What is the point of having an information age if you cannot access and learn from it? November 9, 2022 Viktor Prokopenya says we need to ensure future generations are able to harness a positive and more equitable learning ecosystem.
Taylor Wimpey on track for £922m full-year profit despite increasing cancellations November 9, 2022 Taylor Wimpey remains on track to deliver a full-year operating profit of around £922m despite reporting an increase in cancellation rates. In the last six months, the home builder reported a net private sales rate of 0.51 homes per outlet per week – down 44 per cent on last year’s levels. Cancellation rates also rose [...]
Marks & Spencer profit dented as Ocado joint venture books £0.7m loss November 9, 2022 Marks & Spencer’s half-year profit slid on Wednesday after it said its joint venture with online grocer Ocado had suffered a £700,000 loss. In half-year results to 1 October, M&S said its group profit before tax was £205.5m, versus a £269.4m sum the previous year. Bosses pointed to a lack of business rates relief compared [...]
Midweek markets: US dollar disappoints on the back of a slide in yields November 9, 2022 With most of the market attention on the US mid-terms action can only be characterised as bitty. There was no real catalyst for any of the moves we saw yesterday, with some of the moves technical in nature. It was another positive day for markets in Europe yesterday, with the DAX closing above its 200-day [...]
UK economy to emerge from recession 10 per cent smaller than pre-Covid path November 8, 2022 The UK economy will be 10 per cent smaller compared to its pre-Covid growth path after the Bank of England’s forecasted two year recession, a top Wall Street bank has warned. JP Morgan said in a note to clients Britain is on course to miss out on a large chunk of much needed economic growth [...]
Bank of England not to blame for looming record recession, chief economist stresses November 8, 2022 The Bank of England is not to blame for the UK fumbling into the longest recession since records began and rate setters are not “inflation nutters,” its chief economist said today. Huw Pill, who replaced Andy Haldane last year as Threadneedle Street’s top wonk, said the UK’s slowdown is being “driven by other forces” beyond [...]
Restaurants ‘entering winter in freefall’ as insolvencies leap by almost half November 8, 2022 There has been a tsunami of restaurants entering liquidation in the quarter to September, causing hospitality leaders to renew cries for government support this winter. According to recent numbers from the Insolvency Service, the number of food venues facing insolvency sky-rocketed 46 per cent in the most recent quarter. Some 158 businesses went into liquidation [...]
All eyes on Biden vs Trump today: US midterms to usher in two years of gridlock November 8, 2022 The sharp decline in the US dollar markets saw on Friday continued yesterday as the greenback lost ground across the board, with the pound benefiting the most, pushing above the 1.1500 area, as markets looked ahead to this week’s Q3 GDP number, and next week’s autumn budget. The weakness in the US dollar came despite [...]
Primark owner takes £1bn extra inflation hit amid ‘most challenging’ economy for many years November 8, 2022 Primark owner Associated British Foods (ABF) saw inflationary costs leap by £1bn this year alone, as it weathers “highly volatile” economic conditions and hopes to retain shoppers with its low prices. The chairman of the fashion and food business, Michael McLintock, said ABF had “encountered the most challenging economic conditions for many years with sharply [...]
Persimmon signals housing slowdown as sales slump amid recession fears November 8, 2022 Soaring interest rates and economic uncertainty are eating into sales and reducing consumer appetite for housing, revealed Persimmon.