CITY AM SAYS The Bank of England will likely leave interest rates on hold for the fourth time in a row when it meets on Thursday this week, economists have said, as the UK economy teeters on the brink of recession.
Author: WTX Business Team
China tightens stock market rules after sell-off To stem a persistent downturn in the world’s second-largest economy, China has implemented more stringent rules within its financial industry. The move comes as Chinese and Hong Kong stocks have seen a staggering loss of nearly $6 trillion (£4.7 trillion) since their most recent peak three years ago. The China Securities Regulatory Commission (CSRC) asserts that these measures are aimed at establishing “a fairer market order.” Effective Monday, the new regulations will impose limits on “short-selling.” Short-selling involves traders betting that a share or asset will decrease in value. By borrowing the asset…
John Lewis planning major job cuts over five years John Lewis has announced plans for additional workforce reductions over the next five years, confirming potential job cuts of up to 11,000 within the retail partnership. This figure represents 10% of the current workforce, as reported by the Guardian. The job losses are expected to include redundancies and a decision not to fill vacant positions. John Lewis says the cuts are part of a strategy to return the business to profitability. The group, owned by its workers, known as Partners, employs 76,000 people across supermarkets, department stores, and its head office.
Reuters exclusively reported that Chinese military bodies, state-run artificial intelligence research institutes and universities have over the past year purchased
The post China’s military and government acquire Nvidia chips despite US ban appeared first on Reuters News Agency.
WTX Business exclusively reported that Japanese stocks have made a blazing start to 2024, surging to three-decade highs as a weaker yen and expectations of interest rates staying low have re-ignited the strongest rally for years. The post Sparkling start puts spotlight on Nikkei in 2024 appeared first on WTX Business News Agency.
The loss of nearly 2,000 jobs has been great for Microsoft’s share price, as details begin to come through about which teams are affected.
CITY AM says Daily Royal Mail deliveries are vital to the UK economy and losing them could risk “real disruption” to the nation’s finances, MPs and business lobbyists have warned.
The Financial Times splashes on the news that Paris is pressing Britain to help fund nuclear power projects in the UK being built by the French government-owned energy company EDF.
A top think tank warns that tax cut promises in elections may need to be reversed due to severe economic challenges.
UK economy off to promising start in 2024 as business activity rises again The UK economy’s private businesses are picking up speed for the third month in a row, and a new survey indicates that business confidence is at its highest since May last year. The S&P Global/CIPS flash UK purchasing managers’ index (PMI) is a survey that checks how well businesses are doing. In January, it showed a score of 52.5, up from 52.1 in December. If the score is above 50, it means businesses are growing. Economists thought it would be 52.7 this time. The survey found that…
London still number one financial centre in the world despite listings pain London is still the top global financial centre, according to a new report from the City of London Corporation. Despite worries about the city’s stock markets, London holds its position due to strengths in sustainable finance, talent, and skills. The report, comparing cities worldwide, found that London’s success is partly because of its strong performance in sustainable finance, as well as its talented workforce. However, the city experienced a drop in capital markets activity and assets under management over the past year. Although London’s overall competitiveness score slightly…
CITY AM – UK insurers profit from Russian oil UK has insured £102bn worth of Russian oil despite sanctions CITY AM SAYS A former Cabinet minister has called on the insurance industry to think on its obligations after it was revealed that UK firms have insured over €120bn worth of Russian oil. From March 2022, just after Russia’s invasion of Ukraine, until the end of November 2023, the UK insured €120.6bn worth of Russian oil, according to an analysis by the Centre for Research on Energy and Clean Air (CREA). The CREA analysis is focused on the months between March…
Britain’s flagship Hinkley Point C nuclear power plant has been pushed back again until 2029 at the earliest, according to the Financial Times.
CITY AM SAYS The City’s continued strength has helped push services to a record share of total exports, new research shows, but the relative weakness of the rest of the country has seen the UK slip internationally.
Financial Times – Narrow voter ID rules expose Tories to claims of bias Conservative ministers have “opened themselves” up to the charge that a new voter ID scheme is designed to benefit the Tories, according to the head of the elections watchdog – the Financial Times reports. He also expresses concerns in the broadsheet that the “bad behaviour” of some politicians has put the younger generation off voting. The front page features a report on Indian Prime Minister Narendra Modi, who inaugurated a grand temple to Hindu god Ram in the flashpoint city of Ayodhya.
Latest official figures reveal that government borrowing in December was lower than expected, at £7.8bn, according to the Office for National Statistics.
New research indicates that two million people may face their gas and electricity being cut off this winter due to financial constraints, according to Citizens Advice.
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Donald Trump is winning. Business, beware What a second term would mean for American business and the economy THE ECONOMIST SAYS When Donald Trump slunk out of the White House in 2021, executives at large American companies sighed with relief. Now that he has won Iowa’s caucuses by a margin of 30 points, they are digesting the reality that this time next year Mr Trump could be behind the Resolute desk once again. The Economist has spent the past few weeks talking to these titans. Some are deeply alarmed by the prospect of Trump 2. But others quietly welcome the…
The Financial Times says the world’s most successful hedge funds made their biggest profits in more than a decade last year as bets on stock markets paid off when share prices surged.
The Financial Times reports Chancellor Jeremy Hunt has hinted at more tax cuts in the months ahead as he left open the possibility of holding two budgets before the general election.
Londoners were left wondering if they were receiving a visit from outer space – as Samsung launched its new, flagship Galaxy S24 devices.
CITY AM reports Heathrow and Gatwick Airport’s plans for another runway are “f***ing off the wall” and far too expensive, Ryanair’s chief executive Michael O’Leary has said.
The Financial Times says stocks and bonds dipped in value on Wednesday as investors lost confidence in expectations of swift interest rate cuts in Europe, the US and UK.
CITY AM SAYS The City’s small investment banks and brokers have been through a wave of consolidation in the past 12 months. Could Peel Hunt be next?
