infoly.net

City broker downgrades St James's Place despite strong inflows

RBC has adjusted its target stock prices for wealth management firms, downgrading St James's Place while upgrading Quilter and Rathbones. RBC analyst Ben Bathurst revised his price target on the UK's largest wealth manager from 1,100p to 1,050p today, as reported by City AM. Shares of St James's Place dipped over two per cent following the announcement, underperforming against a less than one per cent drop in the broader market. Bathurst attributed the downgrade to recent softer global markets, which could affect St James's Place's fund performance and new capital inflows. He reduced his net flow projections for the current year by five per cent, anticipating weaker retail sentiment and a fall in pension sales in the latter half of the year. Consequently, Bathurst lowered earnings forecasts for St James's Place by two per cent for 2026 and six per cent for 2027, also predicting that net cash would fall short of the target by six per cent by 2030. "Despite this headwind we still expect clear positive net flows each quarter – which we see as important for sentiment towards St James's Place shares," he noted. After a remarkable recovery, St James's Place's share price has doubled over the past year but has faced challenges since mid-February, declining by 17.5 per cent. In contrast, RBC has raised the target prices for Quilter and Rathbones, with Rathbones receiving an 'outperform' rating. Following the recent announcement of Rathbones CEO Paul Stockton's upcoming retirement, Bathurst commented: "Timely arrival of new management offers an opportunity for further strategic progression". Rathbones is currently undervalued compared to its peers, trading at 9.6 times expected earnings, below the sector average of 12.9 times. The integration of Rathbones and Investec Wealth and Investment is nearing completion, which should enhance efficiency. Bathurst expects the company to return to positive net flows from the second half of 2025, boosting sentiment and market rating. "Asset gathering has been depressed through the integration process but we expect a return to positive net flows from the second half of 2025 onwards, which we would expect to be supportive to sentiment, and by extension market rating," said Bathurst.

MS Amlin joins EBRD scheme to boost Ukraine SMEs with €1bn reinsurance cover

Lloyd's reinsurer, MS Amlin, has secured a reinsurance scheme that could provide up to €1bn (£830m) in annual coverage for Ukraine SMEs. The scheme is designed to revitalise Ukraine's war risk insurance market by enabling local insurers to offer inland cargo and transport cover for SMEs, as reported by City AM. Since the conflict began in February 2022, the country's insurance sector has struggled to offer commercial war risk cover. In December, the European Bank for Reconstruction and Development (EBRD) and insurance giant Aon made headlines for creating the Ukraine Recovery and Reconstruction Guarantee Facility (URGF). This facility is designed to support global reinsurance companies with a guarantee covering certain war-related risks underwritten by local Ukrainian insurers. London-based MS Amlin was the first international reinsurance partner to join the platform. The reinsurer has now committed €80m (£67m) in reinsurance capacity, rising to €110m (£92m) over five years to support war risk policies underwritten by three Ukrainian insurers: INGO, Colonnade, and UNIQA. As an EBRD guarantee backs the facility, MS Amlin can transfer the exposure off its balance sheet. The UK, France, Norway, and the Taiwan Business-EBRD Technical Cooperation Fund initially supported the facility. The European Union and Switzerland have also pledged contributions, with further donor support expected to expand the EBRD guarantee over time. Martin Burke, MS Amlin's chief underwriting officer, commented on the scheme: "Expanding access to insurance is critical for supporting Ukraine's SMEs and overall economy." "By addressing a gap in reinsurance, this scheme will help boost business confidence, protect supply chains, and drive economic growth. The facility highlights how specialist insurers can unlock investment in high-risk regions and demonstrates the key role of public-private partnerships in rebuilding Ukraine."

Ola Electric's Groundbreaking $4.8B Debut: Backed by SoftBank and Shaping India's EV Future

The swift expansion of the electric vehicle (EV) market in India has spurred the rapid development of charging infrastructure across the country. Last year, India saw a significant surge in EV registrations, with 1,529,614 units registered, marking a 49% increase from the previous year's 1,025,123. Ola Electric has played a pivotal role in this growth. Ola Electric, a frontrunner in the Indian EV industry, has taken substantial steps to promote sustainable transportation by developing stylish, high-performance electric scooters. However, the essential infrastructure for EV charging is still in its nascent stages. This article explores how SoftBank's investment in Ola Electric catalyzed the company's rise, leading to a remarkable 20% increase in its valuation, culminating in a solid $4.8 billion. SoftBank's Investment Propels Ola Electric to $4.8 Billion Valuation Ola Electric's stock price surged by 20% on its first day of trading following the backing from SoftBank India, bringing the company's valuation to approximately $4.8 billion. SoftBank India and Temasek supported Ola Electric's initial public offering (IPO) at a price of 76 rupees per share, raising around $730 million. This IPO is projected to be the largest listing in India for 2024. On the first trading day, the share price soared to 91.20 rupees, bolstering investor confidence in the company's prospects within India's burgeoning EV market. Founded by Bhavish Aggarwal two and a half years ago, Ola Electric manufactures electric scooters tailored to the Indian market, where two-wheelers are a primary mode of daily transportation. According to McKinsey & Co., 60% to 70% of all bikes sold in India by 2030 will be electric. Despite rapid growth and a 90% annual increase in sales, Ola Electric has yet to achieve profitability. The funds raised from the IPO will be utilized to repay debt, invest in research and development, and expand its battery production capabilities. Key Milestones in Ola Electric's Journey 2017 Bhavish Aggarwal launched Ola Electric in May 2017, following his success with Ola Cabs. His primary objective was to revolutionize urban mobility through eco-friendly transportation solutions. Initially focusing on small electric vehicles (EVs) such as electric rickshaws, Ola Electric later ventured into the expanding electric two-wheeler market. 2019 Recognizing the significant potential of the Indian market for electric two-wheelers, Ola Electric shifted its focus towards this sector. This strategic pivot was supported by substantial investments from entities like SoftBank India, setting the stage for future growth. 2021-2023 The launch of the Ola S1 electric scooter in 2021 marked a turning point for the company. The scooter's innovative features, affordability, and eco-friendly design helped Ola Electric capture market share. The company continued to differentiate itself by diversifying its product lineup and investing heavily in research and development. 2024 Following its 2024 IPO, Ola Electric accelerated its expansion plans, fueled by the substantial capital raised. The funds will support new product development and global market expansion, including the manufacturing of electric bikes. Ola Electric has significantly expanded its charging infrastructure, adding 764 new charging stations and 224 hypercharging stations, extending its network to over 50 locations across India. This development represents a critical step towards enhancing convenience for Ola scooter owners in urban areas. Challenges in Ola Electric's Journey Market and Industry Trends Initially, Ola Electric faced challenges due to the Indian market's preference for traditional bikes over scooters. However, the company adapted by introducing new models and capitalizing on government incentives to boost sales of electric two-wheelers. Ola Electric now holds a substantial share of the electric bike market, competing with both local and international brands. Operational Challenges Ola Electric has encountered operational hurdles, including delayed scooter deliveries and post-sale service issues. The company acknowledges the need to improve its network to meet consumer expectations and maintain customer satisfaction. Safety and Scrutiny Global concerns about EV battery safety have also affected Ola Electric. Despite rigorous battery testing, an incident involving a scooter catching fire led to scrutiny. The company continues to uphold its commitment to technological excellence and thorough testing protocols. Founder's Vision Bhavish Aggarwal's leadership, often compared to Elon Musk's influence on the EV industry, is characterized by a strong work ethic and a focus on meaningful outcomes. Despite high staff turnover, Aggarwal remains dedicated to Ola Electric's mission of transforming urban mobility through sustainable transportation solutions. Conclusion Ola Electric Mobility Ltd. is well-positioned for significant growth, driven by its innovative products and strong market presence. While challenges remain, the company's unique value proposition makes it an attractive option for EV customers and investors. As Ola Electric continues to navigate the evolving landscape of the electric transportation industry, it remains committed to advancing its mission and maintaining its competitive edge in the global market. Potential buyers should carefully consider their options, taking into account the company's development trajectory and market dynamics.

Federal Reserve Analysis: The Intersection of Generative AI and Emerging Cyber Threats

Recent insights from federal authorities highlight the cybersecurity risks associated with generative AI technologies. Businesses must consider enlisting cyber threat intelligence services to mitigate these threats effectively. According to the Federal Reserve (FED), security issues arising from generative AI span both internal and external use within enterprises. Generative AI technologies have complicated social engineering, enabling hackers to craft credible text, images, videos, and speech, thereby enhancing their capacity to target victims. The widespread capability of generative AI to infiltrate websites, software, and online profiles poses unprecedented challenges for leaders in corporate technology and cybersecurity. This article explores how businesses can promptly identify and manage these threats through comprehensive cyber threat management strategies. Generative AI Cybersecurity Risks Generative AI, while offering substantial advancements, also empowers hackers to exploit these technologies for malicious purposes. The same attributes that make generative AI proficient in responding to threats and identifying risks can be manipulated for unethical activities. Without cyber threat monitoring services, cybercriminals can bypass security measures. Key risks include: Phishing and Social Engineering Generative AI enables cybercriminals to create highly convincing phishing attacks. By utilizing AI to generate personalized messages that appear as legitimate communications, attackers can deceive users into divulging personal information or installing malware. This sophistication makes phishing attempts more effective, as recipients find it increasingly challenging to distinguish between fake and genuine emails or texts. Malware Development Generative AI can design and develop adaptive malware that continuously evolves to evade detection. AI-generated malware can circumvent traditional antivirus software and detection mechanisms by adapting to different environments. The ability of this malware to evade security systems increases the likelihood of successful cyberattacks. Hiring cyber threat intelligence services can help prevent these threats. Exploiting Vulnerabilities AI can be programmed to scan software, systems, and even individuals to identify potential vulnerabilities. This capability allows attackers to uncover weaknesses that human operators might miss. By exploiting these vulnerabilities, cybercriminals can execute more precise and effective attacks. Comprehensive cyber threat management can help mitigate these risks. Automated Hacking Generative AI facilitates the automation of hacking processes, enabling attackers to conduct widespread assaults with minimal human intervention. AI systems can execute complex tasks rapidly, making these automated attacks more challenging to detect and neutralize due to their adaptive nature. Fake Written Content Attackers can use generative AI to produce fake text that mimics real conversations. This capability allows them to impersonate individuals or deceive others during real-time digital interactions. For example, non-native English speakers can craft sophisticated phishing messages in perfect English, complicating detection efforts. Fake Digital Content Generative AI can create realistic avatars, social media profiles, and phishing websites. These counterfeit entities can resemble genuine ones, facilitating a network of fraudulent transactions. Cybercriminals can steal login credentials and sensitive information by generating fake websites or accounts. Fake Documents Securing the entire lifecycle of an AI system, from data collection and model training to deployment and maintenance, is crucial. This process, known as "securing the AI pipeline," involves protecting against unauthorized access or manipulation, preserving the integrity of AI algorithms, and safeguarding training data. Regularly updating cyber threat monitoring practices is essential to defending against emerging threats. Deepfakes Deepfakes are audio and video content generated by regenerative AI that can deceive viewers by mimicking real people. The rise of deepfakes, especially in security or video call footage, undermines trust and facilitates social engineering scams. These videos can coerce viewers into divulging sensitive information or taking risky actions. Generative AI can also create realistic speech simulations that replicate the voices of executives or managers. Attackers can use these AI-generated audio messages to issue fraudulent instructions, convincing employees to transfer funds or reveal confidential information. The efficacy of this deception exploits employees' trust in their supervisors. Cyber threat intelligence services can help identify and mitigate the impact of deepfakes. Securing the AI Pipeline When AI systems handle sensitive data, ensuring their security is paramount. Safeguarding the AI pipeline is critical to maintaining the reliability and trustworthiness of AI systems. This includes: Protecting Sensitive Data: Ensuring that personal or confidential information handled by AI systems remains secure. Ensuring Reliability: Maintaining the integrity and credibility of AI systems is essential for their widespread acceptance and effective use. Guarding Against Manipulation: Preventing the manipulation of AI systems is crucial to avoid the dissemination of false information and potential physical harm in AI-controlled environments. Following Best Practices: Implementing data governance, encryption, secure coding, multi-factor authentication, and continuous monitoring. Precautions Businesses Must Take Generative AI enables hackers to launch more extensive, rapid, and diverse attacks. To counter these threats, businesses should: Assess Security Measures: Evaluate current security systems, identify vulnerabilities, and enhance cyber threat management to bolster defenses. Reevaluate Employee Training: Cybersecurity is a shared responsibility. Training employees to recognize and respond to threats, including those associated with generative AI, is essential. Implement Advanced Security Techniques: Utilize Secure Access Service Edge (SASE) and Zero Trust Network Access (ZTNA) methods to shift trust from network perimeters to continuous monitoring of users, devices, and activities. Adopt Endpoint Detection and Response (EDR): Use EDR services to provide real-time insights into emerging threats at the network edge, enabling faster mitigation of attacks. Leverage AI Security and Automation Technologies: Employ AI-driven security tools to differentiate genuine threats from false alerts, allowing security personnel to focus on critical issues. Hiring cyber threat intelligence services can further enhance security measures. Conclusion Federal authorities have highlighted the dual-edged nature of generative AI in cybersecurity. While these technologies offer substantial advancements, they also present significant risks that require proactive management. By adopting advanced cyber threat intelligence services and implementing robust security measures, businesses can navigate the complex landscape of generative AI and emerging cyber threats. This approach ensures that organizations remain resilient against evolving cyber risks, protecting their assets and maintaining trust in an increasingly digital world.

Schroders share price target upgraded as analysts see 'upside risk'

RBC analysts have raised their target price for Schroders' stock, taking into account the group's recently announced cost-cutting initiative. The bank has increased Schroders' target price from 395p to 475p. The stock is currently trading at 379p, having risen 17 per cent since the beginning of 2025, as reported by City AM. The cost-cutting strategy was unveiled when Schroders released its annual results earlier this month, which also showed a 14 per cent increase in pre-tax profit over the year. Schroders aims to achieve £150m in cost savings by 2027, with £20m already cut in the first quarter of this year and an additional £40m expected to be saved throughout 2025. Following the announcement of the plan, RBC revised its estimates for the group's adjusted operating earnings, raising them by up to nine per cent by 2027. RBC analyst Mandeep Jagpal anticipates Schroders' £603m adjusted operating profit from 2024 to continue growing, potentially reaching as high as £811m by 2027. However, RBC's expectations exceed the consensus among other analysts, who predict a more conservative £737m in adjusted operating profit by 2027. The bank also forecasts a recovery in inflows for Schroders this year, after investors withdrew £10.8bn from the company in 2024. Schroders' shares are currently trading at just 11 times its projected earnings, a 20 per cent discount to its historical average, as well as a discount to its sum-of-the-parts valuation used listed peer multiples. For instance, rival firm St James's Place is trading at a 13.8 times multiple, while Quilter is trading at a 12.8 times multiple. "These discounts underscore the persistently low market expectations for Schroders, and reinforce our view of more upside risk than downside from here," Jagpal stated.

Transforming the Future: Streamlining the Credit Approval Process

In the current digital era, the modernization of the credit approval process has become a cornerstone for financial institutions aiming to streamline their operations and enhance customer experiences. Traditional credit approval methods, which often involve manual verification and lengthy decision-making timelines, fall short of meeting the evolving demands of consumers and businesses that seek swift and reliable financial solutions. By leveraging advanced technologies such as artificial intelligence, big data analytics, and machine learning, companies can transform the credit approval process into one that is seamless, efficient, and secure. These innovations not only reduce the time required to assess creditworthiness but also enhance accuracy and transparency, thereby minimizing the risk of defaults and fraud. Modernizing the credit approval process not only positions financial institutions for success but also aligns with the needs of a tech-driven marketplace. Challenges in the Traditional Credit Approval Process Manual Verification and Documentation One of the primary challenges in the traditional credit approval process is the reliance on manual verification and extensive documentation. This often involves collecting numerous paper-based documents from applicants, such as income statements, tax returns, and credit histories. The manual nature of verification not only consumes significant time but also increases the likelihood of errors and inconsistencies, leading to delays and a subpar customer experience. Lack of Transparency A lack of transparency is another significant hurdle in the traditional credit approval process. Applicants often find themselves in the dark regarding the status of their applications, the criteria used to assess their creditworthiness, and the reasons behind certain decisions. This opacity can erode trust between financial institutions and their clients, ultimately impacting customer satisfaction and loyalty. Higher Risk of Errors and Fraud The traditional approach to credit approval is also susceptible to errors and potential fraud. Manual inputs and disparate data sources can lead to miscalculations in assessing an applicant's creditworthiness. Furthermore, without robust verification tools, the risk of fraudulent documentation slipping through the cracks increases, potentially resulting in significant financial losses for institutions. Limited Data Utilization Traditional credit approval processes often suffer from limited data utilization. They typically rely on historical credit scores and financial data, overlooking alternative data sources that can provide a more comprehensive view of an applicant's financial behavior and true credit risk. This limited approach may result in the exclusion of creditworthy individuals who fall outside conventional metrics, hindering financial inclusivity. Technological Innovations Driving Change The evolution of technology has paved the way for transformative innovations in the credit approval process. Artificial Intelligence (AI) Artificial Intelligence (AI) plays a crucial role in revolutionizing the credit approval process by automating complex decision-making tasks that were once reliant on human judgment. AI-driven algorithms can objectively evaluate vast amounts of data in real-time, providing a more accurate analysis of creditworthiness. This capability empowers financial institutions to better predict an applicant's credit behavior, enhancing both the speed and precision of approvals. AI can also detect patterns indicative of fraudulent activity, thereby strengthening security measures. The adaptability of AI technologies allows them to evolve continuously, learning from new patterns and behaviors, which ensures that credit assessment models remain current and effective in a rapidly changing economic landscape. Big Data Analytics Big data analytics enables financial institutions to harness vast volumes of data from diverse sources, leading to more informed credit decisions. By analyzing data beyond traditional financial metrics—such as spending habits, social media activity, and digital footprints—institutions can obtain more holistic insights into an applicant's financial reliability. This expanded analysis not only refines credit risk assessment but also increases inclusivity by considering individuals who may lack a conventional credit history. Big data tools can quickly identify trends and inconsistencies, optimizing the speed and accuracy of the credit approval process while mitigating risks more efficiently. Machine Learning (ML) Machine learning, a subset of AI, further enhances credit approval systems by accessing historical data to understand and predict applicant behavior over time. Unlike static credit scoring models, ML algorithms continuously adapt and improve as they process new data, making recommendations based on evolving trends and patterns. This dynamic approach allows for personalized credit assessments, accommodating unique borrower profiles that traditional methods might overlook. By minimizing human bias and error, machine learning facilitates faster and fairer credit approval outcomes, enabling financial institutions to offer better-tailored financial products and services to their customers. Cloud Computing Cloud computing supports the modernization of the credit approval process by offering scalable and flexible infrastructure solutions. By migrating credit approval operations to the cloud, financial institutions can access powerful computational resources and storage capabilities that facilitate the efficient processing of large datasets. This infrastructure allows for seamless integration of advanced technologies, such as AI, machine learning, and big data analytics, enabling institutions to deliver fast, reliable credit decisions anywhere, anytime. The cloud's robust security measures ensure the protection of sensitive data, while also providing the backup and recovery solutions necessary to maintain operational continuity. As a result, cloud computing not only accelerates credit approvals but also enhances the overall resilience and adaptability of financial services. Future Trends and Predictions The credit approval landscape is poised for continued innovation, driven by advancements in technology. One key trend is the increasing integration of artificial intelligence and machine learning into credit systems, allowing for even more nuanced and personalized credit evaluations. As algorithms become more sophisticated, they will be able to incorporate a wider array of non-traditional data sources, improving credit access and reducing bias. Conclusion The credit approval process is undergoing a profound transformation as technological innovations reshape the landscape. The integration of AI, machine learning, big data, and cloud computing is not only streamlining operations but also enhancing the accuracy, security, and inclusivity of credit assessments. As these technologies continue to evolve, they promise to make credit more accessible, particularly for individuals without traditional credit histories. Looking ahead, embracing these advancements will be crucial for financial institutions seeking to remain competitive and effectively meet the diverse needs of their customers. The future of credit approval is one of promise, driven by technology that fosters a more equitable and efficient financial system for all.

Barclays and Natwest stock plunge is 'looming global recession' warning

The FTSE 100's leading banks have dragged down the index in light of President Trump's tariff offensives, with experts cautioning that their losses might signal an impending global recession. Barclays saw its shares drop nearly five per cent in midday trading on Monday and has endured a nearly 20 per cent fall in the past five days, as reported by City AM. NatWest also experienced a dip of over seven per cent after the market opened, but later reclaimed some of its lost ground. By midday, it was down by one per cent. Susannah Streeter, money and markets chief at Hargreaves Lansdown, commented: "Banks are seen as barometers for economic health, and given the steep losses, red lights are flashing about a looming global recession." As of Monday, the FTSE 350 banking sector index had declined by two per cent. Before being hit hard by tariffs, this sector was the FTSE 100's second-best performer out of the other 39 sub-groups in February. In the last month, the index has shed close to 16 per cent of its value. Nevertheless, Lloyds registered a slight recovery on Monday, nudging up by 0.1 per cent at midday. Equity analysts Vivek Raja and Gary Greenwood from Shore Capital remarked: "Changes in economic activity levels could affect demand for credit and bad debt formation." They also noted that Asia-focused banks such as HSBC and Standard Chartered may bear greater impacts compared to largely UK-focused peers like Barclays, Lloyds, and NatWest. Raja and Greenwood have indicated that the moderation of interest rates and their future trajectory could affect lenders' net interest margins, a crucial measure of a bank's profitability from lending activities. "Increased market turbulence could dampen capital markets activity levels while potentially boosting market activity," the analysts further commented. Speaking to City AM, Greenwood suggested that domestic banks are likely to have corporate clients "that are directly exposed to tariffs". He added, "Banks are essentially just leveraged plays on the underlying economies in which they operate." For smaller and mid-cap banks, Raja and Greenwood foresee a lesser impact. They noted that Arbuthnot Latham, Paragon, and Vanquis are "domestically focused and therefore less at risk from the international trade fallout". Despite not experiencing losses as significant as their FTSE 100 counterparts, these smaller lenders have not been able to avoid the global sell-off.

Apple May Not Be at CES, But CES Will Definitely Be About Apple

CES 2025 is fast approaching, and as always, one glaring omission from the lineup is Apple. The tech giant hasn’t officially attended the event since the early 90s. Despite being the world’s largest technology trade show, Apple has shown little interest in participating. However, even in their absence, the iPhone maker will undoubtedly cast a long shadow over the event. Almost every year, CES articles emerge discussing the impact of Apple’s influence on the show. Last year, for example, Apple strategically dropped the Apple Vision Pro launch date just one day before CES kicked off, shifting attention away from any virtual or augmented reality hardware showcased at the event. Even if Apple isn’t presenting, its presence is everywhere. Whether it’s iOS- or macOS-compatible products being displayed, cleverly placed advertisements around Las Vegas during the show, or industry professionals attending with iPhones and MacBooks in hand, Apple’s footprint is undeniable. This year is likely to be no different. With the impressive M4 chip making its way into iPads and Macs by the end of 2024, and more Mac products on the horizon, Apple has thrown down the gauntlet for its rivals, especially in the laptop and chipmaking arenas. Who Needs to Beat Apple at CES? Let’s start with CPUs and GPUs, as that’s the hot topic right now. Intel, AMD, Qualcomm, and Nvidia are all expected to have a significant presence at CES this year, with Qualcomm revealing its second-gen Snapdragon X Elite chips, and Nvidia teasing its upcoming RTX 5000 GPUs. Apple broke into the first-party silicon game in 2020 with the M1 chip, and since then, the company has elevated its chips—and the devices that use them—to new heights. There’s also buzz about the possibility of an M4 Ultra chip arriving soon, possibly alongside new Mac Studio or Mac Pro models. Whatever happens, Apple is currently in a strong position when it comes to desktop and laptop chip performance, and its rivals will have to surpass these achievements to claim any victory at CES. Today, the competition isn’t just about traditional processors and graphics. Neural Processing Units (NPUs) are becoming increasingly vital as AI tools infiltrate our software and hardware. The M4 generation’s Neural Engine is quite powerful, though I personally suspect Apple might fall behind in this area when it comes to raw specs. The M4 NPU offers 38 trillion operations per second (TOPS), while Qualcomm’s current-gen Snapdragon X Elite can already achieve 45 TOPS. Conclusion: Even though Apple won’t be officially present at CES, it will undoubtedly be a central topic of conversation. From hardware innovations to AI advancements, Apple’s influence continues to shape the global tech landscape. In 2025, CES will still revolve around Apple’s shadow.

JP Morgan boss warns trade tariffs could lead to US recession and stagflation

Jamie Dimon, chairman and chief executive of JP Morgan, has cautioned that the stringent trade restrictions imposed by President Donald Trump could steer the US economy towards recession and stagflation. Dimon's comments came ahead of the multinational investment bank's financial results, which reported a revenue of $180.6bn and a net income of $58.5bn in 2024, as reported by City AM. He lauded the bank for playing "a forceful and essential role in advancing economic growth." In the banking giant's annual report, Dimon stated: "The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession." He added: "And even with the recent decline in market values, prices remain relatively high. These significant and somewhat unprecedented forces cause us to remain very cautious." Expanding on the risk of recession, Dimon said: "Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth." He further elaborated: "There are many uncertainties surrounding the new tariff policy: the potential retaliatory actions, including on services, by other countries, the effect on confidence, the impact on investments and capital flows, the effect on corporate profits and the possible effect on the U.S. dollar." He characterised JP Morgan Chase as "a company that historically has worked across borders and boundaries." The chief executive of the bank emphasised that the "long-term health of America, domestically, and the future of the free and democratic world" are intrinsic to the well-being of the investment bank. In a notable development, despite Trump reportedly using JPMorgan head Dimon as an informal consultant post-election as he prepared for a second term—considering him a "sounding board" for economic strategies—there appears to be a divide emerging over tariffs. Dimon remained impartial during the US presidential campaign, but there has been talk about his potential inclusion in the cabinet of either Trump or his then-rival Kamala Harris come 2024. Adding to the discourse, billionaire investor Bill Ackman has also made headlines with a stern warning on Sunday regarding Trump's trade policy, suggesting it could lead to an "economic nuclear winter."

Late payments to Welsh firms reaches 21 month high

The number of overdue invoices on the books of Welsh businesses has reached a 21-month high, shows new research from the UK’s insolvency and restructuring trade body R3. Its analysis of data provided by Cardiff-based Creditsafe shows that businesses in Wales in January had a total of 152,973 overdue invoices on their books last month. This was the highest number on record since April 2023’s figure of 153,837. Overdue invoice numbers rose by 12.7% year-on-year from January 2024’s total of 135,773, and rose by 5.2% when compared to the previous month’s total of 145,366. Bethan Evans, chair of R3 in Wales, said: “The last couple of years have been incredibly challenging for Welsh businesses. While a decline in inflation levels in 2024 provided some relief by slowing the pace of rising costs, this was offset by a host of other mounting challenges. “Ongoing supply chain disruptions throughout last year made it much harder for businesses to operate smoothly, while high and rising energy costs have continued to squeeze profit margins. These difficulties were further compounded by new pressures introduced in the autumn Budget, with businesses now having to reassess their finances in the face of from April rising employers’ National Insurance Contributions and an increase in the minimum wage. “It’s clear from these statistics that many firms are now feeling the impact of these ongoing challenges, with businesses having to delay more and more payments.” The total number of Welsh companies with overdue invoices on their books rose to 18,631 in January, the highest level since February 2023’s total of 18,648. The number of companies with overdue invoices on their books rose by 6.4% year-on-year from January 2024’s total of 17,510. Ms Evans, who is a partner at business advisory and accountancy firm Menzies, said: “Over the past couple of years, many businesses struggled to pay their bills on time, and as conditions have not improved enough, these debts have built up over time. This has placed immense pressure on Welsh businesses, with more and more now unable to meet their payment deadlines amidst ongoing financial challenges. “If conditions don’t improve early this year, we could see more companies facing even greater pressures, with some turning to insolvency processes to address their financial issues.

Revolut says UK shoppers bought aquariums and antiques in February

UK consumer spending saw an increase in February, with a significant rise in home renovation purchases, takeaways, and indoor entertainment, according to data from UK fintech firm Revolut. Revolut's new data tracked 93 million card payments last month, revealing a shift in consumer habits following the January spending dip , as reported by City AM. Spending at home supply stores surged by 47 per cent compared to the previous month, as households splurged on renovations using their early-year paychecks. There was also a spike in interest for second-hand and vintage decor, with online antique purchasing up 27 per cent, significantly overshadowing the six per cent rise in in-store spending. According to earlier data from the fintech giant, a recent surge in house prices has prompted UK homeowners to renovate rather than relocate due to high property costs and tax rates. With house prices reaching record highs, customers have shifted towards making their existing homes more appealing and functional instead of facing the challenges of buying a new property. Spending on attractions such as aquariums increased by 31 per cent during the February half-term break, as customers leaned towards cultural experiences. Theatre ticket sales also saw a 24 per cent increase. Museums experienced a nine per cent rise in visitors, while purchases in their gift shops also grew by an additional 12 per cent. Spending on online takeaway meal deliveries has seen a 29 per cent increase year on year, indicating a sustained demand for convenience dining. This is in line with a longer-term trend of growing takeaway consumption across the UK, largely propelled by expanded delivery services and consumer preference. This comes on the heels of Just Eat's recent introduction of its first drone-operated food deliveries, which could revolutionise the UK takeaway sector. The service was designed to enhance efficiency and minimise delivery times during peak hours. It is projected to extend across the food delivery giant's international markets. Revolut has forecasted continued robustness in customer spending as we approach Spring. Expenditure on home improvements is expected to continue its upward trajectory as spring cleaning and renovation projects gain momentum.

Enhancing Revenue with Sales Automation: A Comprehensive Guide for Businesses

In today's rapidly evolving digital landscape, leveraging technology and automation tools to streamline various aspects of the sales process is crucial for businesses aiming to boost efficiency and revenue. Sales automation encompasses a range of tasks, including lead generation, customer relationship management (CRM), reporting, and more, all handled automatically to optimize the sales workflow. Sales automation for agencies focuses on accelerating processes, simplifying sales operations, and enabling sales teams to concentrate on high-value activities that drive revenue. By automating repetitive tasks, businesses can save time and resources, allowing sales representatives to prioritize building relationships, closing deals, and delivering exceptional customer experiences. The Sales Automation Process Sales automation software can streamline virtually every component of the sales process. Below are some key examples of how marketing automation tools benefit agencies: Lead Management Sales automation tools are instrumental in capturing and managing leads. These tools can score leads based on their likelihood to convert and assign them to sales representatives who can finalize the transaction. Without sales technology, sales teams would spend considerable time verifying leads and identifying promising prospects. Prominent software solutions for lead management include: HubSpot Salesforce Zendesk Prospect Communication Automation tools enhance customer communication by automating email generation, customer chats, and appointment scheduling. By eliminating mundane tasks, sales teams can focus on acquiring new leads and closing sales. Effective tools for prospect communication automation include: Drift Outreach Proposify Meeting Scheduling Scheduling individual meetings with potential clients is vital but can be time-consuming when coordinating busy schedules. Automation tools can streamline this process by identifying available slots and proposing times that work for both parties. Popular tools for meeting scheduling automation include: Doodle Chili Piper Calendly Activity Logging A significant advantage of sales automation is its ability to log all activities related to lead progress. Sales representatives can track client interactions, meeting schedules, and the stages of the buyer's journey within the sales process. This feature enables sales managers to monitor team performance effectively. Key tools for activity logging include: Gong Pega Workato Reporting Automated sales software can compile data into comprehensive reports for management. These tools provide up-to-date information on performance, revenue, and lead outcomes, reducing the likelihood of manual entry errors and enhancing data visualization through charts and graphs. Leading automated reporting tools include: Coefficient Databox Pipedrive Benefits of Investing in Sales Automation Software Increase Productivity The primary reason for adopting sales automation is to enhance sales team productivity. Automation performs tasks more efficiently and accurately, allowing employees to focus on strategic activities and closing deals. Boost Sales Sales automation tools provide sales teams with easy access to customer data, enabling more effective communication with prospects and improving the chances of closing deals. Enhanced data insights allow for better-targeted messaging, ultimately increasing sales. Improve Customer Retention Retaining existing customers through upselling, cross-selling, and repeat business is crucial. Sales automation tools automate key retention tasks, such as sending follow-up emails post-transaction, reducing human error and improving customer retention rates. Generate Analytics Reports Sales automation software streamlines the process of generating detailed analytics reports. These tools quickly compile sales data into actionable insights, aiding strategic decision-making and allowing leaders to make evidence-based choices. Refined Customer Experience The ultimate goal of sales automation is to enhance the customer experience. Automation speeds up processes like generating quotes and offers, ensuring customers receive timely and efficient service. Improved communication between sales representatives and customers further enhances the overall experience. Conclusion Investing in sales automation tools is a strategic move for businesses seeking to optimize their sales processes, increase revenue, and improve customer satisfaction. By automating repetitive tasks, sales teams can focus on high-value activities that drive business growth. With the right tools, businesses can enhance productivity, boost sales, retain customers, and make data-driven decisions, ultimately leading to a refined and efficient sales operation.

Profits dip at Leeds Building Society as it describes 'turbulent' market for savers and borrowers

Profits have fallen at Leeds Building Society despite growth in mortgage lending and savings balances in its 150th year. Newly published 2024 results show the mutual saw operating profit fall from £181.5m to £137.5m. Underlying pre-tax profit - adjusted for the repurchase of shares, a revaluation of its head office and the cost of a financial support scheme for victims of the Philips Trust Corporation collapse - was up from £181.5m to £187.5m. The society finished the year with a record number of members at 991,000 - a 7.8% growth on the previous year. Meanwhile gross mortgage lending grew from £4.4bn to £5.7bn and net lending of was boosted from £1.5bn to £2.6bn - a 12% increase year-on-year. Bosses said a drop in the level of mortgage arrears from 0.61% to 0.58% demonstrated the strength of Leeds' affordability testing and lending criteria. Record net savings growth of £3.7bn, up from £3.3bn, meaning total savings balances reached £24.5bn - more than 18% higher than 2023. Richard Fearon, chief executive officer of Leeds Building Society said: "The milestone of our 150th anniversary offers the opportunity to reflect on how far our society has come. We were helping people onto the housing ladder before the invention of the telephone and the lightbulb, and our purpose remains as relevant as ever today. It's a real privilege to be announcing record-breaking results for a fourth successive year, and I'm incredibly proud of the progress we continue to make to deliver our purpose and support members. "Our total membership reached an all-time high at the end of 2024. Mortgage completions broke records and savings balances are higher than they have ever been. Interest payments above and beyond the average market rate totalled £175m, as we continue to demonstrate value to our members." He added: "Our underlying profit of £187.5m resulted from record trading performance in a turbulent market for both savers and borrowers. As a mutual, we don't have any external shareholders to pay dividends to, and our strong financial performance allows us to invest significantly in our business. We opened a new branch, refurbished and relocated others and improved our online services, allowing members to better engage with us in the way that works best for them.

Former Bank of England policymaker says 'hold' rates at 4.5 per cent in May

Former Bank of England rate-setter Jonathan Haskel has indicated that current high inflation levels warrant maintaining interest rates at 4.5 per cent in May. Investors and analysts, anticipating a cut in interest rates next month to address concerns over low growth, are pricing in up to three additional reductions by year's end, as reported by City AM. However, Haskel, who served on the Bank's Monetary Policy Committee (MPC) until August of the previous year, argued for a "wait and see" stance despite potential deflationary impacts from President Trump's tariffs. In conversations with City AM, Haskel remarked: "Core inflation in the UK, dominated by domestically generated service sector inflation, is above target-consistent levels," and stated, "Thus, and given the uncertainty around what the enduring tariff level will be, I would favour a 'wait and see' policy and so hold UK rates at the next meeting." February saw inflation reach 2.8 per cent, spurred by a five per cent surge in services prices, well above the Bank of England's consumer price inflation (CPI) aim of two per cent. Haskel acknowledged that the comprehensive tariffs would put a damper on economic activity and inhibit growth as global markets adjust to open trading with the US. He also agreed with current MPC members Swati Dhingra and Megan Greene that such tariffs would exert a "deflationary for the UK economy" effect on the UK economy. According to Haskel, the influx of cheap goods from countries like China, which is subject to tariffs exceeding 100%, would likely drive prices down. Nevertheless, he maintained his stance. These comments offer a glimpse into the thought process of the more hawkish MPC members, who are growing increasingly concerned about persistent inflation. Clare Lombardelli, a current MPC member, expressed uncertainty about the impact of Trump's tariffs on inflation, citing the potential for retaliatory measures from other countries. Haskel's views diverge from those of former deputy Bank governor Charlie Bean, who advocated for a rate cut of up to 50 basis points. David Blanchflower, a former rate-setter, even suggested convening an emergency meeting before May 8. Kallum Pickering of Peel Hunt, who typically takes a hawkish stance on monetary policy, argued that the Bank has an "easy" decision to cut interest rates, as high inflation is no longer a concern due to tariffs. "We can worry a lot less about inflation, and therefore we can start easing a little bit faster," he told City AM. "Growth is likely to be weaker, so rates need to come down." Pickering suggested that Andrew Bailey should advise the Prime Minister to refrain from imposing reciprocal tariffs, thereby avoiding a near-term inflation shock. He also stated that predictions of inflation potentially reaching as high as 3.75 per cent were not "irrelevant". "It's not even worth paying attention to economic data that is telling you about the economy before the US dramatically escalated tariffs. It's just, it's redundant." Pickering further suggested that the elevated gilt yields, which are increasing borrowing costs, were a consequence of fears surrounding low growth and these changes provided further justification for the Bank to reduce interest rates. "In a strange way, if the Bank of England were actually to go a little bit quicker with rate cuts and support growth expectations, it would probably have the effect of reducing bond yields in the long run because markets would worry less about recession risk." Central banks around the world are rapidly responding to the impacts of a full-blown trade war. Policymakers in India and New Zealand cut interest rates on Wednesday. Reserve Bank of India Governor Sanjay Malhotra said "concerns on trade frictions are coming true." The US Federal Reserve has come under pressure from JP Morgan executive Bob Michele – and the US president himself – to cut interest rates. Federal Reserve Bank of Minneapolis President Neel Kashkari said high inflation expectations in the US would delay interest rate cuts while some analysts believe that markets may have overestimated the number of cuts due to be made this year. "The Fed is being held back from providing additional policy rate cuts because there is limited evidence that the economy needs immediate additional support," Seema Shah, chief global strategist at Principal Asset Management, told City AM. "In order to cut rates, the Fed needs to believe that softer growth will exert downward pressure on inflation in the medium term and inflation expectations must remain anchored."

Investors pile into gold as Trump's tariff turmoil continues

The price of gold has soared to another record peak, fuelled by concern over President Donald Trump's tariff strategy and a weakening dollar, leading investors towards the traditional sanctuary of precious metals. Gold's value ascended 1.5% to surpass $3,200 (£2,451) per troy ounce on Friday – an unprecedented level – as Asian markets stumbled due to the ongoing repercussions of President Trump's deferred tariff measures, as reported by City AM. Despite its status as a refuge for capital during turbulent times, the precious metal had initially been swept up in a severe sell-off amid tariff-driven market chaos. Gold spot prices experienced a remarkable increase of over 30% since the beginning of 2024 but witnessed a downturn from $3,166/oz to $2,973/oz from April 2 to April 6. Market experts believe that investors were compelled to sell their gold assets to cover margin calls from creditors. Pepperstone analyst Michael Brown pointed to the removal of the "risk premium" associated with gold after its exclusion from the postponed tariffs Trump labeled ‘Liberation Day’ as the cause of the brief dip. Nevertheless, from April 6 onward, gold has bounced back robustly, registering its most significant bi-day surge since 2020 and reaching a new all-time high. Market strategists have attributed this latest rally to the faltering US dollar – which renders the metal more accessible to buyers using other currencies – and predictions that central banks might accelerate interest rate cuts more than previously presumed to prevent an economic deceleration. This week has seen the dollar descend to its lowest level against major global currencies in a decade. Dominic Schinder of UBS Global Wealth informed Bloomberg TV that further rate cuts from the Federal Reserve would provide another "leg up" for gold, as the yield on holding cash – a common refuge amid prevalent bearish sentiment – is lower. This rally boosted London-listed gold miners, leading the FTSE 100 higher on Friday morning. Fresnillo saw an increase of approximately 5.9 per cent, while Endeavour experienced a surge of over 4.5 per cent in early trades. Brokers at Peel Hunt upgraded precious-metal-miner Fresnillo from 'hold' to 'add' in a note, suggesting that sustained high gold and silver prices would generate more cash flow at the commodities giant. "[The first quarter] saw gold and silver prices well ahead of expectations on rising market uncertainty," they noted. "The extreme US tariff announcements simply added to this uncertainty.

5 Creative Ways to Leverage ChatGPT for Your New Year’s Goals

As the calendar turns to a new year, many of us set grand intentions for self-improvement – but, as history often proves, those resolutions can fizzle out before long. Whether your ambitions include adopting healthier habits, saving more money, or finally tackling the monumental task of reading War and Peace, ChatGPT can be your ultimate companion in staying focused and motivated. From refining your goals to overcoming obstacles along the way, this AI-powered tool is here to provide you with guidance, support, and even the occasional reality check when your goals start to veer off course (like when you try to justify "eating cake for breakfast" as a healthy fruit substitute). Here are five innovative and fun ways you can make ChatGPT your secret weapon in achieving your 2025 goals. 1. Tailor-Made Resolutions Crafting resolutions that speak to your passions is the key to maintaining motivation. ChatGPT shines when it comes to helping you think outside the box and come up with unique goals that suit your personal interests. Forget the usual clichés like "lose weight" or "spend less." Instead, share your hobbies, such as photography, travel, or acquiring new skills, and ChatGPT will help you develop resolutions like starting a daily photo journal, learning to greet people in multiple languages, or unearthing hidden gems in your local area. For instance, imagine telling ChatGPT about your love for photography or your desire to explore new cultures. The AI might suggest a resolution like taking one photo a day to build a digital yearbook, or challenging yourself to learn how to say "hello" in 52 different languages. These kinds of personalized resolutions are more likely to keep you motivated for the long haul. However, beware of setting conflicting goals—like vowing to be a better baker while also committing to a fitness regimen. If you're not careful, you might find yourself baking a cake every day! But with personalized goals, you're more likely to stay engaged and see it through. 2. Step-by-Step Action Plans Large, ambitious goals can feel daunting and difficult to navigate. ChatGPT is great at breaking them down into bite-sized, actionable steps. Suppose your resolution is to write a novel. ChatGPT can suggest a structured timeline, such as spending January outlining your story, dedicating the next six months to writing 500 words daily, and wrapping up the year with editing and feedback from beta readers. A clear, actionable plan like this makes what seemed impossible much more achievable. However, be cautious about overloading yourself. Trying to learn Spanish, write a novel, train for a marathon, and start a side business all at once can quickly become overwhelming. While ChatGPT will happily provide plans for each of these endeavors, by March, you might find yourself juggling too many projects—none of them getting the attention they need. 3. Your Personal Accountability Partner Sometimes, sticking to your resolutions requires an external nudge. ChatGPT can act as your personal accountability buddy, offering a judgment-free space to track progress and setbacks. Instead of sharing your goals with family or friends, where it might feel awkward, you can confide in ChatGPT and receive constant support. You can proudly share milestones—like sticking to your workout routine—and ChatGPT will celebrate your achievements, offering praise and motivation. If you fall short of your goals, the AI will provide gentle suggestions to help you get back on track. However, keep in mind that ChatGPT doesn’t always catch sarcasm or self-deprecating humor. Telling it you ate an entire box of donuts and asking if it's "carb-loading" for a run might prompt concern rather than the laughter you're hoping for. 4. Overcoming Roadblocks Challenges are inevitable when working toward any goal, and this is where ChatGPT can shine. When you're stuck or facing obstacles, simply explaining your issue to the AI can lead to tailored, practical solutions. For instance, if evening workouts aren’t happening due to fatigue, ChatGPT might suggest switching to morning sessions, shortening your workout time, or even finding a workout buddy for extra motivation. The AI's flexibility and personalized advice can help you adjust and move past roadblocks. Just remember—honesty is key. If you're making excuses (like claiming that a walk to the ice cream shop counts as cardio), ChatGPT will see right through it. 5. Celebrating Wins with AI When you reach your milestones, ChatGPT is excellent at helping you recognize your achievements and plan meaningful rewards. It acts like a personal cheerleader, offering suggestions to keep the momentum going. For instance, if you’ve been consistently meditating each day, ChatGPT might recommend treating yourself to a relaxing spa day, upgrading to a premium meditation app, or even sharing your journey with others to inspire them. While you still provide the prompts, these external reminders of your progress can feel more fulfilling, adding an extra layer of motivation to keep you moving forward.

Admiral announces special dividend following a 90% surge in profits

Admiral, the FTSE 100 insurance heavyweight, has reported a substantial rise in profits for 2024. The company's earnings per share have almost doubled to 216.6p from 111.2p in the previous year, with pre-tax earnings surging by 90% to £839.2m. Turnover increased by 28% to £6.15bn, while insurance revenue saw a 37% growth to £4.78bn. In light of these robust figures, Admiral's board has proposed a final dividend of 121.0p per share, culminating in a total annual dividend of 192.0p, marking an 86% increase from 2023, as reported by City AM. The final dividend, comprising a normal dividend of 91.4p and a special dividend of 29.6p, is scheduled for payment on 13 June 2025. The insurer's customer base grew by 14% over the year, reaching 11.1 million. UK insurance customers rose by 19% to 8.8 million, although international insurance customers dipped slightly to 2.1 million. Admiral's UK Motor division reported some of its strongest results ever after several challenging years, with a 15% rise in customer numbers "driven by reducing prices ahead of the market around the start of the year," leading to a 33% increase in division turnover and a 50% boost in insurance revenue. Admiral's flagship UK motor division has reported a profit of £955m, marking a 61% increase from 2023. The change in the Ogden discount rate, used to determine personal injury compensation, from -0.25% to 0.5%, contributed an additional £100m to the bottom line. Without this adjustment, the profit would have been £855m, still a 44% rise from 2023. The standout performer within Admiral's international division was its US subsidiary, Elephant Auto, which turned a loss of £20m into a profit of £14m due to a significantly improved loss ratio and a solid expense outcome. The group, currently exploring strategic options for Elephant, reported good progress in evaluating these options and is now in exclusive discussions with a potential buyer. However, Admiral's Italian operation, ConTe, recorded a loss of £22.8m, attributed to claims inflation and some adverse experience, particularly from business written in 2023. Milena Mondini de Focatiis told City AM that despite disappointing results for ConTe in 2024, it "has been a strong part of the business for the last decade," and after a challenging two years, "the foundations are very strong." She added: "We took the actions we needed to take and we think it'll continue to be a strong business,". Overall, the international arm reported a pre-tax loss of £5.3m. Admiral Money, the burgeoning lending arm of the group, has reported a profit surge to £13m from last year's £10.2m. The division saw gross loan balances increase by 23% throughout 2024 and entered into its inaugural agreement to utilise third-party capital in early 2025. "Admiral Money continued to grow very nicely; it's a business in which we have high expectations for the future," Milena Mondini de Focatiis told City AM. "We're focused on being a great lender for Admiral customers." The company also confirmed the near completion of integrating the More Than brand, acquired from RSA in March 2024, with integration costs amounting to £11.9m. Reflecting on the robust full-year 2024 results, over 13,000 staff members were awarded free shares valued at up to £3,600 as part of the employee share schemes. Milena Mondini de Focatiis commented on the year's performance: "2024 was a remarkable year. We delivered an excellent result with a 28 per cent increase in turnover and 90 per cent increase in profit as we welcomed an additional 1.4m customers to the group." She added, "The main driver of our exceptional performance was our UK Motor business. However, it was great to see UK Household, Admiral Money, and our French and US Motor businesses all report a double-digit profit." "We were excited to be building on the synergies within our businesses and products. We recognised that there was more that we could do to meet even more of the needs of our growing customer base. We continued to focus on being a great choice for customers by leveraging our expertise in pricing, claims management and underwriting, and making continuous improvements in our service." "Thanks to our incredible colleagues, we achieved so much this year and rewarded them with an additional bonus for their commitment."

HSBC and Standard Chartered shares plummet as 'outsized' tariffs bite

Shares in banking behemoths HSBC and Standard Chartered have suffered a sharp decline amidst escalating global trade tensions. In early Monday trading, HSBC's shares dipped nearly three per cent, bringing its losses over the past five days to a staggering 15 per cent, as reported by City AM. Standard Chartered saw an even steeper fall of nearly four per cent, with its five-day losses approaching 20 per cent. The banks, which both have significant operations in Asia, are feeling the impact of hefty tariffs imposed by US President Donald Trump on Asian economies. China has been hit with a new 34 per cent tariff, raising its total import tax to 54 per cent following Trump's 'Liberation Day' speech, where he increased the levy from an earlier 20 per cent. In retaliation, China imposed a 34 per cent reciprocal tariff on US goods, criticising Trump's tactics as "inconsistent with international trade rules". Additionally, Taiwan received a 34 per cent tariff and Vietnam was burdened with a 46 per cent levy. Financial analyst William Howlett from Quilter Cheviot highlighted that banks carry some of the "biggest risks" amid the intensifying trade war. He commented: "Fundamentally, banks are levered plays on the economies in which they operate." Given the severe tariffs targeting Asian economies, Howlett noted it's no surprise that "the Asian banks (HSBC and Standard Chartered) have sold off the most." John Cronin, the founder of SeaPoint insights, pointed out that HSBC and Standard Chartered are more vulnerable than their UK counterparts to tariff issues "given their dependence on global trade glows and their presence in jurisdictions that will be subject to higher tariffs than the UK." HSBC stands as one of the top international banks in Asia, with its origins dating back to Hong Kong and Shanghai, and it covers various business segments in the region such as retail banking, wealth management, and commercial banking. Standard Chartered primarily targets emerging markets across Asia, Africa, and the Middle East, with a particular emphasis on Asia's burgeoning middle class in nations like India, China, and Indonesia by providing an array of retail services, including savings and checking accounts.

Tesla Sees First-Ever Year-Over-Year Sales Decline

Tesla’s production and delivery figures for 2024 have revealed a sobering reality for the electric vehicle leader. The company produced 1.77 million vehicles this year, marking a 4% decrease compared to 2023. In terms of deliveries, Tesla reached 1.79 million, about 1% fewer than the previous year. Additionally, Tesla deployed 31.4 GWh of energy storage, though this alone wasn’t enough to offset the overall sales downturn. Despite these setbacks, the company did experience a strong fourth quarter, setting new records for both deliveries and energy storage deployment. Tesla delivered 495,570 vehicles during the final quarter of the year, with 459,445 units produced, predominantly consisting of Model 3 and Model Y vehicles. Energy storage deployments also reached a record 11 GWh in Q4. However, this late surge in deliveries wasn’t enough to bring Tesla’s full-year figures up to 2023 levels. Tesla CEO Elon Musk had already signaled earlier in the year that intensified competition and reduced demand for its aging model lineup would weigh on 2024 results. Even the introduction of the Cybertruck, which began deliveries late last year, failed to reverse the trend. While the fourth-quarter performance was strong, it still fell short of Wall Street’s expectations, which had forecast 504,800 vehicles delivered. As a result, Tesla’s stock price took a hit, dropping by about 5% following the announcement of the disappointing numbers. Looking ahead, the future remains uncertain. A potential shift in U.S. policy following a possible second term for President Donald Trump could further impact Tesla’s prospects. If the new administration eliminates key incentives, such as the $7,500 EV tax credit, Tesla vehicles may become less affordable, which could dampen demand. Musk has teased the release of a more affordable Tesla in 2025 and a fully autonomous Cybercab by 2026, but both projects face significant hurdles. Furthermore, Tesla’s position in China is becoming increasingly precarious as the country’s domestic EV market grows at a rapid pace. The Chinese market, which is Tesla’s largest and most important, is seeing rising competition from local manufacturers like BYD, eroding Tesla’s market share.

FTSE 100 stages tentative recovery as pound climbs from one-year lows

The FTSE 100, UK's blue-chip index, opened 1.5 per cent higher this morning, clawing back some of the losses sustained over the previous three trading days in the wake of US President Donald Trump's extensive tariffs. Yesterday saw the FTSE 100 plunge by more than four per cent as global stock markets grappled with the potential impact of a worldwide trade war, as reported by City AM. However, early trading this morning witnessed a cautious recovery in the market. The domestically-oriented FTSE 250 leapt 1.6 per cent in early deals, while the Stoxx Europe index 600 climbed 1.4 per cent. Commodities-focused stocks on the FTSE 100 led the market upwards, buoyed by increasing commodity prices. BP saw a 2.6 per cent rise, while mining companies Antofagasta and Glencore both increased by three per cent. US-centric tech stocks listed on the FTSE 100, such as Scottish Mortgage Investment Trust and Polar Capital Technology Trump, also demonstrated strong performance this morning. In the meantime, the pound rose by 0.46 per cent after hitting a one-year low yesterday of around $1.27. US stocks have also continued their recovery from the sharp downturn experienced in recent days, with Dow Jones futures up 1.7 per cent and S&P futures rising 1.3 per cent. Matt Britzman, senior equity analyst at Hargreaves Lansdown, cautioned: "This should hardly be seen as the end of the trouble, especially with President Trump showing no signs of easing his stance on perceived trade imbalances." Despite Trump's threats to escalate tariffs on China beyond 100 per cent, Asian markets have remained unfazed. Japan's Nikkei surged by six per cent this morning, while the Chinese Hang Seng and Shanghai Stock Exchange indexes experienced increases of 1.2 and 1.4 per cent respectively. Gold, which had been negatively impacted by uncertainty surrounding Trump's tariffs, rose by one per cent this morning to exceed $3,000 again, although it is still down by 3.7 per cent over the past week.

Welsh private sector output improves further shows new NatWest research

Private sector output in Wales has further accelerated, shows new research from NatWest Its Wales Business Activity Index for February shows output rose to 51.5 in February, up from 50.7 in January. The latest uptick in activity is the most marked in six months. Anything above 50 on the index denotes expansion. While the positive reading was higher than for the UK as a whole, February’s data indicated that Welsh firms faced challenges in securing new business, with the latest decline stretching the current downturn to four months. Nonetheless, companies expressed greater confidence in their forecasts for the upcoming year, anticipating that activity growth can be maintained over the coming 12 months. Positive sentiment was underscored by planned strategic growth initiatives, with businesses expecting to expand sales and improve their productivity. Additionally, introduction of new projects and acquisition of new customers were also cited as underlying reasons. Jessica Shipman, chair, NatWest Wales board, said: “Despite an overall decline in new business, Welsh private sector activity grew at a stronger pace in February, buoyed by improved demand in specific sectors. Furthermore, output growth is anticipated to be sustained over the next 12 months, as companies express greater optimism. “However, firms continued to adopt conservative hiring practices, and in some cases, even reduced their payroll numbers. Additionally, price pressures remained rapid and largely consistent with those observed in January, although the rates of inflation were below post-pandemic levels and weaker than the UK-wide averages.” The index also shows that Welsh firms reporting a fourth consecutive monthly drop in new business during February. The rate of decrease was the fastest in three months, but modest overall. Challenges in securing new business were linked to sluggish domestic demand, reduced confidence in governmental policies, and lower demand from the EU. Of the ten tracked regions and nations of the UK to record a decline in new orders, the downturn was the softest in Wales. Moreover, Welsh firms displayed a higher degree of optimism in February in the year-ahead outlook for activity. The level of confidence improved to a five-month high, albeit slightly less upbeat when compared to the UK-wide average. A sixth straight monthly decline in payroll numbers was recorded across Wales in February. The rate of job shedding quickened from that seen in January and was sharp overall. Staffing levels were downsized as a result of a number of factors including non-replacement of voluntary leavers, redundancies, changes to labour market policies, and decreased demand. That said, the rate at which employment fell across the UK was more pronounced than seen for Wales.

City analysts downgrade luxury stocks as impact of Trump tariffs filter through

Deutsche Bank, the city broker, has lowered the target share price for a range of luxury firms as Trump's tariffs begin to influence analyst predictions. The broker assigned a 'Hold' rating to Richemont, LVMH, Moncler and Kering, reducing the share price for each company, as reported by City AM. "The direct impact of the tariffs is not a huge headwind in our view... However, weaker global stock markets and the broader economic uncertainty will weigh on confidence and we see this further postponing a recovery in luxury demand," analysts commented. Hermes was the sole firm to receive an upgrade, with Deutsche Bank shifting its recommendation from a 'Hold' to a 'Buy' and raising the target share price from €2,220 to €2,550 (£1,911 to £2,195). Mamta Valechha, Consumer discretionary analyst at Quilter Cheviot, stated that Hermes would benefit from its "strong pricing power and higher-end positioning" despite the inevitable single-digit price increases. "However, how the US (and global) luxury consumer responds to potentially reduced global economic growth remains unknown," Valechha added. There was a significant sell-off in luxury markets after Trump announced tariffs on April 2. Burberry, Kering, and LVMH have dropped 16.6 per cent, 16.2 per cent 12.5 per cent, respectively, since April 2. Traditionally safe bets Hermes and Ferrari have dropped 8.5 per cent and nine per cent, respectively. Analysts were initially banking on a resurgence in the luxury sector following a dip caused by the cost-of-living crisis in Europe and economic downturn in China during 2023. "It is no longer clear that the third quarter of 2024 was the nadir for luxury demand," stated analysts from Deutsche Bank. "The luxury recovery in the fourth quarter now looks likely to be the anomaly and not the trend."

Wise forecasts robust growth with 21% increase in active customers and £1.4bn income

Shares in global fintech company Wise saw a six per cent increase in early trading today, following the release of preliminary figures for its current financial year on Thursday. The firm is set to provide further updates during its capital markets day. The presentation will also include updates on the current financial year, with full results due to be posted on June 5, as reported by City AM. Wise, which specialises in facilitating easy international money transfers for consumers, anticipates a 21 per cent growth in active customers to 15 million and a 16 per cent increase in underlying income. Based on these projections, the fintech firm expects to generate an income of £1.4bn in the current year. However, it predicts a one per cent drop in its profit margin. The money transfer company forecasts an underlying income growth of 15 to 20 per cent in the 2026 financial year, with pre-tax profit margins aligning with top estimates. Wise has also revealed plans to dilute its Employee Benefit Trust share purchase programme to prevent shareholder dilution from historical stock-based compensation (SBC) grants, which equate to around 25 million shares. The fintech firm reiterated its listing change following the Financial Conduct Authority's reforms to the UK listing regime in 2024. Wise's listing was moved to the Equity Shares Category in July 2024. Wise made its debut on the London Stock Exchange on July 7, 2021, and over its 14-year history, it has transferred over £0.5tn across borders. In its January quarterly trading update, the company disclosed that cross-border volumes had surged by 24 per cent to £37.8bn. The firm's accounts also saw increased adoption, driving a 39 per cent rise in card and other revenue.

Nikhil Rathi secures another five-year term as FCA chief amidst UK regulatory overhaul

Nikhil Rathi has been reappointed as the chief executive of the Financial Conduct Authority (FCA) for a further five years, tasked with the government's new mandate to cut back on unnecessary and repetitive regulation, as confirmed by the Chancellor. Rathi, who previously served as a Treasury official and the CEO of the London Stock Exchange, will continue his leadership at the FCA, the UK's principal financial regulator, as reported by City AM. Should he complete this term, Rathi's tenure at the helm of the FCA will reach a full decade. The Chancellor has chosen to maintain stability in the role, highlighting that Rathi's contributions have been "crucial" to the government's ambitious regulatory reform efforts aimed at streamlining the UK's regulatory framework to eliminate perceived impediments to economic expansion. On Christmas Eve, Rachel Reeves and Keir Starmer issued a directive to the heads of the UK's ten leading regulatory bodies, urging them to "tear down the regulatory barriers" they believe are constraining economic progress. This initiative to orientate the UK's regulatory bodies towards promoting growth has led to the departure or removal of several regulatory leaders, including those at the Competition and Markets Authority and the Solicitors Regulation Authority. The campaign has also triggered a significant reshuffle within the financial regulatory landscape, exemplified last month by the merger of the Payments Systems Regulator with the FCA, which aims to minimise redundant regulatory obstacles for businesses. Rathi will oversee the seamless integration of the merger. Upon hearing of his reappointment, he commented: "I am honoured to be reappointed by the Chancellor. The FCA does vital work to enable a fair and thriving financial services sector for the good of consumers and the economy." In the previous month, both the FCA and the Bank of England's Prudential Regulation Authority abandoned their initiatives to regulate firms' diversity, equity and inclusion (DEI) performance. Reflecting on these actions and other measures to reduce regulatory burden, Rathi stated: "I am proud of the reforms we have delivered to support growth, bolster operational effectiveness, set higher standards and to keep our markets clean and open." Reeves expressed her approval, saying: "Nikhil Rathi has been crucial in this government's efforts to reform regulation so it supports growth and boosts investment – I am delighted he will be continuing his leadership of the FCA."

Strengthening Community Cyber Defenses through Education

As part of our commitment to Cybersecurity Awareness Week at JPMorganChase, we organized a variety of interactive community events aimed at educating both young people and older adults on the essential aspects of cybersecurity, ensuring their digital safety. Read on to discover the significance of these initiatives in bolstering the cyber resilience of the communities we support. Fueling Cyber Enthusiasm at Global Impact Academy By Candice Biamby and London Murray, Product Security Marking Cybersecurity Awareness Week, the cybersecurity team from Atlanta Tech Center collaborated with the External Community Engagement initiative to stimulate interest in cybersecurity among students at Global Impact Academy (GIA) STEM Magnet High School in Fairburn, GA. With 588 talented students from grades 9-12, GIA offers a range of career paths in advanced mathematics, science, engineering, biotechnology, cybersecurity, game design, computer science, and beyond. This half-day event included presentations from JPMorganChase’s Cybersecurity and Technology Controls staff, who shared their personal experiences and the diverse career opportunities available in the cybersecurity sector. Students engaged in interactive breakout sessions that covered various aspects of cybersecurity, such as security engineering, governance, risk management, and compliance, and cyber operations. The event was a fantastic opportunity to engage with future STEM leaders. The students at GIA asked thought-provoking questions and demonstrated impressive knowledge. Our team relished the dynamic discussions, particularly the lively exchange when students shared their experiences with AI, which led to a mix of curiosity, admissions, and laughter. The students' passion and curiosity are a promising sign for the future of cybersecurity, making a fitting conclusion to our Cybersecurity Awareness Week at JPMorganChase. Enhancing Digital Safety for Youth and Elders By Sesh Subramanyan and Venkat Melam, Cybersecurity and Technology Controls Cybersecurity Awareness Week was a nationwide initiative in India, featuring a range of community engagement events focused on cybersecurity. These events included quizzes, puzzles, and awareness sessions for children and seniors from employee families, with over 200 participants. The goal was to increase understanding of cybersecurity and encourage secure online behavior. The 'CyberKids' session, for children aged 12-16, covered essential topics such as secure browsing, recognizing online threats, and safeguarding personal data. Meanwhile, the 'CyberSeniors' session targeted older family members, offering practical advice on online security, scam identification, and protecting one's digital identity. These sessions provided critical knowledge about online risks, including cyberbullying and phishing, helping families to establish a secure digital environment. Given the increasing cyber threats targeting the young and elderly, such awareness sessions are vital for safeguarding our loved ones. The foundation of cybersecurity lies within the home.

London Stock Exchange's IPO market is 'nothing more than a dribble'

With only four IPOs initiated on the London Stock Exchange this year compared to 15 takeover bids, there's a rising concern among analysts that London’s equity markets are losing robust companies at an alarming rate. Commenting on this trend, AJ Bell investment analyst Dan Coatsworth expressed concerns about the market's performance, as reported by City AM. "It's now been nine months since the UK general election and the pace of IPOs is nothing more than a dribble," he remarked. While three out of the four firms initiating public offerings joined the LSE's junior market AIM, Achilles Investment Company was the sole new entrant on the main market with its £54m valuation. The spectre of rising taxes coupled with the turmoil instigated by US President Donald Trump's tariffs is contributing to "considerable uncertainty" for businesses. This uncertain climate has caused many firms to hesitate in moving forward with IPOs due to fears of volatile market conditions, as pointed out by Coatsworth. In a related discourse yesterday, Peel Hunt head of research Charles Hall emphasized the "urgent" need to bolster London’s equity markets to raise their appeal for forthcoming IPOs. Nevertheless, some signs of a turnaround are starting to show, with announcements in March from both authentication technology company Quantum Base and accounting firm MHA that they plan to go public later in the year. On another front, this year's most significant takeover overtures have featured KKR's £1.6bn bid for Assura, the £1.2bn deal proposed by Greencore for Bakkavor, and Dowlais' £1.1bn proposition from American Axle & Manufacturing. Most of these acquisitions have been made at a significant premium to the company's market capitalisation, indicating that UK equity markets may still be undervalued. "The second quarter has already got off to a strong start with Qualcomm expressing interest in potentially buying Alphawave IP," observed Coatsworth. Despite a lacklustre performance from IPOs so far this year, Coatsworth noted that speculation about new entrants is ramping up. Potential candidates for a London float in the coming months include Waterstones, gold mining firm NMMC, and banking group Shawbrook, which was delisted in 2017. Coatsworth also mentioned rumours that CK Hutchison might list its European, Hong Kong and South-East Asian telecoms operations in London. In addition to the 15 ongoing takeover situations, Coatsworth pointed out that there are still many potential targets for bidders on the market. These include B&M, whose share price has halved over the past year and is currently trading at 7.6 times its forward earnings. "It's either a bargain at that price or the market doesn't believe the earnings forecasts," commented Coatsworth. Halfords is another retailer that many expect to become a target due to its low valuation and the need for radical changes to its business model. Lastly, Jet2's share price is currently at its lowest level since 2023, presenting a potential opportunity for rival airlines to attempt a takeover.

Newcastle Financial Advisers snaps up County Durham company as owners retire

The financial advice arm of Newcastle Building Society has snapped up a County Durham business as part of its growth strategy. Newcastle Financial Advisers Ltd has acquired Chester-le-Street based Orchard Financial Management, a deal which adds around 200 customers to the business, following the founders’ retirement. The Wallsend based business provides advice on investment, retirement, inheritance tax planning and protection advice through the Society’s network of branches across the North East, Cumbria and North Yorkshire. The firm said the addition of Orchard gives the new customers access to face-to-face financial advice services throughout the mutual’s network of 32 locations. Graeme Leigh founded Orchard Financial Management in 1998 to provide advice on investments and pensions as well as protection and he has grown the business through word-of-mouth recommendations alongside his wife Michele. The pair have now decided to retire, saying they were drawn to Newcastle Financial Advisers because of its commitment to building long-term relationships with customers, and expertise in the market. Mr Leigh said: “The top priority for Orchard Financial Management was to find the right and trusted home for our clients. Newcastle Financial Advisers has a fantastic reputation and we’re impressed by its strong high street presence both in County Durham and throughout the North East, North Yorkshire and Cumbria, which will help to ensure a smooth transition and integration of our local client base.” Iain Lightfoot, managing director of Newcastle Financial Advisers, said: “We’re pleased to be able to welcome Orchard Financial Management’s customers to Newcastle Financial Advisers Limited. Graeme’s focus on fostering long-term relationships based on a foundation of trust is one that very much aligns with our own purpose, and the acquisition of his business therefore feels like an organic fit for Newcastle Financial Advisers.

Mortgage approvals reach highest level since 2007 thanks to interest rate cut

Mortgage approvals experienced a significant 18 per cent increase year on year in January, buoyed by interest rate cuts that have made borrowing more affordable. Data from the ONS revealed that mortgage approvals reached 66,189 in January, marking an 18 per cent rise from 55,941 in the same month of the previous year, as reported by City AM. "UK homebuyers appear to have begun the year on the front foot," commented Jonathan Samuels, CEO of specialist lender Octane Capital. He further noted, "The general consensus is that affordability should continue to improve as the year progresses, further fuelling the consistent momentum that has been building over the last 12 months." Despite the annual rise, there was a slight 0.5 per cent decrease in approvals month on month, down from 66,505 in December. However, Samuels dismissed concerns about this dip: "A momentary monthly dip in mortgage approval numbers is to be expected either side of the Christmas break and so the marginal decline seen in January certainly doesn't suggest the market is running out of steam," he explained. Jason Tebb, President of OnTheMarket, added his perspective, stating: "Further reductions from the Bank of England would provide a welcome shot in the arm for the market, particularly with the stamp duty concession ending this month." Analysts at Capital Economics anticipate the Bank of England will lower interest rates to 3.5 per cent by early 2026. Meanwhile, the market seems to be 'shrugging off' concerns related to stamp duty, as the relief for first-time buyers is set to end on April 1, prompting many to hasten their purchases before the deadline. Analysts have raised concerns that the current demand from first-time buyers may be obscuring the true condition of the housing market, which is still grappling with affordability issues despite recent lower interest rates. Jeremy Leaf, a north London estate agent and former RICS residential chairman, commented that the market appears to be "shrugging off" worries related to the stamp duty holiday concession. "These figures provide further evidence of the resilience and underlying confidence in home buying, setting the tone for activity over the next few months at least," he said. Stephanie Daley, Director of Partnerships at mortgage advisor Alexander Hall, remarked that the stamp duty deadline is "not the predominant factor fuelling the market at present."

Saga reports surge in profits as demand for cruises among over-50s soars

Saga, the travel and financial services provider for the over-50s demographic, has announced profits surpassing market predictions, fuelled by a surge in cruise demand. The firm revealed this morning that its underlying pre-tax profit for the year ending January 31 stood at £47.8m, marking a 25% increase year on year, as reported by City AM. Annual revenue rose by 4% to reach £588.3m, while net debt decreased by 7% to £590.5m. Earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 18% to £137.1m. CEO Mike Hazel attributed this progress to "[Progress] was driven by the strength of our Travel businesses, with especially high levels of customer demand for our differentiated ocean and river cruise offers." Over the past year, Saga announced a 20-year partnership with Belgian insurance titan Ageas for motor and home insurance, which resulted in Saga's price-comparison website, pricing, claims handling, and customer service activities being taken over by Ageas. Additionally, Saga agreed to sell off its insurance underwriting business. According to Hazel, these strategic decisions, coupled with robust trading performance, enabled Saga to refinance its long-term corporate debt, replacing its 2026 debt maturities with new long-term credit facilities. "The new facilities provide us with significant financing headroom and flexibility as we move forward," Hazell added. "Following the completion of these important objectives, our focus has shifted to the long-term growth plans for the Group, building on our established businesses by continuing to explore complementary partnerships and unlocking new avenues for growth beyond our current business and product lines," he added.

Safely Expanding in Global Markets with International Credit Reports

Venturing into global markets promises substantial growth and profitability, yet it necessitates meticulous planning and strategic risk management. A crucial element of international expansion is gauging the financial stability and creditworthiness of overseas partners and clients. International credit reports offer vital insights into a company's financial health, aiding businesses in mitigating risks associated with cross-border transactions. These reports provide detailed data, including payment histories, company structure, and legal filings, enabling companies to make well-informed decisions. Leveraging international credit reports allows businesses to thoroughly assess potential partners and customers, ensuring safer and more secure global ventures. Given the significant variability in market dynamics across countries, access to reliable credit information can be a critical differentiator for companies aiming for sustainable international growth while safeguarding their investments. What is an International Credit Report? An international credit report is a comprehensive document that delivers an in-depth analysis of a business's financial status and credit history in the global market. These reports are indispensable tools for evaluating the creditworthiness of foreign companies, offering a detailed snapshot of their fiscal health. Typically, an international credit report includes vital data such as the organization's payment history, balance sheets, profit and loss statements, and any existing debts or liabilities. Moreover, these reports often contain information about the company's management team and structure, legal filings, and any history of bankruptcies or defaults. Such detailed financial insights assist businesses in making informed decisions about establishing or continuing partnerships with overseas entities, thereby minimizing risks and fostering successful international trade relationships. How to Access International Credit Reports Accessing international credit reports involves several steps to ensure you obtain accurate and relevant information. Identify Reliable Providers: The first step is to find reputable credit reporting agencies that specialize in international markets. Major credit bureaus and specialized firms offer comprehensive reports tailored to different regions and industries. Request a Report: After selecting a provider, businesses can request a report by specifying the company they wish to evaluate. It's important to provide accurate details to ensure the report reflects the correct entity. Verify Compliance: Different countries have varying regulations regarding data privacy and access to credit information. Ensure that both your business and the reporting agency comply with all relevant international laws. Review and Interpret: Once the report is obtained, carefully review the data included. Look for key indicators of financial health, such as consistent payment records and positive cash flow. Consider consulting with financial experts to interpret complex financial data if necessary. Use Insights for Decision Making: Utilize the information to evaluate the risks and benefits of engaging with the foreign entity. The insights derived from these reports can guide strategic decisions about imports, exports, partnerships, and investments abroad. By following these steps, businesses can effectively harness the power of international credit reports to expand safely and securely into global markets, capitalizing on opportunities while protecting their interests. Best Practices for Using Credit Reports in Global Expansion To maximize the benefits of international credit reports during global expansion, businesses should adhere to several best practices. Establish a Consistent Process: Implement a standardized process for evaluating credit reports across different markets. Set clear criteria for creditworthiness that align with your company's risk tolerance and strategic goals. Regularly update these criteria to reflect changing market conditions and business priorities. Incorporate Comprehensive Due Diligence: While credit reports provide valuable financial insights, complement them with additional information such as market analysis, cultural factors, and geopolitical considerations. Combining these insights gives a more comprehensive picture of potential partners or clients. Engage Local Expertise: Consultants or financial advisors familiar with specific markets can provide invaluable context to the data presented in credit reports. Their knowledge of regional business practices can help interpret subtle nuances that might otherwise be overlooked. Ongoing Monitoring: Maintain continuous monitoring of international partners even after initial credit assessments. Markets evolve, and a company’s financial situation can change, impacting your business relationship. Regularly updated credit reports ensure you stay informed about any developments that could affect your business. Ensure Data Protection and Compliance: Be mindful of international data privacy laws and maintain robust systems to safeguard sensitive information. Benefits of Using International Credit Reports Risk Mitigation: International credit reports help businesses assess the reliability of potential partners by providing detailed financial information, thus minimizing risks associated with international transactions. Informed Decision-Making: These reports offer insights into a company's financial health and creditworthiness, enabling businesses to make informed decisions about mergers, acquisitions, and partnerships. Competitive Advantage: Access to comprehensive credit data allows businesses to identify stable partners and avoid those with high-risk profiles, offering a competitive advantage in global markets. Enhanced Negotiations: With detailed financial data, companies can negotiate better terms and conditions with foreign counterparts, strengthening their business position. Strategic Planning: By understanding the financial standing of international companies, businesses can strategically plan expansion initiatives, entering new markets with greater confidence. Improved Credit Terms: Evaluating creditworthiness can lead to better credit terms and interest rates when dealing with international suppliers and customers. Regulatory Compliance: Utilizing credit reports can assist in ensuring compliance with international trade regulations, reducing the risk of legal complications. Persistent Monitoring: Continuous access to credit reports allows businesses to monitor the financial health of ongoing partners, ensuring sustained and stable business relationships internationally. Potential Challenges Data Accessibility: Accessing international credit reports can be challenging due to variations in data availability across different countries. Some regions may have stringent restrictions on sharing credit information, making it difficult to obtain comprehensive reports. Regulatory Variance: Navigating the diverse regulatory landscape can be complex. Businesses must be aware of and adapt to the different legal requirements for data privacy and credit reporting specific to each country. Language and Cultural Barriers: Understanding the nuances in language and cultural differences can pose challenges when interpreting credit reports. Misinterpretations may lead to inaccurate risk assessments or flawed business decisions. Currency Fluctuations: Fluctuations in currency exchange rates can affect the valuation of financial data within credit reports. Businesses need to account for these variations when analyzing international credit information. Conclusion Incorporating international credit reports into global business strategies offers a wealth of benefits, from risk mitigation to enhanced strategic planning. By understanding the financial health and creditworthiness of potential partners, businesses can navigate the complexities of global expansion with greater confidence. However, it is important to remain cognizant of the challenges, such as data accessibility, regulatory differences, and cultural barriers, which may arise during this process. With diligent application of best practices and continuous monitoring, companies can leverage these reports effectively to secure and sustain successful international relationships, thus ensuring a competitive edge in the dynamic global marketplace.

HSBC hunts for new UK boss as current chief takes up 'vital' new role

HSBC, Europe's largest lender, is on the hunt for a new UK chief following the departure of current CEO Ian Stuart to a fresh role. Stuart, who has led the UK business for eight years, is set to join the bank's operating committee, as reported by City AM. Upon his successor's appointment, Stuart will assume the newly minted title of group customer and culture director, reporting directly to group CEO Georges Elhedery. Elhedery described Stuart's new role as "vital to the long-term success of HSBC." The bank stated that this appointment "will support the continued execution of the bank's strategy which will see HSBC become a simpler, more dynamic, agile organisation." This reshuffle comes in the wake of the bank's annual results last month, where it reported a pre-tax profit of £25.6bn, up from £24bn in 2023. In these results, Elhedery reiterated commitments to cost reduction, promising an annualised decrease of £1.2bn in its cost base by the end of 2026. Investment bankers found themselves in the firing line following the cost overhaul, with City AM revealing last month that some were due to receive bonuses while others were to be let go on the same day. The downsizing of its investment banking arm and Stuart's new role reflect the bank's reorganisation strategy into four divisions split across the East and West. Elhedery, commenting on Stuart's new role, stated: "A customer-centric, high-performance culture is the foundation of delivering exceptional outcomes for our customers." "It builds trust, enhances experiences, and ensures customer satisfaction whilst empowering our colleagues to meet customer needs, drive innovation, and unlock new opportunities."

Cheshire HR software firm makes Appraisd acquisition as it vows global growth

Private equity-backed HR software specialist Talos360 has acquired global performance management software platform Appraisd in what bosses say is an “important milestone” in its growth plans. Warrington-based Talos360 won investment from mid-market private equity firm LDC in 2022. Hundreds of businesses use its applicant tracking system and talent tracking technology to recruit and retain staff. Meanwhile London’s Appraisd was founded in 2012 and its performance management systems are used by hundreds of clients across 65 countries to support activities from appraisals to probation reviews. The acquisition was funded by LDC and the value was not disclosed. Talos360 says the deal will help it to grow globally and to work with customers across the USA, Singapore, South Africa, UAE, Australia, and Canada, alongside its established presence in Europe. Janette Martin, CEO at Talos360, said: “This is a pivotal moment for our business. “We’re passionate about developing proprietary award-winning talent technology for our clients, and now, in 2025, we’re delighted to welcome Appraisd as a key highlight of our Talent Operating System. Talos360 customers can now access even more innovative talent technology to develop their people, helping HR, leadership and management teams to achieve the best results for their business. “This move reinforces our commitment to creating a seamless, data-driven employee journey, from hire to retire and reflects our ambitions to continually solve the challenges faced by HR professionals to optimise workforce management.” Appraisd founder and CEO Roly Walter will be joining Talos360. He said: “As a people-first business, it was important that Appraisd found the right home, within the right team and culture. With a great blend of product fit and company values I’m excited to see what the future holds for Appraisd within the Talos360 product family, and the ambitious growth strategy ahead.” John Clarke, partner at LDC, added, “This acquisition represents a key milestone for Talos360, as it expands and diversifies its product portfolio. Appraisd is a fantastic strategic fit which has enjoyed strong growth historically and we are looking forward to supporting the Talos360 management team in integrating Appraisd into its business.”

US dollar on the longest losing streak since 2015 as de-dollarisation fears grow

The US dollar has plummeted 0.7% today, marking its fifth consecutive day of decline, as the market reevaluates the currency's standing in the global economy. The DXY index, which monitors the dollar's value relative to a basket of currencies, sank to its lowest level in three years during trading today, as reported by City AM. Since the beginning of April, which Trump hailed as 'Liberation Day,' the dollar index has dropped by more than 4% as investors offload their US assets amid concerns over the country's growth prospects. In a statement on Friday evening, President Trump emphasized that the dollar would invariably remain "the currency of choice" and asserted that "if a nation said we're not going to be on the dollar, I would tell you that within about one phone call they would be back on the dollar". However, Michael Brown, senior research strategist at Pepperstone, cautioned about the risk "of moving away from a decades-long period of dollar and US hegemony." Brown acknowledged that currently, there is no alternative to the dollar as a reserve currency, and the tariffs that shook confidence in the dollar last week have been temporarily suspended. "However, the incoherence with which economic policy is being made, coupled with the credibility erosion caused by president Trump's constant u-turns and 'governing by tweet' modus operandi, is clearly creating more than a few jitters," the strategist noted. Brown conceded that there was no alternative to the dollar as a reserve currency for now and that the tariffs which shook confidence in the dollar last week had been put on hold for the time being. "Fundamentally, even though the ridiculous 'reciprocal' tariffs have been paused (for now), the prospect of those levies being imposed again will continue to linger. "De-dollarisation is now a real, and frankly scary, prospect," Brown commented. The US dollar took a hit due to imposed China tariffs, according to insights shared on Friday by ING analysts. They indicated that Trump's escalating tariffs on China contributed to the dollar's sharp decline. Since the US may find it challenging to quickly replace many of the imports from China, this could lead to heightened inflationary risks for the American currency. The euro has emerged as the biggest winner from the dollar's depreciation, achieving a five percent increase since 'Liberation Day'. It is perceived widely as one of the few options for investors moving away from US assets. ING analysts observed that officials at the European Central Bank appear to be promoting the euro as a robust alternative to the US dollar right now.

Meta Unveils 'Edits,' a New Video Editing App to Compete with CapCut

Meta recently announced the launch of a brand-new video editing application called "Edits," coinciding with the removal of ByteDance's video editing tool CapCut from the Apple App Store and Google Play Store due to the TikTok ban. This new app is expected to debut on the iOS platform next month, with an Android version to follow. Adam Mosseri, head of Instagram, revealed on the Threads platform that the company is collaborating with select creators to gather feedback on the application. He stated, "We are excited to introduce 'Edits,' a new app designed specifically for mobile video creators. No matter how the market environment changes, our mission remains to provide creators with the highest-quality tools." According to Mosseri, Edits will feature a range of innovative functions, including an inspiration zone, a creative idea management module, and a high-quality camera feature. Notably, the app will also support users in sharing draft creations with friends or collaborators. Additionally, creators can access performance data of their videos on the Instagram platform through the app, helping them optimize their content strategies. Mosseri emphasized that Edits primarily targets professional creators rather than casual users. This differentiated positioning, though difficult to quantify, reflects Meta's deep understanding of the creator ecosystem. This move by Meta continues its consistent market strategy. Recall that in June 2020, after TikTok was banned in India, Meta quickly launched Instagram Reels in early July. In 2023, the company introduced Threads, a platform competing with X. Industry analysts suggest that CapCut's temporary absence has created development opportunities for other video editing tools, and even if CapCut is reinstated in the future, the market landscape may undergo significant changes. It is worth noting that Captions, a video editing app backed by a16z, recently shifted to a freemium model in an attempt to attract more users and compete with CapCut. These market dynamics indicate that the video editing tool sector is entering a new wave of competition and innovation.

The Impact of Revolut's Banking License on the Future of Digital Banking

Since its establishment in 2015, Revolut, a UK-based fintech firm, has swiftly evolved from a money-transfer service to a leading digital banking platform. A significant milestone in its journey was acquiring a European banking license from the European Central Bank via Lithuania in 2018. This landmark achievement transformed Revolut from a simple financial app into a fully licensed bank, enabling it to offer a comprehensive range of banking services across Europe. With a customer base exceeding 45 million personal users and half a million business clients globally, the banking license empowers Revolut to directly compete with traditional financial institutions. The license allows Revolut to provide full current accounts, loans, and deposit protection under the European deposit guarantee scheme. Additionally, this strategic move enhances Revolut's capability to develop its financial super app, which integrates banking, stock investment, and budgeting tools into a single platform. Expanding Across Europe Securing the European banking license was a critical step for Revolut, facilitating its expansive growth strategy across the continent. By 2020, Revolut had launched full banking services in key markets such as Poland, Lithuania, France, Italy, and Portugal. This expansion enabled the fintech firm to offer fundamental financial products typically associated with traditional banks, including deposit protection and business loans. In Portugal, Revolut encountered a mixed reception. While some welcomed its entry as a necessary disruption to established banks, local institutions expressed concerns about potential unfair competition, questioning whether Revolut adhered to the same regulatory standards. Despite these criticisms, Revolut pressed forward with its expansion, leveraging the license to introduce various services, such as mortgages and branded loans, throughout the European Economic Area (EEA). This initiative not only broadened Revolut's product offerings but also solidified its position as a formidable player in the European banking landscape. The Significance of the Banking License Revolut's European banking license signifies more than just regulatory approval; it marks a transformative moment in the company's evolution. The license provides a legal framework that enables Revolut to offer a broader range of financial products, allowing it to directly hold deposits and offer lending products without relying on third-party banks. One of the most notable benefits of the license is the European deposit guarantee scheme, which protects customers' deposits up to €100,000. This safeguard is crucial for building trust with users, particularly in markets where Revolut competes against long-established financial institutions. The license also enables Revolut to penetrate markets that were previously inaccessible. Moreover, the banking license positions Revolut as a stronger competitor to traditional banks, many of which are encumbered by legacy systems and slower innovation cycles. With its app-first approach, Revolut continues to offer users greater convenience, lower fees, and modern financial tools. This focus on innovation, combined with the banking license, positions Revolut to capture further market share across Europe. Challenges and Criticism Despite the advantages provided by the banking license, Revolut has faced criticism. In Portugal, local banks accused Revolut of being subject to different regulatory standards than traditional banks, sparking debates on whether fintech companies like Revolut should adhere to the same stringent regulations. Furthermore, Revolut's rapid expansion across multiple markets has not been without technical difficulties. The company faced scrutiny over its financial controls and auditing processes, particularly in the UK, delaying its UK banking license acquisition until 2024 after a three-year wait. Revolut's Chief Financial Officer acknowledged that the company's internal systems initially struggled to keep pace with its growth, necessitating significant IT infrastructure updates. Nevertheless, Revolut has worked diligently to address these issues. The acquisition of the European banking license allowed the company to continue its expansion and strengthen its presence across the continent. Despite regulatory challenges and criticism, Revolut remains committed to maintaining compliance with European banking standards and delivering high-quality services to its customers. Revolut's Global Ambitions Revolut's ambitions extend beyond Europe as it seeks to bolster its global footprint. In 2024, the fintech company applied for a banking license in Colombia, aiming to compete in the Latin American market alongside established players like Nubank. This move follows its earlier success in securing a banking license in Mexico, further entrenching its presence in the region. After a protracted regulatory review, Revolut finally obtained a banking license in its UK home market. Although this license comes with certain restrictions, it sets the stage for the company to offer essential financial products such as current accounts, mortgages, and consumer loans. This diversification of offerings will help reinforce Revolut's position within the competitive UK banking landscape. Additionally, Revolut is preparing for an Initial Public Offering (IPO), anticipated to significantly enhance its capital base and facilitate further expansion into untapped markets. As the company continues to grow its customer base and refine its financial systems, the upcoming IPO is expected to be a pivotal moment in Revolut's journey, enabling it to unlock new opportunities and solidify its status as a leading player in the global fintech arena. Conclusion Revolut's acquisition of a European banking license marked a major turning point in its history, enabling the expansion of its services across Europe and direct competition with traditional banks. The license not only enhances Revolut's credibility as a robust financial institution but also provides its customers with increased security and a broader range of financial products. Despite facing regulatory hurdles and criticism from traditional banking institutions, Revolut continues to grow and innovate. Its global ambitions, supported by a strong foundation in Europe, indicate that Revolut is well-positioned to emerge as one of the leading digital banks worldwide.

Elevating Brand Presence in Mobile Payment Markets: Seven Expert Strategies

The rise of mobile payment solutions has transformed the way consumers transact, offering unparalleled convenience and accessibility. In 2016 alone, mobile phones facilitated purchases worth $27 billion, with the average individual spending approximately $721 throughout the year. This surge underscores the importance for mobile payment companies to amplify their online brand presence, ensuring they remain top-of-mind for customers. This article delves into strategic insights for maximizing your financial brand's visibility in the mobile payment landscape. Understanding Online Presence A robust online presence is crucial for attracting and retaining customers. An effective online profile makes your brand easily discoverable on the internet and social media, thereby simplifying the path for potential customers to engage with your business. A strong online presence leverages multiple digital channels to deliver a seamless customer experience. The key is to identify the platforms that align with your business goals and resonate with your audience. For instance, retailers can enhance their online presence by integrating e-commerce, mobile commerce, and social media platforms with their physical stores, offering customers various avenues to explore, purchase, and interact with the brand. Seven Strategies to Maximize Mobile Payment Brand Presence 1. Consistent Branding Strategy In the competitive landscape of mobile payment apps, consistency is paramount. Ensure your brand's style, tone, and message are uniform across social media, blogs, and websites. Consistent branding fosters recognition and trust, encouraging customer engagement. Focus on core aspects of your mobile payment service, such as security, ease of use, or innovation, and build your brand around these attributes. This strategic focus will help customers understand and connect with your offerings, driving engagement with your mobile payment app. 2. Develop and Optimize Your Website A well-designed and optimized website is essential for any business accepting mobile payments. Your website serves as the first point of contact for customers seeking information about your products and services. Ensure it is SEO-friendly, featuring relevant keywords and engaging landing pages tailored to your target audience. Regularly updating your website with fresh content not only attracts more visitors but also enhances your brand's credibility, driving increased traffic and revenue. 3. Maintain a Strong Social Media Presence A strong social media presence is crucial for expanding your reach in the mobile payment market. Platforms like Facebook, Twitter, and Instagram provide cost-effective ways to connect with a broad audience, many of whom are already familiar with mobile payment options. Identify the social media platforms your audience frequents and tailor your content accordingly. Post consistently with engaging and relevant content to boost visibility and attract potential customers. An active social media strategy enhances brand awareness and loyalty. 4. Implement a Robust Content Marketing Strategy To stand out in the crowded financial services market, mobile payment companies need a solid content marketing strategy. Create high-quality, engaging content that highlights the efficiency, convenience, and security of your mobile payment solutions. Addressing customer concerns and industry trends through informative content can significantly enhance customer engagement and brand credibility. Targeting the right audience with the right content at the right time is key to driving interaction and conversion. 5. Start a Blog Maintaining an informative blog can build trust and increase online exposure for mobile payment companies. Regularly updated blogs provide valuable insights, industry news, and solutions to common customer problems, positioning your brand as a reliable source of information. Frequent, high-quality blog posts attract and engage readers, converting them into loyal customers and boosting your brand's reputation. 6. Leverage Customer Reviews Customer reviews and testimonials are vital for building trust and enhancing your brand's reputation. Positive reviews from satisfied customers can be prominently displayed on your website and social media platforms, reinforcing your credibility. Actively seek out and share positive customer feedback to build trust and brand recognition. Customer reviews can significantly impact your online reputation, attracting new customers and establishing your business as a trustworthy service provider in the mobile payment industry. 7. Focus on Branding, Not Sales For mobile payment companies with limited marketing budgets, prioritizing branding over immediate sales can yield long-term success. Effective branding strategies focus on building trust, authority, and emotional connections with the audience, rather than pushing sales aggressively. Highlight your brand's personality and values across all marketing channels, creating a memorable and trustworthy brand image. This approach fosters long-term customer loyalty and consistent growth. Conclusion Adopting these digital marketing strategies can significantly enhance your brand's presence in the mobile payment market. By fostering strong relationships with existing customers and attracting new ones through engaging content, social media interaction, and consistent branding, mobile payment companies can achieve sustained growth and success. Utilizing inclusive and comprehensive marketing tools will ensure that your brand resonates with today's diverse consumers, driving adoption and loyalty in the competitive mobile payment landscape.

People on the move: key North East appointments and promotions of the week

Newcastle-based creative agency Blue Kangaroo has made two senior appointments as part of its growth plans. The firm works with leading names in toys, entertainment, and licensing, producing work for the likes if Mattel, Paramount, Spin Master and Universal. Andrew McGee has joined as head of projects, alongside Richy Stubbs as operations manager. Mr McGee is responsible for the planning and management of creative experiential projects, liaising with customers and creative teams. Mr Stubbs oversees on-the-ground logistics, ensuring the seamless execution of eye-catching creative in-store. Blue Kangaroo’s founder and managing director, Jason Knights, said: “Our partners tell us that our upscale, interactive, and immersive experiences encourage long-term brand affinity. Our expansion in this area enables us to provide a full suite of services, helping facilitate long-lasting connections and unique engagement with brands, driving repeat shoppers.” Newcastle e-commerce digital marketing agency WE-COM has appointed James Mechan as its strategy and delivery director. WE-COM was officially launched last month by founder and agency leader Tom Etherington, and Mr Mechan joins as the first member of the team to oversee client strategies and performance. He will also develop how the business delivers multichannel solutions. Mr Mechan has experience in SEO and digital marketing, having spent 10 years at agencies in Newcastle and Leeds, including Silverbean, iProspect and Home (now IMA), and the last three years as a self-employed consultant. He said: “I couldn’t be more excited to be joining the business and helping to build it from the ground up. The opportunity to take the lead on transformative digital strategies that put customers - not channels - at the heart fits really well with what I’ve always tried to do. Tom is also someone that I have had the pleasure of working with in the past, and the opportunity to team up with him again was one I simply couldn’t pass up.” National training provider Simply Learning has appointed Claire Irving as its new managing director. The Jarrow business, specialising in construction, utilities and green skills, was acquired by Simply Certification and UK National in 2023 and has been run by Simply Certification managing director Alexandra Gates since then. The company has now appointed Ms Irving as its MD to help drive its next phase of growth. Ms Gates said: “Claire’s appointment comes at a crucial time as the demand for high-quality, accredited training continues to rise within the industry. Claire brings a strong background in both training and construction, and under her leadership, Simply Learning will expand its support for construction companies, helping them meet industry standards and help address the skills shortage. We are excited to welcome Claire to the team.” Ms Irving said: “Training and skills development are absolutely vital to the success of the industry and we need to encourage people into construction and green skills now more than ever before. I’m excited to lead Simply Learning in this next phase of growth.” A rising star in Teesside Airport’s tower has become the youngest qualified air traffic controller in the country. Josh Brown joined the tower team as an Air Traffic Control Assistant aged 18, in 2022. The 20-year-old has now chalked up the required experience and completed courses to become the youngest licensed civil ATCO in the UK. He said: “I’m absolutely over the moon. I’d like to wish a huge thank you to everyone who has supported me since my Air Traffic journey began. It’s quite a feeling being told you’re the youngest controller in the country.” Gayle Douglas, head of air traffic services, said: “We’re incredibly proud to have the youngest licensed ATCO in the country and it’s a testament to the huge amount of work Josh has put in. His hard work has really paid off, and he continues to be a brilliant member of the team. Qualifying as an Air Traffic Controller is no easy feat, but Josh has shown he has what it takes, and this is an amazing achievement. I hope this is a shining beacon to the rest of our great young assistants to follow in his footsteps.” Planning consultancy DPP Planning has appointed Kayleigh Dixon as director in its Newcastle office. Ms Dixon joined DPP in 2012 as an assistant planner before progressing into senior and principal planner roles. She progressed to associate director in October 2020, leading DPP’s North West team. She has now been promoted to a director tole to deliver projects across the North and beyond. She said: “I am over the moon to be taking on the mantle of director here at DPP. I’ve been with the consultancy for much of my career and it’s incredibly rewarding to have progressed from a junior role all the way through to the senior leadership team and now taking a lead as a director within the business.

Firms report negative impact on productivity from staff leaving the workforce shows PwC research

The majority (63%) of businesses have identified a negative impact on productivity and financial performance from an increase in people leaving the workplace and becoming inactive. New research from professional advisory firm PwC, shows that mental health (70%) is the key driver, with more than half of employers reconsidering the support they provide to stop talented people from leaving. The research, which PwC conducted with FocalData, also suggests economic inactivity will continue to grow, with 10% of workers actively considering leaving work for an extended period. A further 20% have considered leaving in the past year (spiking to 25% for 18-24 year olds), with concerns about mental health the most cited factor. Latest figures from the ONS shows that Wales has 503,000 of working age adults (26%) who are economically inactive and not seeking employment. Stuart Couch, market senior partner for PwC in Wales, said “Productivity is one of the most significant challenges facing the Welsh economy today; our output per hour is the lowest in the UK, 17.3% below the average. As productivity growth directly leads to economic growth, it’s also one of the best indicators of future prosperity. “Our research recognises that economic inactivity represents underutilised capacity in our economy. If the Welsh public sector and business ecosystem can better support people who want to work, but who are unable to due to physical and mental health issues, caring commitments or a lack of qualifications, we all stand to benefit from the long-term economic growth associated with a bigger and healthier workforce. “Given the significant structural changes as South Wales transitions to a greener economy and away from its heavy manufacturing roots, transition boards and investment bodies will have a key role to play in addressing some of the challenges leading to economic inactivity by helping people achieve relevant skills and qualifications, in turn building self-esteem.” The research also shows that amongst the economically inactive, 31% said they did not anticipate becoming inactive. Of those who reached out to their employer, most respondents had not yet made a final decision to leave work (only 18% had). Crucially 58% said their employer could have done something more to help them. A significant number reached out to no-one at all. The first time a significant proportion (19%) of firm realised someone was going to leave was when the person handed in their notice. For people currently considering leaving work for an extended period, the key reasons are ‘mental health’ and ‘unfulfilling work’ - with mental health being the most important of the two for people under the age of 35. Indeed people aged 18-25 are 1.4 times more likely to cite concerns with mental health compared with older respondents. However, the research points to a mismatch between what employers think would help and what individuals say they need. Many employers highlighted benefits such as company car schemes rather than culture or health support. A large proportion of economically inactive people said they were interested in returning to work full or part-time (43%, versus 31% who said they were not interested). The most frequently cited barriers are a long-term mental health condition (48%), long-term physical condition (39%) and low self-esteem and confidence (37%). Over half of employers (57%) admit to being worried about recruiting someone who has been inactive, with more than a third (37%) associating inactivity with people “gaming the system”. However, businesses believe amongst the biggest barriers to people returning to work are skills and education gaps, alongside expectations around flexibility and the business’ ability to accommodate mental and physical health needs. Katie Johnston, local and devolved government leader, at PwC, said: “Our research into the systemic issue of people leaving the workforce and being unable to return to work pulls no punches in setting out the scale of the challenges facing individuals, government and businesses. “If we are serious about reducing economic inactivity and contributing to the Government’s ambition of economic growth, then we need joined-up action not only helping people back into work, but more importantly stemming the flow of people out of the work.

Business confidence in Wales rises but far lower than the UK as a whole

Overal business confidence in Wales rose in February but remains well below the level for the UK as a whole, according to the latest business barometer from Lloyds. While companies in Wales reported lower confidence in their own business prospects month-on-month, down three points at 31%, their optimism in the economy rose ten points to 18%. Taken together, this gives a headline confidence reading of 24% ( 21% in January). For the UK as a whole overall business confidence rose 12 points to 49% - its highest level since August 2024. In Wales a net balance of 20% of businesses also expect to increase staff levels over the next year, up 15 points on last month. Looking ahead to the next six months, Welsh businesses identified their top target areas for growth as evolving their offering, for example by launching new products or services (42%), investing in their team, for example through training and development (36%), and introducing new technology such as automation or AI (34%). The north east of England was the most confident UK nation or region in February (69%), followed by the north west and east of England, both at 61%. All four sectors surveyed saw double-digit increases in confidence. The largest improvements were seen in manufacturing, which rose by 13 points to 51%, and construction, which increased by 14 points to 50%. Retail also experienced a significant gain, up 11 points to 51%, and services rose by 10 points to 48%. Within the services sector, hospitality firms posted a particularly strong rebound in sentiment. Confidence across these sectors reached their highest levels in several months, ranging from four months in services to seven months in manufacturing. Dave Atkinson,director for Wales at Lloyds said: “It’s encouraging to see Welsh business confidence return to growth, and to see more firms planning to hire – a move that doesn’t just benefit their operations, but their local communities too. “We’ll continue to support Welsh companies as they press ahead with their growth strategies to help them make the most of any opportunities that lie ahead.” Hann-Ju Ho, senior economist, Lloyds Commercial Banking, said: “The rise in business confidence demonstrates the resilience of UK businesses and their ability to navigate challenges, such as rising costs and uncertainty. Increased optimism, along with an expected uplift in trading prospects, is prompting businesses to invest in growing and upskilling their workforce, putting them in a prime position to capitalise on increased demand and drive future growth.

Strategies for Safeguarding Your Devices from Malicious Software

Cybercriminals often deceive users by embedding harmful elements such as malware, viruses, and spyware within legitimate-looking software. Here are some key tactics to help you ensure that the apps and software you install on your devices are genuine. Remember, these tips are for informational purposes only. DESKTOPS AND LAPTOPS (INCLUDING WINDOWS, MAC, AND CHROMEBOOKS) Source software from trustworthy platforms. When looking for software, verify its origin to ensure it's from a reputable source. Research the software you plan to use and visit the official website of the provider to confirm its authenticity and compatibility with your system. Download software directly from the provider's website or from recognized app stores, such as the Microsoft Store for Windows or the Mac App Store. Official vendors routinely check their apps for security vulnerabilities and release updates. Downloading from unofficial sources could expose you to security threats and other risks. Scan files before installation. Utilize your antivirus software to scan the downloaded file to confirm it is free from malware. This adds an extra layer of protection. Locate the downloaded file and double-click to begin the installation process. Follow the on-screen instructions to complete the setup. Enable automatic updates. After installation, check for any pending software updates. Visit the software's official website or use its built-in update feature to ensure you have the latest version. Enable auto-updates to make sure you receive important security patches and updates without delay. Potential consequences of installing malware-infected software: Malware can collect sensitive information and potentially take control of the infected computer by capturing data and possibly recording keystrokes, executing harmful code. It may install additional harmful software, compromising security. While the computer may initially appear normal, a compromised system may later show signs such as slow performance, unexpected pop-up ads, or frequent crashes. In severe cases, the attacker could gain full control over the device, potentially rendering the computer unusable and accessing personal accounts, leading to financial loss or identity theft. Keep in mind: "Free" downloads can come at a cost. Be cautious with "free" software or if you're unsure about its legitimacy, as it could be pirated. Such software might have been illegally modified, meaning it won't receive official updates, patches, or feature releases like legitimate software. It might also contain malicious extras like malware or create opportunities for cybercriminals to exploit and control your device. Beware of unsolicited links or pop-ups. If you encounter a pop-up urging you to update an app while browsing, it's likely a cybercriminal's ploy to gain unauthorized access to your device. Avoid clicking on these links and close the pop-up immediately. Stay vigilant against SEO poisoning. Websites ranking high in search results may seem more legitimate, but appearances can be misleading. SEO poisoning is a cyberattack that manipulates search engines to rank sites with malicious software higher in the results. Always verify the site, even if it's ranked highly. Avoid clicking on sponsored ad links, as they are often misused by malicious entities. SMARTPHONES AND TABLETS Many of us select apps from the Google Play Store, Apple App Store, or Amazon App Store, which conduct thorough checks before releasing apps – but they're not infallible. Even with trusted app stores, exercise caution when downloading apps. Before installing any app, consider the following steps. Verify the app's name. Ensure the spelling is correct and there are no typos or misplaced/extra spaces.Examine the app's permissions. Be wary of apps requesting unnecessary or excessive permissions. For instance, does a calculator app really need access to your camera and location? Identify red flags in the app's description. These might include grammatical errors, vague or generic information, and a lack of specifics about the app's functionality.

Xeinadin acquires south Wales accountancy firm Curtis Bowden & Thomas

Acquisitive professional services firm Xeinadin has acquired south Wales accountancy firm Curtis Bowden & Thomas. The value of the deal for the firm, which has offices in Tonypandy and Bridgend, has not been disclosed. Established in 2003, Curtis Bowden & Thomas provides a range of general accounting and taxation services to local businesses. The 22-strong team will continue to operate from their offices with the support and resources of being part of Xeinadin’s network. The firm will continue to trade as Curtis Bowden & Thomas. Robert Lloyd, Stephen Smith, and Stephen Davies partners with Curtis Bowden & Thomas, said: “We’re excited to join Xeinadin and continue delivering the high-quality service our clients expect. South Wales faces distinctive challenges, from economic regeneration to skills shortages, and we’re confident that being part of Xeinadin will improve our ability to support local businesses. With access to a wider network of expertise and resources, we’ll be better equipped to help our clients navigate these challenges and drive sustainable growth.” Last year Xeinadin acquired Carmarthen-based accountancy firm Clay Shaw Butler and Bridgend-based Clay Shaw Thomas. Derry Crowley, chief executive at Xeinadin, said: “Curtis Bowden & Thomas has built a strong reputation in South Wales by providing businesses with the support they need to thrive, despite the unique economic challenges of the region. With a deep understanding of the local business environment, their expertise aligns well with Xeinadin’s commitment to supporting growth in Wales and we’re excited to welcome them to the team.”

Lloyds Bank CEO Charlie Nunn takes home £5.6m in pay, bonuses and perks

Despite a turbulent financial year and widespread branch closures, top executives at Lloyds Bank are set to enjoy a significant bonus windfall. The bank's annual report, released on Thursday, revealed that its two leading figures will receive nearly £2m in bonuses in 2024, over and above their regular remuneration, as reported by City AM. CEO Charlie Nunn is due to pocket a £1.1m payout, while finance chief William Chalmers is slated for £812,014. The Remuneration Committee justified these sums as reflective of the company achieving 68.1% of its performance target in 2024. Nunn's fixed income for 2024 was pegged at £2.5m, with Chalmers' at £1.6m. However, Nunn's total take-home pay amounted to £5.6m, marking a 53% increase from 2023. This surge was attributed to long-term incentive rewards accrued over previous years, with an additional £2m awarded for the bank's performance last year. The bank also noted that current performance incentives act as a "pre-grant test" for setting long-term targets. Looking ahead, both Nunn and Chalmers could be in line for a payout worth 300% of their salary, contingent on meeting performance targets from 2025 to 2027. The committee praised Nunn for embodying the group's values and steering the company through a year marked by substantial transformation and external uncertainties. This news comes on the heels of a wave of branch closures across the group, with over 130 Halifax, Lloyds, and Bank of Scotland sites earmarked for closure as part of new strategic operations. . As previously reported by City AM, the banking institution initiated a thorough assessment of thousands of positions within its IT division as part of a comprehensive £4bn transformation strategy. Approximately 6,000 technology and engineering personnel were informed that their roles were susceptible to redundancy due to a structural overhaul aimed at expediting technological advancements. Furthermore, the lender's annual results revealed a decline in profit, largely attributed to the escalating motor finance scandal. Pre-tax profits plummeted by 20% to £6bn, down from £7.5bn in 2023, following a £1.2bn allocation for potential payouts. However, the lender's shares demonstrated resilience, increasing by 3% after the market opened on the day the annual results were announced. Commenting on the situation, Nunn stated: "Looking forward, we are building momentum as we enhance our franchise and deliver differentiated outcomes for our customers. "Our strategy is transforming our capabilities, enabling us to deepen relationships with our customers, grow in high-value areas and drive cross-group collaboration.

Barclays shares explode higher as FTSE 100 rebounds after Trump roll back

Shares in FTSE 100 heavyweight Barclays soared in early trading following Trump's rollback of his 'Liberation Day' tariffs. The bank's stock surged over 20 per cent as markets opened, before settling to a 15 per cent gain, topping the blue-chip index's risers. This surge helped offset the lender's losses following Trump's tariff onslaught, reducing its one-month loss to three per cent. Barclays shares had taken a hit as geopolitical tensions escalated over the past week, with shares in the lender dropping nearly ten per cent after China launched its first round of retaliatory tariffs against the US on Tuesday, as reported by City AM. Russ Mould, investment director at AJ Bell, commented: "In Barclays' case, its investment bank is heavily geared into how the financial markets performed." He added that "Tumbling, or volatile, markets are likely to deter merger and acquisition activity and also new market floats, both areas where there are fat fees to be made." The firm's investment bank has become a crucial part of business operations and has been a significant driver of profits. It exceeded £11.85bn in total income for 2024, surpassing analyst estimates of £11.7bn. Barclays' recovery coincided with the FTSE 100 surging over five per cent. Lenders have borne some of the most substantial losses amidst the escalating global trade war. Last week, the FTSE 100's 'Big Five' led the decline in the index. Both HSBC and Standard Chartered have experienced setbacks due to their Asian operations, which were hit hard by the heavy tariffs imposed by Trump. Before the opening of US markets on Tuesday, Bloomberg's estimates highlighted that major bank stocks had shed more than $700bn (£544bn) in market value within a single week.

Howden: Insurance giant set for US takeover deal and £23bn stock market float - report

UK insurance giant Howden is reportedly on the brink of a US takeover deal that could pave the way for a £23.2bn stock market float, Sky News has reported. The British insurance broker, established by David Howden, is expected to finalise a £7.73bn ($10bn) acquisition of American private insurance broker and risk management adviser, Risk Strategies, in the coming weeks, as reported by City AM. This could potentially lead to a stock market flotation valuing the business at over £23.2bn ($30bn), likely by 2027, according to industry experts. Howden is said to be seeking a binding agreement on the purchase, backed by US private equity firm Kelso, before the end of March. The anticipated £7.73bn price tag will be partially funded by a share sale worth approximately £3.1bn ($4bn). Banking sources suggest that Abu Dhabi-based sovereign investment fund, Mubadala, and existing Howden shareholder, Hg Capital, could each inject around £1.5bn ($2bn) into the London-based firm ahead of the landmark deal. This new equity would give Howden an aggregate valuation for the combined group of around $30bn. Barclays and Morgan Stanley are reportedly advising Howden, while Evercore is said to be acting for Kelso and Risk Strategies. The news follows comments from founder Howden last month, who described his firm as a "phenomenal British success story" and "really big believers in the London market." Howden emphasised that his company has pumped £1.6bn into the UK market over the past four years, providing jobs for more than 7,000 people in the country. He described the London insurance market as a "phenomenally important part of UK GDP", adding that everyone is striving to boost the UK's GDP, and the insurance market is one of the real success stories. This statement followed the announcement by his insurance brokerage firm that it surpassed the £3bn revenue mark over the last fiscal year due to double-digit "organic growth".

UK mortgage brokers predict interest rate rise despite recent cuts, survey reveals

A recent study reveals that over two-thirds of UK mortgage brokers anticipate interest rates to cease their downward trajectory and begin rising again by the start of next year. Butterfield Mortgages conducted a survey of 300 brokers, with 69 per cent predicting that the Bank of England base rate would exceed its current level of 4.5 per cent by the onset of 2026, as reported by City AM. Over 28 per cent of brokers forecasted that the base rate would reach 5.25 per cent by the beginning of next year. This survey sharply contrasts with current speculation about further cuts from the Bank of England, which has reduced interest rates three times in the past six months. Several lenders had already anticipated further cuts, with Santander aiming for rates of 3.75 per cent by year's end. Analysts at Barclays and Morgan Stanley were more bullish, projecting rates as low as 3.5 per cent. However, Goldman Sachs went a step further, suggesting interest rates would drop to 3.25 per cent by June 2026. Alpa Bhakta, Chief Executive of Butterfield Mortgages, described the results as "surprising" given the current sentiment around rates. "This underscores the need for lenders to stay ahead of the curve – our research points to a clear demand for expert guidance in navigating the increasingly complex regulatory and tax landscape. "Specialist lenders must utilise their network of regulatory and tax experts to help brokers support property investors to make confident decisions about their portfolios in the coming months." Changes to Stamp Duty are set to 'complicate' the market, according to a majority of brokers. 67% of brokers anticipate that interest rates and borrowing costs will be the most significant factors influencing the property market's performance in the coming year. The report noted that brokers are also contemplating how government policies related to property regulations and tax will impact the market. Changes to the Stamp Duty allowance, announced by Chancellor Rachel Reeves in her Autumn Budget, were identified as the most disruptive policy by brokers. From 1 April, the threshold at which first-time buyers start paying the tax will revert to previous levels, dropping to £300,000. The stamp duty threshold for all other buyers is also returning to its former level – the nil rate level will decrease from £250,000 to £125,000. Buyers will then have to pay 2% on the portion between £125,001 and £250,000 and 5% on anything between £250,001 and £925,000. Butterfield's study found that 64% of brokers believe the changes due in April will make the property investment landscape "more complicated to navigate." The impending deadline has prompted buyers to rush to beat the threshold changes. Santander UK reported a 130% increase in mortgage applications in the fourth quarter of 2024, as buyers sought to avoid increased costs. According to the Halifax House Price Index, the average house price rose by 0.6% in January to £298,815. In February, prices saw a slight decrease of 0.1 per cent, equivalent to a £213 loss, as buyers were eager to beat the April deadline. The sustained high prices, fuelled by Stamp Duty concerns, indicate a 2.9 per cent annual growth on the index. Rightmove suggests that 25,000 first-time buyers and 74,000 home movers in England may not be able to finalise their transactions before the changes take effect.

Nationwide to give millions of customers £50 - see if you qualify

Nationwide is giving over 12 million members a share of over £600 million to thank them for enabling the successful purchase of Virgin Money. They will each receive £50 and most of the payments will be made next month. Nationwide acquired Virgin Money in 2024. Debbie Crosbie, Nationwide CEO, said: “Nationwide became even stronger when it bought Virgin Money and we are already improving services for its customers. The Big Nationwide Thank You recognises the role our members played in building the financial strength that made the deal possible. It’s another of the very real benefits of being a member of Nationwide and our modern mutual model.” In November, Nationwide announced record first half growth in mortgages and deposits and an increase in market share. After its acquisition of Virgin Money, it became the UK’s top lender for first-time buyers. It is now the country’s second largest provider of mortgages and savings accounts and the only mutual full-service banking provider in the UK. The ‘Thank You’ payments will be made from April 9 across the country. Nationwide will write to members receiving the payment from today, letting them know when and how the money will be paid. Members can check if they qualify and find out more at www.nationwide.co.uk/about-us/the-big-nationwide-thank-you/check. The payments will go to over 12 million members who had a savings or current account, or mortgage, at the end of last September. Additionally, they must also have made at least one transaction on their current account or savings or had a balance of at least £100 in their current account, savings or mortgage in the 12 months to the end of September 2024. They must also still have their accounts or mortgage at the time the payment is made.

Artificial Intelligence's Struggle with Historical Knowledge, Study Reveals

Artificial Intelligence (AI) has shown prowess in areas such as coding and podcast creation, but a recent study has uncovered its limitations when it comes to tackling complex historical questions. Researchers have developed a novel benchmark, Hist-LLM, to evaluate the performance of three leading large language models (LLMs) on historical queries: OpenAI’s GPT-4, Meta’s Llama, and Google’s Gemini. This benchmark assesses the accuracy of their responses using the Seshat Global History Databank, an extensive repository of historical information named after the Egyptian deity of wisdom. The findings, unveiled at the prestigious AI event NeurIPS, were underwhelming, with researchers from the Complexity Science Hub (CSH), an Austrian research institute, reporting that even the top-performing LLM, GPT-4 Turbo, scored only around 46% accuracy—barely above the level of random chance. “Despite their capabilities, LLMs lack the in-depth comprehension necessary for advanced historical studies,” commented Maria del Rio-Chanona, a co-author of the study and an associate professor at University College London’s computer science department. “They can handle basic historical facts, but when it comes to more intricate, doctoral-level historical analysis, they fall short.” The researchers provided TechCrunch with examples of historical questions that the LLMs mishandled. For instance, GPT-4 Turbo incorrectly affirmed the presence of scale armor in ancient Egypt during a specific epoch, when in fact, the technology emerged 1,500 years later. Why do LLMs falter on detailed historical inquiries when they can adeptly answer complex coding questions? Del Rio-Chanona suggested to TechCrunch that LLMs often rely on prominent historical data, struggling to access less common historical facts. For instance, when asked about the existence of a professional standing army in ancient Egypt during a particular period, the LLM incorrectly affirmed it, likely due to the abundance of information on standing armies in other ancient civilizations like Persia. “Imagine being told A and B repeatedly, and C only once; when asked about C, you might default to what you remember about A and B and extrapolate from there,” explained del Rio-Chanona. The study also pointed out that certain models, such as those from OpenAI and Llama, performed poorly on questions related to regions like sub-Saharan Africa, indicating possible biases in their training datasets. The study’s leader, Peter Turchin, a faculty member at CSH, emphasized that LLMs are not yet ready to replace humans in certain fields. Nevertheless, the researchers remain optimistic about the potential of LLMs to assist historians. They are refining their benchmark by incorporating data from underrepresented regions and introducing more sophisticated questions. “The study’s results, while highlighting areas for improvement in LLMs, also indicate their potential to contribute to historical research,” the paper concludes.

Gold prices dip despite safe haven status amid Trump's new tariffs and global market turmoil

Despite its status as a safe haven amidst global trade uncertainties, gold prices have seen a decline for the third consecutive session. Over the past week, gold has dropped nearly three per cent in US dollar terms, following a steady rise since the onset of 2024, as reported by City AM. This drop coincides with a worldwide slump in stock prices in the wake of US President Donald Trump's comprehensive tariffs, which economists fear could plunge the world into recession. On the day of Trump's tariff announcement, the precious metal performed robustly, momentarily reaching a new all-time high of $3,225 after the president disclosed tax figures by country, before settling back to $3,125. However, it has since pulled back, even briefly dipping below the coveted $3,000 mark this morning. The depreciation in gold prices has occurred despite a fall in the value of the US dollar against other major currencies: when measured in euros, gold has declined almost six per cent since Thursday morning. While tariffs may play a significant role, analysts at Tatton Investment Management suggest that the end of the financial year last week may have distorted gold markets due to portfolio rebalancing. Given gold's strong performance in recent months, it would have become over-represented in many stockpicker portfolios, leading to a temporary sell-off to adjust proportions, according to the investment firm's analysts. As the broader market took a hit, many investors were likely compelled to liquidate their positions in gold, resulting in downward pressure on its price. "Margin calls from brokers is likely to have exacerbated some of the market movements," offered Susannah Streeter, head of money and markets at Hargreaves Lansdown. She went on to say: "Investors using more risky margin accounts can borrow money to invest, but falls in asset prices are prompting demands they deposit more money, as the value of assets used as collateral falls." Moreover, Streeter observed that increased unease among investors has led many to cash in on profits accrued over the past year and pivot to cash holdings. Alternatively, Michael Brown, a senior research strategist at Pepperstone, attributed the decline in gold's value to the unwinding of tariff risk premium following an exemption of bullion imports from tariffs.

The latest acquisitions and equity investments in Wales

Here we feature the latest equity funding raising and business acquisition deals in Wales. Game industry veterans Susan and Lee Cummings have secured a significant six-figure investment from Angels Invest Wales, PlayCap and the Games Angels for their new game development studio, 10six Games. The investment boost comes ahead of the upcoming first game release by 10six Games. The company has also announced the appointment of industry guru Nick Button-Brown as a company director. Led by lead investor Huw Bishop, the pre-seed round has been funded by a syndicate of 12 angel investors including members of PlayCap (a global angel network of women from the games industry who specialise in early-stage investments in studios, companies, and tech in games) and The Games Angels (a global angel network of Games Industry veterans). The Development Bank of Wales has provided match-funding from the Wales Angel Co-Investment Fund that is run by Angels Invest Wales. Susan and Lee Cummings previously set-up Tiny Rebel Games, the award-winning game production studio behind Doctor Who: Legacy and Infinity for mobile devices and computers. Susan also co-founded 2K Games, developing Bioshock, Borderlands, X-Com, 2K Sports, and Civilization. She is a visiting professor at the University of South Wales along with husband Lee who worked at Sony before moving to Rockstar Games’ Grand Theft Auto team where he was a producer on GTA: San Andreas and GTA 4, and where he was a key member of the redesign team on Bully. More recently, he has led the creative design for various award-winning games including Doctor Who, Star Trek, War of the Worlds, and Wallace & Gromit (under licence). Mr Button-Brown has worked across the tech and games industry for more than 20 years, including helping grow and scale Improbable, and helping take Sensible Object to a trade sale to Niantic. He is currently chair at Outright Games, Chair at Coherence and on the board at Adinmo. He founded The Games Angels in 2021, a community of games industry veterans investing and supporting start-ups. Nick is also on the board at UKIE (one of the UK’s games industry representative bodies) and OKRE (a charity promoting links between research and entertainment) as well as driving Funding Quest, a programme improving the investability of UK Games companies. Ms Cummings said: “Representation in video games is more important than ever, and technological limitations have long constrained the scale of customization developers could offer. With our proprietary technology and our upcoming game “You v Zoombies, we’re breaking those barriers—creating fully personalized, ever-evolving experiences for every player. This level of customisation was previously unattainable, but thanks to advancements in generative AI, we’re making it a reality right here in Wales.” Mr Cummings said:“Our technology enables autonomous AI-driven design decisions, from custom starting spells and upgrades to gameplay sequencing and story development. It’s an incredibly exciting breakthrough. “We’re also grateful for the support of gaming industry expert Nick Button-Brown and our funding partners, who share our vision for the future of personalized gaming.” Lead investor Mr Bishop said: “It was a pleasure to bring together a group of angels to support 10six Games, a new game development studio led by seasoned founders and gaming rockstars, Susan and Lee Cummings. They have a uniquely exciting vision for the next generation of player character and story customisation in games. Their track record is second to none and I look forward to supporting them in the future”. Tom Preene of Angels Invest Wales said: “This is a team surrounded by some of the top experts in the global games industry. They are working at the cutting edge of technology and are known for their innovation and creativity. Gaming is a growth industry, and it is exciting to think what it could mean for Wales as more developers start to recognise South Wales as a gaming hub.” The investment by the syndicate of angels was match funded by the Wales Angel Co-Investment Fund. With equity and loans from £25,000 to £250,000, the £8 million fund is available to syndicates of investors seeking to co-invest in Wales based SMEs. Syndicates are managed by Lead Investors who have been pre-approved by Angels Invest Wales. Cellar Drinks Powys-based Cellar Drinks has acquired Hurns Beer Company. The deal, the value of which hasn’t been disclosed, marks a significant milestone in Cellar Drinks’ ambitious growth plans. Hurns Beer Company will continue to operate from its existing depots in Swansea and Caerphilly and under its own name. The acquisition also brings opportunities for new and existing Hurns customers with an expanded product range, including new brewery partnerships, an extensive wine portfolio, premium spirits and soft drinks. Rhys Anstee, managing director of Crickhowell-based Cellar Drinks said: “I am thrilled to take on the stewardship of Hurns Beer Company and cannot wait to build upon its incredible legacy. Hurns has a rich history, and we are committed to honouring its past while also driving it forward into a new era. Our customers can look forward to unrivalled service levels as well as an expanded and diverse product offering, ensuring that we continue to be their trusted drinks supplier for years to come.” Connie Parry, from the Hurns family, said: “As a family, we are delighted to hand the keys over to Rhys. We have known each other for many years, and he is the ideal custodian to lead the business into its next chapter. The entire team is excited about the future and looks forward to working together to continue growing the business.” Chyrelle Anstee, director at Cellar Drinks Co, added:“Our new Hurns customers can look forward to a new online ordering facility, lots of engagement from key suppliers, and a new bi-monthly brochure that will allow them to focus on profitability in these uncertain times. We’re committed to offering innovative solutions that make doing business easier and more profitable for all of our customers.” The Hurns was originally established as the Hurns Mineral Water Company by Arthur A Hurn in the late 1800s. Burbank A Cardiff fintech start-up has raised £5m to support global expansion plans. It comes after Burbank earlier this month successfully demonstrated the world’s first certified online card-present transaction. Known as card-present over internet (CPoI) its tech platform redefines two-factor authentication so allowing shoppers online to simply tap their card to their mobile device and securely enter their PIN to complete a transaction, just like they do in-store. Until now, online payments were card-not-present (CNP) transactions, which have high and increasing levels of fraud. Currently, online merchants face over $40bn annually in fraud and charge backs, which is when a cardholder disputes a transaction and the merchant is obligated to provide a refund. The £5m seed funding round was led by Mouro Capital with participation from Anthemis (supported by Foxe Capital), Portfolio Ventures and others. These funds will accelerate the global roll out of Burbank’s platform. Justin Pike, the Newbridge-born founder and chief executive of Burbank, said, “We are extremely excited to bring this evolution in payments to the world. The payments experience should be the same for everyone, regardless of channel. “In-store we pay by tap and PIN, which is globally trusted and familiar, and now, for the first time ever, we’re enabling the same process in online channels. Simple, secure, and scalable. The way it should be.” Manuel Silva Martinez, general partner at Mouro Capital, said: “I’m thrilled to support Justin and his team of payments experts. Burbank offers a simple, seamless integration through a single while-label SDK (software development kit), which securely integrates into existing technology stacks, and supports multiple schemes on iOS and Android. It’s what the market needs.” Ruth Foxe Blader, general partner at Foxe Capital, added, “CPoI is the first protocol that legally shifts liability away from the merchant. It’s a massively scalable approach, with global demand.” Burbank’s advanced platform offers unparalleled convenience and robust security, empowering consumer-facing businesses to innovate in customer experience and unlock new revenue opportunities.” Burbank owns the intellectual property to its technology and said it will soon receive two global patents. Its revenue model will see it taking a percentage of the savings made for merchants on the cost of processing. Hugh James deal Cardiff headquartered legal firm Hugh James have advised the shareholders of Kent-based Highway Care Limited on its sale to Ramudden Global, a leading provider of infrastructure safety solutions. Kent-based Highway Care, a leading provider of innovative road safety solutions, offering a broad range of products, including permanent and temporary road barriers, mobile traffic products, automation systems, and security solutions. The acquisition by Ramudden Global ensures continued investment in the company’s product development, allowing it to expand its reach and enhance its service offering in the road safety sector. Huw James corporate and commercial partner Andrew Hoad led the deal, supported by solicitor Daniel Burke. Mr Hoad said: “It has been a great pleasure working with John and the Highway Care team throughout this sale. We congratulate Ramudden Global on their successful acquisition and look forward to seeing Highway Care continue to flourish under its new ownership.” Curtis Bowden & Thomas Acquisitive professional services firm Xeinadin has acquired south Wales accountancy firm Curtis Bowden & Thomas. The value of the deal for the firm, which has offices in Tonypandy and Bridgend, has not been disclosed. Established in 2003, Curtis Bowden & Thomas provides a range of general accounting and taxation services to local businesses. The 22-strong team will continue to operate from their offices with the support and resources of being part of Xeinadin’s network. The firm will continue to trade as Curtis Bowden & Thomas. Robert Lloyd, Stephen Smith, and Stephen Davies partners with Curtis Bowden & Thomas, said: “We’re excited to join Xeinadin and continue delivering the high-quality service our clients expect. South Wales faces distinctive challenges, from economic regeneration to skills shortages, and we’re confident that being part of Xeinadin will improve our ability to support local businesses. With access to a wider network of expertise and resources, we’ll be better equipped to help our clients navigate these challenges and drive sustainable growth.” Last year Xeinadin acquired Carmarthen-based accountancy firm Clay Shaw Butler and Bridgend-based Clay Shaw Thomas. Derry Crowley, chief executive at Xeinadin, said: “Curtis Bowden & Thomas has built a strong reputation in South Wales by providing businesses with the support they need to thrive, despite the unique economic challenges of the region. With a deep understanding of the local business environment, their expertise aligns well with Xeinadin’s commitment to supporting growth in Wales and we’re excited to welcome them to the team.”

HMRC sees UK firms overpaying billions in corporation tax as complex system hits businesses

UK businesses overpaid a staggering £14.2bn in corporation tax last year, a report by a prominent accountancy firm has revealed, highlighting the ongoing challenges posed by the nation's intricate financial system. Chancellor Rachel Reeves has assured entrepreneurs and investors of her support for British business, despite economic pressures from President Trump's tariffs and tax increases announced at the Autumn Budget, as reported by City AM. However, a complex tax regime is causing deep-seated issues, with many firms overpaying HMRC, as per findings by UHY Hacker Young. The accountancy firm's research, derived from a Freedom of Information request, indicates that UK companies overcompensated the government by £14.2bn in corporation tax in the year ending April, affecting approximately 400,000 businesses. The study notes that the overpayment for the fiscal year 2024 to 2025 was 21 per cent higher than the previous tax year. Corporation tax, which deducts a portion from company profits, operates on a tiered system, with the principal rate set at 25 per cent for businesses earning profits above £250,000. UHY Hacker Young's accountants argue that HMRC's approach often results in firms paying excessive corporation tax due to potential penalties if profits fall short of projections. This situation can lead to "significant cash flow problems," the researchers warn, as it falls upon companies to reclaim any overpaid funds. "Overpaying corporation tax is a double hit for struggling businesses," remarked Brian Carey, a partner at UHY Hacker Young. "Not only do they suffer from lower-than-expected profits, but they also see vital cash locked up with HMRC." This statement comes on the heels of a separate report by Thomson Reuters which highlighted that businesses now contribute to over a quarter of all UK tax receipts. The surge in corporation tax receipts has been a significant factor, with the government now collecting over £200bn through this tax. Concurrently, concerns are being raised about HMRC potentially underestimating the extent of tax evasion.

Co-op Bank mortgage applications soar in first financial results since takeover

Coventry Building Society's new subsidiary, The Co-op Bank, has reported a boom in mortgage applications in its first set of financial results since the acquisition. Despite a slight dip in pre-tax profit for 2024, down to £116.2m from £120.9m in 2023, the results were in line with company expectations, as reported by City AM. Lower mortgage margins and increased savings rates impacted net interest income, leading to dampened profits. However, mortgage applications saw a significant increase, surging 50 per cent to £3.44bn, compared to £2.26bn in 2023. The bank attributed this to simplifying its IT infrastructure, which allowed for faster responses and larger loans. The average loan size rose to £207k from £159k. Interim chief executive Steve Hughes said: "The bank has made significant progress in simplifying its IT infrastructure, delivering the commitment to exit legacy platforms and data centres and bring £19bn of mortgage balances and £5bn of savings balances onto a single system." In addition to its IT transformation, the bank launched several switching campaigns in 2024 to attract and retain customers, resulting in positive net current account switching for the first time in over a decade. Despite rising inflation and an increase in customer fraud remediation costs, the lender managed to reduce costs by one per cent to £390.7m. Coventry Building Society finalised its £780m takeover of the bank on January 2, 2025, returning the lender to mutual ownership. Hughes remarked: "I am delighted to welcome The Co-Operative Bank to Coventry Building Society, bringing the original ethical bank once again into the ownership of a mutual organisation. "

Advancing Our Dedication to Open Source Security

The community of open source software (OSS) enthusiasts convened at the Open Source Security Foundation's (OpenSSF) Secure Open Source Software Summit in Washington, DC, to foster collaboration across various sectors including business, government, and essential infrastructure. Open source software, freely accessible for utilization and modification, is a driving force behind innovation for many tech professionals. At JPMorgan Chase, our extensive team of over 57,000 technologists integrates numerous open source components into our tools, providing a competitive advantage for our company, clients, and customers. Why is the security of Open Source Software crucial? The collaborative and open nature of OSS allows tech experts to tackle common issues together, leading to software that supports vital operations in both public and private sectors, including national security systems and essential infrastructure. While OSS's open accessibility spurs innovation, it can also be exploited by malicious actors to identify and target vulnerabilities in widely-used code, impacting organizations on a broad scale. The recent surge in high-profile OSS attacks highlights the necessity for robust public-private partnerships to create tools and solutions that support the many volunteers maintaining OSS. We all have a part to play in enhancing OSS security, and we invite others who utilize open source to join us in this vital endeavor. What achievements has the Open Source Community made in the past year? In May 2022, OpenSSF introduced the Open Source Software Security Mobilization Plan, instrumental in guiding industry and government initiatives to safeguard the open source software supply chain. The plan has prompted improvements in OSS security education and the creation of tools like Sigstore, for secure software validation, and Alpha-Omega, for identifying and resolving vulnerabilities in popular packages. JPMorgan Chase, in collaboration with other financial entities, established the Financial Services Information Sharing and Analysis Center (FS-ISAC) Supply Chain working group. This group aims to share emerging supply chain threats with the financial sector and develop guidance to counter such threats, exemplified by the Software Supply Chain Primer White Paper published in 2025. What transpired at the Summit? Summit attendees explored security challenges in OSS consumption across critical infrastructure sectors, the potential for leveraging AI advancements to bolster OSS security, and the shared responsibility to enhance OSS resilience in critical infrastructure. The significant U.S. Government presence at the Summit underscores the public sector's commitment and backing for initiatives aimed at improving OSS security and fostering strong public-private partnerships for more secure outcomes. The summit concluded with discussions on strategies for achieving tangible results aligned with three objectives for the coming year: (1) providing security education for OSS developers and stakeholders, (2) bolstering the security of OSS repositories, and (3) facilitating cross-collaboration for incident response. What are our next steps? There is further work to be done in enhancing tools to counter software supply chain attacks. We recognize the importance of supporting OSS evaluation tools like Security Scorecard, an automated security tool that helps users assess the risks associated with their software dependencies, and Software Bill of Material (SBOM) capabilities, which provide an inventory of application components. At JPMorgan Chase, our security teams are致力于 developing such solutions and are collaborating with organizations like OpenSSF to create more integrated tooling and capabilities that will foster safer practices and prevent significant future software supply chain security breaches. Fulfilling Our Role JPMorgan Chase is steadfast in our commitment to partnerships aimed at improving open source security. As a founding member of OpenSSF and through our leadership in the Financial Services Sector Coordinating Council (FSSCC) and the Financial Services Information Sharing and Analysis Center (FS-ISAC), we will continue to play an active role in supporting and shaping the efforts of both industry and government to secure the open source software ecosystem.

U.S. Government Secures Major Nuclear Deal to Strengthen Clean Energy Future

The U.S. General Services Administration (GSA), responsible for managing government buildings, has just announced a major nuclear energy deal. This follows a series of nuclear energy agreements made by prominent tech companies last year. The 10-year contract, valued at $840 million, involves 10 million megawatt-hours of electricity, which the GSA claims is enough to power over 1 million homes annually. The contract was awarded to Constellation, which operates the largest nuclear fleet in the U.S., and has recently entered into an agreement with Microsoft to restart a reactor at the infamous Three Mile Island site. According to Constellation spokesperson Paul Adams, nuclear energy comprises a significant portion of the contract, amounting to around 4 million megawatt-hours. As demand for electricity from AI data centers continues to rise, Silicon Valley is increasingly turning to nuclear energy to meet its needs. As the largest energy consumer in the U.S., the federal government’s contract is a significant boon to the nuclear industry. Joe Dominguez, Constellation’s President and CEO, commented in a press release, "Frustratingly, nuclear energy had been excluded from many corporate and government sustainable energy procurement programs. Not anymore. This agreement is another powerful example of how things have changed." He added, "The U.S. government, alongside Microsoft and other entities, is backing continued investment in reliable nuclear energy, enabling Constellation to relicense and extend the life of these critical assets." Constellation claims to generate 10% of the nation's carbon-free energy. Most of its output comes from nuclear power, but it also produces hydropower, wind, and solar energy. Additionally, the company operates gas-fired plants, though it has set a target to reach 100% carbon-free electricity by 2040, up from nearly 90% today. Neither Constellation nor the GSA responded to inquiries about the breakdown of the electricity sources other than nuclear in the contract. This is the largest energy procurement deal the GSA has ever signed. “This historic procurement locks in a cost-competitive, reliable supply of nuclear energy,” GSA Administrator Robin Carnahan said in a press release. “We’re showing how the federal government can collaborate with major corporate clean energy buyers to stimulate new nuclear energy capacity and ensure a steady, affordable supply of clean energy for all.” The contract will allow Constellation to extend licenses for existing nuclear plants and "invest in new equipment and technology," potentially adding 135 megawatts of additional capacity. Over the next 10 years, GSA has agreed to purchase 2.4 million megawatt-hours of electricity from this expanded capacity. The deal also extends to 13 other federal agencies, including the Departments of Veterans Affairs, Transportation, and the Federal Bureau of Prisons, as well as the National Park Service, Social Security Administration, and the U.S. Mint. The GSA frames this contract as a way to lock in lower prices amid rising electricity demand from data centers and increasing competition for clean energy sources: "With the uncertainty over future electricity prices and the growing demand from data centers and AI facilities, this contract provides federal agencies with budget stability and protection from future price hikes by fixing their electricity costs for 10 years, while also continuing to strengthen the domestic nuclear industry." Over the past year, companies like Google, Meta, Amazon, and Microsoft have all made notable nuclear energy deals. In September, Microsoft and Constellation announced plans to restart a shuttered reactor at Three Mile Island in Pennsylvania, the site of the worst nuclear accident in U.S. history. The Biden administration has also made nuclear energy a key component of its strategy to shift the U.S. away from fossil fuels and toward energy sources that don’t contribute to climate change. Last October, the Department of Energy announced a $1.52 billion loan to help restart a retired nuclear plant in Covert Township, Michigan. While President-elect Donald Trump plans to reverse progress made on clean energy, his campaign agenda included efforts to "support nuclear energy production."

Barclays bank tells customers they could get share of £12.5million

Barclays bank could pay out up to £12.5 million in compensation to customers affected by technology outages over the last two years, it has revealed. There has been more than 33 days’ worth of unplanned tech and system outages in the last two years for nine of the UK’s biggest banks and building societies, according to new data published by the Treasury Committee. A group of MPs on the committee asked bosses of the banks to reveal the scale of recent IT failures and compensation payouts, after an outage led to days of disruption for Barclays customers last month. Barclays confirmed that, during that incident, more than half of attempts to make an online payment failed. The bank estimated that it expects to pay out between £5 million to £7.5 million in compensation for the specific outage, adding to an estimated £5 million for incidents between January 2023 and January 2025. Last month, Nationwide, First Direct, Lloyds and Halifax all confirmed issues with their online banking systems leaving many customers without access to funds on payday. It was the second month in a row that major banks were hit by IT issues around payday, with experts saying online banking systems often struggle with the high rate of activity as wages and bills go in and out of accounts at the end of each month. At the end of January and in early February, Barclays, Lloyds Bank and Halifax were all hit by service outages which left customers unable to access funds on or just after payday. Fintech expert Chris Skinner told the PA news agency in the wake of those outages that banks were finding it “too hard to keep up” with fast-moving technology. “I think the world is spinning so fast with technology that the challenge we have is no-one’s keeping up, particularly regulators and lawmakers,” he said. “So the regulators and lawmakers need to have people who do better due diligence. “I think there’s an issue here with reliability, service and resilience, and that’s the accountability of the people who are organising the structures, both from within the business, and those who look over the business in terms of the regulators. At the moment, I think both are probably finding it too hard to keep up.” He added the vast array of modern tech systems needed to operate in the banking world today mean firms have “such a smorgasbord of things they have to work with”, the “competence of keeping up with these changes is really challenging every bank”.

PensionBee hails 'transformative year' as losses slashed and revenue climbs

PensionBee has celebrated a "transformative year" after reporting a substantial reduction in its pre-tax loss and a near £10m increase in revenue, alongside its expansion into the US market. The firm disclosed a pre-tax loss of £3.1m for 2024, a notable improvement from the £10.5m loss recorded in 2023, as reported by City AM. According to recent figures released to the London Stock Exchange, PensionBee's revenue surged from £23.8m to £33.2m during the year. The company also reported a 34% growth in assets under management to £5.8bn and a 16% rise in its invested customer base to 265,000. In July 2024, PensionBee ventured into the American market through a partnership with State Street. Romi Savova, CEO and co-founder, expressed satisfaction with the company's performance: "We are pleased to report strong full year results for 2024, reaching approximately £6bn in assets under administration on behalf of 265,000 invested customers." Celebrating a decade since its inception, she added: "Coinciding with our ten year anniversary since inception, we launched our US business, taking an important step in creating a global leader in the consumer retirement market." Savova highlighted the financial achievements: "In this transformative year, we were pleased to achieve significant Revenue growth, ending the year with annual run rate revenue of £38m." She concluded by noting the company's financial milestones: "We fulfilled our long-standing ambition of achieving adjusted EBITDA profitability in the UK, and also achieved adjusted EBITDA breakeven for the group in conjunction with making a significant investment in our US business." "In the UK, we continued to execute on our growth strategy, optimising our marketing expenditure while growing our brand awareness, continuing to innovate our product offering, delivering exceptional customer service, and investing in automation to drive operational scalability, including through the introduction of AI." "In the US, we laid the foundations for our long-term growth through our partnership with State Street." "We established our diversified multi-medium marketing strategy, laid the foundations for rapid product iteration backed by our UK technology stack and our deep expertise, and launched our native mobile app in December." "Our £20m capital raise will enable us to accelerate the growth of our US business in the coming years."

Fall in the number and value of equity deals into small firms in Wales

The number of equity investments into small firms in Wales and their value have fallen, according to new research from the British Business Bank. Its Small Business Finance Markets 2024/25 report shows that Wales suffered a 14.3% fall in announced equity deal numbers and a 45.7% fall in their combined investment value in the first three quarters of 2024 compared to the same period in 2023. In total 48 equity with an investment value of £54.9m were reported. This compared to the same period in 2023 with 56 deals and a value of £101,2m. For the UK as a whole there was a 24.3% fall in deals to 1,303 (1,721 in 2023), but with the value of deals up 6.6% from £6.47bn to £6.89bn. The number of deals in Wales made up 3.7% of the UK total and just 0.8% on value. The decline in deal numbers in Wales mirrors much of the UK where equity investments decreased across all nations and regions, part from the north East of England. UK-wide the proportion of smaller businesses accessing finance fell from 50% in Q3 of 2023 to 43% in Q2 of 2024. The British Business Bank, which is the economic development bank of the UK Government, said this was likely due to business confidence remaining low. Despite a UK trend for declining finance usage, Wales demonstrated a relatively stable trend that continued into the first half of 2024. The proportion of smaller businesses in Wales using external finance was 53% in H1 2024, broadly in line with the finance usage rate seen in H2 2023 (54%). Meanwhile, the share of businesses that would be happy to use external finance in order to grow increased from 24% to 31% over the same period. Access to finance is particularly crucial for innovation active smaller businesses in Wales. The report finds that access to external finance is most vital to businesses that are innovation-active, since these are consistently more likely to have applied for, sought or considered finance recently than their innovation-inactive counterparts. Some 54% of innovation active small businesses in Wales considered or secured external finance in the past three years, compared to just 18% of innovation inactive firms – the largest percentage disparity in the UK - highlighting the strong link between finance accessibility and innovation-led economic growth in Wales. Highly deprived areas in Wales show more ambition for growth through external finance Smaller businesses in highly deprived areas of Wales demonstrate strong growth ambitions, with 44% aiming for significant expansion compared to 32% in less deprived areas. However, these businesses face greater barriers to securing finance, with lower confidence in obtaining funding from banks (47% versus 51% elsewhere) and a higher likelihood of seeing finance access as an obstacle (9% versus 7%). Additionally, awareness of alternative finance options, such as venture capital, remains lower in these areas, highlighting the need for improved financial education and support. Challenger and specialist banks continue to outperform the bigger traditional banks. For the fourth consecutive year, challenger and specialist banks account for a higher share (60%) of total gross lending than the big five banks (40%) – the highest on record. The lending landscape has changed considerably since 2014, with the British Business Bank report revealing that 60 new banking licences have been granted in the last decade, with 36 being issued to providers serving smaller businesses. Susan Nightingale, director for the devolved nations at the British Business Bank, said: “It is clear that conditions continue to be tough for smaller businesses, with some domestic uncertainty meaning many were less willing to invest with confidence in 2024. In Wales we are certainly experiencing these challenges, and while equity deal numbers and investment values are tracking more strongly against the UK average than many other Nations and regions, there’s no doubt that the data is going in the wrong direction, when it comes to meeting our growth ambitions. “The diversity of supply of finance, in terms of both product and provider, is an important factor in meeting the diverse needs of the UK’s highly varied smaller business community. The increasing role for challenger banks in 2024, for which Wales is a significant base, is an encouraging sign, as is the ongoing roll out of the Bank’s £130m Investment Fund for Wales, where the strong equity element will make a significant impact on the Welsh smaller business landscape in the months and years to come.

Leveraging Data to Strengthen the Asian American Narrative

Amidst a landscape where data serves as the foundation for strategic decisions, organizations such as Kundiman, dedicated to nurturing Asian American literature, often grapple with the complexities of fragmented data management. In response to these challenges, JPMorganChase's Force for Good initiative emerges—a program under the Tech for Social Good umbrella that showcases the potential of corporate expertise in assisting non-profit organizations to overcome technological hurdles and expand their impact. Kundiman, established in 2004, has been a sanctuary for Asian American writers, offering them retreats, online classes, and workshops. With over 250 writers having participated in their retreats and around 400 books authored by these participants, Kundiman's contribution to literature is significant. However, as Kundiman's influence and activities have expanded, so has the complexity of data collection necessary for their operations. Historically, Kundiman relied on a donor management system for contact management and collected data through various survey tools, leading to inconsistencies, especially in recording ethnic backgrounds. The diverse terms used by participants to describe their heritage complicated the standardization and precise analysis of demographic data. The primary goal for Kundiman was to streamline these data streams, reduce manual data handling, and improve data accuracy. The Force for Good team, inspired by Kundiman's mission, addressed this challenge by implementing a pre-built workflow automation solution to harmonize and automate data transfer across different platforms. This approach ensures that data from various sources can be automatically updated in a centralized database, eliminating the need for manual entry and reducing errors. The project's impact extended beyond mere data consolidation. It empowered Kundiman to track demographic trends and identify communities in need. As the pandemic and economic challenges shifted the needs of Asian American communities, accurate demographic tracking became essential. A 2022 report by Equitable Growth revealed that Asian Americans in New York City faced longer periods of unemployment and higher poverty rates compared to other ethnic groups. With this knowledge, Kundiman's ability to adapt and extend their support became increasingly crucial. The project's success was a testament to the collaborative spirit and dedication of all parties involved. The Force for Good team not only provided a technological solution but also offered training and documentation, ensuring that Kundiman's staff could independently maintain the new system. This comprehensive approach guaranteed long-term benefits and sustainability for Kundiman. The Force for Good program's collaboration with Kundiman exemplifies how strategic, thoughtful technological interventions can lead to significant social change. It underscores the importance of the Force for Good's ongoing support and innovation within the non-profit sector, ensuring that organizations like Kundiman can thrive and continue their vital work.

Vanquis shares plummet as it posts £34.8m loss for 2024

Vanquis Banking Group, the specialist lender, has reported that its "turnaround" is "on track", despite posting a loss in 2024. The Bradford-based firm recorded a £34.8m loss, a significant decrease from its pre-tax profit of £17.3m in 2023, as reported by City AM. The company's bottom line was impacted by the rising cost of dealing with complaints related to its historic lending practices. Vanquis revealed that the cost of complaints surged 66 per cent to £47.4m, with Financial Ombudsman Service (FOS) fees climbing to £24.8m from £16.7m. Concurrently, net interest income dipped five per cent to £420m and total income fell six per cent to £458.5m, attributed to a higher cost of funds. The firm's net interest margin dropped by two basis points over the year to 18.4 per cent. However, losses improved to £8m in the second half of the year, compared to £26.8m in the first six months, driven by the Vehicle Finance Stage 3 receivables review. Despite impacting losses, the lender stated that the costs had contributed to "a cleaner and lower risk balance sheet, giving greater clarity to the cost of risk across portfolios." Vanquis also reiterated that it was not subject to the ongoing motor finance review as it had not participated in the use of discretionary commission arrangements (DCAs). The company has stated that it stands apart "differentiated on a number of grounds versus the three cases subject to the judgment and all customers signed a pre-contractual document that confirmed a commission 'will' be paid." The business also reported that it had achieved £64.3 million in transformation cost savings by year-end and is expecting to realise an extra £15 million by the close of 2025. Ian McLaughlin, Chief Executive Officer, remarked, "2024 was a pivotal year in the turnaround of Vanquis." McLaughlin elaborated, "We have made good progress implementing the changes required to position the business for sustainable future growth, despite substantial headwinds." He continued, "We addressed underlying structural issues, simplified our operating model, refreshed our strategy, expanded our product range, and are on track to deliver our technology enhancements."

Lloyds Bank to send 200 senior staff on AI training at University of Cambridge

Lloyds Banking Group has unveiled plans to enrol over 200 of its senior staff in an intensive 80-hour AI training programme at the University of Cambridge. The FTSE 100 bank has partnered with edtech firm Cambridge Spark for a customised six-month training course aimed at boosting AI proficiency across its management team. The inaugural group of 30 Lloyds leaders attended a rigorous two-day session at the University earlier this month, which included a lecture by Professor Stelios Kavadias, an expert in innovation and technology management. These sessions, delivered by Cambridge Spark in conjunction with the University of Cambridge, are designed to identify opportunities through AI and implement AI solutions to improve operations and customer experience, as reported by City AM. This initiative builds on the existing partnership between Lloyds and Cambridge Spark, which has previously offered lessons in practical industry skills for budding data scientists and engineers. Lloyds' Group Chief Operating Officer, Ron van Kemenade, said: "AI is a game-changer for financial services, and we're investing to enhance our services with cutting-edge technology. " He added: "The programme with Cambridge Spark will empower our business leaders to further innovate with AI and drive commercial excellence using this transformative technology. "Our approach to AI is based on integrating it deeply throughout every aspect of our business rather than limiting it to a centralised technical team. We're building on our existing expertise to develop the most AI-capable leadership team in banking." Dr. Raoul-Gabriel Urma, founder and CEO of Cambridge Spark, commented: "Advancing AI capabilities represents both the greatest challenge and opportunity for today's businesses. " "Enhancing these capabilities within senior leadership creates a powerful multiplier effect that drives innovation throughout the organisation. We're excited to support Lloyds Banking Group in this strategic investment." Lloyds has shown commitment to expanding AI and technology across its operations, marked by the launch of its 'AI Centre for Excellence' last year. Rohit Dhawan, former Amazon executive who leads the centre, stated: "By staying at the forefront of AI technology and maintaining a strong ethical foundation, Lloyds Banking Group aims to lead the financial industry into a new era of digital transformation."

Hybrid Agencies: Strategies for Effectively Managing Remote and Global Teams

In the evolving landscape of modern work, the hybrid agency model has emerged as a balanced approach that combines in-office and remote workdays. This flexible model offers the best of both worlds, allowing companies to maintain physical office spaces while also embracing the benefits of remote work. The hybrid agency structure is particularly beneficial as it caters to the diverse preferences of employees, providing them with the flexibility they need to thrive. A hybrid working environment is ideal for various groups, including Generation Z, working mothers, and individuals with disabilities. Companies that adopt hybrid models, allowing some employees to work entirely from home or in a mix of home and office settings, tend to have more engaged and satisfied employees compared to those that operate exclusively from an office. Managing the Hybrid Agency Workforce Enhance Communication Tools Effective communication is crucial in a hybrid agency setup. Tools like Slack, Microsoft Teams, and Zoom are essential for facilitating collaboration. It is important to establish clear guidelines for using these tools, specifying when and how they should be used for different types of communication. This ensures equal opportunities for all employees, regardless of their location. For instance, a design firm with a hybrid workforce could use Slack for daily communications, Zoom for weekly team meetings, and project management tools like Nimble to track progress. This structured approach ensures that everyone is on the same page and knows where to find the information they need. Additionally, consider the practical needs of remote team members, such as access to reliable power sources. Custom solar power solutions can be a valuable resource for ensuring uninterrupted work. Set Clear Working Expectations Setting clear expectations is essential for the success of a hybrid agency. Define availability, working hours, goals, and performance standards to maintain clarity and ensure everyone understands their responsibilities. For example, a marketing agency might have planners working in the office while content writers and social media managers work remotely. Office workers might have set hours from 9 to 5, while remote workers could have flexible hours as long as they meet their objectives. Clear deadlines must be maintained to ensure consistency and accountability across the team. Establish Equitable Policies Creating fair policies that apply equally to remote and in-office workers is crucial. These policies should cover aspects such as work hours, leave, performance reviews, and resource access, addressing the unique challenges faced by each group. Consider a tech company with a hybrid workforce. The company could implement policies that ensure all employees have access to the same tools and resources, regardless of their location. Developers might have flexible hours, but mandatory video meetings could be scheduled at times convenient for all time zones. Performance reviews could be tailored to the nature of the work, with different criteria for sales teams and software developers. Ensure Robust Cybersecurity Measures Hybrid work environments present increased security risks. Implementing robust cybersecurity measures is essential to protect sensitive information. Strategies include: Using encrypted communication tools Implementing multi-factor authentication Conducting regular security training Securing VPNs Establish clear protocols for handling sensitive information and ensure all employees are aware of these guidelines. Use legal encryption methods to secure communication channels and protect data. Implement Flexible Scheduling Flexible scheduling helps employees balance work and personal responsibilities, enhancing engagement and productivity. Understand the preferences and needs of your team and consider options such as flextime, compressed workweeks, or allowing employees to set their own hours within agreed parameters. Encourage open discussions about scheduling preferences and use collaboration tools to ensure everyone stays connected, even with varying schedules. For instance, one team might prefer flextime to accommodate personal commitments, while another might opt for longer workdays with extended breaks. Both teams can use the same planning and communication tools to coordinate effectively. Conclusion Embracing a hybrid agency model offers significant advantages in terms of flexibility, employee satisfaction, and operational efficiency. By enhancing communication tools, setting clear expectations, establishing equitable policies, ensuring robust cybersecurity, and implementing flexible scheduling, businesses can effectively manage remote and global teams. This approach not only improves productivity but also fosters a positive and inclusive work environment, positioning companies for success in the dynamic world of work.

Samsung Teams Up with Instacart to Revolutionize Grocery Shopping with AI-Powered Fridges

Samsung is transforming its smart fridges into more than just storage units. Through an innovative collaboration with Instacart, the tech giant is set to introduce a game-changing feature that uses AI to help you automatically replenish groceries without lifting a finger. Soon, owners of Samsung's Bespoke fridges will be able to shop for groceries directly from their fridge screens. The integration with Instacart means the fridge will recognize when you're running low on items and suggest what to buy, adding them to your shopping list for quick and easy ordering via the app. This new feature leverages Samsung Vision AI, a technology that scans your fridge's contents, identifying the items inside and keeping track of what you need. By utilizing Instacart’s product matching API, the fridge will provide tailored grocery suggestions and allow you to place an order without ever leaving the kitchen. To make it all possible, the fridge is equipped with cameras that track when items are added or removed. While the system doesn’t monitor the fridge door compartments or the freezer, it can identify up to 37 different food items, including fresh produce. If something isn't detected, you can still manually input it into your Samsung Food app on either the fridge’s interface or your smartphone. This seamless experience aims to simplify the grocery shopping process. The AI will automatically update your food inventory when you buy items, and even adjust your shopping list when you use ingredients from saved recipes. With this feature, Samsung is not only enhancing convenience but also providing a more intelligent way to manage your kitchen. However, it remains to be seen how the system will perform in real-life usage, and whether it will truly streamline the grocery shopping experience. Previously, Samsung fridges had an Instacart app, though it wasn’t linked to the fridge's cameras. Interestingly, the app disappeared earlier this year from certain models. Samsung has announced that this new Instacart feature will be available later in 2025 through a firmware update for fridges that support the AI Vision Inside system, first introduced last year.

Close Brothers stock soars past target price while HSBC, Barclays and Standard Chartered tumble

Shares in FTSE 250 lender Close Brothers experienced a surge on Thursday morning, contrasting with the downward trend of banking rivals HSBC, Barclays and Standard Chartered. The lender saw gains peak at ten per cent during early trading before settling around five percent, as it began to recover from recent losses, as reported by City AM. In contrast, Standard Chartered led the FTSE 100's losses, dropping nearly 10 per cent, while Barclays and HSBC fell by close to seven per cent and over six per cent respectively. Close Brothers' stock has been under pressure over the past six months due to its involvement in the car mis-selling scandal. This week, the saga moved to the Supreme Court, where Close Brothers is attempting to overturn an October ruling by the Court of Appeal. The ruling deemed it unlawful for banks to pay commission to a car dealer without the customer's informed consent. Following the verdict, Close Brothers' shares plunged almost 25 per cent and have remained unstable since. The Supreme Court's judgement could take several months, but the Financial Conduct Authority has stated it will confirm an industry-wide redress scheme within six weeks if the banks receive an unfavourable verdict. As the Supreme Court hearing commenced on Tuesday, the stock experienced fluctuations throughout the day. Peel Hunt rated the stock a 'hold' in a note issued on April 1, setting a target price of 277.20p. However, following Thursday's gains, Close Brothers surpassed the analyst's target, reaching highs of 310p. Analysts have revised their forecast for Close Brothers' full-year earnings per share, reducing it by 15% to 50.6p. Their guidance on the lender's full-year net interest margin – a key banking indicator of the difference between the rates at which a bank borrows and lends – has also been cut to 7%, with an anticipation that it will drop further to 6.7% in the second half. RBC Capital Markets adjusted their target price for Close Brothers down to 340p from 360p according to a note issued last week, yet they maintained an 'Outperform' rating. This suggests that they anticipate the company's shares to "materially outperform sector average over 12 months."

Investors should 'buy' these two housebuilders ahead of Spring Statement, broker says

Investment bank Jefferies has recommended investors to 'Buy' shares in UK housebuilders such as Persimmon and Taylor Wimpey, ahead of the upcoming Spring Statement this week. Chancellor Rachel Reeves is scheduled to present her Spring Statement later this week. As she is committed to only one major fiscal event, it was initially intended as an update rather than a budget, as reported by City AM. However, significant policy updates are widely anticipated from the Chancellor's speech, potentially extending into housing policy. "With frequent and recent reiterations of the government target to construct 1.5m homes over the term of parliament, we believe there is potential for further support for the housebuilding sector to be unveiled," stated Jefferies analysts in a research note today. The previous year witnessed the lowest number of new homes built in a twelve-month period since 2017 (excluding the pandemic), with only 217,911 homes completed. This figure contrasts with the government's average target of 300,000 homes per year to reach its 1.5m goal. "At this stage we believe neither forecasts nor valuations include any upside from demand-side measures, and we would look to own UK housebuilders into this event," said Jefferies analysts. Jefferies currently rates every UK-listed builder, including Persimmon and Taylor Wimpey either a Hold or Buy, while also rating infrastructure firms that focus on construction, like Balfour Beatty, a Buy. Analysts have highlighted that the Help to Buy scheme peaked in the 2018-19 period, facilitating over 50,000 new-build home purchases. The programme was then modified in 2021 to cater exclusively to first-time buyers and include regional pricing caps, which led to a reduction in plan-related purchases to around 30,000 homes. According to the sector, Taylor Wimpey would stand to gain from any reintroduction of Help to Buy support measures announced in the Spring Statement. "A key barrier for homebuyers is actually rooted in the very start of the process: property development," said Tony Hall, head of business development at Saffron for Intermediaries. He suggested that standardizing planning processes across local councils could stimulate the housing industry by eliminating inconsistencies. However, despite these potential benefits, Hall cautioned that current reports suggest it is "unlikely" there will be significant updates in the forthcoming Spring Statement.

TSB appoints new CEO amid parent company's uncertain future

UK retail bank TSB has declared that Marc Armengol is now at the helm as its new chief executive officer. Armengol, who had previously served as corporate strategy director at TSB, was selected for top leadership duties back in November 2024, as reported by City AM. His appointment follows the retirement of former head Robin Bulloch. Before rejoining TSB, Armengol worked at the UK bank’s Spanish owner Sabadell in 2022. Sabadell, which is based in Barcelona and acquired TSB at a price of £1.7bn in 2015, has since been subject to hostile bids from competitors. BBVA, another banking heavyweight in Spain, has recently unsettled the waters with its €12.28bn (£10.3bn) offer to purchase Sabadell, introducing a period of speculation just as Armengol takes control of TSB. In financial achievements, TSB touted a banner year this February when it reported pre-tax profits reaching a height of £290.4m. Such impressive figures represent a 22 per cent surge compared to the preceding year, crowning it the most profitable annum since the brand's revival on the high street in 2013. The bank's financial success has been partly attributed to stringent cost management in a fiercely competitive mortgage landscape, reflected by a drop in operating expenses by 3.6 per cent to £821.9m. TSB's board chairperson, Nick Prettejohn, expressed optimism regarding Armengol's ascendancy: "TSB continues to build on its position as an important retail bank that's delivering on its money confidence purpose and I'm delighted that Marc will now return to lead the business." He added to the commendations stating, "Not only does Marc have extensive experience in banking at the highest international level – but he has been at the heart of TSB for several years." TSB chairman, said: "I have no doubt that we will benefit hugely from Marc's strategic vision and ambition for the business; his expertise across retail banking and technology; and his absolute focus on delivering even more for our customers."

Neil Woodford's old trust ups Revolut stake by 85%

A trust previously managed by renowned stockpicker Neil Woodford, now under Schroders, has increased the value of its stake in fintech firm Revolut by 85 per cent. This suggests a valuation of $48bn (£37.1bn) for Revolut, surpassing its $45bn valuation from last summer but falling short of the $60bn target reportedly set for a future float. The Schroders Capital Global Innovation Trust's investment in Revolut has soared from £5.4m two years ago to £14.6m today. However, the rest of its portfolio has experienced a significant decrease in value. In its annual results released today, the Schroders trust reported a 21.2 per cent decline in asset value over the past year, with its share price falling by 24.9 per cent., as reported by City AM. Formerly known as Woodford Patient Capital under Woodford's management, the trust's shareholders voted overwhelmingly last month for it to wind down. "Following the shareholders' vote in favour of the managed wind-down of the company, our strategic focus has shifted to an orderly realisation of the company's assets over a reasonable timeframe," stated the trust's chair. Public holdings in some of Woodford's preferred stocks, such as Oxford Nanopore and BenevolentAI, accounted for 97 per cent of the trust's valuation drop. Meanwhile, its stake in Reaction Engines was written off completely after the company went into administration. However, the trust's share price soared by 30 per cent in a single day earlier this month after it announced that its holding in Swiss biotech firm Araris Biotech was poised to be acquired for $400m plus additional contingent payments. This implies that its stake in Araris could be valued at as much as £19.5m, compared with a book value of £2.8m at the end of last year.

Legal & General boosts shareholder returns with £500m buyback after strong 2024 performance

Legal & General, the insurance and asset management behemoth, has announced a six per cent rise in core operating profit for 2024. Core operating profit reached £1.6bn, while pre-tax profit under IFRS accounting standards was reported at £542m, as reported by City AM. Following these strong results, Legal & General declared a £500m share buyback for 2025, as part of its pledge to return over £5bn to shareholders within three years. The group also increased its dividend per share by five per cent to 21.36p. The company's Solvency II capital generation hit £1.8bn, with its Solvency coverage ratio climbing to 232 per cent. Over the course of the year, the firm sold its homebuilding business, Cala Homes, for £1.35bn and its US Protection business for £1.8bn. Legal & General also formed a strategic partnership with Japanese life insurance company Meiji Yasuda. On a divisional level, the group's Institutional Retirement arm recorded £10.7bn in global pension risk transfer (PRT) deals, including £8.4bn in the UK and record volumes in the US and Canada. Core operating profit rose to £1.1bn, up seven per cent. Meanwhile, Legal & General Asset Management reported total global assets under management (AUM) of £1.1trn. Higher fee margin products and a strategic investment in US real estate equity specialist, Taurus, helped improve margins, but the division's core operating profit fell 10 per cent to £400m. Legal & General's retail operations reported record annuity sales of £2.1bn and ongoing growth in Workplace Defined Contribution (DC) pensions, with core operating profit increasing 12 per cent to £504m. The company's CEO, António Simões, commented: "2024 has been a year of significant strategic progress and strong financial performance. We delivered six per cent growth in our core operating profit and core EPS, alongside excellent new business volumes, while investing for the future." Simões further noted: "We are seeing positive commercial momentum as we execute our strategy with rigour and pace. By sharpening our focus and simplifying our portfolio – through the sale of Cala and US Protection – alongside our strategic partnership with Meiji Yasuda and our investment in Taurus, we are strengthening our ability to generate sustainable growth." He added: "We stated at our capital markets event that we intended to return more to shareholders and that is exactly what we are doing. Our clear capital allocation framework supports our plan to return over £5bn over the next three years, through dividends and buybacks. The dividend per share increased by five per cent to 21.36p, underscoring our commitment to delivering value to our investors." Looking forward, Simões expressed confidence in the company's ability to meet ambitious targets, stating: "Looking ahead, our momentum demonstrates why we are confident in our ability to deliver on our ambitious targets, directing our capital and expertise where they can create lasting value, and making a meaningful impact for customers, shareholders, and communities." Richard Hunter, head of markets at interactive investor, remarked: "Legal & General is in the midst of a new chapter and is transforming, although given the nature of a business entrenched in investment, it is one which is viewed through the prism of the longer term." "The progress of the group is almost swan-like, with gradual movements masking some furious paddling underneath the water."

UK's major banks face downturn as FTSE 100 slips amid new US tariffs

The FTSE 100's major banks were once again in the red on Friday, amidst heightened concerns over tariffs. Shares in Natwest and Barclays plummeted by over 6% in early trading, making them the top losers on the index. HSBC and Lloyds followed closely, with losses exceeding 5%, while Standard Chartered suffered a 4% decline, as reported by City AM. The FTSE 350 bank index took a significant hit, tumbling nearly 6% and accumulating a 10% loss over the past five days. The FTSE 100 as a whole saw a decline of up to 1.7% on Friday morning. In a statement, Barclays analysts noted: "These new tariffs will dampen the global economic outlook, both globally and in Europe, which bodes poorly for earnings." "Our economists believe that recession risks have risen, with policy support from governments and central banks crucial to gauge the extent of downside risks." According to Vivek Raja, an equity analyst at Shore Capital: "The shock and awe of Trump's capricious foreign policy strategy has created acute anxiety, which is typically not conducive to the health of financial markets." "We expect more turbulence and emotional share price responses over the coming days. The impact of tariff wars on the fundamentals of our UK financials stock coverage will be indirect." Raja added that changes in economic growth, wealth formation, inflation, interest rates, financial markets, and regional differences would negatively impact business models. Raja suggested that lenders with an Asian focus, such as HSBC and Standard Chartered, would likely face the most significant impacts compared to their more UK-domestic counterparts. Trump imposed a 10 per cent tariff on UK imports to the US, which he stated was the baseline for all countries. In his 'Liberation Day' speech, Asian economies were subjected to some of the highest levies.

Why AI-Powered Smart Glasses Will Dominate 2025

After a decade of skepticism and mockery, AI-powered smart glasses are poised for a major comeback in 2025. Once ridiculed as a novelty, these innovative wearables are now on the verge of becoming the next big thing. With heavyweights like Meta and Baidu joining forces with startups such as Brilliant Labs and Solos, the technology behind smart glasses is finally catching up to its potential. These glasses blend advanced AI capabilities with cutting-edge hardware, fundamentally transforming the way we interact with the world. Here’s why 2025 will be the year AI-powered smart glasses take center stage. Smart Glasses: The Gateway to Practical AI As AI tools become increasingly embedded in our daily lives, people are eager to use them in more versatile ways. Smart glasses are the perfect solution for those who want AI on the go without the hassle of constantly reaching for their phone. Unlike the ill-fated Google Glass, today’s smart glasses are designed to be subtle yet functional. For example, Meta’s collaboration with Ray-Ban allows wearers to take photos, connect with the Meta AI assistant, and still maintain a stylish look. Features like real-time translation and health monitoring, as seen in the Solos AirGo 3 Smart Glasses, take the integration of eyewear and AI to the next level. Moreover, smart glasses offer a unique advantage in the AI hardware space. Devices like the Humane AI Pin, Rabbit R1, and Plaud.ai NotePin have faced challenges in capturing public interest, but smart glasses are more likely to succeed. Their practical application and sleek design make them a safer bet for AI integration compared to other devices. Productivity on the Go: Your AI Assistant, Right on Your Face The convergence of smart glasses and AI isn't just about cool tech—it’s about making life easier and more efficient. In 2025, your personal office assistant might not be sitting on your desk but rather perched on your face. Brilliant Labs is pushing this future with their Frame Smart Glasses, which come equipped with the Noa AI assistant. These glasses are tailored for busy individuals, offering features like contextual reminders, task lists, and quick information access—all in a wearable format. Baidu’s Xiaodu Smart Glasses are another example of this evolution. Powered by Baidu’s Ernie large language model, the glasses can provide real-time answers about your surroundings, recommend nearby restaurants, or even track calories from your meals. Thanks to the rapid development of context-aware conversational AI, integrating sensors and communication tools directly into eyewear takes productivity to new heights. Augmented Reality Meets AI: The Future of Smart Glasses Smart glasses today are equipped with everything from mini speakers to small embedded screens, but the true potential lies in their ability to enhance reality through augmented reality (AR). While improvements in AR alone might not spark a revolution, combining AR with AI, as demonstrated by Meta's Orion, has the potential to create an entirely new market for smart glasses. Orion isn’t launching until next year, but it’s not alone. Brilliant Labs’ Frame Smart Glasses also leverage AR to elevate user experiences. By offering an open-source platform, Brilliant Labs invites developers to create customized apps, meaning that, in the near future, users could have tailor-made applications that cater specifically to their needs. Though it might not be right around the corner, the idea of universally wearing AI-powered smart glasses is becoming clearer every day. With rapid advancements in AR and AI, the future of these devices is now more tangible than ever.

Lloyds shares worth 70p as analysts upgrade price target on bank

Peel Hunt analysts have upgraded their price target on Lloyds shares to 70p, up by 17 per cent, assigning a 'Hold' rating to the FTSE 100 lender. The decision was informed by signs of strengthening income trends and a diminished sensitivity to interest rate changes, which are expected to bolster the bank's "top-line performance," as reported by City AM. Whilst the banking behemoth witnessed full-year profits dip by 20 per cent to £6bn in 2024, concerns were predominantly attributed to a £700m provision recorded in its annual report, destined for potential motor finance compensation claims. This recent allocation brings the total set aside for possible payouts to nearly £1.2bn, following a £450m reserve made in February 2024. "We maintain our Hold recommendation but see potential for further appreciation as motor finance issues are resolved and strong financial performance continues," remarked analysts Robert Page, Stephen Payne and Stuart Duncan. Amid ongoing anxieties regarding motor finance, analysts highlighted that such issues have not prevented the group from promising robust capital returns, estimating distributions of £13.7bn over the next three years, equivalent to roughly 30 per cent of the group's market capitalisation. Analysts recognised that the announced £1.7bn share buyback in the bank's annual results has helped to alleviate investor "fear" about potential motor finance payouts disrupting the group's ability to distribute capital. Page, Payne and Duncan concluded: "Future guidance assumes no further remediation for motor finance." Analysts have noted a downward revision in earnings per share estimates by 6.6 per cent due to "changes in the assumed phasing of motor finance issues." Despite this, they maintained an optimistic view for the future, observing that favourable income trends are likely to boost earning expectations in the following years, which could be beneficial for Lloyds shares. They pointed out: "Lloyds' revenues have been volatile and highly sensitive to the UK interest cycle."

Barclays shares bounce back after bruising spell as FTSE 100 recovers from chaotic week

Barclays' shares made a recovery on Tuesday morning, following a difficult week marred by the impact of President Trump's aggressive tariff measures. The FTSE 100 bank had struggled in the aftermath of the trade dispute, as reported by City AM. The lender experienced a substantial decline of nearly ten per cent after China retaliated with its own set of tariffs against the US. Barclays was one of the major banks, alongside HSBC and Standard Chartered, leading declines amongst top fallers in the blue-chip index as markets floundered. According to Russ Mould, investment director at AJ Bell, "In Barclays' case, its investment bank is heavily geared into how the financial markets performed." He added, "Tumbling, or volatile, markets are likely to deter merger and acquisition activity and also new market floats, both areas where there are fat fees to be made." Despite the previous turbulence, Barclays witnessed a near three per cent uptick as the FTSE 100 stabilised on Tuesday, while HSBC and Standard Chartered continued to wrestle with losses. John Cronin, founder of SeaPoint insights, highlighted that, "Barclays has seen more significant selling pressure than UK domestic-focused peer banks in recent days." Meanwhile, Lloyds and Natwest, which focus predominantly on domestic markets, have managed to sidestep steep losses. Lloyds saw a rise of over two per cent and Natwest edged up by one per cent during early trading. "This is a function of its reliance on cyclical Investment Banking revenues as well as its significant exposure to the US consumer by virtue of its US cards business." Mould commented that while Barclays and its counterparts are considered "geared plays on economies and financial markets on the way down, they are likely to be seen as geared plays on them if they recover. "After its fall, Barclays trades on just 0.7 times historic book value and it is the cheapest of the Big Five FTSE 100 banks on this measure," he continued.

UK ministers consider blocking HMRC VAT proposal on investment funds

Ministers are reportedly considering intervening to prevent a proposal by HM Revenue & Customs (HMRC) to impose VAT on investment funds, following warnings from City leaders. The Financial Times reported that the customs authority had been attempting to remove the exemption which allowed third-party fund management services to avoid the 20 per cent consumption tax, as reported by City AM. Senior finance executives met with City minister Emma Reynolds earlier in the week to express their concerns about the proposals. They cautioned that the move could result in a £147m burden on the financial sector, much of which would likely be passed on to investors, and could discourage foreign investment in the UK. In what may be seen as a concession to the finance industry, ministers might now intervene to halt HMRC's plans due to concerns about the potential impact on their growth agenda. This report marks the first sign that the government may reconsider the plans. It comes after a December letter from influential lobbyists to the Treasury, highlighting the damaging consequences the VAT changes could have. The letter, signed by UK Finance, the Association of British Insurers, and the Investment Association, argued that the VAT proposals would "damage the UK's reputation as a stable, predictable and welcoming place to do business." The letter further suggested that these actions could "undermine the government's broader goals of boosting economic growth, investment and international competitiveness," indicating that the UK might lose investor funds to Dublin and Luxembourg. This comes amidst a fierce lobbying campaign as actively managed funds face several structural challenges. Top UK funds have been experiencing outflows in recent years as investors shift their money into less expensive passive funds or US-focused competitors managed outside the UK. A government spokesperson told the Financial Times that ministers acknowledged "the importance of the UK's world-leading asset management sector to the economy."

Cash ISAs fall out of favour as 57% more people put money into Stocks and Shares ISAs

Cash ISAs are losing favour with investors, while the popularity of Stocks and Shares ISAs has soared by 57 per cent amid proposed reforms to the investment wrapper. Investengine's analysis of HMRC data shows that new Cash ISA accounts have dropped seven per cent over the past five years, despite recent government plans to overhaul the ISA system, as reported by City AM. Between 2018/19 and 2022/23, the amount held in Stocks and Shares ISAs rose 37 per cent compared to a mere nine per cent increase in cash ISA value. This has resulted in a staggering £431bn being held in Stocks and Shares ISAs, 46 per cent more than the £294bn in cash ISAs. The announcement follows Chancellor Rachel Reeves' confirmation in the Spring Statement that the government intends to reform the ISA system, with these changes expected to be unveiled in the Autumn Budget. Rumours had circulated that the cash ISA's limit would be cut from £20,000 to £4,000 ahead of last week's fiscal event, but Reeves ultimately scrapped these plans. The proposed changes to the ISA regime largely stem from the government's ambition to enhance the culture of retail investment in the UK. According to Investengine's data, there are now 3.8m retail investors with a Stocks and Shares ISA, up from 2.4m five years ago, while the number of cash ISA subscriptions has decreased from 8.5m to 7.9m. The data aligns with recent survey findings that only 31 per cent of Britons possess a cash ISA, and a mere 16 per cent hold a Stocks and Shares ISA. Yet, the survey also uncovered that 17 per cent of UK adults are unaware of the Stocks and Shares ISA, while a quarter acknowledge hearing about it but lack any understanding of it. "Although reforms have been delayed, our analysis shows stocks and shares ISAs are in fact increasing in popularity without the explicit need to make cash ISAs less appealing," commented Andrew Prosser, head of investment at Investengine.

FTSE 100 crumbles again as Trump's 'Liberation Day' tariff assault continues

The FTSE 100 had a gloomy start on Friday, still feeling the effects of Trump's 'Liberation Day' comments as it opened in negative territory. In early trading, the United Kingdom’s leading index was down by approximately 1.2%, with its mid-cap counterpart, the FTSE 250, also seeing a decline of nearly 1%, as reported by City AM. Banks were among those feeling the brunt during market opening, extending a downside pattern from Thursday's session. Natwest shares dropped over five per cent, while Barclays took a hit exceeding four per cent. Following its position as Thursday's biggest loser on the FTSE, Standard Chartered’s shares continued to wane, experiencing another fall of over four per cent. Conversely, British American Tobacco and SSE emerged as top performers in early dealings, each securing gains in the region of two per cent. Likewise, the retail giant behind Primark, Associated British Foods, saw its shares ascend over two per cent. AJ Bell’s investment director Russ Mould commented: "With markets having suffered their worst week in five years, investors were hiding under their duvet on Friday hoping the pain would go away." He went on: "Unfortunately, the relentless selling continued, with markets falling across Asia and Europe and futures prices suggesting the US will follow suit upon commencement of trade later today." Mould further remarked that "countless sectors" are poised for impact from tariffs, yet the plethora of "moving parts" presents a challenge to "know where to begin to comprehend the situation." "Investors looking to buy on the dip were spoiled for choice given the sharp declines seen on the market this week. It's now a question of when investors feel brave enough to go shopping. Today's extended sell-off implies investors are still too nervous to take the plunge," he added. On Thursday, the FTSE 100 experienced a sizeable drop, shedding 133 points and closing at 8,474.74 – a 1.6% decrease from the previous day's total. In a bold move, Trump imposed a baseline 10% import levy on all countries trading with the US during his Wednesday address, with increased rates for those classified as "worst offenders." A 10% import tariff was levied on the UK while the European Union suffered a steeper 20% hike. Commentators have noted with surprise that 'Markets appear to have been unprepared' for such trade measures. Stocks across Europe also faced a downtrend, with Germany's DAX falling 0.8%, France's CAC 40 dipping by 0.9%, and Amsterdam’s AEX index experiencing a 0.5% decline. The announcement of tariffs contributed to Wall Street recording some of its most substantial losses since 2020. On the Nasdaq Exchange, big tech firms including Apple and Nvidia saw sharp drops, declining nine and eight percent respectively. The S&P 500 was not immune to the downturn, with a near five percent fall, while the Dow Jones Industrial Average saw a four percent dive. Hargreaves Lansdown's head of equity research Derren Nathan commented: "Despite months of sabre-rattling by Donald Trump, markets appear to have been unprepared for the depth and breadth of tariffs announced by the White House." As a result of the tumult across the pond in the US and the White House's significant measure, "The FTSE 100 is set to open down a touch further, after US stocks suffered their worst day in five years."

AI in 2025: What's Next for ChatGPT, Apple Intelligence, and More

As 2025 unfolds, artificial intelligence is no longer a futuristic concept—it’s here, and it’s shaping our world in ways we could never have imagined just a few years ago. After a transformative 2024, AI development continues at full speed, with companies like OpenAI, Meta, Google, and Apple pushing boundaries and introducing groundbreaking innovations. Here's a glimpse into what life with AI could look like in 2025. Smarter Devices, Smarter Life In 2025, AI won’t just be confined to smartphones. Apple’s AI technology will continue to power iPhones and Apple Watches, making Siri more proactive and responsive. Google Gemini is set to deepen its integration into Android and Chrome, providing seamless, intelligent experiences, especially with Google Pixel phones. Home appliances will also see a major upgrade. Companies like LG and Samsung are betting big on AI-powered refrigerators, ovens, and washing machines. Picture a fridge that can scan its contents, suggest recipes, and even add missing ingredients to your shopping list. AI will also extend to wearables, especially those that sit on your face. Meta’s next-gen Ray-Ban smart glasses and the Orion augmented reality headset will offer you immersive experiences, overlaying real-time information right in front of your eyes, essentially becoming an extra layer of your brain. The AI Assistant Revolution By 2025, AI assistants will no longer be limited to answering questions. They will anticipate your needs and proactively manage your daily tasks. Imagine ChatGPT reorganizing your schedule based on real-time traffic and weather updates, rescheduling a missed doctor’s appointment without your prompt, or even drafting a birthday card for a friend—complete with personalized gift suggestions. Google Gemini is working on similar predictive features within Google Workspace, while Amazon is enhancing Alexa with task prioritization and advanced calendar integration. The rise of such assistants will spell the end of juggling between apps and to-do lists. Instead, your smart devices will serve as hubs from which AI seamlessly manages both your personal and professional life. Think of it as having an omnipresent executive assistant who never needs a lunch break or overtime pay. Multimodal AI: Breaking the Boundaries of Sight, Sound, and Action In 2025, AI’s reach won’t be limited to text or voice recognition. The integration of image, video, and audio with text-based AI will be ubiquitous. While multimodal AI had a breakout year, in 2025 we will see it reach full integration. Imagine snapping a photo of a broken appliance and having your AI assistant not only suggest repair steps but also find the replacement part on Amazon and connect you to a local repair service. Apple’s Vision Pro headset, expected to refine its design later in 2025, will leverage multimodal AI, overlaying real-time data onto objects in your physical environment. For example, it could guide you through assembling furniture, identifying each part and offering step-by-step AR instructions. In creative industries, Adobe’s AI-powered Creative Cloud tools will make workflows more efficient, automatically generating mood boards or editing videos from simple text prompts. Microsoft will integrate multimodal AI into its Teams and Office applications, offering features like summarizing video calls and turning meeting notes into PowerPoint slides, complete with relevant visuals. AI in Social Media: New Faces, New Realities 2025 will be a turning point for AI’s role in social media, particularly within Meta’s Facebook and Instagram. AI-generated characters will take center stage, becoming influencers, fashion advisors, and even travel guides. These bots will assist users in planning vacations, suggesting restaurants, and syncing with Google Calendar to manage bookings. Meta’s "Metabots" project will likely integrate into Messenger, allowing users to interact with virtual stylists who curate outfits based on preferences and budget. These bots might also handle customer service issues, resolving order queries or account troubleshooting instantly, without the dreaded "please hold" music. However, as AI-generated content becomes more prevalent, platforms will face the challenge of distinguishing between real and synthetic accounts. While Meta has promised safeguards, balancing enhanced user experiences with maintaining trust will be a delicate task.

Royal London to share £181m profit with millions of customers

Royal London has reported a significant increase in profits for the past year and is set to reward its customers with a share of the gains. The mutual insurer's pre-tax profit rose by 11% to £277m, up from £249m in 2023, following the expansion of new businesses and the consolidation of its consumer portfolio, as reported by City AM. In its annual results, Royal London announced a profit share of £181m, which will be distributed among 2.3 million eligible customers in April 2025. Barry O'Dwyer, group chief executive, commented: "Royal London is customer-owned and is run for the benefit of customers, not shareholders. "We share our profits with eligible customers and our ProfitShare scheme will distribute £181m to 2.3m customers in April." The company's flagship investment product, The Governed Range, sustained £3.2bn in net inflows, mirroring the figure from 2023. Assets under management surged by more than £10bn, reaching £72bn. A tech overhaul has been credited with boosting new schemes, as digital enhancements aimed at improving customers' financial resilience were introduced, including a contribution guidance tool and advancements in pension consolidation services. These technological improvements have contributed to a 39% rise in Workplace Pension transfers. Additionally, Royal London welcomed 966 new Workplace Pension Schemes in 2024, an increase from 930 in 2023, with sales of Workplace Pensions climbing by 19%. The firm attributes this growth to a rise in medium and large-sized employer scheme acquisitions. Transfers to the group's fund for future aspirations experienced a downturn, with figures dropping to £167m, significantly less than the previous year's £382m. Notably, the company explained that this amount reflects "the impact of positive economic movements and is stated after the allocation of ProfitShare." In addition, the company's presence in Ireland saw a substantial 29 per cent increase in new business sales for Protection and Pension Products, accumulating up to £297m. O'Dwyer remarked: "Our customer-first approach also appeals to employers wanting to pick the best possible offering and, in 2024, nearly 1,000 employers chose to establish a Royal London Workplace Pension scheme, very often moving from a shareholder-owned competitor."

Close Brothers finalises sale of asset management division to Oaktree

Close Brothers Group has finalised the divestment of Close Brothers Asset Management (CBAM) to Oaktree Capital Management, a leading global investment management firm. The deal, which was completed on 28 February 2025, is anticipated to enhance the banking group's common equity tier 1 (CET1) capital ratio by around 120 basis points, elevating it from 12.1% to 13.3%, as reported by City AM. The transaction saw Close Brothers receiving an initial cash payment of £146m and contingent deferred consideration estimated at about £21m in preference shares. The group anticipates a gain on disposal of approximately £59m, calculated based on the "difference between the upfront cash consideration of £146m plus the fair value of c.£21m for the £28m of contingent deferred consideration in the form of preference shares," in addition to dividends received, transaction costs, and CBAM's net asset value of £100m at the time of completion. This strategic move was first announced in September 2024 as part of Close Brothers' efforts to strengthen its balance sheet. With a provision of £165m set aside for potential car finance mis-selling investigations, this influx of funds will assist in covering these expenses. In mid-February, the company had indicated that after accounting for the £165m provision, its CET1 ratio would decrease to 12%, which remained "significantly above our applicable regulatory requirement of 9.7 per cent." Close Brothers has finalised the sale of its asset management division, CBAM, to Oaktree, with the deal expected to yield a financial gain that will be reflected in the company's 2025 full-year financial statements. The transaction is anticipated to result in a 25 basis point increase in CET1 over the next three years due to reduced operational risk-weighted assets, pending further auditing. Close Brothers' CEO, Mike Morgan, hailed the deal as a "significant milestone" for the group, while Oaktree's managing director, Federico Alvarez-Demalde, expressed enthusiasm about the partnership, committing to a seamless transition for clients and investing in technology and operations to boost efficiency and service quality. Alvarez-Demalde stated: "We are delighted to partner with Close Brothers to execute the full carve-out of the asset management business. As a selected partner for this transaction, we are committed to working diligently to ensure a smooth transition for clients, including a comprehensive rebrand." Morgan said: "We are pleased to announce the successful completion of the sale of CBAM to Oaktree.

Banks face turmoil as HSBC and Barclays shares plummet amid escalating global trade war

The 'Big Five' banks on the FTSE 100 were engulfed in losses on Wednesday as tensions escalated in the global trade war. China retaliated by hiking its tariff on US goods to 84 per cent, a response to President Donald Trump's 50 per cent levy that came into effect today, pushing China's total import tax to a staggering 104 per cent, as reported by City AM. HSBC shares took a hit of over four per cent due to Beijing's countermove. Barclays and Standard Chartered also felt the heat, with their shares dipping nearly five per cent. Stocks had already been under pressure in early trading as Trump showed no intention of retreating from his tariff strategy. Domestically-focused lenders Lloyds and Natwest saw their shares fall nearly three and four per cent respectively. Russ Mould, investment director at AJ Bell, commented: "Yesterday's fragile recovery in stocks has been shattered by renewed selling as reciprocal tariffs on what the Trump administration regards as the 'worst offenders' comes into effect." "Investors had initially taken some positives from a willingness in the White House to negotiate with Japan and Israel but an escalation with China triggered another sell-off on financial markets." Bloomberg calculations on Tuesday revealed that more than $700bn (£546bn) of global bank stocks' market value has evaporated since Trump's 'Liberation Day.' HSBC, with its Asia-centric operations driving losses, has alone seen almost $30bn (£23bn) wiped off its value. Britain's prime lending institutions are scheduled to unveil their half-year financial reports towards the end of July, a period that may bring unwelcome news to investors as they absorb the repercussions. Shore Capital's equity analyst Gary Greenwood commented on the anticipated content of the reports, indicating they are expected to mirror "volatility in capital markets". He elaborated: "IPO's that were going to happen, impact in market related activity, impact in wealth management areas – that's where you'll feel it first." Greenwood also predicted lenders' future guidance would likely suffer due to tariffs. He explained further, saying: "On an accounting basis, banks might start to add a bit to their provisions." "More uncertainty could make them more cautious about lending and risk appetite could change to not push as hard in terms of growth." Such developments pose additional challenges for Chancellor Rachel Reeves, who has been actively advocating for banking leaders to help bolster growth within the UK.

Natwest partners with OpenAI as FTSE giant scales up tech

NatWest has revealed a new focus on "bank-wide simplification" through a partnership with OpenAI, announced this Thursday. The FTSE 100 lender is set to optimise customer experiences and enhance operational productivity by harnessing artificial intelligence, as reported by City AM. In this groundbreaking move, the bank will incorporate "some of the latest and most powerful developments in generative AI", gained via access to OpenAI's most advanced tech and insights. Whilst rolling out these innovations, NatWest affirms it will adhere to its Artificial Intelligence & Data Ethics Code of Conduct to guarantee the use of AI will "educate, protect, and empower its customers and colleagues." Last year, NatWest initiated its AI journey with the introduction of virtual assistants Cora+ and Ask Archie+. Joining forces with Lloyds Banking Group, which also recently stepped up its AI game with plans for its 'Centre of Excellence for AI' in 2024, NatWest aims to redefine banking in the digital age. OpenAI’s Commercial Lead Giancarlo Lionetti stated the partnership's preliminary phase would bring about "tangible benefits" for both NatWest's clientele and its workforce. Lionetti further commented on the ambitious collaboration, noting that it accentuates NatWest's pledge to pioneering top-tier digital banking experiences. Angela Byrne, Natwest's retail banking chief executive, stated: "Around 80% of our retail customers bank with us entirely digitally, which is why continually innovating to deliver the best digital experience possible is a non-negotiable." "GenAI is already transforming how we interact with our customers, both digitally and by better enabling colleagues." "Our work with OpenAI will take this even further through redefined digital experiences and helping to offer even better protection from threats like fraud and financial crime." Scott Marcar, Natwest's group chief information officer, commented: "Our strategic focus on bank-wide simplification continues to make life easier for both our customers and colleagues." "With the needs of customers evolving at an extraordinary pace, it's our role to be a trusted partner and meet their expectations faster and more effectively than ever before."

Fintech giant Clearbank reports first full-year results as it expands across Europe

London-based fintech firm, Clearbank, has announced its full-year results at the group level for the first time, following its expansion across Europe. The company, which facilitates real-time clearing and embedded banking, reported a 63% increase in its fee-based income to £53.3m, as reported by City AM. Total deposits managed by the fintech reached £10.8bn, marking a 77% increase from 2023. However, despite these positive figures, Clearbank recorded a pre-tax loss of £4.4m on an adjusted basis at the group level. This loss was attributed to costs associated with its European expansion and the implementation of its new group structure. Nevertheless, the UK arm of the business maintained profitability for the second consecutive year, posting a pre-tax profit of £9.9m. Speaking to City AM, Clearbank's CEO Mark Fairless expressed satisfaction with the company's performance in 2024. He explained that the growth in fee income outpacing interest income was an "intentional" strategy, given the fluctuating macroeconomic climate and declining interest rates. With Clearbank now operating in 11 European markets and having received its European banking license in July, Fairless stated that growing the European bank is currently the main focus. He added: "Once we're more progressed with that, we're turning our attention to the US, which would be the next leg of the strategy." While the fintech is experiencing rapid growth, Fairless stated: "We're not focused on necessarily a unicorn crown." He emphasised that building a sustainable business and supportive infrastructure remains their top priority. When questioned about a potential IPO for Clearbank, Fairless responded: "All options are on the table." However, he couldn't commit to a specific listing, stating they would "take the call closer to the time". "So obviously, the vast majority of our presence is in the UK at the moment, that will balance out to Europe and then we'll enter the US market." "And then I think we'd look at what option would fit us best." Fairless also praised the thriving fintech climate in the Square Mile. "There's clearly a competitive market in the UK for that and we I think its recognised as a differentiator in the UK." He continued: "What's important is that we are supported in that kind of growth and in that sector and I think there's lots of conversations going on on that front."

London Stock Exchange sees decline as UK firms opt to remain private longer, says UK Finance report

UK Finance has highlighted the evolving relationship between British businesses and public exchanges like the London Stock Exchange, calling for a new approach in light of significant changes. The finance industry body, which represents the banking sector, observed a declining emphasis on public listings with companies remaining privately held for prolonged periods, resulting in a "shifting" of market dynamics, as reported by City AM. Its analysis, supported by professional services firm EY, pointed to a noticeable surge in private capital markets. The growth rates are impressive: venture capital investments have been increasing by 20% annually on a compound basis, private equity by 11%, and private debt by an astonishing 43% since 2013. "The decision where to join public markets is now more nuanced," the finance body noted in its publication. One particular area of concern outlined in the report is the reduced market capitalisation of UK-listed firms, which has plummeted by 17% from 2013 levels. Moreover, last year witnessed a sharp drop in the number of businesses on the London Stock Exchange, with 88 departures including Paddy Power parent Flutter and tech success story Darktrace, contrasted with just 18 new entrants. The UK Finance document stressed the urgency for action: "A unified course of action, looking across public and private capital markets, needs to be taken now." To address this, the report advocates for a stronger integration between public and private markets, which could pave the way for innovative strategies and solutions that support business growth and enhance market liquidity. UK Finance has voiced its support for schemes like the London Stock Exchange's Private Intermittent Securities and Capital Exchange System (PISCES), emphasising that it could significantly improve the link between public and private markets and ensure "smoother transitions" to public listings. The trade body suggests collaboration as a means to rectify financing imbalances, especially as the government aims to "cut the red tape" hindering entrepreneurial growth. Alongside this, UK Finance contends that regulatory shifts should be in harmony with the broader industrial strategy and initiatives laid out by the government. They advocate for the removal of the 0.5 per cent stamp duty on UK equity trades, arguing it would facilitate capital deployment and enhance the efficiency of UK financial markets. This stance follows the unsuccessful appeal to Chancellor Rachel Reeves to eliminate the charge in her Spring Statement. Further steps proposed by UK Finance to bolster expansion include augmenting support mechanisms for businesses emerging from university-led research, with the goal of sparking further waves of UK business achievements. Moreover, the establishment of regional hubs is recommended to assist start-up leaders with navigating investment discussions, product commercialisation, and making the most of UK tax incentives, which collectively could drive nationwide innovation. Conor Lawlor, UK Finance's managing director of global banking, markets and international affairs, expressed confidence in the UK's ability to nurture companies and projects: "[The UK has] a world-class ecosystem of public and private markets, and a real opportunity to strengthen the way they work together to support the most innovative companies and national projects." "By harnessing the full potential of private markets alongside public markets, we can ensure businesses of all sizes have access to the capital they need to scale." Axe Ali, who leads the private equity and venture capital team at EY, commented: "Closer public and private market collaboration could help to address financing imbalances across key UK regions and sectors, and ensure the UK's most innovative, growing businesses can access vital capital."

NorthStandard boosts income to $870m despite uncertainty in global shipping sector

Marine insurer NorthStandard has boosted its annual income by 4% to $870m (£690.5m), despite describing a challenging year for the shipping industry. The Newcastle-based company, which insures one in five ocean-going vessels against a variety of third-party risks, increased 'poolable tonnage' - the volume of ships insured - by 3% to 270m gross tonnes in the 2024-25 year. Full year returns on investment are expected to be more than 5%. Bosses described a period of continued uncertainty in global shipping, with worldwide large claims increasing due to issues over shipping routes between Asia and Europe, and more ‘shadow’ tankers seeking cover outside the International Group of P&I Clubs system. The uncertainty, along with changing risks and inflation led NorthStandard to apply a 5% general increase across its blue water membership - owners and operators of ocean-going ships. Thya Kathiravel, chief underwriting officer at NorthStandard, said: "In years like these, shipping relies heavily on its top P&I providers, and the advantages of the mutual pooling system are evident to everyone. It is clear that 2024-25 has posed significant challenges for underwriting, as we are experiencing a predicted increase in high-value claims throughout the year." NorthStandard's latest numbers follow two years on from the merger of North P&I Club and the Standard Club - creating one of the world's largest providers of mutual maritime cover, which employs more than 300 people at its Newcastle Quayside base and more than 600 people across 13 countries. The mutual provides a wide range of insurance products to shop owners and operators including protection and indemnity (P&I), war risks, strike and delay, hull and machinery, ancillary insurance as well as protection for fishing vessels, inland waterway and coastal trading vessels and specialist products for fish farm operators and angling lakes. During the year NorthStandard invested in its global office network worldwide and entered several strategic partnerships, including a £23.5m tie-up with Norwegian counterpart NIORD to target the offshore renewables market. There was also investment in its Get Set! portfolio of products. Nick Wolfe, chief of Specialty at NorthStandard, said: "The new products and strategic initiatives are a valuable opportunity to expand NorthStandard’s reach in rapidly developing markets. By combining our extensive knowledge, experience, and technical expertise, we can better address the evolving needs of our members.”

Make It Happen: Tech for Social Good Expands Globally

The Make It Happen initiative, which has been motivating youth to delve into the realm of technology and actualize their innovative concepts, has had a significant impact since its launch in 2018. It has reached over 73,000 students across more than 300 primary schools, igniting their passion for STEM subjects. In 2024, this program was integrated into JPMorganChase’s Tech for Social Good portfolio, amplifying its global reach. The Make It Happen charity was established by two top executives from JPMorganChase’s Glasgow Technology Center with the mission of contributing to their community by fostering digital creativity among the youth. In collaboration with a team comprising six technology experts and educators, Make It Happen engaged with four Glasgow schools to initiate an app design contest. The straightforward objective was to have students conceive an app that would simplify life, address an issue, enhance the world, or provide amusement. Subsequently, JPMorganChase’s tech volunteers would transform the winning proposals into fully operational apps for students to present to their social circles. The young tech enthusiasts proposed a variety of app concepts, from improving communication to easing daily tasks, enhancing the learning experience, or animating characters and illustrations. Their fresh viewpoints have been a valuable asset, prompting a shift in perspective on our engagement with the world. With a strong emphasis on inclusivity, Make It Happen has successfully extended its influence to the most remote parts of Scotland, including the Scottish islands, ensuring that every young person, regardless of their background, has the opportunity to join. The program has organized several nationwide contests in England and Scotland, highlighting themes such as environmental sustainability, spreading holiday cheer, and advocating for STEM, providing a platform for students from various regions to demonstrate their ingenuity and innovation. To foster STEM learning beyond the app design contests, Make It Happen has crafted workshop materials aimed at enhancing community and family involvement. Equipped with green screens, modular construction toys, and mini robots, Make It Happen workshops stimulate children aged 5-12 to produce brief stop-motion films. Through this process, they are encouraged to think critically and creatively, tackle challenges, grasp the basics of coding, and interact with their peers. As we gaze into the future, the trajectory of Make It Happen stands as a beacon of the potential of collaborative efforts and innovation. With the app design competition now overseen by Tech for Social Good and the commitment of numerous volunteers and educators, Make It Happen is set to inspire the forthcoming generation of digital innovators.

FTSE 100 surges to record high as BAE Systems and Rolls-Royce stocks soar

The FTSE 100 index soared to a record high on Monday morning, driven by a surge in defence stocks as European nations indicated their readiness to increase defence spending over the weekend. The UK's premier index climbed 0.4 per cent or 32 points after the market opened, as reported by City AM. BAE Systems was the leading performer, with its stock leaping 17 per cent. Rolls-Royce also contributed to the FTSE 100's ascent, with the Derby-based giant rising nearly six per cent on Monday. The company, one of the FTSE's top performers, has surged over 30 per cent in the last five days following the announcement of a £1bn buyback in its annual results. So far this year, the FTSE 100 has gained nearly eight per cent. The FTSE 250 also saw a slight increase on Monday morning, jumping 0.2 per cent. Defence companies Babcock, Qinetiq and Chemring led the index higher. Other major European indexes also rose on Monday. Germany's Dax index rose 0.34 per cent or 76.55 points. It was joined by France's CAC 40 and Belgium's BEL 20, both of which edged higher due to strength in defence stocks despite looming threats of tariffs from President Trump. The CAC 40 increased by 0.06 per cent with a 7 point rise, while the BEL 20 grew 0.31 per cent, up 13.52 points. Richard Hunter, head of markets at Interactive Investor, commented: "With neither particular exposure to the mega cap tech risks nor indeed, at least for the moment, to tariff threats, the UK has ploughed ahead, with the premier index increasingly garnering investor attention given its perceived defensive qualities." He added, "Having finished February at a record closing high, March has also started on a sprightly footing, with the FTSE 100 making further progress in early trade." Market analyst Neil Wilson from Tip Ranks remarked: "London's FTSE 100 closed at a record on Friday and extended higher early in trading on Monday, now up 7 per cent year to date." Further delving into European stock movements, he noted, "The DAX also rallied as Rheinmetall surged another 15 per cent this morning."

Apple Settles Siri Privacy Lawsuit for $95 Million Over Accidental Recordings

Apple has agreed to a $95 million settlement to compensate users whose conversations were unintentionally recorded by Siri and potentially overheard by human contractors. According to Bloomberg, the settlement would provide up to $20 per device for U.S.-based Apple users who own up to five Siri-enabled devices, though the payout amount will depend on the number of claimants. The settlement still requires court approval. If the deal is approved, it will cover users in the U.S. who owned or purchased a Siri-enabled device, such as an iPhone, iPad, Apple Watch, MacBook, iMac, HomePod, iPod touch, or Apple TV, between September 17, 2014, and December 31, 2024. Additionally, claimants must attest under oath that they accidentally activated Siri during a private or confidential conversation. Depending on the number of valid claims, the final payout may be less than the $20 maximum per device. The class action lawsuit stems from a 2019 report by The Guardian, which revealed that Apple contractors were regularly exposed to sensitive and confidential recordings, including medical details, drug transactions, and private conversations. While Siri is intended to be triggered by a specific wake word, a whistleblower revealed that accidental triggers were common, with even a simple sound like a zipper potentially activating the assistant. In response, Apple stated that only a small portion of Siri recordings were shared with contractors and later apologized, announcing that it would stop storing audio recordings. One of the plaintiffs, who was a minor, claimed that their iPhone recorded multiple conversations through Siri, sometimes without any wake word being spoken. Apple is not the only tech company accused of allowing contractors to listen to private recordings. Google and Amazon have also faced criticism for using contractors to listen to recorded conversations, including those captured by accident. Google is currently facing a similar lawsuit over the issue.

Chancellor Rachel Reeves' headroom shrinks as government borrowing soars

Chancellor Rachel Reeves is facing a tightening fiscal space as government borrowing in February surpassed the Office for Budget Responsibility's (OBR) forecast, according to the latest figures. Reeves has consistently emphasised the importance of fiscal responsibility within the government's economic strategy, as reported by City AM. However, data from the Office for National Statistics (ONS) indicates that her financial leeway may be narrower than anticipated. The gap between revenue and expenditure hit £10.7bn in February, outstripping the OBR's earlier prediction of £6.5bn. Looking at the fiscal year up to February, the deficit reached £132.2bn, marking an increase of £14.7bn compared to the same period last year. At the close of February, the provisional ratio of net government debt to GDP was pegged at 95.5%. These statistics are likely to cause concern for Reeves as she prepares for the Spring Statement next week. In the upcoming Statement, the Chancellor is expected to announce significant changes to public spending to align with the government's new commitments to military funding. The government has dismissed the possibility of tax increases. Chief Secretary to the Treasury Darren Jones has suggested that the forthcoming Statement will address the issue of the inactive workforce. "We must go further and faster to create an agile and productive state that works for people," stated Jones. "That's why we're refocusing the public sector on our missions and, for the first time in 17 years, going through every penny of taxpayer money line by line, to make sure it is helping us secure Britain's future through the Plan for Change." KPMG economist Dennis Tatarkov said the data "raised the risk" of the Chancellor missing targets. "There may not be much room for the Chancellor to defer major tax and spending decisions to the Autumn Budget. "Borrowing in February was some £4.2bn more than the OBR's October prediction, and more bad news came in the revisions to past data, with January's surplus revised down by £2.1bn.

Bank of England contacts lenders over Trump's tariffs as Reeves says 'banking system is resilient'

The Bank of England has been surveying lenders about their clients' financial stability in the wake of the turmoil caused by President Trump's aggressive tariff policies that have disrupted financial markets. The central bank requested details concerning market liquidity and any issues their clients might be experiencing with funding, as reported by the Financial Times, as reported by City AM. The Prudential Regulation Authority, tasked with overseeing banks, building societies, credit unions, insurers, and key investment firms, is actively engaged with lenders to address client concerns. Sources familiar with the discussions informed the FT that topics included market liquidity and worries over hedge fund clients potentially failing to meet equity requirements on margin accounts. In a recent session at the House of Commons, Chancellor Rachel Reeves declared that she had spoken with the Bank of England's governor, who "confirmed that markets are functioning effectively and that our banking system is resilient." She also mentioned her forthcoming meeting with U.S. Treasury Secretary Scott Bessent to discuss possible relief from President Trump's imposed tariffs. Over the weekend, global bank leaders took part in a conversation orchestrated by the Bank Policy Institute, an event reported by Sky News, where US bank executives shared their perspectives on the Trump administration's trade policy with their international colleagues. Among the attendees were prominent banking executives, including Brian Moynihan from Bank of America, CS Venkatakrishnan from Barclays, Georges Elhedery from HSBC, and Jamie Dimon from JP Morgan. Dimon expressed concerns about the impact of tariffs on the long-term economic alliance of the United States in a letter on Monday, stating: "I am hoping that after negotiations, the long-term effect will have some positive benefits for the United States." In response to the situation, a spokesperson for the Bank of England mentioned: "It is standard practice for us to implement close monitoring of market liquidity conditions at times of greater volatility." On Wednesday, the Bank of England's Financial Policy Committee is scheduled to release the minutes of its latest meeting, providing insight into its perspective on the financial market.

Lloyd's of London reports 6.5% increase in gross written premiums for 2024

Lloyd's of London, the renowned insurance market, has announced a 6.5% rise in premiums written for 2024. In a trading update released this morning ahead of its comprehensive results due on 20 March 2025, Lloyd's revealed that gross written premiums climbed to £55.5bn from £52.1bn in the previous year, as reported by City AM. The premium growth was attributed to an 8.5% increase in property and reinsurance gross written premium, along with a slight price change of 0.3% and a foreign exchange impact of negative 2.3%. The market's combined ratio, a crucial indicator of underwriting profitability, stood at 86.9%, having risen by 2.9 percentage points from 2023 due to significant claims in the latter half of the year. Recently, insurers Beazley, Hiscox and Lancashire Holdings, all with a substantial presence at Lloyd's, reported impressive results. Beazley posted a record pre-tax profit of $1.4bn (£1.1bn) for 2024, marking a 13% increase from the prior year. Hiscox also reported a record profit for the year ending 31 December 2024. Although the Californian wildfires were not included in the full-year results, Lloyd's of London estimated the net loss to be around $2.3bn (£1.8bn). Excluding large claims, the underlying combined ratio improved to 79.1%, down from 80.5% in the previous year. The investment return for the year was £4.9bn, a decrease from £5.3bn in 2023. Despite market volatility in the last quarter, the portfolio saw benefits from high interest rates. Lloyd's of London reported that underwriting profit declined to £5.3 billion compared to £5.9 billion in the prior year, while pre-tax profits dropped to £9.6 billion from £10.7 billion. The attritional loss ratio improved, showing a drop to 47.1 percent, which indicates sustained underwriting discipline; this is a decrease from 48.3 percent in 2023. The expense ratio held steady at 34.4 percent. CFO Burkhard Keese remarked on the year's strong performance, "2024 saw us maintain our focus on strong profitability and disciplined growth. Our market delivered another excellent underwriting year for our investors, while providing best-in-class solutions for our customers to protect their business flows and balance sheets." He also offered condolences related to the recent California fires: "We would like to extend our deepest sympathies to those affected by the California fires earlier this year. Although we are still assessing the full impact, we do not expect this to be a capital event."

Newcastle recruitment company Lead Candidate launches own drive for new employees

A Newcastle recruitment company has launched its own drive for more staff on the back of growth in the bioscience sector. Lead Candidate was launched in 2020 when its founders, Raman Sehgal, Fiona Cruickshank and Andrew Mears, saw a need for a better talent solution in the life sciences industry. The solution was to create a talent consultancy that champions partnership, offering strategic advice to help business and individuals in the region and beyond to achieve their goals. Last year saw the business reach significant milestones in which it trebled in size, hired a vice president to be its first US-based team member, and its also moved into a brand new Newcastle city centre head office at 8 Nelson Street – the former Cafe Royal building that is also home to Mowgli restaurant and which has undergone a £1.5m makeover. This year, the business is looking to grow 30% further, allowing it to create several new jobs. Andrew Mears, CEO and co-founder, said: “Lead Candidate was created out of a commitment from its founders to unlock the potential of organisations through people and a recognition that the solutions available to businesses in our sector hadn’t kept pace with the market. Today our team of experts are working with customers across the US and Europe to make a positive impact on the careers of individuals and the amazing businesses that occupy the life sciences outsourcing sector. “It’s an exciting time for us, and these developments enable us to better serve our current and future customers around the globe. With no plans to slow down, we’re aiming to grow a further 30% in 2025, which will create several new employment opportunities in the North East. Right now, we’re looking for multiple talent partners and a customer development manager to join us in transforming the talent landscape.” The firm specialises in a niche area of life sciences, working with organisations that provide outsourced support to the pharma and bio sectors. The outsourcing companies offer services across the entire process of bringing medicines to the patients that need them. Mr Mears says the region’s rich expertise within bio sciences places the company well for future growth. He said: “While the pharma and bio outsourcing sector is niche, it’s a fast-growing market. Although we’re based in the North East Lead Candidate operates globally, partnering with companies all over the world, with a particular focus on the US and Europe. We support our partners in recruiting talent at all levels and functions, from entry-level lab scientists to key C-suite appointments. "The North East is home to an active life sciences sector, with major organisations such as CPI, who we’ve supported in the past, Sterling Pharma, and Quotient Sciences. There’s also a thriving biotech industry, with hubs like the Biosphere at the Newcastle Helix providing laboratory space for life science innovation and R&D in the region. “We’re also lucky to be surrounded by some top-tier academic institutions like Newcastle University, Northumbria University, the University of Sunderland, and Durham University. These institutions play a pivotal role in feeding and expanding the local life sciences community, with a thriving start-up community spinning out of academia.” While poised for growth, Mr Mears added that challenges are evident in the North East. He said: “There is significant optimism in the industry, driven by anticipated revenue growth due to market expansion. However, there are still challenges in terms of funding gaps. Many companies in the region struggle to secure the financial backing that would allow them to scale. The North East is also impacted by a lack of Government-backed funding which limits growth and opportunities for local businesses. Despite the presence of several prestigious academic institutions, a skills shortage still exists with demand outweighing the available talent. “Recently, we have seen businesses founded in the region move out of the area to more attractive life sciences hubs in the North West and South of the country due to improved access to funding and skills.”

Embrace the spirit of AfroTech, a hub of creativity and camaraderie!

Nate West, Senior Data Scientist, Asset & Wealth Management Technology My November 2022 adventure at AfroTech was a pivotal moment in building connections with the Black tech community. The atmosphere was electric, filled with like-minded individuals who, like me, were deeply passionate about tech. This event was not just a source of inspiration; it was a profound affirmation of my identity as an engineer. For a multitude of reasons, AfroTech holds a cherished spot in my heart. It was at AfroTech where I first crossed paths with my current supervisors from JPMorgan Chase, who have since steered our team to great heights. Since joining their ranks, I've witnessed and been part of significant professional and personal growth. A year later, I returned to AfroTech, this time as a representative of JPMorgan Chase. The experience was surreal, as I transitioned from participant to corporate ambassador. I was struck by the eagerness of global tech professionals to learn about our firm's offerings. Engaging with students and early-career individuals, hearing their stories and ambitions, was an incredibly fulfilling experience. Our firm had nearly 80 representatives and approximately 800 candidates actively seeking opportunities with us. I was fortunate to attend workshops on Generative AI and its application in business processes, which were both enlightening and motivating. The excitement around this technology was tangible, with my favorite session spotlighting GenAI's impact on software development lifecycles. AfroTech is indeed a catalyst for change, and I'm proud that JPMorgan Chase has been a sponsor for the past two years. The firm's dedication to diversity and investment in its workforce is a driving force behind my motivation and encouragement. Jeffery Rhymes, Vice President, Global Technology Diversity, Equity and Inclusion Lead My inaugural AfroTech conference was a memorable one, with the weather perfectly complementing the event. Upon arriving in Austin, Texas, on November 1st, I was met with a refreshing climate that set the stage for a cozy first day. As Day 2 commenced, the warmth intensified, and our JPMorgan Chase booth in the Expo Hall came to life with vigor. We showcased our excellence by inviting technologists from across the firm to engage with and interview potential candidates. The event was a testament to Black excellence, with entrepreneurs, technologists, and leaders taking charge of their futures and enjoying the conference to the fullest. The strategy was clear: start strong and maintain momentum. By Day 3, the conference's stellar reputation was evident. The AfroTech experience had fully materialized, with a day packed with sessions and activities that provided ample opportunities for personal growth. Attendees were fully engaged in empowering, thought-provoking, and culturally relevant experiences. The goal was to seize every opportunity available. Day 4, the grand finale of the conference, was about departing with more knowledge and skills than you arrived with. Whether it was gaining insights to enhance your personal brand or participating in on-site interviews to advance your career, AfroTech was designed to make your experience unforgettable. The mission was clear: leave with an enhanced version of yourself.

North East liquidation levels rocket as rising costs bite, new figures reveal

Soaring numbers of North East businesses went into liquidation over winter as the pressures of rising costs triggered collapsing finances, new figures show. R3, the UK’s insolvency and restructuring trade body, has explored the number of companies which called in liquidators as well as the volume of debts they accrued between December and February, revealing how some regional businesses have been struggling to stay solvent. The trade body’s analysis shows the number of North East businesses in liquidation rose by 42% over the three-month period, compared to the same period last year, leading it to call for firms to take swift action. R3’s analysis of data, provided by Creditsafe, shows there were 186 companies in the North East in liquidation who owed money to their creditors, with 64 in December, 49 in January and 73 in February, compared to the previous year’s total of 131. The North East and Yorkshire and Humberside were the only two UK regions or nations to see a yearly rise in companies in liquidation who owed money to their creditors, with Yorkshire and Humberside seeing a 17.4% rise. Kelly Jordan, chair of R3 in the North East, said: “The rise in companies in liquidation with outstanding debt across the North East is a sign of the impact of the ongoing financial pressures faced by businesses in the region. “Many companies have been grappling with increased costs and lower consumer spending for some time now, and this has made it increasingly difficult for them to pay their bills on time, and in some cases, remain solvent.” The debt owed by companies in liquidation in the North East totalled over £3.4m over the winter months, a rise of more than £2.7m when compared to the previous winter’s total of around £780,000. Companies which went into liquidation within the region include famous music shop JG Windows Ltd, which closed at the end of last year when its owner admitted it could no longer compete with big online retailers. The closure brought to an end a 115-year history as a shop selling instruments and sheet music to everyone from aspiring musicians to rock stars. Liquidation documents later showed it had debts of £956,986, although assets worth £148,186 were available to return funds to preferential creditors. Instruments and other stock were auctioned off in February Meanwhile in February rising costs and increased competition led Riley’s Fish Shack owner Adam Riley to liquidate his wholesale business Riley’s Fish Limited, in moves to protect jobs and focus on strengthening the Fish Shack. A statement of affairs shows the firm was liquidated with a deficiency of £427,511 and a list of 53 creditors, including a number of food and drink firms. Ms Jordan, who is a partner at Muckle LLP, added: “If directors are worried about the health of their business they shouldn’t wait to ask for help.

HSBC and Barclays shares tumble as Trump's new tariffs shake up FTSE 100

Shares in Britain's leading banks plummeted in early trading on Thursday following President Trump's tariff announcement, which sent shockwaves through the London stock market. Europe's largest bank, HSBC, saw its shares tumble by over 5%, with Barclays experiencing a fall of more than 4%, as reported by City AM. Standard Chartered, a member of the FTSE 100 index, suffered the brunt of the sell-off, with its share price dropping over 7%. The FTSE 100 index itself retreated beyond 1% as the markets opened, reacting to Trump's decision to impose a 10% tariff on UK imports to the USA. Dan Coatsworth, an investment analyst at AJ Bell, commented to City AM: "With so much uncertainty around the global economy as a result of Liberation Day, it seems as if fewer investors want to own banks despite many paying generous dividends which can provide comfort during rocky market conditions." He remarked that banking is inherently tied to economic fortunes, contributing to the sector's vulnerability in the worldwide market downturn: "Banking is an economically sensitive industry, which explains why shares in the sector have been caught up in the global market sell-off." Coatsworth pointed out the specific challenges for HSBC and Standard Chartered: "Trump's tariffs are particularly punishing for various parts of Asia and that puts HSBC and Standard Chartered in the firing line given their major reliance on that part of the world." He continued to illustrate the broader implications: "Businesses will be spooked by tariffs and that could lead to reduced investment, which in turns suggests less demand to borrow from banks or for advisory services on M&A activity." Coatsworth also highlighted Brexit's impact: "The same applies to Europe and the US which are key places where Barclays does business." Barclays, HSBC and Standard Chartered all have significant operations beyond the UK, including in the US and Asia. A deceleration in global trade could result in reduced revenue for these banks due to a decreased demand for their services in facilitating international partnerships through trade finance and other financial services.

Close Brothers shares volatile as motor finance Supreme Court case kicks off

Shares in FTSE 250 lender Close Brothers experienced volatility during early trading on Tuesday as the first day of the motor finance hearing commenced. The bank was among the top fallers in the FTSE as markets opened, following a downgrade from City broker Peel Hunt, as reported by City AM. The broker expressed surprise at the "extent" of guidance downgrades announced by Close Brothers. The lender's shares plummeted as much as five per cent after markets opened, before rallying to over four per cent up. However, by midday, the bank had fallen back into the red. As of 1300 BST, it was two per cent down on its market-open share price. Peel Hunt predicted that Close Brothers' net interest margin (NIM) – a crucial metric used by banks that illustrates the difference between interest earned on loans and interest paid on deposits – would decrease to 6.7 per cent in the second half of 2025. This would represent a loss of 60 basis points after the lender recorded a NIM of 7.3 per cent in the first half of the year. Peel Hunt assigned a 'Hold' rating to the lender and set a target price of 327p. Close Brothers opened at 277.20p on Tuesday. Analysts also reduced the bank's earnings per share by 15 per cent for the 2025 financial year to 50.6p. This continued into 2026 with a one per cent downgrade. Analysts wrote: "We believe the shares appear optically cheap, but the upcoming Supreme Court ruling... is a key unknown." Following the Court of Appeal's ruling in October 2024 that it was unlawful for banks to pay a commission to a car dealer without the customer's informed consent, lenders including Close Brothers and First Rand are escalating the fight to the Supreme Court to get the ruling overturned. The Financial Conduct Authority (FCA) has stated that if the banks face an adverse judgement, it will confirm an industry-wide redress scheme within six weeks. This case could have significant financial implications for the lending industry, with RBC analysts projecting total compensation claims could reach £32bn.

FTSE 100 opens lower as global markets panic - but gold hits new all-time high

London's FTSE 100 index dipped by 0.7% at the start of trading on Monday, while the FTSE 250 experienced a steeper decline of 1.28%. This downward trend followed a sharp drop in Asian markets overnight, as investor confidence took a hit ahead of the next round of Trump tariffs, as reported by City AM. In Japan, the Nikkei 225 plummeted by 4.1% to 35,615.15, while Hong Kong's Hang Seng fell by 1% to 23,200.65. South Korea's Kospi also took a hit, sinking by 2.6% to 2,492.49. The Australian ASX 200 wasn't immune to the downturn, declining by 1.6% to 7,856.80. Meanwhile, Thailand's SET index dropped by 0.9% following a powerful earthquake in Myanmar. As investors sought safer bets, gold prices surged past $3,100 to a new record high. According to Susannah Streeter, head of money and markets at Hargreaves Lansdown, "The last day of March is spring-loaded with uncertainty on financial markets." She attributed the market unease to concerns over the impact of Trump's tariffs, which have been amplified and are causing sharp market movements. Streeter warned that London-listed stocks would not be immune to the tariff fallout, with the FTSE 100 set for a challenging start to the week as investors brace for the potential effects of widespread tariffs. The "stampede into safe havens" like gold, Streeter said, was a result of investors seeking ways to "shelter their money, amid a high stakes trade game." Ahead of Trump's so-called 'Liberation Day' on 2 April, the markets are experiencing a fresh round of turbulence. Starting Wednesday, new 25 per cent tariffs on all automotive imports into the US will take effect. Shares in leading Japanese car manufacturers Toyota, Honda and Nissan all fell following Trump's announcement of the levies last week. The latest trade taxes imposed by Trump have ignited fears of stagflation, with the US economy preparing for stagnant growth coupled with increased inflation. In an interview with NBC News on Sunday, the US president stated he "couldn't care less" if his tariffs cause car prices to rise. He added: "People are going to start buying American-made cars," Analysts are warning that the risk of a US recession has significantly increased due to the ongoing trade war. Goldman Sachs has forecasted that aggressive tariffs will essentially halt US economic growth, with inflation expected to reach 3.5 per cent – considerably above the Federal Reserve's 2 per cent target. The investment bank is predicting a 35 per cent chance of inflation within the next year.

Womble Bond Dickinson strikes strategic alliance with Brazilian business

Law firm Womble Bond Dickinson (WBD) has struck a strategic alliance with a leading Brazilian business to extend its reach over three continents. The Newcastle company, which also has offices in Edinburgh and on Teesside, has joined forces with law firm Schmidt, Valois, Miranda, Ferreira & Agel (Schmidt Valois) in a deal to combine their resources and expertise, to benefit clients and boost their international footprint. The strategic alliance will have a particular focus on the energy sector where both firms share significant international experience and capabilities. Paul Stewart, managing partner of Womble Bond Dickinson (UK), said: “This is an exciting development for us in the UK and internationally. Investing in our energy sector offering and making more of our international reach are two key parts of our strategy. “Few firms of our size in the UK can match our international network, with our colleagues in the US, strategic alliances in France and Germany, and our wider international reach through the Lex Mundi network. With market-leading credentials in energy and renewables projects both in Latin America and globally, Schmidt Valois will help us do even more for our clients.” WBD has high profile clients including Centrica, EDF Energy Renewables and National Grid and in the UK, the firm played a key role in the country’s first onshore wind farm project at Delabole and advised on the country’s largest onshore wind farm project at Whitelee. WBD also supported a pioneering battery storage M&A transaction, advising RES on the sale of the Port of Tyne 35MW project to the Foresight Group. Paulo Valois Pires, co-managing partner of Schmidt Valois, said: “We are all excited about our new collaboration, which is a great opportunity for clients in Brazil who wish to invest or are already investing abroad. This alliance also permits the integration of high-quality legal services in multijurisdictional operations involving Latin America.”