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☆ British fintech firm Wise posts 55% jump in profit on expanding market share
▼ + stars: | 2024-11-06 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Wise posted a 55% jump in profit in the first half of its 2025 fiscal year Wednesday, citing customer growth and expanding market share. The British digital payments firm said that its first-half profit totalled £217.3 million, up from £140.6 million in the same period a year ago. Revenues at the money transfer platform climbed 19% year-on-year for the period to £591.9 million, Wise reported Wednesday. Earlier this year, Wise issued a sales warning that sent shares of the U.K. online payments firm down as much as 21%. On Wednesday, Wise said that its underlying PBT margin for the first-half period was 22%, above its target range of 13% to 16%.

Persons: Wise, —, Kristo Käärmann Organizations: U.K, Authority

☆ European stocks head for lower open as global markets focus on U.S. vote count
▼ + stars: | 2024-11-06 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European stocks are heading for a lower open Wednesday as global markets focus on the vote count following the U.S. presidential election. Global markets are focusing on the results emerging from key battleground states that are expected to determine the winner of the presidential race between former President Donald Trump and Vice President Kamala Harris. Trump won the electoral vote heavy prizes of Texas and Florida, as well as battleground states of Georgia and North Carolina. Republicans are expected to regain their majority control of the U.S. Senate in 2025, according to NBC News. U.S. stock futures rose sharply in overnight trading as investors started to speculate that Trump could have an edge in the presidential race.

Persons: Germany's DAX, Donald Trump, Kamala Harris, Trump, Harris Organizations: U.S, France's CAC, IG, Global, NBC News, U.S . Senate, NBC, Republicans, Federal Locations: U.S, Texas, Florida, Georgia, North Carolina, New York, California, Virginia, Asia, Pacific

☆ Brits brace for higher mortgage payments despite Bank of England seen cutting rates
▼ + stars: | 2024-11-06 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

Oversnap | E+ | Getty ImagesLONDON — Britons are facing the prospect of higher mortgage rates for longer after the government's tax-and-spend budget threw off expectations for a series of near-term interest rate cuts. Mortgage rates also took a hit from the uncertainty, with a number of smaller and mainstream lenders raising mortgage rates on the expectation that interest rates may stay higher for longer. watch nowVirgin Money became the first major lender to raise mortgage rates after the budget, lifting them by 0.15%. "This isn't the radical spike in rates that have blighted mortgage rates in the last couple of years. He added that interest rates could now remain 50-basis-points higher than previously expected at the end of the cutting cycle.

Persons: Rachel Reeves, Reeves, —, David Hollingworth, Hollingworth, Allan Monks, BOE Organizations: Bank of England, Wednesday, Virgin Money, Santander, Morgan's Locations: London's, Oversnap

☆ Planet Fitness enters 11th hour bid for bankrupt Blink Fitness
▼ + stars: | 2024-11-06 | by ( Brandon Gomez | In Brandon-Gomez | ) www.cnbc.com time to read: +2 min

Planet Fitness wants to acquire bankrupt budget-fitness chain Blink Holdings, according to court filings viewed by CNBC. Planet Fitness previously lost out in a bankruptcy auction against U.K.-based, privately held fitness chain PureGym. Equinox Group-owned gym chain Blink Fitness filed for bankruptcy in August after a failed attempt by the luxury fitness group to enter the budget-friendly market. In making a subsequent play for Blink, Planet Fitness has submitted two offers, according to the filings. Planet Fitness did not return request for comment from CNBC.

Persons: PureGym, Piper Sandler Organizations: Holdings, CNBC, Equinox Locations: U.S, New York, New Jersey, Delaware

☆ ‘A huge victory’: World leaders react as Trump secures White House return
▼ + stars: | 2024-11-06 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

Addressing his supporters in Florida, Trump said his return to the White House would usher in the "golden age" of America. Likewise, European Commission President Ursula von der Leyen, French President Emmanuel Macron, Spanish Prime Minister Pedro Sanchez, Italian Prime Minister Giorgia Meloni and Hungarian Prime Minister Viktor Orban all offered their congratulations to Trump. We rely on continued strong bipartisan support for Ukraine in the United States," he added. "I look forward to working with him again to advance peace through strength through #NATO," Rutte said. "I hope that the elections will be beneficial for our friendly and allied people in the United States and for all of humanity," he added.

Persons: Donald Trump, Benjamin Netanyahu, Amos Ben, Gershom, Trump, Keir Starmer, Ursula von der Leyen, Emmanuel Macron, Pedro Sanchez, Giorgia Meloni, Viktor Orban, Volodymyr Zelenskyy, Trump's, Volodymyr Zelensky, Alex Kent, Dmitry Medvedev, Russia's, Maria Zakharova, Kamala Harris, Zakharova, Mark Rutte, Rutte, Recep Tayyip Erdoğan, Erdoğan, Tayyip Erdogan, Thaier Organizations: Mar, Anadolu, Getty, Wednesday, NBC News, Atlantic, Spanish, European Commission, Christian Democratic Union, Bloomberg, Ukraine, Republican, U.S, Russia, Russia's, White, NBC, Russian Foreign, Atlantic Treaty Organization, NATO, United Nations, Change, United Arab Emirates, sudani Locations: Lago, Palm Beach , Florida, United States, Florida, America, Italian, Hungarian, Berlin, Germany, Ukraine, New York City, Kyiv, Russia, Brussels, Belgium, Turkey, India, Australia, Israel, Iran, Dubai, United Arab

☆ U.K.'s Queen Camilla suffering from chest infection, Buckingham Palace says
▼ + stars: | 2024-11-05 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +1 min

LONDON — Queen Camilla, wife of the Britain’s King Charles, has been forced to pull out of her planned engagements this week after suffering a chest infection, Buckingham Palace said on Tuesday. Camilla, 77, is resting at home while she recovers but no further details of her illness have been given, as is usual with royal medical issues. “Her Majesty The Queen is currently unwell with a chest infection, for which her doctors have advised a short period of rest,” a palace spokesperson said. “She apologises to all those who may be inconvenienced or disappointed as a result,” the palace spokesperson said. The king himself is still undergoing treatment for cancer which was diagnosed back in February, forcing him to cut back on some of his engagements although he recently travelled with Camilla to Australia and Samoa.

Persons: Camilla, King Charles, Buckingham, ”, “, Charles’s, Duchess, Gloucester Locations: Australia, Samoa

The DHL Air Hub, the air freight center at Leipzig/Halle Airport in Germany on Aug. 30. The U.S. Transportation Security Administration said it has bolstered air cargo screening over the past several months. German and British authorities have said they were investigating suspected Russian sabotage in two incidents in July. In recent months, U.S., British, German and other European officials have accused Russia of organizing an increasingly aggressive sabotage campaign aimed at undermining and disrupting Western assistance to Ukraine. Russia has repeatedly rejected allegations from Western countries that it is orchestrating a sabotage campaign in Europe.

Persons: Heiko Rebsch, ’, ”, Thomas Haldenwang, Ken McCallum, ” McCallum Organizations: DHL, NBC News, Street Journal, DHL Air Hub, Halle Airport, U.S . Transportation Security Administration, U.S, White House National Security Council, CIA, Kyiv Locations: Russia, Germany, United Kingdom, North America, Leipzig, Birmingham, England, United States, America, Canada, Ukraine, Moscow, West, Europe

☆ British regulator says $19.5 billion Vodafone-Three merger could go ahead if remedies are adopted
▼ + stars: | 2024-11-05 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

LONDON British telecom firms Vodafone and Three's multibillion-pound merger could go ahead if the companies adopt a series of proposed remedies to clear competition concerns, regulators said Tuesday. Vodafone has previously said that the combined entity, once merged, would invest £11 billion ($14.46 billion) into U.K. telecommunications infrastructure. Vodafone has also said it disagrees with earlier findings from the CMA that the merger would lead to price increases for consumers. It says the merger wouldn't pricing strategy and would enhance competition between mobile virtual network operators, or MVNOs. "Approval would mark one of the most significant developments in the history of UK mobile, heralding the arrival of a new market leader with over 29 million customers," Manning said in emailed comments.

Persons: Margherita Della Valle, Three's, Stuart McIntosh, McIntosh, CK Hutchison, Kester Manning, Manning Organizations: Vodafone, LONDON, Markets Authority, Ofcom, CMA, CNBC, 5G, Sky Mobile, Mobile, CK, CK Hutchison, EE, BT, O2, Telefonica, Liberty Global, CCS Insight Locations: London, British, Hong Kong

☆ UK's ultra-rich feel the pinch from Labour's tax-raising budget
▼ + stars: | 2024-11-05 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +5 min

New arrivals to the U.K. will receive 100% U.K. tax relief for their first four years, so long as they have been non-resident for the last 10 years. That's in addition to the £21.1 billion the independent Office for Budget Responsibility (OBR) forecast to be raised by earlier changes to the non-dom regime announced by the Conservatives in March. "Although the draft legislation has now been released, the Government still has time to create a new non-dom system that works for internationally-mobile individuals," Porter said in a statement. If they'd gone for the tiered (system), there would have been howls that you've given into the fat cats. "If they'd gone for the tiered (system), there would have been howls that you've given into the fat cats," he said.

Persons: Mike Kemp, Rachel Reeves, Reeves, Times Rich, David Lesperance, Lesperance, Steven Porter, Porter, they'd, Leslie Macleod Miller Organizations: Ford, Labour, Finance, —, Times, Associates, CNBC, Conservatives, Treasury, Government, Foreign Investors, Britain, Lesperance Locations: Kuwait, Burlington, Bond, London, United Kingdom, City, That's, Italy, Switzerland, Dubai

☆ European markets set for lackluster open as traders focus on U.S. Election Day
▼ + stars: | 2024-11-05 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European stocks are heading for a lackluster start to the trading day as global markets gear up for the U.S. presidential election Tuesday, with the vote too close to call between former President Donald Trump and current Vice President Kamala Harris. The U.K.'s FTSE 100 index is expected to open 15 points lower at 8,177, Germany's DAX down 12 points at 19,149, France's CAC down 1 point at 7,374 and Italy's FTSE MIB up 73 points at 34,358, according to data from IG. Earnings are set to come from Saudi Aramco, Adecco, Schaeffler, Deutsche Post DHL, Zalando, Hugo Boss, Bouygues, Ørsted, Vestas Wind and Fresenius Medical Care. Market attention will be focused on which party dominates Congress as a result of the U.S. election, given that a sweep by Republicans or Democrats could contribute to drastic spending changes or a big revamp of tax policy. Follow CNBC's 2024 election live blog here.

Persons: Donald Trump, Kamala Harris, Germany's DAX, Hugo Boss, Bouygues, Ørsted Organizations: U.S, France's CAC, IG, Saudi Aramco, Adecco, Deutsche Post DHL, Zalando, Fresenius, Republicans Locations: Saudi

☆ European markets head for mostly positive open as traders gear up for U.S. election
▼ + stars: | 2024-11-04 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets are expected to start the week on a mostly positive note Monday, with all eyes on Tuesday's presidential election in the U.S. Earnings are set to come from BioNTech and Ryanair and data releases include European manufacturing purchasing managers' index data. Global market aftershocks may hinge heavily on which party takes control of Congress as a result of the vote. If control of the U.S. House of Representatives and Senate is divided, it would likely mean a maintaining of the status quo. Asia-Pacific markets rose Monday, while U.S. stock futures were mixed in overnight trading Sunday.

Persons: Germany's DAX, Donald Trump, Kamala Harris Organizations: U.S, France's CAC, IG, Ryanair, NBC, Global, U.S . House, Republican, Democratic Locations: BioNTech, Asia, Pacific

☆ UK budget leaves government with less buffer against shocks, Moody's says
▼ + stars: | 2024-11-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK budget leaves government with less buffer against shocks, Moody's saysEvan Wohlmann, U.K. lead analyst at Moody’s Ratings, weighs in on the Labour government's budget announcement, saying it does not materially change the firm's long-term outlook.

Persons: Moody's, Evan Wohlmann Organizations: Labour

☆ Moldova’s pro-Western president wins 2nd term in runoff overshadowed by Russian meddling claims
▼ + stars: | 2024-11-03 | by ( Associated Press | ) edition.cnn.com time to read: +9 min

CHISINAU, Moldova (AP) — Moldova’s pro-Western President Maia Sandu has won a second term in a pivotal presidential runoff against a Russia-friendly opponent, in a race that was overshadowed by claims of Russian interference, voter fraud, and intimidation in the European Union candidate country. Today, you have saved Moldova!” Sandu said after claiming victory after midnight. Moldova’s large diaspora, which cast ballots in record numbers of more than 325,000 voted, heavily in favor of Sandu in the runoff. The presidential role carries significant powers in areas such as foreign policy and national security and has a four-year term. But the results of the ballots including Sunday’s vote were overshadowed by allegations of a major vote-buying scheme and voter intimidation.

Persons: — Moldova’s, Maia Sandu, Sandu, Alexandr Stoianoglo, ” Sandu, Stoianoglo, ”, “, Ursula von der Leyen, you’ve, Stanislav Secrieru, Secrieru, Dorin Recean, Vladislav Culiomza, Silviana Zestrea, Ilan Shor, oligarch, Shor, Father Vasilii, it’s, Cristian Cantir, ” Savlina, Stringer Organizations: Western, European Union, Central Electoral Commission, CEC, Russia Party of Socialists, “, Sunday, Moldovan, Northampton, Reuters, ”, EU, Police, Associated Press, Oakland University, AP, ” Moldovan Locations: CHISINAU, Moldova, Russia, “ Moldova, Sandu, Belarus, Azerbaijan, Turkey, Frankfurt, Germany, Liverpool, Soviet, Chisinau, Bucharest, Comrat, Gagauzia, EU, European, Ukraine, Brussels, Moscow

☆ Affirm expands buy now, pay later service to the UK, heating up local competition
▼ + stars: | 2024-11-03 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

LONDON — Buy now, pay later firm Affirm launched Monday its installment loans in the U.K., in the company's first expansion overseas. Founded in 2012, Affirm is an American fintech firm that offers flexible pay-over-time payment options. Affirm, which is authorised by the Financial Conduct Authority, said its U.K. offering will include interest-free and interest-bearing monthly payment options. Among the first merchants offering Affirm as a payment method in the U.K. are Alternative Airlines, the flight booking website, and payments processing firm Fexco. Max Levchin, CEO of Affirm, told CNBC that the company had been working on its launch in the U.K. for over a year.

Persons: Max Levchin, Levchin Organizations: PayPal Inc, Enercare Center, LONDON, Financial, Authority, Walmart, Airlines, CNBC, Affirm's Locations: Toronto, Canada, American

☆ U.K. Conservative Party picks Kemi Badenoch as its new leader in wake of election defeat
▼ + stars: | 2024-11-02 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Ap-Live-Blog-Byline-Image.Png | The Associated Press | ) www.nbcnews.com time to read: +2 min

Britain’s Conservative Party on Saturday elected Kemi Badenoch as its new leader as it tries to rebound from a crushing election defeat that ended 14 years in power. Badenoch defeated rival lawmaker Robert Jenrick in a vote of almost 100,000 members of the right-of-center party. Badenoch replaces former Prime Minister Rishi Sunak, who in July led the Conservatives to their worst election result since 1832. The Conservatives lost more than 200 seats, taking their tally down to 121. But the party also lost many voters to the winning party, Labour, and to the centrist Liberal Democrats, and some Conservatives worry that tacking right will lead the party away from public opinion.

Persons: Kemi Badenoch, Badenoch, Robert Jenrick, Rishi Sunak, Keir Starmer’s, “, Nigel Farage Organizations: Britain’s Conservative Party, Conservatives, Labour, Conservative, Reform, Liberal Democrats Locations: British, London, Nigerian, West, wokeness, Badenoch

☆ UK's Conservatives name Kemi Badenoch as new leader, shifting the party further to the right
▼ + stars: | 2024-11-02 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Conservative leadership contender Kemi Badenoch delivers a speech on the final day of Conservative party conference at Birmingham ICC Arena on October 2, 2024 in Birmingham, England. LONDON — The U.K.'s opposition Conservative Party on Saturday named right-wing Kemi Badenoch as its new leader, closing a long-drawn-out runoff after the Tories' landslide electoral defeat ushered in a moment of reckoning for the party. Badenoch ousted Robert Jenrick to secure the top job, replacing outgoing leader and former Prime Minister Rishi Sunak. "It is the most enormous honor to be elected to this role," Badenoch said, giving her maiden speech as party leader shortly after the results were announced. The ultimate winner was decided by Conservative Party members, with Badenoch receiving 53,806 votes to Jenrick's 41,388.

Persons: Kemi Badenoch, Badenoch, Robert Jenrick, Rishi Sunak, Tory, Jenrick, James, Keir Starmer's Organizations: Conservative, Birmingham ICC Arena, Conservative Party, Tories, Conservatives, Keir Starmer's Labour Locations: Birmingham, England, Badenoch

☆ Surge in UK borrowing costs is not a repeat of the 'mini-budget' crisis, economists say
▼ + stars: | 2024-11-01 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

Loading chart...LONDON — U.K. borrowing costs posted two days of gains right after the Labour government unveiled a huge package of borrowing and tax rises in its Wednesday budget — but analysts downplayed the possibility of a second "mini-budget" crisis in the British bond market. The 10-year gilt yield , representing medium-term borrowing costs for the government, was slightly lower on the day at 11:20 a.m. London time. Yields move inversely to prices, so higher yields represent a sell-off in bonds — and an aversion to funding U.K. debt. The incident sent bond yields soaring so rapidly, they threatened to destabilize pension funds. Loading chart..."The market is right to be concerned" about the U.K. fiscal outlook, Mohit Kumar, chief financial economist for Europe at Jefferies, told CNBC.

Persons: Rachel Reeves, Reeves, Liz Truss, BOE, Susannah Streeter, Hargreaves Lansdown, It's, Streeter, CNBC's, Sterling, Mohit Kumar, We've Organizations: LONDON, Labour, Wednesday, Bank of England, Deutsche Bank, Hargreaves, U.S ., Jefferies, CNBC Locations: London

White sand, clear turquoise sea and lush trees swaying in the breeze. This might sound like a description of the Maldives — but it's actually what I experienced on a recent trip to Italy. The area was founded by Prince Karim Aga Khan IV in the 1960s and now attracts the jet set. Airfare obviously affects travel costs, but I spent $1,500 for a week on the island, including flights from London. We stopped for a lemon granita at the Shardana restaurant, set among the trees overlooking the white sand Baia Sant'Anna beach.

Persons: Costa Smeralda, Prince Karim Aga Khan IV, Emanuele Perrone, Belmond, Blanc, Rocco Forte, Neilson, Costa, I'd, Baia, Sinead, Lucy Handley's, Keener, Lucy Handley, Pedra Niedda, Paolo, Ristorante La Volpe, Enrico Spanu Organizations: Porto Cervo, Qatar Investment Authority, Getty, Schools, London Stansted Airport, Ristorante Locations: Maldives, Italy, Sardinia, Sicily, Europe, Porto, Sardinia's Costa Smeralda, London, U.K, Greece, Baia dei, Olbia, Isola Tavolara, Tanaunella, Sardinian, Orosei

☆ Higher taxes will make it harder for Britain to build 'the next Nvidia,' tech execs say
▼ + stars: | 2024-11-01 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

The lower capital gains tax rate was increased to 18% from 10%, while the higher rate climbed to 24% from 20%. Reeves said the increases will help bring in £2.5 billion ($3.2 billion) of additional capital to the public purses. Still, Reeves said the U.K. would still have the lowest capital gains tax rate of any European G7 economy. watch nowReeves announced that the rate of tax on carried interest, which is charged on capital gains, would rise to 32%, up from 28% currently. She nevertheless urged the government to look seriously at mandating that pension funds diversify their allocation to riskier assets like venture capital — a common ask from VCs to boost the U.K. tech sector.

Persons: Rachel Reeves, Reeves, BADR, Paul Taylor, Taylor, Haakon Overli, Dawn Capital, Overli, Anne Glover, Glover, Clarity, Steve Hare, Sage, Sean Reddington, Reddington Organizations: Labour Party Conference, ACC Liverpool Convention Center, Anadolu, Getty, LONDON, Labour, CGT, National Insurance, Unicorn Council, Nvidia, Dawn, NVIDIA, Amadeus Capital, Wealth, Norway's, Fund Global, Saudi Arabia's Public Investment Fund Locations: Liverpool, British, Britain, VCs

☆ Investing doesn't guarantee productivity growth, says analyst
▼ + stars: | 2024-11-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvesting doesn't guarantee productivity growth, says analystIsabel Albarran, investment officer at Close Brothers Asset Management, talks about the ramifications of the U.K. budget, and how it may take some time for confidence to grow.

Persons: Isabel Albarran Organizations: Asset Management

☆ European markets expected to start November in mixed territory as traders await U.S. jobs data
▼ + stars: | 2024-11-01 | by ( Sam Meredith | ) www.cnbc.com time to read: 1 min

Commuters cross Millennium Bridge in view of skyscrapers on the skyline of the City of London, UK, on Tuesday, Oct. 29, 2024. European markets are expected to open mixed on Friday, reflecting a tentative start to November as traders react to a flurry of earnings and look ahead to the all-important U.S. jobs report. The U.K.'s FTSE 100 is poised to open 8 points higher at 8,113, Germany's DAX 6 points higher at 19,060, France's CAC up 8 points at 7,342 and Italy's FTSE MIB down 22 points at 34,008, according to data from IG. The moves come shortly after European stocks closed lower on Thursday, ending October with its steepest loss for year as investors weighed corporate results, inflation data and a landmark U.K. budget.

Persons: Germany's DAX Organizations: of, France's CAC, IG Locations: of London

☆ UK risk premium has returned amid post-budget nerves: Hargreaves Lansdown
▼ + stars: | 2024-11-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK risk premium has returned amid post-budget nerves: Hargreaves LansdownSusannah Streeter, head of money and markets at Hargreaves Lansdown, on the market reaction to the U.K. budget.

Persons: Hargreaves, Susannah Streeter, Hargreaves Lansdown Organizations: Hargreaves

☆ UK businesses warn Labour government's tax-raising budget will hurt hiring and boost inflation
▼ + stars: | 2024-10-31 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +5 min

Rachel Reeves, UK chancellor of the exchequer, outside 11 Downing Street ahead of presenting her budget to parliament in London, UK, on Wednesday, Oct. 30, 2024. Bloomberg | Bloomberg | Getty ImagesLONDON — British businesses are smarting after Finance Minister Rachel Reeves' bumper tax-rising budget, with analysts warning that the measures could slow hiring and push up inflation. Under the new rules, employer NI will rise by 1.2 percentage points to 15% from April 2025, while the level at which employers start paying NI for workers will drop from £9,100 to £5,000. Rain Newton-Smith, chief executive of the Confederation of British Industry, a business interest group, described it as a "tough budget for business." That is because businesses could pass on the additional costs to consumers by increasing the price of their products.

Persons: Rachel Reeves, Reeves, —, Roger Barker, Barker, Mike Kemp, Andrew Martin, Newton, Smith, Morgan, Andrew Sheets, CNBC's, Morgan Stanley Organizations: Bloomberg, Getty, LONDON, National Insurance, Labour, Conservative, Institute of, Institute of Directors, of British Industry, Corporation, Insurance, CNBC, Bank of, Morgan Locations: London, City of London, United Kingdom

☆ Jack Dorsey's payments company Block expands corporate card service to the UK
▼ + stars: | 2024-10-31 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

LONDON — Block, the payments company owned by tech billionaire Jack Dorsey has launched its corporate card service in the U.K. in a bid to deepen its expansion into the country and take on big incumbents like American Express . In the U.K., Square Card will come up against local banking giants like Lloyds and NatWest . Hussain-Letch highlighted The Vinyl Guys as an example of an early adopter of its corporate card offering. The vehicle branding and signage printing shop based in Stafford used the corporate card as part of a testing phase with domestic U.K. customers. Once an employee is onboarded onto the Square Card program, they can begin using within their own digital wallet apps.

Persons: Jack Dorsey, Samina Hussain, Hussain, Letch, We've, Rachel Reeves, Reeves Organizations: American Express, CNBC, Citigroup, U.K, Lloyds, NatWest, Entrepreneurs, Tax Locations: Britain, North America, U.S, Canada, Stafford

☆ UK borrowing costs soar day after Labour government unveiled tax-raising budget
▼ + stars: | 2024-10-31 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

watch nowLONDON — U.K. bond yields spiked sharply Thursday after the ruling Labour Party unveiled a sweeping package of tax hikes and increased borrowing. Yields had already risen on Wednesday shortly after the budget announcement by Finance Minister Rachel Reeves, which contained plans for £40 billion ($52 billion) worth of tax hikes and committed to substantially higher borrowing in the coming years. Despite the big moves this week, the gilt market is remaining relatively stable compared to September 2022, when the U.K. suffered its so-called "mini-budget crisis." Analysts had said ahead of the October 2024 budget that such bond market volatility was unlikely to repeat itself, largely because the U.K. inflation has dropped sharply since the Truss era. Analysts at Goldman Sachs said Thursday it would "reduce the urgency for sequential cuts in the near term."

Persons: Rachel Reeves, We've, Liz Truss, Truss, Reeves, Goldman Sachs, Morgan, Andrew Sheets, BOE, Sterling Organizations: Labour Party, Labour, ING, Budget, Conservative Party, Bank of England, Goldman, CNBC, U.S Locations: London

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