Rishi Sunak, the Prime Minister of the UK, praised the country as "one of the best places in the world to do business" during the Global Investment Summit held at Hampton Court Palace. The event welcomed 200 delegates, including high-profile figures such as Jamie Dimon of JP Morgan and Steve Schwarzman of Blackstone. Sunak highlighted recent foreign investments in the UK, including Nissan's new car factory in Sunderland and Korea's investment in life sciences, as a testament to the country's appeal for global firms.
Vote of Confidence: Metro Bank Receives Shareholder Approval for Rescue Package
Metro Bank secured its survival prospects after 90% of shareholders voted in favor of a £925 million refinancing plan. The troubled lender plans to open more branches and is in talks to sell £3 billion worth of mortgages to Barclays. The approval of the rescue package has boosted the bank's shares, rising by 4.8% following the news.
Gold Prices Reach Six-Month High on Interest Rate Speculations
Gold prices surged to a six-month high as investors speculated that interest rates may have peaked and the US dollar weakened. Traders predict that the US Federal Reserve and the Bank of England will start cutting interest rates next year, further driving up gold prices. Some analysts believe gold prices could surpass the record of $2,075 set during the pandemic.
UK Housing Market Shows Signs of Recovery
The UK's largest property website, Rightmove, reported an increase in house sales, indicating a revival in the housing market. Despite higher mortgage rates affecting prices, Rightmove raised its profit forecasts due to more housebuilders listing newly built homes. The company expects sales to grow by up to ten percent this year, with operating profits projected to rise by eight percent.
Branston Pickle Price Rises by 40% in Two Years
The price of Branston Pickle has surged by 40% in the past two years, according to its Japanese manufacturer, Mizkan Euro. The company attributed the increase to higher labor, ingredient, and packaging costs. Mizkan Euro has owned the popular condiment since 2013.
HSBC Apologizes for Banking Glitch on Black Friday
HSBC's CEO, Ian Stuart, issued an apology for a recent banking glitch that disrupted customers' online purchases on Black Friday. The bank's online and mobile banking services experienced disruptions, preventing customers from transferring salaries and making online payments. Stuart expressed his regret for the inconvenience caused and assured customers that the issue was not due to a cyber attack.
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