Weak results from the UK’s largest companies amid the quieter summer period weighed on market sentiment today.

The capital’s premier FTSE 100 index edged 0.03 per cent lower to 7,480.26 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.12 per cent to 20,095.09 points.

A string of soft earnings published this morning dimmed investors’ appetite for risky assets.

Fund manager Abrdn swung to a loss in the first six months of this year, driven by traders fleeing stock markets to avoid being burnt by sharp swings in asset prices.

That announcement sent its shares down nearly five per cent and to the bottom of the FTSE 100.

The firm, alongside another money manager Hargreaves Lansdown, yesterday was among the biggest risers on the premier index.

Office space provider and FTSE 250-listed IWG slumped to the depths of the mid-cap index despite posting a 22 per...

The £5.4bn takeover of British satellite giant Inmarsat by US rival Viasat has been put on hold until autumn, when the UK’s competition watchdog is expected to have finished part of its probe.

The Competition and Markets Authority today officially launched an inquiry into the merger, having invited onlookers for comment in late July.

The regulator will have until 5 October to form its decision for the phase one of the probe.

More to follow.

Cornwall Insight has hiked its price cap forecasts to over £4,000 next year, attributing the hike to Ofgem’s decision to shift to a quarterly model.

The energy specialist has raised its estimates for October and January to £3,582 per year and £4,266 per year respectively, in the coldest period of the year when demand is at its peak.

It also expects the price cap to peak to £4,426 per year next Spring, and for prices to remain elevated into 2024.

Such a hike would condemn millions of Brits to fuel poverty, with vulnerable households exposed to difficult choices over heating and eating.

The increases reflect both a spike wholesale prices, and also the costs associated with shifting to a quarterly model.

In consultation documents published last week, Ofgem confirmed suppliers costs associated with wholesale market hedging would now be recoverable over a six-month period – resulting in higher bills than previously forecast for the...

The strike at the port of Felixstowe is set to go ahead after no deal was reached yesterday between dock workers and port authorities. 

The union announced that around 1,900 staff members will walk out for eight days, from 21 to 29 August, over salaries. 

Felixstowe said it was disappointed by the union’s decision to strike after it turned down the port’s latest offer. 

On Monday night, Felixstowe authorities increased the 7 per cent pay rise made on Friday with an additional £500 lump sum. 

“There will be no winners from a strike which will only result in their members losing money they would otherwise have earned,” a port spokesperson said this morning.

“Our focus has been to find a solution that works for our employees and protects the future success of the port.  

“The union has rejected the company’s offer to meet again.”

For its part, the union justified its decision saying the...

NAIROBI – It’s D-Day in Kenya: after two years of campaigning, planning and plotting, voting is underway. where an opposition leader backed by the outgoing premier faces the deputy president who styles himself as the outsider and a “hustler”.

Polls across the country opened at 6am local time this morning, with more than 22m registered voters able to endorse their favourite candidates in 46,232 polling stations across Africa’s third largest economy.

The election is considered close and East Africa’s biggest economic hub could see a presidential run-off for the first time.

Economic issues such as widespread corruption could be of greater importance than the ethnic tensions that have marked past votes with sometimes deadly results.

The UK Government should treat the cost-of-living crisis with a “wartime mentality” and issue an energy bill “furlough”, according to the Liberal Democrats.

The party’s Scottish leader, Alex Cole-Hamilton, made the call on the BBC’s Good Morning Scotland programme on Tuesday.

“Families right across Scotland, and indeed the UK, will be looking towards the coming October with trepidation and fear, because they’re going to see their bills go up again by as much as 70%,” he said.

Mr Cole-Hamilton suggested the Government could assist households with managing costs by cancelling the planned price cap increase.

In doing so, it would “absorb” the cost and “take the hit” by paying the estimated £36 billion cost itself, he said.

Such funding would become available via a “meaningful” windfall tax, additional VAT generated through current inflation levels, and making use of headroom resulting from less borrowing than was previously anticipated,...

NAIROBI – It’s D-Day in Kenya: after two years of campaigning, planning and plotting, voting is underway. where an opposition leader backed by the outgoing premier faces the deputy president who styles himself as the outsider and a “hustler”.

Polls across the country opened at 6am local time this morning, with more than 22m registered voters able to endorse their favourite candidates in 46,232 polling stations across Africa’s third largest economy.

The election is considered close and East Africa’s biggest economic hub could see a presidential run-off for the first time.

Economic issues such as widespread corruption could be of greater importance than the ethnic tensions that have marked past votes with sometimes deadly results.

Just under £300bn has been wiped off the value of UK corporate bonds since the start of this year following a major sell-off in the bond market in what is considered the biggest collapse in two decades.

In the first six months of this year, the total outstanding value of UK corporate bonds has fallen by 13.3% from £2.237 trillion to £1.940 trillion, a fall of £297.5 billion.

This compares to a fall of 3% for the FTSE100 over the same period, digital asset manager Collidr told City A.M. this morning.

Bond prices have been hit by rising interest rates and rising inflation since the start of the year, in response to central banks tightening monetary policy to control inflation.

Collidr’s research shows that £283.8bn has also been wiped off the value of Gilts (UK government bonds) since the start of the year.

Gilts have fallen by 14.8%, the biggest drop since the 1980s.

The collapse in bond prices has been a major challenge for...

Bellway, one of Britain’s largest housebuilders, has boasted a record annual housing revenue of £3.5bn, bosses announced today.

The figure has grown by more than £1bn since 2020, and some £400m since last year.

Despite raw material and labour cost inflation, Bellway’s housing completions jumped by 10.5 per cent in the year to 31 July, to another record of 11,198 homes.

The London-listed company is just one in a string of housebuilders which have reaped the scaling profits of the UK’s house price crisis.

In a statement today, chief executive Jason Honeyman said: “This result has been achieved through our investment in land and the dedication of our colleagues, subcontractors and supply chain partners, against the backdrop of a challenging operating environment and macroeconomic uncertainty.

“Looking ahead, our sizeable forward order book and continued strong investment in land puts the group in an excellent position to deliver another...

More than 1,500 London homes have been brought back into public ownership over the past year, under London mayor Sadiq Khan’s Right to Buy-back scheme.

The scheme, announced last July, aims to boost the capital’s supply of council homes, giving 14 boroughs access to £15m to buy back properties which have been – or will be – converted into affordable housing.

It comes as house prices and rental costs in London continue to rise, colliding with a cost of living crisis which has significantly dialled back Brits’ spending power.

“For more than 40 years, London’s precious council homes have been disappearing into the private sector, often never to be replaced,” said Khan. “These homes were built for the public good… Returning these homes to public ownership is a key part of my plan to build a better London for everyone.”

It forms part of Khan’s plan to start building 20,000 new council homes for Londoners by 2024.

Khan added that, under his...

Weak results from the UK’s largest companies amid the quieter summer period weighed on market sentiment today.

The capital’s premier FTSE 100 index edged 0.03 per cent lower to 7,480.26 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.12 per cent to 20,095.09 points.

A string of soft earnings published this morning dimmed investors’ appetite for risky assets.

Fund manager Abrdn swung to a loss in the first six months of this year, driven by traders fleeing stock markets to avoid being burnt by sharp swings in asset prices.

That announcement sent its shares down nearly five per cent and to the bottom of the FTSE 100.

The firm, alongside another money manager Hargreaves Lansdown, yesterday was among the biggest risers on the premier index.

Office space provider and FTSE 250-listed IWG slumped to the depths of the mid-cap index despite posting a 22 per...

Investors might be forgiven for sipping a small glass of something to settle the nerves over the past few months.

Soaring inflation, rising interest rates and the ripples of war in Ukraine have combined to batter stocks that just last year looked like sure-fire winners, leaving even some of the most seasoned market sages nursing heavy losses. Growth firms which promised ‘jam tomorrow’ have plunged in value and punters have scrambled for steadier ground in ‘old economy’ stocks and perceived safe haven assets like gold.

And amid that scramble, reaching for the bottle has taken on a different meaning for many.

The Liv-Ex Fine Wine 100, which tracks the price movement of 100 of the most sought-after fine wines, has delivered 18.7 per cent of returns in the past 12 months. 

The FTSE-100 meanwhile has climbed around 4.91 per cent in the same period, and gold – the traditional steady store of value at times of economic turmoil – is trading at...

Just under £300bn has been wiped off the value of UK corporate bonds since the start of this year following a major sell-off in the bond market in what is considered the biggest collapse in two decades.

In the first six months of this year, the total outstanding value of UK corporate bonds has fallen by 13.3% from £2.237 trillion to £1.940 trillion, a fall of £297.5 billion.

This compares to a fall of 3% for the FTSE100 over the same period, digital asset manager Collidr told City A.M. this morning.

Bond prices have been hit by rising interest rates and rising inflation since the start of the year, in response to central banks tightening monetary policy to control inflation.

Collidr’s research shows that £283.8bn has also been wiped off the value of Gilts (UK government bonds) since the start of the year.

Gilts have fallen by 14.8%, the biggest drop since the 1980s.

The collapse in bond prices has been a major challenge for...

More than 1,500 London homes have been brought back into public ownership over the past year, under London mayor Sadiq Khan’s Right to Buy-back scheme.

The scheme, announced last July, aims to boost the capital’s supply of council homes, giving 14 boroughs access to £15m to buy back properties which have been – or will be – converted into affordable housing.

It comes as house prices and rental costs in London continue to rise, colliding with a cost of living crisis which has significantly dialled back Brits’ spending power.

“For more than 40 years, London’s precious council homes have been disappearing into the private sector, often never to be replaced,” said Khan. “These homes were built for the public good… Returning these homes to public ownership is a key part of my plan to build a better London for everyone.”

It forms part of Khan’s plan to start building 20,000 new council homes for Londoners by 2024.

Khan added that, under his...

Antivirus software giant Avast’s revenue and operating profit has sunk so far this year, as it looks set for a takeover by fellow cybersecurity heavyweight NortonLifeLock.

Revenue dipped 0.2 per cent to $470.3m (£389m) in the six months to 30 June, due to the disposal of its family safety mobile business in last year.

While operating profit plunged by $54.2m (£44.8m), from $226.7m (£187.6m) to $172.6m ($142.8m), which bosses said had been driven by higher exceptional and other costs.

Avast’s billings rose marginally by 0.2 per cent to $483.7m (£400.2m) in the period.

Shares in London-listed Avast climbed over 40 per cent last week, after the UK’s competition watchdog provisionally cleared NortonLifeLock’s $8.6bn (£7.1bn) acquisition of the firm.

The Competition and Markets Authority (CMA) said its investigation concluded that the deal does not raise competition concerns in the UK, stating that the supply of cyber safety software to...

With credit card borrowing growing at its fastest pace since 2005, new analysis shared with City A.M. this morning shows that last month average rates on credit cards hit their highest level since 1998.

An analysis of the Bank of England’s quoted household interest rate figures uncovered that average credit card rates jumped 0.23 percentage points from June to hit 21.66 per cent in July – the highest average monthly rate since December 1998 (22.19 per cent).

The data, shared by digital lender marketplace  Freedom Finance, further showed that rates for £10k personal loans also rose in July to 4.18 per cent – a six-year high.

Moreover, rates for a £5k personal loan also ticked up by 0.07 percentage points to 8.27 per cent in July, a four year-high.

Just under £300bn has been wiped off the value of UK corporate bonds since the start of this year following a major sell-off in the bond market in what is considered the biggest collapse in two decades.

In the first six months of this year, the total outstanding value of UK corporate bonds has fallen by 13.3% from £2.237 trillion to £1.940 trillion, a fall of £297.5 billion.

This compares to a fall of 3% for the FTSE100 over the same period, digital asset manager Collidr told City A.M. this morning.

Bond prices have been hit by rising interest rates and rising inflation since the start of the year, in response to central banks tightening monetary policy to control inflation.

Collidr’s research shows that £283.8bn has also been wiped off the value of Gilts (UK government bonds) since the start of the year.

Gilts have fallen by 14.8%, the biggest drop since the 1980s.

The collapse in bond prices has been a major challenge for...

Coca-Cola HBC has snapped up premium mixer firm Three Cents for €45m, the global beverage titan announced on Tuesday.

The transaction is expected to be completed in the second half of 2022 and is subject to customary closing conditions and regulatory approvals.

Three Cents is publicly listed in Greece and was founded in 2014 by founders George Bagos, Dimitris Dafopoulos, George Tsirikos and Vassilis Kalantzis, who were bartenders.

As part of the deal, the firm’s founding team will remain with the company and will continue to promote the brand.

The acquisition will complement Coca-Cola HBC’s existing sparkling drinks brands, including Schweppes and Kinley.

The FBI has searched Donald Trump’s Mar-a-Lago estate as part of an investigation into whether he took classified records from the White House to his Florida residence, sources have said.

Disclosing the search in a lengthy statement, the former US president said that agents opened up a safe at his home and described their work as an “unannounced raid” that he likened to “prosecutorial misconduct”.

The search intensifies the months-long probe into how classified documents ended up in more than a dozen boxes located at Mar-a-Lago earlier this year.

A separate grand jury investigation is also taking place into efforts to overturn the results of the 2020 presidential election and adds to the potential legal peril for Mr Trump as he lays the groundwork for another run.

Mr Trump and his allies sought to cast the search as a weaponisation of the criminal justice system and a Democratic-driven effort to keep him from winning another term in 2024 —...

Just under £300bn has been wiped off the value of UK corporate bonds since the start of this year following a major sell-off in the bond market in what is considered the biggest collapse in two decades.

In the first six months of this year, the total outstanding value of UK corporate bonds has fallen by 13.3% from £2.237 trillion to £1.940 trillion, a fall of £297.5 billion.

This compares to a fall of 3% for the FTSE100 over the same period, digital asset manager Collidr told City A.M. this morning.

Bond prices have been hit by rising interest rates and rising inflation since the start of the year, in response to central banks tightening monetary policy to control inflation.

Collidr’s research shows that £283.8bn has also been wiped off the value of Gilts (UK government bonds) since the start of the year.

Gilts have fallen by 14.8%, the biggest drop since the 1980s.

The collapse in bond prices has been a major challenge for...

Bellway, one of Britain’s largest housebuilders, has boasted a record annual housing revenue of £3.5bn, bosses announced today.

The figure has grown by more than £1bn since 2020, and some £400m since last year.

Despite raw material and labour cost inflation, Bellway’s housing completions jumped by 10.5 per cent in the year to 31 July, to another record of 11,198 homes.

The London-listed company is just one in a string of housebuilders which have reaped the scaling profits of the UK’s house price crisis.

In a statement today, chief executive Jason Honeyman said: “This result has been achieved through our investment in land and the dedication of our colleagues, subcontractors and supply chain partners, against the backdrop of a challenging operating environment and macroeconomic uncertainty.

“Looking ahead, our sizeable forward order book and continued strong investment in land puts the group in an excellent position to deliver another...

Two-time Team GB Olympic race walker Dominic King has accused British Athletics of being “a toxic governing body” which “fails to learn from its previous errors”.

Last year, in March of 2021, King broke the 50km race walk British record which had stood since 1990. Subsequently the 39-year-old from Essex has achieved the required qualifying time for the upcoming European Championships yet has been overlooked by Britain’s track and field governing body.

“Yet again I have not been selected for another major athletics championships,” he wrote on social media. “British Athletics have chosen not to select me to race in the forthcoming European Athletics Championships. “Despite meeting the qualifying entry standard, I somehow still do not earn my right to put on my nation’s vest.”

Legal & General, one of the UK’s oldest financial services firms, has weathered the country’s worsening economic climate, having declared £2.5bn of dividends since 2020.

The London-headquartered company, which offers pensions, life insurance and investment services, has navigated financial and economic crises in the UK for more than 180 years.

Legal & General, which also operates in the US, today reported operating profit growth of eight per cent, securing £1.16bn in the first half of this year, up from £1.07bn in the same period last year.

Profit after tax also jumped by eight per cent, the equivalent of £90m, to £1.15bn.

The financial services giant boasted that it has continued its 13-year long streak of no defaults.

Meanwhile, the group shrank its net debt costs by 10 per cent, from £120m to £108m in the first six months of the year.

The City titan has, since 2020, also snagged £4.3bnworth of cash generation and...