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Financial
Global investors dump Chinese securities as state support hopes fade
Foreign investors are selling Chinese bonds and stocks after Beijing failed to deliver on its promises of additional help for the economy.
According to calculations based on Hong Kong Stock Connect data, investors have reversed almost…
Why Jeremy Hunt’s perfectly balanced budget could be blown apart by the triple lock
The Chancellor's hopes for a tax cut before the election are dashed by record wage growth
For Jeremy Hunt fixing Britain's financial situation has become a game called whack-a mole: as soon as one problem is solved, another…
Four major UK lenders lower mortgage rates
As competition intensifies in the market for home loans, four large UK lenders have cut mortgage rates twice in the last three weeks. This is due to better-than-expected inflation data.
Nationwide, second largest mortgage lender, reduced…
Zach Kirkhorn, Tesla’s CFO and veteran company employee, has quit.
Zach Kirkhorn, Elon Musk’s closest lieutenant at Tesla, resigned unexpectedly from his position as Chief Financial Officer as the electric car maker struggles to cut costs and defend its profit margins after a series of price reductions.…
Stress test for many of the world’s biggest hedge funds
After being invited to participate in the stress tests, which are the first ever to include the shadow banking sector, many of the largest hedge funds around the world will reveal if their investments could amplify economic shocks or harm…
Lloyds is facing a High Court case over ‘overcharging of’ £624m in car finance.
In a landmark case at the High Court, Lloyds Banking Group was accused of illegally "overcharging" car finance customers by hundreds of millions pounds.
The UK's largest high street bank is accused of charging excessive interest…
City of London asks BoE to delay the bank capital rule until mid-2025
Finance industry pressure is mounting on the Bank of England to delay by six months the UK's implementation of global banking capital regulations. This would avoid a period of divergence in regulation that could affect the ability of the…
Wizz Air’s chief lauds the ‘capitalist’ spirit behind the £100mn bonus package.
Wizz Air’s chief executive said that the extension of a bonus incentive package for him to unlock a £100mn shows "the prevalence of capitalist spirits" despite the significant opposition of some investors.
The resolution passed by the…
In 2021-22, Britons paid a record £16.7bn capital gains tax
According to data released on Thursday, Britons paid an unprecedented £16.7bn in capital gain tax during the financial year 2021-22 due to rising asset values and increased house sales.
HM Revenue & Customs figures showed a 15%…
Fitch’s decision to downgrade US debt has a political rationale
The gods of finance can sometimes deliver choreography which will make future historians laugh. One such moment occurred in America this week.
Jack Smith, the Special Counsel for the United States announced on Tuesday a new indictment of…
Apollo Chief warns that private equity is ‘in retreat as rates rise’
The lucrative era of private equity buyouts is over, and the industry's $4tn worth of returns won't be fueled by increasing valuations anymore, warned the CEO of Apollo Global Management on Thursday.
Marc Rowan said, "This year marks the…
UK tax authorities pursue Uber in widening VAT dispute
Uber, a ride-hailing application, is being pursued by the UK tax authority in an ongoing dispute over VAT.
The company claimed that HM Revenue & Customs "disputed the amount and method" in which it applied VAT to UK mobility…
Uber posts first operating profit following $31.5bn in losses
Uber announced its first operating loss on Tuesday, but a better cost control strategy has helped the company turn the corner after years of spending heavily in an ill-advised bid for growth.
The long awaited landmark was revealed after…
Beer drinkers balk at Heineken’s prices
Heineken's annual profit forecast has been cut after beer drinkers balked over higher prices.
The second largest brewer in the world said that its sales volume fell by 5.4 percent in the first quarter, and then worsened to 7.6 percent in…
British Gas profits £1bn after Ofgem allows it to charge higher bills
British Gas has seen its profits increase tenfold since Ofgem permitted the company to earn more from household bills.
The company, which supplies 10 million British households and businesses reported a record half-year profit of…
The decision that led to Britain’s debt crisis is one of the worst in the world
Few people have heard of the Debt Management Office. It is not just bond traders and pension fund managers.
This obscure part of the Treasury plays a crucial role in dealing with Britain's ever-growing mountain of debt. But, like…
Britons owe a record £5,76bn inheritance tax
The death rate increased during the Covid-19 pandemic, which led to a steep increase in the number estates that paid inheritance tax.
HM Revenue & Customs figures released on Wednesday show that inheritance tax liabilities are up by…
Federal Reserve increases US interest rates to the highest level since 22
The Federal Reserve increased its benchmark interest rates by a quarter percentage point on Tuesday, bringing them to their highest level in over 22 years. It also left the door wide open for further increases to occur this year.
Federal…