Labour squeeze to fuel inflation and clamp down on economy November 9, 2021 The ongoing labour squeeze plaguing the UK economy will trigger a surge in prices. That’s the warning from one of the Bank of England’s rate setters, who warned today that stronger inflation is the inevitable outcome of severe supply and demand imbalances. Responding to a grilling by MPs, Ben Broadbent, a deputy governor at the [...]
City watchdogs ordered to go for growth by government November 9, 2021 The government will task financial regulators with boosting the City’s competitiveness as part of a push to secure the UK’s status as a leading financial hub. In a sweeping set of reforms launched yesterday designed to overhaul the regulatory regime shaping the City, the government said regulators would be given a further objective to “facilitate [...]
UK economy set to eke out anaemic growth in set of muddled GDP figures November 9, 2021 The UK economy is set to squeeze out anaemic growth as the recovery from the Covid-19 crisis continues to slow, according to City economists. Severe supply chain bottlenecks, compounded by soaring energy prices, logistics systems breaking down and a paucity of workers has crimped businesses. As a result, the size of the British economy is [...]
Darktrace shares jump 10 per cent after broker says plunge driven by ‘fear not fact’ November 8, 2021 Shares in cybersecurity company Darktrace were up more than 10 per cent at midday on Monday after a fresh analyst note contradicted Peel Hunt’s “sell” analysis a fortnight ago and said the stock price plunge it provoked was driven by “fear not fact”. “Any share price capitulation is a result of fear not fact,” Berenberg [...]
‘Cheap money’ fuels crypto rush as Bitcoin bounces near record $66k high amid inflation fears November 8, 2021 Bitcoin jumped by more than 7 per cent over the last 24 hours, heading above $66,300. ’Bitcoin is bouncing higher again, close to all-time highs fuelled by expectations that the era of cheap money looks set to hang around for longer, while inflation is expected to keep ticking up,” Susannah Streeter, senior investment and markets [...]
Credit Suisse chair Antonio Horta-Osorio says largest investors back bank overhaul November 7, 2021 Credit Suisse chairman Antonio Horta-Osorio has today revealed that the six largest investors of the bank back its newly announced strategy, according to reports. “We are in close contact with our shareholders – in particular the six largest, who together own around 30 per cent of the capital,” Horta-Osorio told Swiss newspaper NZZ am Sonntag, [...]
State Street denies bank staff must get special approval to hire white men November 7, 2021 Investment bank State Street tonight forced to push back against reports it will insist managers get special approval to hire white men over female or minority candidates. The bank wants to triple the number of black, Asian and other minority staff in senior roles by 2023 and has mandated lower bonuses for execs if they do not hit [...]
Berkshire Hathaway enjoys rebound in profits November 6, 2021 Warren Buffett’s Berkshire Hathaway has extended its rebound from the early stages of the pandemic, with quarterly operating profits rising by 18 per cent to $6.47 billion compared to $5.48 billion in the year-earlier period. This is despite the company hoarding cash and cutting back on some stock holdings. During the third quarter, Berkshire Hathaway [...]
Global IPO bonanza: Market listings raise record $346bn in 2021 so far November 5, 2021 The global IPO market is booming, according to new data from Refinitiv ahead of the likely listing of Amazon-backed EV maker Rivian next week. IPOs have raised more than $346bn so far this year, with technology the unsurprising star sector. All up, 1,793 initial public offerings have been recorded globally so far during 2021, two-thirds [...]
British Airways shares in descent as it predicts 2021 Covid loss of €3bn November 5, 2021 The owner of British Airways and Iberia, IAG, reported a shrinking €2.6bn (£2.3bn) loss for the first nine months of 2021. However investors dumped IAG shares this morning after it indicated full year losses would still hit €3bn as passenger capacity has been slow to recover. Its lucrative UK-US travel corridor is due to finally [...]