In a significant move likely to spark controversy, the government is set to permit fossil fuel companies to conduct oil and gas exploration beneath offshore wind-power sites for the first time. This announcement, slated for Friday, has drawn criticism from environmentalists, who argue it signals a departure from the climate agenda. The North Sea Transition […]
UK Export Finance, the government’s trade finance arm, has committed to a significant expansion in the number of businesses it supports by 2029, with a particular focus on small and medium-sized enterprises (SMEs), especially those led by women. The export credit agency, which provides insurance cover on overseas contracts and guarantees on export-related loans, aims […]
Coutts, the bank of choice for members of the royal family, has stirred controversy by transferring close to £2 billion of client funds out of the London stock market to invest in overseas ventures. The move by this private bank, catering to tens of thousands of affluent clients, involves reducing the allocation to UK shares […]
Breadcrumb Trail Links News Economy Banking Senators questioned whether Bank of Canada should just change its inflation target to give Canadians relief on high mortgage rates Get the latest from Barbara Shecter straight to your inbox Sign Up Published May 01, 2024 • Last updated 1 hour ago • 4 minute read Bank of Canada Governor […]
Mulberry, the British luxury brand renowned for its exquisite leather handbags, has encountered a 4% dip in annual sales, echoing broader trends of reduced spending among affluent consumers. Despite experiencing growth in international markets, particularly in the United States, the company grapples with challenges in the UK and Asia, reflecting the prevailing downturn in luxury […]
Amazon continues its streak of impressive earnings reports, revealing soaring profits for the first quarter of 2024, bolstered by strong performances in artificial intelligence (AI) and advertising sales. The e-commerce behemoth reported a remarkable overall revenue of $143.3 billion in the first three months of the year, marking a 13% increase from the same period […]
UK house prices experienced a notable decline in April, marking the sharpest drop since last summer, as rising mortgage rates constrained the purchasing power of prospective buyers. According to Nationwide, the high street lender, house prices retreated by 0.4 per cent last month, marking the second consecutive monthly fall and the largest decline recorded since […]
McDonald’s, the American fast-food giant, finds itself grappling with profit setbacks as CEO Chris Kempczinski underscores the growing financial caution among consumers and the ramifications of conflict in the Middle East on its global operations. In the latest quarter, McDonald’s reported a modest 1.9 per cent growth in comparable sales, falling short of Wall Street’s […]
The eurozone experiences a notable surge in economic growth during the first quarter of 2024, marking its fastest pace in two years and dispelling concerns of ‘stagflation’ looming over the region. Output within the single currency area expanded by 0.3 per cent in the initial three months of the year, a significant improvement from the […]
Britons may soon shoulder the burden of an £85 billion bill as the Bank of England revises its estimates for losses on bond sales incurred during financial and pandemic upheavals. Initially projecting £80 billion in losses, the Bank now foresees a higher figure for the losses on its bond portfolio, dubbed the asset purchase facility, […]