UK can unlock £57bn economic boost by 2030 from green transition, CBI claims July 17, 2023 Britain could unlock as much as £57bn of economic growth by turbo charging the journey to decarbonising production, a new report out today has claimed. Calculations by the Confederation of British Industry (CBI), who until recently was embroiled in a fight for its survival amid a string of sexual misconduct claims, found the UK is [...]
Europe spent over a trillion dollars on gas since Russia sparked supply squeeze July 14, 2023 Europe has spent over a trillion dollars shoring up its gas supplies since Russia first began weaponising its pipelines in 2021.
BlackRock beats profit estimates on robust inflows as investors pour money into funds July 14, 2023 BlackRock on beat second-quarter profit estimates, as investors continued to pour money into its various funds on the back of a rally in markets after a bruising start to the year. Markets have staged a comeback so far this year, braving the Federal Reserve’s rate hikes and a banking crisis that have raised risks of [...]
Explainer: A scoresheet on Rishi’s five pledges July 14, 2023 With Parliament’s summer recess approaching, it is usually a good time to draw some conclusions on the current political situation. For the prime minister, it doesn’t look good. Rishi Sunak started the year outlining his five pledges for 2023: halve inflation, grow the economy, reduce the national debt, cut NHS waiting lists and stop the [...]
JP Morgan profits jump as bank benefits from rising rates – but boss Jamie Dimon warns of ‘salient risk’ July 14, 2023 JP Morgan beat expectations again as it reaped the rewards of rising interest rates and its takeover of First Republic, but the bank boosted loss provisions significantly. In the second quarter, the Wall Street giant recorded net income of $14.5bn, 67 per cent higher than last year and ahead of analyst expectations. Its shares were [...]
Gold holds on to heavy gains as Fed signals victory in battle against inflation July 14, 2023 Gold markets have consolidated this week's price rally, following encouraging inflation data from the US.
Nearly half of tenants struggle to pay rent with millions now facing ‘financial vulnerability’ July 14, 2023 Nearly half of tenants are struggling to pay their rent, with millions now spending more of their disposable income on renting costs than homeowners. As the cost of living crisis has led many landlords to up the costs of rent, some 21 per cent of tenants report spending a higher proportion of their disposable income [...]
Pound surges to strongest level since April last year as traders bet on further rate hikes July 14, 2023 The pound has surged to its strongest position in over a year over the past week as traders bet the Bank of England will have to hike rates further and faster than global counterparts. Since the beginning of the month, the pound has risen from below $1.27 to trade at over $1.31. The last time [...]
FTSE 100 close: London’s premier index creeps into the green ahead of crucial inflation print on Wednesday July 14, 2023 London’s premier index closed the week slightly in the green after a quiet day ahead of next week’s crucial inflation print. The FTSE 100 slipped out marginal gains to trade at 7,440.65 while the midcap FTSE 250 index dropped 0.2 per cent to 18,594.73. All eyes will be on UK inflation data next week. Inflation [...]
Nokia slashes guidance as sales hit by customers cutting back July 14, 2023 Nokia has slashed its guidance for the rest of the year with net sales now expected to be between £19.84bn -£21bn (€23.2bn- €24.6bn) as the mobile phone maker feels the impact of a slowdown in consumer spending. The telecommunications giant said that it was also lowering its operating margin range outlook – the percentage of [...]