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Financial
UK has highest interest debt bill in the developed world
The UK will have the highest interest rates in the developed world for the year due to persistently high inflation, and a large number of government bonds tied to price increases.
Fitch forecasts that the Treasury will spend £110bn in…
Virgin Media O2 will cut 2,000 jobs
Virgin Media O2 has cut 2,000 jobs to try and reduce its costs as it struggles under the weight of billions in debt.
On Monday night, some employees received notices of redundancy.
In June, the unions were informed that 800 to…
Businesses warn of inflation driven by wage increases.
Employers have warned that the driving force behind inflation is now higher wages, as companies pass along rising salaries costs to their clients.
According to S&P Global's influential purchasing managers index (PMI), the economy…
Rithm Capital agrees to acquire Sculptor for $639mn, a hedge fund.
Sculptor Capital Management was once the largest hedge fund in the world. It has now agreed to be bought for $639mn, ending a bitter battle between its billionaire founding Daniel Och, and his former protégé Jimmy Levin.
Rithm Capital, a…
Center Parcs is expensive, but does it really worth £4bn?
The indoor water park at Center Parcs, Woburn Forest in Bedfordshire, is a blast of heat and humid air the moment you step inside. Last Wednesday, inside the "subtropical paradise", screaming boys jostled under a waterfall while a wave…
Transatlantic inflation gap to reach highest level in decades
This week, the gulf between the price pressures in Britain and the US is likely to reach levels not seen since late 1970s as Britain becomes an inflationary outlier on the global stage.
The figures released last week confirm that US…
European luxury stocks fall after Richemont suffers US recession
The shares of high-flying European groups that produce luxury goods fell on Monday, after Switzerland's Richemont experienced a slowdown in US sales. This shattered investor confidence about the recovery in Asia's sales for this sector.…
UK watchdog proposes stricter rules for ‘finfluencers
The UK's financial regulator has proposed new guidance governing how financial products can be marketed on social media platforms to limit what it described as "significant consumer harm" from unsuitable and illegal promotions.
In a…
Moscow seizes Russian subsidiaries Danone’s Baltika and Carlsberg’s Baltika
According to a law signed by Vladimir Putin on sunday, Moscow has taken over the Russian subsidiaries for Carlsberg and Danone.
According to the decree, Russia has taken over the "temporary management" of the Russian companies owned both…
Birkenstock considers £5bn listing on the stock exchange as ‘ugly sandals’ become…
Birkenstock, a 250-year old company that was once ridiculed for its "Jesus sandals", is now enjoying a boom in popularity.
L Catterton is a private equity firm that has hired Goldman Sachs to examine options for Birkenstock, including a…
Insurance costs for defence companies will increase by 300pc due to the City’s ethical crusade
Some companies have seen their insurance premiums increase by up to 300pc.
Several defence companies have complained to the Ministry of Defence about environmental and social governance (ESG rules) driving up costs and making it…
Uber UK’s revenue of £3.4 billion revealed
Uber revealed its UK revenue of £3.4 billion for the first-time.
Uber Eats, a food delivery service that delivers takeout from restaurants or groceries from supermarkets, also made £700 million.
In the accounts filed with Companies…
As interest rates rise, sellers reduce house prices to attract buyers
As mortgage costs increased, the pressure on the housing market caused a further decline in house prices and inquiries.
According to a Royal Institution of Chartered Surveyors survey, professionals reported that the number of new buyer…
OBR: UK debt is unsustainable unless tax and spending are addressed
Treasury's expenditure watchdog warned that the UK's public finance is in a "very dangerous" situation, with a debt predicted to rise to over 300 percent of gross domestic products in 50 years.
Office for Budget Responsibility said that…
Lars Windhorst, a billionaire financier who is indebted, denies he lives a “billionaire…
German financier Lars Windhorst denied living a “billionaire lifestyle” while large debts remain unpaid to creditors, during a London High Court hearing where he was struggling to answer questions regarding his finances.
Windhorst stated…
Carlsberg reduces alcohol in beer before duty increases
Carlsberg has made its beer weaker in order to save money, as the government prepares to increase alcohol taxes by more than 10%.
The Copenhagen-headquartered brewer is reducing the strength of its Danish Pilsner from 3.8pc alcohol…
UK plans to lift ban on naked short-selling in gilt market
The UK proposes to scrap EU restrictions against short-selling sovereign bonds. It argues that allowing hedge funds and other investors to bet on government bonds would increase liquidity in the PS2.4tn market for gilts.
The Treasury…
UK homeowners rush to refinance because of fears about rate hikes
Brokers report that UK homeowners are refinancing their mortgages in a rush, as they lock-in deals amid concerns about interest rates rising further. They had been waiting to see if the cost of debt would ease.
Knight Frank Finance…