasing down Covid-19 business loan cash January 10, 2023 Barclays has teamed up with a specialist insolvency practitioner to recover money loaned to small businesses through the UK’s Covid support schemes. The British bank has joined forces with insolvency firm Manolete Partners to recover emergency loans paid through the UK government backed Bounce Back Loan Scheme (BBLS), the Financial Times first reported. The UK’s [...]
Pantheon: Investment slump on Bank of England’s rate hikes will deepen UK recession January 10, 2023 The UK recession is set to be powered by businesses slashing investment due to higher interest rates squeezing their finances, City economists have warned. Finance chiefs are “despondent” amid a rapid acceleration in borrowing costs caused by the Bank of England scrambling to tame sky high inflation, Samuel Tombs, chief UK economist at Pantheon Macroeconomics, [...]
London IPOs: 2023 outlook uncertain as value of cash raised in the capital slumps below global rivals January 10, 2023 The amount of cash raised through initial public offerings in London plunged 90 per cent last year as the market was buffeted by soaring inflation and the shocks of war in Ukraine, new figures show.
Yesterday’s Bitcoin gains hold firm as crypto markets show promise January 10, 2023 Bitcoin and Ethereum are up by 0.3% and 1.30%, respectively, with Bitcoin trading for $17,266 this morning, and Ethereum priced at $1,332.
EXCL – Tech investments increasingly casualty of recession and skills shortage January 10, 2023 More than half of UK business leaders believe their companies’ digital platforms – such as websites, apps and customer-facing tech – fail to stand out against competitors, with almost half ready to invest in making improvements in 2023. However, according to the data that was shared exclusively with City A.M. today, significant hurdles and concerns [...]
Sunak and Starmer offer little new year cheer on ailing UK growth path January 10, 2023 This brand new weekly column, published every Tuesday, will drill down into the stories behind the numbers to reveal what makes the UK – and global – economy tick. But, today, inspired by what resembled soon-to-broken new year’s resolutions by political leaders last week, it will make the case for why a stable government economic [...]
Shell weighs up UK investment plans as windfall tax bites January 9, 2023 Shell is still considering whether to cut back on future energy projects in the North Sea, after the windfall tax was hiked.
Bank of England chief economist Pill admits we ‘underestimated’ inflation surge January 9, 2023 The Bank of England did not understand inflation “well enough” and “underestimated” the strength of the 40-year high price surge, its chief economist admitted in a speech in the US today. Huw Pill said with “the benefit of hindsight,” the central bank’s “own analysis” failed to foresee inflationary pressures magnified by global supply chain pressures [...]
Goldman Sachs to axe more than 3,000 bankers in just days January 9, 2023 Wall Street banking giant Goldman Sachs will axe 3,200 workers in just days to protect its finances from a likely recession in the US and a slowdown in global deal making. The lender is expected to shrink its staff force by around 6.5 per cent and will tell workers on Wednesday if they are part [...]