Bank of England boss Bailey rebuffs claims he ‘bottled it’ on interest rate call November 5, 2021 The Governor of the Bank of England Andrew Bailey has pushed back on criticism that he talked up a interest rate rise, then failed to follow through. Bailey denied the Bank of England “bottled it” yesterday, adding: “We expect interest rates to rise and we are very clear”. The pound sank against the dollar yesterday [...]
Markets: BT helps FTSE power ahead as pound sterling slips November 5, 2021 The FTSE 100 was sitting in the afterglow of the Bank of England’s rate call and was also boosted by BT group this morning, pushing it up 0.4 per cent to 7,304. The FTSE 250 meanwhile was also up 0.4 per cent to 23,564. Pound sterling fell further against the US dollar, down to $1.346 [...]
Beazley gross premiums soar above expectations to £2.4bn November 5, 2021 Insurer Beazley has reported high-than-expected gross written premiums of $3.3bn (£2.4bn), driven by their cyber & executive risk and specialty lines divisions. Gross written premiums rose by 29 per cent for the nine months ended 30 September compared to last year, the insurance company announced in a trading statement today. Underwriting action since last October, [...]
Virgin Media O2 owner fuels speculation of mobile firm float November 5, 2021 One of Virgin Media O2’s owners has added to speculation of an anticipated float of the £31bn mobile arm. Mike Fries, chief executive of Liberty Global, suggested to investors that a public listing of the mobile and broadband firm could be as soon as next year. On a call with investors, Fries said: “We have [...]
Stelrad valued at £274m as London IPO kicks off November 5, 2021 Radiator manufacturer, Stelrad, priced its shares at 215 pence a piece in time for its IPO on the London Stock Exchange this morning. The updated share price takes the company’s market capitalisation to £274m. Dealings in Stelrad’s ordinary shares have commenced on the main market of the London Stock Exchange under the ticker “SRAD”. Trevor [...]
Virgin Money restructuring plans push shares down 7 per cent November 4, 2021 Shares in Virgin Money have fallen 7.3 per cent this afternoon after the digital bank revised its strategy to include an expensive cost-cutting exercise. In an unscheduled trading update the lender unveiled plans to “accelerate” its switch to digital banking services, but warned of the cost-cutting exercise this would incur over the next three years [...]
Antonio Horta-Osorio gives Credit Suisse prime broking the chop after $5bn losses November 4, 2021 Horta-Osorio, who joined Credit Suisse from Lloyds in April, has revealed sweeping plans to restructure the beleaguered lender and dramatically pare back its investment bank activities after it suffered multibillion losses this year. Under the new strategy announced today, Credit Suisse will rein in its investment bank and focus on its wealth management division, in [...]
Metro Bank shares surge on Carlyle Group takeover approach November 4, 2021 Shares in high street lender Metro Bank jumped 35 per cent today after it confirmed it was in talks with funds linked to the Carlyle Group regarding a takeover. Shares are currently up 35 per cent at 139p per share. It added in a statement there was no certainty an offer would be made and [...]
Fulham Shore shares rise as pizza chain plots Greek expansion November 4, 2021 Franco Manca’s owner saw shares jump after it declared the pizza chain was eying Greece in its expansion plans. Fulham Shore’s share price shot up more than seven per cent on Thursday morning, following an update from the group. Franco Manca will launch in Greece with a local franchisee planning to open at least six [...]
Bank of England leaves rates at record low despite expecting persistent inflation spike November 4, 2021 The Bank of England today decided to scupper a flurry of bets on interest rate hikes and leave them unchanged at a record low. Despite mounting speculation from financial markets, economists and experts, the Old Lady left interest rates at 0.1 per cent and will see through the final leg of its QE programme. The [...]