Bitcoin millionaires ‘drop like flies’ as FTX fallout shakes crypto market January 9, 2023 The number of bitcoin millionaires has plunged and scammers have filled their boots in the past year as the market is gripped by a ‘crypto winter’, brought on by soaring inflation and a string of high profile bankruptcies.
Explainer-in-brief: What’s happening in the Meghan & Harry free zone January 9, 2023 If you started tuning out of the news in mid-December last year, you would have left as Prince Harry and Meghan Markle’s Netflix series dominated the headlines, strikes caused chaos before Christmas and the NHS struggled under the weight of winter pressures. Turning on the radio this morning, little had changed, with the stateside Royal [...]
Chicken run: Nando’s looks to stave off cost of living with new student discount January 9, 2023 Nando’s has joined the raft of retailers and hospitality firms using discounts to keep stores busy amid a difficult economic climate. The High Street chicken staple has announced its first ever student discount today as inflation, energy bills and a host of other cost pressures continue to eat away at the nation’s disposable income. Last [...]
UK’s cost of living crisis will swipe over £2k from Brits pockets with some groups expected to feel squeeze of recession even more January 9, 2023 The UK is just halfway through a cost of living crisis that will swipe £2,100 year from incomes with living standards remaining at pre Covid levels until at least 2028, a report out today has revealed. The cost of living crisis which, when combined with a tough recession, will leave households worse off than they [...]
BDO in the spotlight over Home REIT audit January 9, 2023 BDO is facing questions over its audit of troubled property investor Home REIT, after it was asked to look again at the social housing firm’s books amid accusations executives had been ‘round-tripping’ revenues and inflated the value of its property portfolio. Home REIT, which invests in housing for vulnerable groups, was forced to delay the [...]
Exclusive: UK firms stop hiring and mull layoffs as recession takes hold January 9, 2023 Layoffs are on course to climb, driven by businesses cutting costs amid what risks being the longest UK recession in memory, exclusive research shared with City A.M. indicates. Firms are planning to pause hiring or even sack workers to protect their finances from a slump in spending sparked by the cost of living crisis. Nearly [...]
UK fintech funding tumbles amid global slowdown, but London remains well ahead of global rivals January 9, 2023 Investment into the UK’s fintech sector slumped eight per cent last year as soaring inflation and the shocks of war in Ukraine brought an end to a decade-long global venture capital frenzy, figures shared exclusively with City A.M. reveal.
Covid variant, China invasion of Taiwan and more inflation: What shocks will 2023 bring? January 8, 2023 A new Covid-19 variant that escapes vaccines is among the biggest risks threatening to sharpen the UK recession, City economists surveyed by City A.M. suspect. Asked what wildcard trends could spring up to hit the economy this year, experts warned another deadly strain of the virus spreading is one of the biggest headwinds that would [...]
Emmanuel Macron set for almighty row over plans to bump up French retirement age January 8, 2023 French President Emmanuel Macron’s government attempts to revive his economic reform drive and score a major political victory this week with a launch of the pension system’s overhaul in the face of vehement trade union opposition. Prime Minister Elisabeth Borne is to detail on Tuesday plans to make the French work longer, most likely by [...]
Week ahead: UK economy to enter recession in all but name as JP Morgan kicks off earnings season January 8, 2023 The UK economy is set to enter a recession in all but name after official figures out later this week will likely reveal output slumped again in November. Fresh gross domestic product (GDP) numbers, set to be released on Friday, will top London investors’ minds in a week that sees Wall Street banking giants kick [...]