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Financial
Next warns that attacks on the Red Sea could affect sales in the year ahead
Next increased its profit expectations for the year, after selling £38m in excess of what was expected in the lead-up to Christmas. However, the company warned that problems in the Red Sea may delay deliveries and affect sales in the coming…
Ryanair sales slump after travel agents remove airline from their websites
Ryanair says it has seen a decline in the number tickets it is able to sell since major online booking sites removed the budget airline's flights.
In early December, the largest online travel agents, including Booking.com and Kiwi,…
The price cap on energy bills has increased by 5% in Great Britain
The regulator increased its price cap to reflect the rise in gas prices on the global market.
This change will take effect on 1 January 2024, which means that average households will begin the year with an increase of 5% in their energy…
Apple’s services business, worth $85bn a year, faces legal consequences
Apple will face a legal reckoning by 2024. A series of regulatory decisions made by US and EU authorities in the next few months will determine the future for its $85bn services business.
Apple's biggest blow could be a US antitrust case…
US office owners facing $117bn debt repayments
This year, hundreds of large US office buildings will be unable to refinance their debts due to the current interest rate.
According to the Mortgage Bankers Association, there are $117bn in commercial loans that are tied to offices and…
Netflix’s streaming rivals have suffered a $5 billion loss, causing a’shakeout’
In 2024, the world's biggest traditional entertainment companies will have to face the consequences of losing $5bn from streaming services built by them in order to compete with Netflix.
Disney, Warner Bros Discovery Comcast, and…
Jeremy Hunt announces the March 6th Spring Budget
The UK chancellor Jeremy Hunt announced that the Spring Budget 2024 will take place on 6 March, leaving the door open for a potential early general election to be held in May.
Hunt will announce tax cuts before the budget. He hopes this…
In one of the worst years since the financial crisis, banks shed 60,000 positions.
In 2023, global banks will have eliminated over 60,000 jobs. This is one of the most significant years of cuts since the financial crises. They also reversed a large portion of their hiring after the Covid-19 pandemic.
Investment Banks…
Barclays signs deal to stay in London’s Canary Wharf till 2039
Barclays reached an agreement to remain in its Canary Wharf HQ until at least 2039. This is a major boost for London's Docklands Financial Centre after other high profile tenants chose to move elsewhere.
The bank has extended its lease…
BlackRock’s ambitions in private equity revealed by failed Warburg Pincus negotiations
BlackRock's push to diversify into alternative investments has led it to talk with Warburg Pincus. The world's biggest money manager is looking for a deal that will transform the $27tn industry of private funds.
Five people who were…
UK signs financial services agreement with Switzerland after Brexit
Jeremy Hunt, UK chancellor, will sign a financial service deal with Switzerland on Thursday. He claims that it will facilitate business between wealthy individuals and financial firms in both markets.
The UK-Swiss agreement is based on…
Softbank and Arm Chiefs Meet Hunt as City Reforms Open Door to Secondary Listing in London
On Tuesday, Arm's chief executive and owner met with Jeremy Hunt at Downing Street. At the same time, regulators announced reforms that could encourage Arm to have a secondary listing in London.
On Tuesday, Rene Haas and Masayoshi son, the…
UK offers ‘final’ £3.3bn in emergency funding to Northern Ireland
The UK government announced a final £3.3bn offer to Northern Ireland on February 2nd and informed the largest unionist party, "Now is the time to decide" on the return to Stormont executive.
The package of emergency financing was nearly…
Signa sells Chrysler Building in desperate effort to raise money
Signa Holding has entered into negotiations to sell the half of New York’s Chrysler Building in order to raise urgent cash, according to the administrator of Signa Holding, a collapsed European real estate company. He warned that a long and…
British Museum signs sponsorship agreement with BP for £50mn
The British Museum signed a sponsorship deal worth £50mn with BP despite the vocal opposition of environmental activists.
The agreement announced Tuesday is expected to help fund an estimated £1bn in modernisation for one of Britain's…
The university financial ticking bomb
Vice chancellors nationwide have long warned of a growing financial crisis in universities.The dire warnings have now become reality.
Coventry University will reduce funding by £95m over the next two years due to an £85m budget…
UK FCA rejects extension of post Brexit licensing regime
The UK's top regulator of financial services has ruled out extending its temporary post Brexit licensing regime past the end of the year. It also pledged to finish work on 116 cases that are still outstanding within the next two weeks.…
Ryanair boss Michael O’Leary is on track for a £100mn bonus
Ryanair CEO Michael O'Leary will receive a €100mn Bonus due to the low-cost carrier's shares reaching a new record.
The shares rose to €18.99, which brings their gains for the past year to over 50%. This highlights Ryanair as the most…