The Works sales boosted by return to school despite cost of living crisis November 11, 2022 Arts and crafts chain The Works has seen sales increase in the past six months despite the cost of living crisis, carried by a “record” ‘back to school’ season. Brits splashed the cash on new stationary for their children this year, according to The Works’ latest trading update. The cost of living crisis does not [...]
Beazley on track for year guidance as gross premiums rise to £3.3bn November 11, 2022 Beazley remains on track to deliver its year guidance of a high 80s combined ratio following a 22 per cent increase in written gross premiums. In the nine months ended 30 September, the insurance powerhouse’s premiums rose to $3.9bn (£3.3bn) as a result of significant growth in all of its divisions. Premium rates on renewal [...]
GDP contracts: Economic growth grinds to a halt as UK reaches ‘dreadful’ recession November 11, 2022 The UK economy contracted by 0.2 per cent between July and September, compared to growth of 0.2 per cent in the previous three months, the Office for National Statistics said this morning. Commenting on the gross domestic product (GDP) figures that showed a 0.2 per cent contraction in the third quarter of the year, ONS [...]
Markets cheer US inflation slowdown as Nasdaq flies over five per cent November 10, 2022 Global markets have cheered signs that US inflation is falling much faster than experts expected, dialling down pressure on the Federal Reserve to keep hiking interest rates aggressively. Wall Street’s tech-heavy Nasdaq index flew more than five per cent, while the S&P 500 and Dow Jones shot up more than four per cent and nearly [...]
Labour calls for business rates relief in Hunt’s autumn statement November 10, 2022 Labour has called for Jeremy Hunt to provide tax relief for small businesses in his autumn fiscal statement as firms stare down rates hikes in April. Labour deputy leader Angela Rayner told City A.M. today that the chancellor “must” next week axe the planned inflation-linked increase to business rates, while calling for a complete tax [...]
Domino’s pins hopes on World Cup boost and Just Eat tie-up after VAT hit eats away sales November 10, 2022 Domino’s Pizza said this morning the company saw sales fall after a VAT hit and as it came up against last year’s boost from the Euro football tournament, but is eyeing a strong end to 2022 amid the upcoming World Cup. The UK and Ireland takeaway pizza giant saw like-for-like system sales, excluding so-called split [...]
Co-operative Bank eyes acquisitions as profits top £103m November 10, 2022 The Co-operative Bank said it was eyeing up potential acquisitions today after it posted a 75 per cent surge in pre-tax profit to £103.1m in the first nine months of the year. The high street lender said profits had more than tripled from £29m on the same period last year as it became the latest [...]
National Grid urges ‘transparency’ as it commits £40bn to UK’s energy system November 10, 2022 National Grid has called for stability in the UK’s investment climate, so it can ramp up infrastructure and help the country transition to a greener future.
Economic gloom finally sweeps through UK jobs market November 10, 2022 UK job growth has slimmed for the first time since the 2021 Covid-19 winter lockdown, driven by employers bracing for the longest recession on record, a new survey out today unveils. For the first time since February 2021, when the country was in the late stages of the third and longest pandemic lockdown, businesses trimmed [...]
Venture Capital funds reverse as private firms are hit by headwinds November 9, 2022 Private equity and venture capital funds have reversed and begun losing investors cash in the past quarter as the market is buffeted by a cocktail of interest rate hikes and a looming recession, according to a new report.