Author: WTX Business Team

Metro Bank has a limited future, claims co-founder Metro Bank co-founder Anthony Thomson has said the bank faces a “limited future” if it continues with its strategy of focusing on High Street branches. On Sunday, the Metro Bank agreed on a deal to raise funds that it said would secure its future, after days of speculation over its financial position. The bank said it would continue to focus on bricks and mortar branches. But Thomson,…

Oil prices rise following Hamas attack on Israel Oil prices have jumped on concerns that the situation in Israel and Gaza could disrupt output from the Middle East. Brent crude, the international benchmark, rose more than $3 to $87.68 a barrel, while US prices also rose. Israel and Palestinian territories are not oil producers but the Middle Eastern region accounts for almost a third of global supply. View this post on Instagram A post shared…

Metro Bank agrees rescue deal with investors The Guardian says The embattled high street lender Metro Bank has agreed a rescue deal with investors to shore up its balance sheet after a weekend of negotiations. The bank announced late on Sunday that it had secured a £325m capital raise, including £150m of new equity from shareholders, and £600m of debt refinancing. The equity raise will be led by its largest shareholder, the Colombian billionaire Jaime…

Hiring boom fading but three-quarters of UK firms still struggle to find staff The Guardian says Three-quarters of UK firms are still struggling to recruit staff, research has found, but the post-pandemic “jobs boom” appears to be in decline, with hiring intentions continuing to fall last month. A survey by the British Chambers of Commerce found that 73% of the almost 5,000 companies it polled had faced hiring difficulties in the July to September quarter…

‘Customers are coming to us crying’: staff mourn as Wilko exits high street The Guardian says There was a mournful, empty feeling in the Wembley High Road branch of Wilko that closed its doors for the last time on Thursday. It was one of 68 stores that the hardware and homeware retailer shut last week, with the final 37 of what was until last month a 400-strong empire closing on Sunday. With prices cut throughout…

Waitrose in talks with Amazon over online grocery deal, says report The Guardian says Waitrose is reportedly in talks with Amazon to sell groceries via the internet marketplace, in an attempt to lure in more shoppers and claw back market share. The Sunday Telegraph reported that the upmarket supermarket, part of the John Lewis Partnership, and Amazon were discussing a third-party deal, after the world’s biggest online retailer struck a similar agreement with the supermarket…

Sam Bankman-Fried was not surprised by $8bn FTX shortfall, key witness says The Guardian says Sam Bankman-Fried was not surprised to discover a huge $8bn shortfall in the days before the collapse of FTX, his now bankrupt cryptocurrency exchange, according to testimony from his former business partner. The testimony came from Gary Wang, the co-founder of FTX, during his second day on the witness stand in Bankman-Fried’s fraud trial. Bankman-Fried is facing seven counts of…

‘A party for all businesses’: how Labour is courting industry The Guardian says The Labour Party conference has not always been a hot ticket for company bosses. This year, after events in Manchester rounding off a chaotic period for business relations with the Conservatives, things are different. As the party descends on Liverpool’s Albert Dock for its annual get-together this weekend, insiders say so many companies are clamouring to attend that many will not get…

UK on track for record tax levels, IFS think tank says BBC Business says The government is on course to oversee the biggest tax-raising Parliament since records began, according to the Institute for Fiscal Studies’ analysis. The IFS forecasts taxes will amount to about 37% of national income by the next general election, due in 2024. That would be a level not seen since 1948, just after World War Two. Responding to the report, a…

England’s single-use plastics ban does not tackle takeaway boxes, warns Greenpeace BBC Business says A ban on single-use plastic cutlery, plates and polystyrene trays comes into force in England on Sunday. The new rules do not apply to plastic plates, trays and bowls used to pre-package food in shops and takeaways. Environmental campaigners say the ban does not go far enough to cut plastic waste, while some businesses told the BBC they were unaware of…

UK economy grew faster than estimated since Covid BBC Business says The UK’s economy has grown faster since the start of the Covid pandemic than initially thought, new figures show. Revised data indicates that the UK has seen faster growth than France or Germany since the end of 2019. The growth figures had been expected to be upgraded, after the Office for National Statistics (ONS) published new estimates earlier this month of how the economy…

HS2: Unions call for emergency summit on rail line’s future BBC Business says Unions have called for ministers to hold an emergency summit about the HS2 rail project following growing speculation about its future. The Trades Union Congress and five member unions said stakeholders must be brought together “urgently” to get the line “back on track”. Rising costs have led to speculation that the Birmingham to Manchester leg of the high-speed line will be axed.…

Elementor #552588 September 29, 20231 Min Read Summary of the Top 6 headlines today Financial Times – OpenAI in talks with AVE and SoftBank to design ChatGPT creators’ first device The Financial Times reports the creators of ChatGPT are hoping to build “the iPhone of artificial intelligence” – and are in talks with former Apple designer Sir Jony Ive to make it happen. People familiar with the plan have told the paper that the project…

Average five-year mortgage drops below 6% Newly released figures show the average rate on a five-year fixed mortgage has fallen below 6% for the first time since early July. The typical rate has dropped to 5.99%, according to the financial information service Moneyfacts. Lenders have been given some confidence to cut rates after the end of a run of 14 consecutive interest rate increases by the Bank of England. The average two-year deal has a…

Elementor #552380 September 28, 20231 Min Read Summary of the Top 6 headlines today Financial Times – City watchdog probes private market valuations as borrowing costs picks up  The Financial Times says the top financial regulator is preparing to launch a sweeping review of valuations in private markets amid growing fears over the impact of higher borrowing costs on the sector. The paper says global regulators are becoming “increasingly uneasy about the potential for blow-ups…

CITY AM – Is this the worst company in Britain? Water companies given £114m performance fine – with Thames Water amongst the worst of the lot CITY AM SAYS Water companies in England and Wales will have to return £114m to customers next year after missing performance targets, industry watchdog Ofwat has confirmed. The regulator also revealed debt-laden supplier Thames Water has been ‘lagging’ in its bid to clean up pollution incidents, plug leakages and…

Elementor #552221 September 27, 20231 Min Read Summary of the Top 6 headlines today Financial Times – Amazon uses monopoly to hurt shoppers, says US lawsuit  The Financial Times leads with a lawsuit brought against Amazon by the US Federal Trade Commission and 17 US states alleging that the retailer illegally uses monopoly power to overcharge consumers, hobble competitors, and exploit sellers on its marketplace platform. The paper says the suit marks one of the…

New iPhone 15 fails bend test as YouTuber breaks it with bare hands The Metro says September is iPhone season, and Apple enthusiasts will be weighing up the tough decision of shelling out a big chunk of money to upgrade to the new iPhone 15. Tech buffs have already got their hands on the devices and taken them for a spin to give potential buyers a peek into what their money will buy. Unfortunately, the…

Hamleys reveals its top 10 toys for Christmas — and it’s another win for Barbie The Metro says The world’s oldest toy store, Hamleys, has unveiled it’s top 10 toys for Christmas 2023. Each year, expert buyers from the retailer curate an edit of the products expected to be on every child’s Christmas list, but this year, they’re catering for adults too. And, in a year that the world turned Barbie pink, it’s perhaps no…

Luxury restaurant The Ivy launches loyalty scheme (and a rockstar-inspired cocktail menu to match) The Metro says If you want to experience fine dining for less, The Ivy have the answer thanks to their new loyalty scheme. The iconic restaurant chain, beloved by A-listers, has launched a money saving loyalty app. They even called in the help of none other than rockstar and Ivy fan, Rod Stewart, who has dubbed the new scheme, ‘sexy’. Available…

The Economist – Time for a rethink Ukraine faces a long war. A change of course is needed THE ECONOMIST SAYS The war in Ukraine has repeatedly confounded expectations. It is now doing so again. The counter-offensive that began in June was based on the hope that Ukrainian soldiers, equipped with modern Western weapons and after training in Germany, would recapture enough territory to put their leaders in a strong position at any subsequent negotiations.…

CITY AM – UK growth to slide as stress builds UK growth set to slow as economy experiences ‘renewed signs of stress’, KPMG warns CITY AM SAYS The UK economy will “struggle to keep its head above water” for the remainder of this year as it is experiencing “renewed signs of stress,” KPMG warned today. The Big Four accountancy firm said that while worries about a deep recession have largely gone away, the economy was…

CITY AM – To hike or to hold The Fed holds rates: Now it’s the Bank of England’s time to decide London business newspaper CITY AM SAYS The Bank of England will make a call at noon today on interest rates – with the City split on whether surprise inflation data gives Threadneedle Street cover to pause its rate hike cycle. The Federal Reserve chose again to hold rates last night, though the body behind…

Elementor #551608 September 21, 20231 Min Read Summary of the Top 6 headlines today Financial Times – Sunak sparks business backlash after U-turn on net zero pledges  The Financial Times leads on the backlash against PM Rishi Sunak’s plans to push back the government’s net zero promises. Several car makers have heavily criticised the move. The paper says PM Sunak has “ignited a business backlash” and quotes Lisa Brankin, chair of Ford UK, saying the…

CITY AM – CBI fights for survival CBI postpones crunch AGM amid ‘short term cash flow’ issues and race to raise £3m London business paper CITY AM SAYS The Confederation of British Industry (CBI)’s annual meeting meant to take place Wednesday has been postponed, prompting more concerns about the finances of the crisis-hit lobby group. Following a race to raise £3m within days of its scheduled annual meeting, the CBI announced its postponement in a…