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North East business tackling strain of more than 482,000 overdue invoices, research shows
Insolvency and Administration
The survey by R3 has found that the region's business has seen a rise in the number of unpaid bills - both month-on-month and year-on-year
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Research consultancy Kada choses Gateshead for second º£½ÇÊÓƵ base
SMEs
The Yorkshire firm has already been working with North East authorities
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º£½ÇÊÓƵ's largest wealth manager St James's Place to embrace crypto after fund management overhaul
By City AM
In December, the º£½ÇÊÓƵ's largest wealth manager pulled £2bn from Jacob Rees-Mogg-founded Somerset Capital Management, causing the firm to shutter almost immediately, as the mandate had represented around two-thirds of its assets
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PKF Smith Cooper finds new home in Birmingham
West Midlands
Financial services secures deal for new office to accommodate its growth plans
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Lancashire officials urge faster rollout of banking hubs to revive high streets
Post Office
So far only two of the facilities have launched in the county while another four are in the pipeline
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People on the move: key North East appointments and promotions
Appointments
Companies announcing new appointments this week include Adderstone Living, Nixon Hire, Jacksons Law Firm, Esh Group, The Auckland Project and Prosper
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NatWest shares surge as Q3 profits climb 26%, driven by robust lending growth
By City AM
The Big Four bank reported solid growth driven by its lending
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Hull telecoms firm KCom hails solid results despite seeing profits fall
Company Results
The company's operating profit almost halved against a backdrop of challenging conditions
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Barclays' Q3 profits soar to £2.2bn, surpassing expectations with robust investment banking performance
By City AM
The FTSE 100 bank reported a pretax profit of £2.2bn between July and September, up 18 per cent from £1.9bn a year earlier.
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Abrdn share price falls as investors pull billions from funds in third quarter
By City AM
The fund manager saw investors pull billions from its funds in the last quarter, although inflows into its Interactive Investor do-it-yourself (DIY) investing platform helped offset some of the losses
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Harry Potter magic still works for Bloomsbury as publisher forecasts exceed expectations
By City AM
In its results for the six months to 31 August, the publishing house told markets consumer revenue was up 47 per cent to £131.3m for the half year, up from £89.4m, while profit before taxation was up 91 per cent to £21.4m, from £11.2m in the previous year
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North East business confidence at a high, two separate surveys reveal
Economy
Regional research by Sumer and The Entrepreneurs Network, and the latest ICAEW’s Business Confidence Monitor, show an uptick in positivity
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Water retailer Wave toasts new £100m framework deal with The Energy Consortium
Deals
The deal gives it access to university and museum customers across the º£½ÇÊÓƵ
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Budget borrowing will slow Bank of England rate cuts, economists warn
By City AM
A surge in government borrowing in next week's Budget will likely force the Bank of England to slow the pace of interest rate cuts over the coming year, economists have warned.
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Deloitte announces further job cuts in the º£½ÇÊÓƵ as economic pressures mount
By City AM
Big Four firm Deloitte has cut 250 members of staff in the º£½ÇÊÓƵ, the Financial Times has reported.
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Lloyds beats profit estimates as consumers prove resilient and Bank of England holds rates
By City AM
Lloyds Banking Group has beaten profit estimates and set aside less than expected for souring loans as it reported improved consumer confidence and borrowing in the third quarter
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Latus Group swoops for occupational health specialist OHS with NorthEdge backing
Deals
Hull based Latus Group is also set to invest in new locations in the South East and Scotland
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Wales sees biggest rise in value of equity deals in the º£½ÇÊÓƵ shows new British Business Bank research
Banking & Finance
There was a big rise in 2023 but the value of deals so far this year have fallen back
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North West sees 32% rise in firms in ‘significant financial distress’
North West
Retail and consumer firms saw rises in distress
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Around 140 jobs saved as Linbrooke Services is sold in pre-pack deal
Deals
The Sheffield firm's railway construction business has been sold to new owners Keltbray
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º£½ÇÊÓƵ's Volkswagen Finance to pay £21.5m in compensation after FCA fines for unfair practices
By City AM
The Financial Conduct Authority (FCA) said Volkswagen Finance had agreed to pay out more than £21.5m in compensation to roughly 110,000 affected customers.
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LendInvest secures £300m from Barclays, HSBC, and BNP Paribas to boost º£½ÇÊÓƵ housing market
By City AM
The three-year financing deal is shared equally between Barclays, HSBC and BNP Paribas, the AIM-listed firm said.
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Ocean Wilsons sells Brazilian arm to Mediterranean Shipping Company for £590m
By City AM
The transaction will see Ocean Wilsons bring in more than its entire market cap in cash, as it is currently valued at £528m by the London Stock Exchange. It is expected to complete during the second half of next year.
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Robinhood º£½ÇÊÓƵ launches margin investing with competitive rates after regulatory delay
By City AM
The margin investing feature will allow Robinhood customers to borrow money from the company
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