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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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People on the move: key North East appointments and promotions
Appointments
Companies announcing new appointments this week includes RMT, Gentoo, Evolved Group, Muckle and Essity
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º£½ÇÊÓƵ's largest wealth manager St James's Place 'has bright future' after bumper trading update
By City AM
Analysts at Panmure Liberum think that the future is looking bright for St James's Place after the wealth manager released a trading update for the third quarter yesterday
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Rentokil enjoys revenue growth as it battles profit warning and activist investor
By City AM
The pest-control company has endured a torrid autumn, after its share price crashed following a profit warning and public row with activist investor Trian
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Barclays highlights urgent need for º£½ÇÊÓƵ policy overhaul to meet climate goals
Barclays
Barclays has called on the º£½ÇÊÓƵ government to make significant changes to its policy and regulatory framework to accelerate the country's transition finance and green finance efforts
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Wealth manager's stock slides as investors pull £561m in assets
By City AM
Rathbones saw its assets dip by 0.1 per cent in the three months to 30 September as investors pulled £561m from the wealth manager
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AJ Bell reports £6.1bn inflows but matches, not exceeds, market expectations
By City AM
Investors deposited £6.1bn into AJ Bell over the last year as customers at the investment platform swelled 14 per cent
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Explore new finance options with John Lewis and Zopa Bank's personal loans up to £35,000
By City AM
The department store chain's financial services arm has teamed up with Zopa Bank to provide its customers with more finance options
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Moneysupermarket's parent company MONY reports revenue drop amid weak broadband demand
By City AM
The price comparison company said low demand for broadband and fewer smartphone launches meant revenue from home services fell eight per cent. Revenue from travel was 15 per cent lower due to lower conversion in car hire
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Bank of England sees potential relief as º£½ÇÊÓƵ inflation falls to 1.7%, lowest since April 2021
By City AM
Inflation fell below the Bank of England's two per cent target for the first time since April 2021 in a further boost for the central bank, official data showed on Wednesday.
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North West administrations: Picture still gloomy as construction, manufacturing and services face challenges
The Budget
Interpath Advisory says 'There’s a stubborn volume of administrations across the country'
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Manchester tax firm fined after 'bombarding' people with millions of spam texts
North West
ICO also fines a Salford business after it received thousands of complaints
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Melius Cyber in Newcastle raises further £500,000 for platform to safeguard SMEs
Deals
The latest funding round brings the total raised to date to £1.35m
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Law firm Hugh James played key role in deal saving more than 50 TGI Fridays restaurants
Professional Services
The Cardiff headquartered firm acted for Metro Bank in providing finance that has seen 51 TGI Fridays restaurants acquired out of administration
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