UK windfall tax reprieve helps FTSE 100 pare back morning losses July 11, 2022 Recession fears initially gripped London markets today, but traders perked up during the afternoon session to leave the capital’s main index unchanged. The FTSE 100 was largely flat, closing at 7,196.59 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.4 per cent to [...]
Investors strap themselves to real estate debt, pouring £590m into BNP Paribas fund July 11, 2022 Investors have poured more than €700m (£592m) into BNP Paribas’ second senior commercial real estate debt fund. The French asset management giant sailed passed its €500m (£423m) target, with investors keen to strap themselves to sturdy funds with a record of navigating financial crises, such as the pandemic. The second fund has snagged more than [...]
Tory leadership: Zahawi says he’ll cancel Corporation Tax hike if made PM July 11, 2022 New chancellor Nadhim Zahawi has said he has already “set the wheels in motion” to cancel a planned Corporation Tax hike if made Prime Minister as he proposes a swathe of tax cuts to launch his Tory leadership bid. Zahawi told a Westminster event this afternoon that he would also cut the basic rate of [...]
Klarna valuation plummets to $6.7bn in new funding round July 11, 2022 Buy-now pay-later giant Klarna announced its valuation had plunged to $6.7bn after its latest funding round today, down from $45.6bn last year, as it becomes the latest firm to be rocked by a global tech downturn. Klarna, which provides both a consumer credit product and retail banking services in some jurisdictions, said today it had [...]
Doceo’s Weekly 360 – the week’s news and views in the words of the companies and the professionals July 11, 2022 A unique mandate Fourth Annual Report from fintech investor Augmentum Fintech (AUGM). Chairman Neil England wrote: “The Company’s portfolio of investments has again performed very well with an increase in Net Asset Value (NAV) per share after performance fee of 19.0%. However, the share price and total shareholder return do not reflect the strong performance [...]
A fresh face in No10 should find some policy rather than campaign slogans July 11, 2022 IT IS now received wisdom that modern politics is about personality rather than policy. We are, apparently, in a post-ideological phase where the priority is a leader connecting with the electorate and seeming authentic. How else are we to explain the rise to power of Boris Johnson, a P.G. Wodehouse caricature who was always content [...]
The City needs certainty our global outlook will continue in spite of high political drama July 11, 2022 Political turmoil and division have dominated the news agenda on both sides of the Atlantic, albeit for different reasons. And with the changes at the top of British politics, it is vital that government continues investing in London’s infrastructure, promoting innovation, and developing the UK’s status as a leading financial centre. Our financial and professional [...]
Inflation has hurt public companies, but even private tech firms will feel the pain July 11, 2022 Public market companies – particularly those in the tech sector – have felt the impact of soaring inflation, as central banks continue to pump interest rates higher. The tech-heavy Nasdaq is down 30 per cent this year and private market companies will inevitably catch up. A good benchmark to follow is often the valuations of [...]
S&P 500 to shed fifth of value if US tips into recession, Goldman Sachs warn July 10, 2022 Wall Street will suffer heavy losses if the US economy tips into recession, according to investment bank Goldman Sachs. The S&P 500 index, a broad measure of corporate America, will shed 19 per cent and close 2022 at 3,150 points if the American economy suffers a tough recession, Goldman said in a note to clients [...]
Week ahead: City eyes new economy figures and Bank governor Bailey comments July 10, 2022 The City will turn its gaze to fresh GDP figures published this week for signs that the UK is already in the teeth of a recession in a busy week of data announcements. London’s premier FTSE 100 index shook off the turmoil in Downing Street to climb 0.38 per cent and finish the week at [...]