Royal London: Insurer’s profits up 58 per cent as asset troubles offset by pensions growth March 8, 2023 Royal London today said it successfully boosted its profits by 58 per cent in 2022 in the face of “difficult market conditions”. The insurer saw its operating profits jump to £210m as the adverse impacts on its asset management arm were offset by strong performances across the rest of its business. Royal London, the UK’s [...]
Legal & General raises dividend as higher interest rates help it profit from pensions buyout boom March 8, 2023 Legal & General (L&) has hiked its dividend after outstripping market expectations by boosting its profits by 12 per cent. Higher profits in L&G’s pensions and life insurance segments offset lower incomes from its asset management business, LGIM, after it suffered from the impacts of market volatility. L&G upped its dividend by five per cent, [...]
Hotel Chocolat ‘cautious’ as falling revenue and profit dampen outlook for Mother’s Day and Easter sales March 8, 2023 Hotel Chocolat had a bittersweet second half of 2022 with dents in its revenue and profits, owing to “hefty investments”, as it is not so optimistic ahead of Mother’s Day and Easter. The premium chocolate maker reported a fall in its revenue to £129m down from £142m last year, while its gross profit was down [...]
The Notebook: Victoria Scholar on why it’s not all doom and gloom for the economy March 8, 2023 The Notebook is where interesting people say interesting things. Today, it’s Victoria Scholar, head of investment at Interactive Investor, on why it’s not the time to be gloomy about the UK’s prospects, the battle for your coffee pound and a new podcast. You wouldn’t be blamed for thinking that the UK economy is in a [...]
In Defence of Capitalism: How free markets are lifting people out of poverty March 8, 2023 In the second of an eight part series, the historian and sociologist Dr Rainer Zitelmann writes for City A.M. in defence of capitalism, arguing that freer markets are usually the answer to society’s problems, not the cause. Each week he will ‘myth-bust’ the common complaints about capitalism – and this week, it’s that capitalism is responsible [...]
Female tech founders bag £3.6bn despite wider investment slump March 8, 2023 Venture capital investment into tech firms founded by women jumped last year despite soaring inflation and volatility sparking a slowdown in funding across the sector, new figures reveal. Female founders shrugged off the downturn that hit the UK’s tech sector last year and bagged some £3.6bn of VC, up from £2.9bn the previous year, according [...]
London businesses shelve hiring plans amid UK recession uncertainty March 8, 2023 London businesses are the most reluctant to take on new staff in the UK due to uncertainty over whether the country will eventually tip into recession, a closely watched survey out today reveals. The capital’s firms are trimming intentions to expand their workforce due to concerns over a looming drop in consumer spending amid the [...]
Business groups question Bank of England Mann’s ‘greedflation’ claim March 8, 2023 Business groups yesterday said many firms had no choice but to raise prices to offset high costs in response to a Bank of England rate setter claiming companies are pursuing so-called ‘greedflation’ by pumping up prices to exploit strong consumer spending. Catherine Mann, an external member of the Bank’s rate setting monetary policy committee (MPC), [...]
Oil industry pivots to low carbon projects to rake in US green subsidies March 7, 2023 The oil industry is positioning itself to take advantage of billions of dollars of US tax credits established through the US Inflation Reduction Act.
FTSE 100 close: Powell interest rate warning drags London index into the red March 7, 2023 London’s FTSE 100 was muted today as investors sweat over whether Fed chair Jerome Powell’s warning that US interest rates will stay higher for longer means other central banks will follow suit. The capital’s premier index closed 0.13 per cent lower at 7,919.49 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned [...]