HSBC has told tech investors it will pump £2bn of liquidity into Silicon Valley Bank’s UK unit, in a show of reassurance after snapping up the division for just £1 (The Mail).
The Financial Times (£) has the inside story on how HSBC bought Silicon Valley Bank UK for £1 under the codename ‘Project Yeti’.
Traders tore up their interest rate forecasts and regulators scrambled to shore up confidence in the American banking system as markets stumbled yesterday, reeling from the aftershocks from the collapse of two US lenders (The Times £).
Companies listed on the London stock market, including Trustpilot and Naked Wines, have revealed millions of pounds of exposure to SVB, with two companies suspending trading in their shares (The Times £).
John Lewis Partnership fashions new look in the battle for profit, converting its store in Horsham, West Sussex, into what the retailer calls a one-stop-shop, selling fashion, beauty and personal styling (The Times £).
Members of a golf course earmarked for closure by the John Lewis Partnership are trying to swing a deal for the links, valued at about £4.5 million, to prevent the retailer selling it to another club or a private bidder (The Times £).
Alcopops and non-chart CDs have been ejected from the shopping basket used to measure UK inflation, making way for new additions including e-bikes, home security cameras and frozen berries (The Guardian).
Superking cigarettes have been ditched from Britain’s inflation basket in favour of frozen berries and e-bikes as the nation becomes more health conscious. New additions to the Office for National Statistics ’shopping basket’, which is used to compile measures of inflation, include green beans and dairy-free spreads and margarines, reflecting the growth in veganism (The Telegraph).
Sky News reports that Advent International is one of several private equity firms which have progressed through to the second stage of an auction of Subway.
The Questor shares column in The Telegraph examines Nichols and says the Vimto maker’s bubble has been burst by rising input costs but it still holds long-term appeal.
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