UK risks losing American investment unless post-Brexit trade disruption is fixed July 18, 2022 The UK risks forgoing a wave of US investment unless it irons out its post-Brexit trading relationship with the European Union (EU), a new report published today warned. The UK-US economic corridor remains strong, but would be strengthened by London cooling tensions with Brussels, according to a report by consultancy Bain and Company and BritishAmerican [...]
Mordaunt’s boss Trevelyan launches merciless attack on Tory leadership hopeful: ‘Others picked up the pieces’ July 18, 2022 Tory leadership hopeful Penny Mordaunt, currently one of the favourites to win the contest, received some harsh criticism this morning from within her own party. In fact, from her boss. Mordaunt missed key meetings in her role as a Government minister in order to plot her leadership campaign, her departmental boss has claimed. The trade [...]
Slump in deal making nearly halves Goldman Sachs profits July 18, 2022 A weaker deal making environment has nearly halved Wall Street investment bank Goldman Sachs’s profits. Net earnings dropped to $2.8bn (£2.4bn) in the three months to June, down 48 per cent from $5.3bn (£4.5bn) in the same period last year, Goldman said today. Investment banking revenues collapsed nearly 50 per cent to $1.8bn (£1.5bn) driven [...]
What a new world order might mean for the global economy July 18, 2022 Russia’s invasion of Ukraine has opened fault lines between nations which will affect trade relations and investment for years to come. The war in Ukraine is already having a significant effect on inflation and activity in the world economy as commodity prices have soared and supply chains have been disrupted. Inflation in the G7 was [...]
Dark clouds gather over the City as staggering 136 London-listed companies issue profit warnings July 18, 2022 As cost inflation bites and more and more Brits start thinking about their spending, a growing number of London-listed companies have issued a series of profit warnings this year. In fact, the number of firms which issued the warnings – always a headache for shareholders – jumped by 66 per cent in the first six [...]
Ageing society will lead to decades of weak growth, BoE official warns July 18, 2022 An ageing society will leave the UK economy permanently weaker over the coming decades, an official at the Bank of England said today. Speaking at the Resolution Foundation, Michael Saunders, an outgoing external member of the Bank’s monetary policy committee (MPC), warned Britain will “face increasing challenges from demographic change, because population ageing appears likely [...]
Tortilla Mexican Grill’s revenues shoot up by 60 per cent after snapping up rival but inflation and industry pressures bite July 18, 2022 A Mexican food giant experienced a big spike in revenue following a key acquisition and expansion across the UK. Tortilla Mexican Grill’s group revenue was up 60 per cent in the first half of 2022 compared to 2019. This comes after the firm bought out Chilango for £2.75m, taking on its eight sites across the [...]
The dizzying tax promises of the Tory campaigns aren’t enough for the City July 18, 2022 IT WAS more than four years ago now since the outgoing prime minister, Boris Johnson, remarked to the Belgian ambassador to the EU that his approach to the private sector was “f*** business”. For a leading Conservative politician with ambitions towards Downing Street, it was an extraordinary thing to say. Yet it was clearly an [...]
Soaring business costs trigger wave of profit warnings July 18, 2022 Swelling costs have crimped UK companies’ margins, leading to a surge in profit warnings, reveals a new report published today. The volume of profit warnings sounded by UK-listed companies climbed 66 per cent in the first half of this year compared to the same period in 2021, up to 136 from 82, according to EY-Parthenon. [...]
Ex-GSK Haleon lands on London market despite economic turbulence July 18, 2022 Haleon, GlaxoSmithKline’s (GSK) former consumer health division, will list on the London market today as a standalone entity. It is a sign of changing tides on the London Stock Exchange, which for years has heavily relied on oil, mining and financial firms. The new FTSE healthcare heavyweight, which awaits a response on its application to [...]