Credit Suisse weighs up survival options as 167-year-old bank faces pressure to merge with rival UBS March 18, 2023 Credit Suisse Group began a make-or-break weekend after some rivals grew cautious in their dealings with the bank and regulators urged it to pursue a deal with Swiss rival UBS. Credit Suisse Chief Financial Officer Dixit Joshi and his teams will hold meetings over the weekend to assess strategic scenarios for the bank, people with knowledge of the matter [...]
Why is the UK economy poised to tumble into a recession and fall behind Europe, US and even Russia? February 16, 2023 Britain avoided a much-tipped recession at the end of last year. Phew. “However, we are not out of the woods yet,” warned Chancellor Jeremy Hunt after last Friday’s GDP figures from the ONS revealed the economy stagnated at the end of 2022, meaning it narrowly avoided the technical recession definition of two consecutive quarters of [...]
FTSE 100 close: London index bumps higher ahead of key inflation and wage numbers February 13, 2023 London’s FTSE 100 kicked off the week in busy fashion today ahead of a busy week of data that will provide more clues on the health of the UK economy. The capital’s premier index closed 0.83 per cent higher today at 7,947.60 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with [...]
FTSE 100 close: Barclays, HSBC and Easyjet shine on otherwise poor day in London January 25, 2023 London’s FTSE 100 today gave up morning gains to finish lower before stronger-than-expected retail earnings provided a balm against recession fears. The capital’s premier index fell 0.22 per cent to 7,740.34 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, slid 0.38 per cent to [...]
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 [...]
2022: The year the UK economy soured December 23, 2022 Let’s not forget that inflation was already a problem heading into 2022. The final inflation reading of 2021 was for November and came in at 5.1 per cent, nearly three times higher than the Bank of England’s two per cent target and the highest level since September 2011, according to the Office for National Statistics [...]
City Moves: Who’s switching jobs in the Square Mile? December 15, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. PKF Littlejohn Canary Wharf-based accountancy firm PKF Littlejohn has appointed an insolvency, credit and debt veteran its lead its new creditor services team. James Linton, who brings over 15 years of experience to the role, will help [...]
HSBC shares top FTSE 100 after it offloads Canada business to RBC for £8.4bn November 29, 2022 BRITAIN’S biggest bank HSBC has sold its Canadian business to Royal Bank of Canada (RBC) for $10.1bn (£8.4bn) in a move that may save some face with disgruntled Asian investors demanding the firm be broken up. The Canary Wharf headquartered lender said today it plans to redistribute a chunk of the $5.7bn (£4.7bn) profit it [...]
Backing the central bank pivot is a risky bet October 25, 2022 It is easy to criticise central banks for heaping pain on households and businesses. But, this is exactly what they are supposed to do under current economic conditions. Inflation in the UK, US and eurozone has hit 10.1 per cent, 8.2 per cent and 9.9 per cent respectively, all historic highs. The Bank of England [...]
Lookahead: Demand questions will take centre stage at Tesla’s quarter report October 19, 2022 Demand issues are expected to take centre stage as Tesla unveils its third quarter report later tonight. Analysts have become increasingly sceptical about the electric vehicle (EV) giant’s ability to weather the storm of soaring inflation rates, sky-high energy bills and demand weaning in China. In a trading update published earlier this month, Tesla reported [...]