Bank of England cuts growth forecast and holds interest rates as no-deal Brexit risk rises Bank of England decides to hold interest rates The Bank of England has decided to keep interest rates unchanged warning that the likelihood of no-deal Brexit was rising and global trade tensions were intensifying. The rate-setting committee, which raised rates to 0.75 per cent in August last year, unanimously voted to hold interest rates, it said today. Read more: Three reasons why the [...]
UK banks need ‘more support’ and tax cuts after being let down over Brexit UK banks need 'more support' and tax cuts, UK Finance chief warns UK banks need more support from government to promote a positive vision and cut taxes on the industry, UK Finance chairman Bob Wigley has said. The trade body chair said government failed to adequately support the finance industry in the Brexit negotiations and called for a new formal body to be set up. Read more: [...]
What’s wrong at Dixons Carphone? Analysts react to loss as shares dive What went so wrong at Dixons Carphone? Analysts react Dixons Carphone revealed huge losses of £259m this morning and warned there was “more pain” to come in its struggling mobile phone division. It blamed the rapidly changing mobile phone market in the UK and said it would take two years to break even amid a transformation plan. Read more: Dixons Carphone shares plunge as [...]
Deutsche Bank faces US money laundering investigation June 20, 2019 Deutsche Bank is facing a US criminal investigation into whether it complied with anti-money laundering laws. US federal authorities are investigating whether Germany’s biggest lender complied laws intended to stop money laundering and other crimes, the New York Times reported. Read more: Deutsche Bank to create €50bn bad bank in radical overhaul The probe includes [...]
Dunelm raises profit forecast after weather helps boost sales June 20, 2019 Furniture firm Dunelm has raised expectations for the year after strong sales growth in recent months driven by poor weather. The company said unseasonably favourable weather had boosted like-for-like growth in May and June as it continued to defy the UK’s gloomy retail sector. Shares in Dunelm climbed more than five per cent as the [...]
Starling Bank partners with Direct Line to simplify insurance process June 20, 2019 Challenger bank Starling has partnered with insurance firm Direct Line to allow customer account holders to use its app to apply for home cover. The tie-up will allow Starling customers to connect with the insurer’s Churchill brand through the bank’s ‘marketplace’ app. Read more: Starling banks £75m funding round from Merian Global Investors Customers will [...]
Lloyds Bank boss defends pay and pension perks as MPs accuse him of greed June 19, 2019 Lloyds Bank boss Antonio Horta-Osorio has defended his pay packet and pension perks in a grilling by MPs. Horta-Osorio, who as Britain’s best-paid boss took home £6.3m last year, insisted his pay packet was in line with the market rate for major bank chief executives. Remuneration committee chairman Stuart Sinclair told MPs the bank’s boss [...]
Saga shares plunge on warning of fresh travel struggles June 19, 2019 Shares in Saga have fallen more than ten per cent this morning after the insurance and travel group warned its tour operations were set to take a hit. Ahead of its annual meeting later today, Saga warned of fresh travel struggles due to a competitive market and political uncertainties. Read more: End of the Saga [...]
CYBG to rebrand as Virgin Money to ‘disrupt status quo’ of UK banking June 19, 2019 Clydesdale and Yorkshire bank owner CYBG will be renamed Virgin Money in a major rebranding to “disrupt the status quo” of UK banking. CYBG acquired Virgin Money last year in a £1.7bn deal and will now adopt its name across its business by the end of the year. Read more: CYBG shares jump as it [...]
Mulberry swings to loss on tough UK retail market and House of Fraser collapse June 19, 2019 Luxury handbag maker Mulberry swung to a loss of £5m last year as the “challenging” UK retail market and the collapse of House of Fraser hit sales. The figures Mulberry reported a pre-tax loss of £5m for the year ending 30 March, down from £6.9m profit the previous year. Read more: Mulberry widens losses after [...]
