Rishi Sunak: City of London will be ‘engine room’ of UK investment in rebuilding Ukraine June 21, 2023 Ukraine is set to receive £3bn in World Bank loan guarantees as Prime Minister Rishi Sunak confirmed the UK would continue to support the nation for “as long as it takes” in the fight against Russia. Sunak will also announce a major financial support package for the eastern European country as it mounts its long-awaited [...]
Abrdn: Why shareholders could be set for a payday after £337m HDFC sale June 20, 2023 Abrdn has offloaded its entire stake in Indian asset manager HDFC and could now be set to ramp up share buybacks as it looks to put cash back in shareholders' pockets.
Saga profit expectations ‘well ahead’ of last year but insurance arm weighs down results June 20, 2023 Saga it expects profits to be “well ahead” of the previous year, driven by a strong performance from its ocean cruise and travel section – but its insurance arm continues to weigh it down. The over 50s specialist saw £150m in booked revenue from its travel segment as of this week, 37 per cent ahead [...]
Bank of England launches first ‘system-wide’ stress test to shed light on shadow banks June 19, 2023 The Bank of England launched its first system-wide stress test today of the financial sector as it attempts to shed light on the shadow banking sector. Through the tests, the Bank of England hopes to better understand how, during a period of market stress, the behaviour of shadow banks could amplify financial shocks. Shadow banks [...]
Wall Street ends best week since March on quiet note June 17, 2023 Wall Street has closed out its best week since March with a quiet finish on Friday, as stocks drifted to modest losses. The S&P 500 fell 16.25 points, or 0.4 per cent , to 4,409.59 after wobbling through the day. It still closed out a fifth straight winning week for its longest such streak since [...]
Cyclist Lizzie Deignan: It’s tricky to not give working mothers a false sense of it being easy June 17, 2023 If you ask anyone who has a child whether or not parenthood is 18 years of plain sailing, you’re unlikely to find a single person who’d say yes. Professional cyclist Lizzie Deignan is no different. This month was supposed to see her long awaited return after having a second child. But two things changed. Deignan [...]
Tesco: ‘Encouraging signs inflation is starting to ease’ as quarterly revenue tops £14.8bn June 16, 2023 Britain’s biggest supermarket Tesco has reported a nine per cent increase in UK sales, with its new chief executive saying there are “encouraging early signs that inflation is starting to ease”. Tesco said it reported £13bn in sales across the UK and Republic of Ireland, up almost nine per cent on the previous quarter. In [...]
Legal and General: Santander Europe boss António Simões to succeed long-time chief Sir Nigel Wilson June 15, 2023 Legal and General (L&G) has appointed Santander’s António Simões to be chief executive, who will succeed the departing Sir Nigel Wilson next year. Simões has been Santander’s European regional head since 2020, leading the bank’s operations across the UK, Spain and Portugal. Before that Simões had been at HSBC for 13 years, where he had [...]
The Square Mile and Me with Michael Barrington-Hibbert: ‘Headhunted’ at the market stall to a love for Leadenhall June 15, 2023 Each week we ask a City figure to take a trip down memory lane. Today, it’s Michael Barrington-Hibbert, founder and CEO of executive search firm Barrington-Hibbert Associates What was your first job? When I was 13 years old, I worked at a fruit and veg stall in Wembley after school which led to me being [...]
Gen Z drivers forking out extra £300 as soaring car premiums offset dip in petrol costs June 13, 2023 Young car owners are paying an extra £300 to drive a car this year as a result of insurers hiking up premium prices, new research shows. Analysis from Compare the Market shows that young motorists between 17-24 are now paying £2,559 to drive a car for a year, compared with £2,263 in 2022 a “substantial” [...]