1 Mortgage holders will feel the pinch from higher interest rates but savers may not fully benefit from the same rise in returns, experts have warned as the Bank of England raised rates to pre-pandemic levels. The interest rate has returned to 0.75 per cent, up from a historic low of 0.1 per cent set in 2020.
2 HSBC may be closing down dozens more of its branches in the real world, but in the virtual world the bank is embarking on an expansion drive. It has bought a plot of virtual real estate in The Sandbox, an online gaming space majority-owned by the Hong Kong-based Animoca Brands.
3 A slump in the sale of suits and formalwear during the pandemic has knocked the 124-year-old retailer TM Lewin into administration for the second time in two years.
4 Metal traders endured another chaotic session as nickel prices came under continued heavy-selling pressure, causing the price to drop below its new daily limit for a second consecutive day.
5 Harbour Energy, the biggest oil and gas producer in the UK North Sea, has said it should generate up to $1.7 billion in spare cash this year if prices stay high, prompting renewed calls for a windfall tax.
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6 Go-Ahead Group has received a lower than expected fine from the government over the mishandling of its former London and South Eastern Railway franchise. The Newcastle-based bus and train operator was handed a £23.5 million penalty by the Department for Transport, less than the £30 million provision made in Go-Ahead’s accounts published last month for the year ending July 3, 2021.
7 Getir, the six-year-old rapid delivery service, has raised fresh funds at an $11.8 billion valuation, greater than the market capitalisation of Sainsbury’s.
8 One Savings Bank notched up record profits of more than half a billion pounds on the back of a pick-up in activity among its landlord customers, a widening of margins and the release of bad debt provisions made a year ago.
9 The chief executive of Cineworld declared a new chapter and shrugged off fears over the company’s financial position. Mooky Greidinger said the fourth quarter of last year had “made it clear that nobody is going to give up the cinema experience” and he was confident the recovery was on its way.
10 National Express has launched a fresh appeal urging investors to back its takeover bid for Stagecoach, after the target recommended a rival offer.