Thank you for joining us today. The Bank of England is reportedly considering plans that would require foreign banks to establish subsidiaries instead of less expensive local branches. This review follows the collapse of Silicon Valley Bank in the US and its subsequent sale of its UK subsidiary to HSBC for £1 in March. Although …
Thank you for joining us today. The chief executives of the largest banks in the UK have been summoned by the Financial Conduct Authority (FCA) to address concerns regarding the disparity between savings rates and mortgage rates. HSBC, NatWest, Lloyds, and Barclays have been invited to attend a meeting on Thursday to discuss worries that …
Cineworld, the UK cinema chain, is set to file for administration as part of a restructuring plan that will result in its shareholders losing their investments. This move comes after the company filed for bankruptcy protection in the US last year due to mounting debts and declining audience numbers following the pandemic. Although Cineworld’s UK …
The dispute between Revolution Beauty and shareholder Boohoo has escalated over a boardroom overhaul. Revolution Beauty finds it ironic that Boohoo accuses them of violating best practices in corporate governance. Boohoo, which holds a 26% stake in Revolution Beauty, led a vote against the beauty company’s directors during its annual general meeting. Boohoo has been …
Last month, households withdrew a staggering £4.6bn from banks and building societies, setting a new record. This surge in net withdrawals represents a 25% increase from the previous month, with May marking the largest cash withdrawal by households since at least 1997, as revealed by data from the Bank of England. Economist Thomas Pugh from …
The government is considering the nationalisation of Thames Water as the company grapples with a debt of £14 billion. To execute its eight-year turnaround plan aimed at addressing its significant problem of leakage, the company is struggling to raise £1 billion from investors. Adding to its challenges, the CEO Sarah Bentley unexpectedly resigned with immediate …
Vladimir Putin’s war has caused widespread destruction in Ukraine, with far-reaching economic consequences for the global community. British consumers have particularly felt the impact, as energy prices and food costs surged, exacerbating an existing cost of living crisis. However, as we approach the one-year mark since the conflict began, there are signs of improvement. Inflation …
The Russian rouble has experienced a sharp decline, reaching a nearly 15-month low against the US dollar in response to the recent military coup against Vladimir Putin. Market opening saw the rouble weaken by as much as 3% against the dollar, reaching its lowest point since March of last year, shortly after Russia’s invasion of …
Tesco, the largest supermarket in Britain, is facing scrutiny from the Competition & Markets Authority after allegations that its Clubcard prices could be deceptive for consumers. Which? has voiced concerns that Tesco’s pricing method under its loyalty scheme may confuse shoppers and prevent them from identifying the best deals. This pricing approach has been criticized …
Consumer confidence in Britain reached its highest level in 17 months, with people seemingly unconcerned about the prospect of rising interest rates. Market research firm GfK reported that the mood among Britons rose three points to minus 24 in June, surpassing economists’ expectations of a reading of minus 26. This positive sentiment persists despite the …