Biden team: US credit rating decision ‘bizarre’ – and it’s Trump’s fault August 2, 2023 Biden administration officials complained on Tuesday about ratings agency Fitch’s downgrade of the top U.S. government credit rating, saying the group used flawed methodology and ignored a resilient economy. Leading the charge was U.S. Treasury Secretary Janet Yellen, who issued a statement declaring “I strongly disagree with Fitch Ratings’ decision” minutes after Fitch announced it [...]
What next for oil prices as US stockpiles slip and hope of China rebound rises August 2, 2023 Oil markets are benefitting from robust demand, with trading on both major benchmarks at a near four month-high.
Steady as she goes: Virgin Money launches further buyback after solid third quarter August 2, 2023 Virgin Money’s margin remained stable, despite increasing competition in the market, as Richard Branson’s bank said it anticipates a £175m share buyback at its end of year results. The challenger bank launched a £50m buyback today, after it passed the Bank of England’s stress test, and expects to deliver a £125m buyback with its full [...]
Taylor Wimpey: Profit slashed almost in half by red-hot interest rates August 2, 2023 Taylor Wimpey posted a 44.5 per cent decline in operating profit in the half year, as the house builder said it was “inevitably” impacted by red hot mortgage rates which have shattered consumer confidence. The London-listed construction firm reported a 21.2 per cent contraction in revenues down to £1.6bn compared to £2bn in the same [...]
As mortgages go up, Britons’ inability to do maths is putting them in financial peril August 2, 2023 Brits who are bad at maths are losing around £2,850 every year - a figure which will only be exacerbated by the cost-of-living crisis, writes Ludovic Subran.
Cazoo shares spiral despite narrowed losses August 1, 2023 Shares in the struggling used-car retailer Cazoo tumbled on Tuesday, as investors failed to gain confidence in the firm’s restructuring and drive to rebound after last year’s crises. Losses improved by nearly 37 per cent year-on-year in the six months to June, narrowing from £241m to £151m – but this was not enough to stop [...]
Gold demand propped up by record central bank buying August 1, 2023 Gold demand has been bolstered record buying from central banks over the first six months of trading this year.
Travis Perkins profits slip 31 per cent amid slow down in house building August 1, 2023 Travis Perkins blamed a weak market for its falling revenues as the home improvement retailer struggles to cope with dwindling sales and a tough economic climate. In its half year results, the tools supplier said revenue slipped 2.5 per cent to £2.5bn and adjusted operating profits fell 31 per cent to £112m. A slowdown in [...]
Uber makes operating profit for the first time in its history August 1, 2023 Uber reported an operating profit for the first time in its history in its second quarter results today.
BMW warning over inflation and supply chain issues pressure sends shares down August 1, 2023 BMW lifted its annual outlook for its margin on earnings before interest and taxes in its automotive segment on Tuesday, but warnings of the impacts of supply chain challenges and inflation prompted a sell off from investors. The carmaker’s forecast mirrored that of competitors such as Mercedes-Benz which also raised their earnings outlook but warned the macroeconomic [...]