Lloyd’s of London to give staff £2,500 helping hand ahead of winter September 8, 2022 Lloyd’s of London is to give staff earning less than £75,000 per year a £2,500 one-off payment later this month to help with surging inflation. Chief Executive John Neal told City A.M. this morning that it was set to be a “pretty rotten winter” and “as employers we’ve got an obligation to think, to care [...]
Primark profit margins to be hit by high energy costs and shoppers’ budget worries September 8, 2022 Primark owner Associated British Foods said it expects the retailer’s profit margins to take a hit next year due to rising energy costs. In a trading update on Thursday morning, the retailer said it anticipated Primark’s profit margin to be lower than expected as the budget-chain has opted to limit further price hikes. ABF acknowledged [...]
PM Liz Truss to announce energy plan: Borrow £150bn, restart fracking and freeze bills at £2,500 September 8, 2022 Prime Minister Liz Truss is set to announce bold new proposals to tackle the energy crisis, including borrowing £150bn, freezing energy bills at £2,500 until 2024 and restarting fracking. The newly-minted PM’s plans come after she dismissed suggestions of a windfall tax on energy producers to pay for the borrowing, as questions are asked about [...]
Housebuilder Vistry exceeds expectations after bidding on Countryside September 8, 2022 Vistry, one of the biggest housebuilders in the UK, has bagged £1.64bn in forward sales so far this year, as it seeks to ride out the current economic storm as a construction powerhouse with Countryside Partnerships. House completions rose five per cent to 5,409 in the six months to 30 June. Meanwhile, revenue inched three [...]
Cairn Homes bosses hike revenue forecast to £520m following record home sales September 8, 2022 Irish housebuilder Cairn Homes has sold a record number of homes in the first half of the year, as Ireland’s population grows. The FTSE-listed company has lifted its forecast for the rent of the year, with bosses anticipating €760m (£660.7m) in forward sales, a more than €600m (£521.6m) revenue and 1,500 closed home sales. The [...]
Exclusive: Three quarter of Brits pay for subscriptions they don’t use September 8, 2022 Three quarters of Brits who have subscriptions say they are currently spending on services they don’t regularly use.
London’s FTSE 100 hit by slumping energy prices and downturn jitters September 7, 2022 London’s FTSE 100 today was ensnared by investors fretting over a slowdown in the world economy and falling energy prices. The capital’s premier index dropped 0.86 per cent to 7,237.83 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, edged 0.05 per cent lower to [...]
Liz Truss energy price freeze would peg inflation, BoE chief economist says September 7, 2022 LIZ Truss’s plan to freeze energy prices would prevent inflation from scaling to its highest level since 1980, but interest rates may have to stay higher for longer, the Bank of England’s top wonk said today. Huw Pill, the monetary authority’s chief economist, told the commons treasury committee that the new prime minister’s cost of [...]
When the chips are down: Samsung boss warns of weakening demand September 7, 2022 The global semiconductor industry may take a turn for the worse after years of steadily rising demand, the CEO of Samsung Electronics has warned. Semiconductors, or computer chips, are used in most of today’s technology and are a critical component in electric vehicles. “The second half of this year looks bad, and as of now, [...]
Keeping up with private equity: Kim Kardashian launches investment firm with former Carlyle exec September 7, 2022 Having dabbled in the world of crypto, Kim Kardashian is now turning her hand to private equity.