PRESS DIGEST-British Business - March 24

BY Reuters | ECONOMIC | 03/23/23 07:23 PM EDT

March 24(Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

The Times

- The Bank of England raised interest rates by a quarter of a percentage point to 4.25%, its highest level since November 2008, in the latest increase as the central bank races to tame inflation that has stayed in double digits.

- Accenture announced plans to cut 19,000 jobs, about 2.5% of the IT services firm's global workforce, as corporate clients grow evermore cautious amid heightened economic fears.

The Guardian

- British energy regulator Ofgem is preparing to crack down on UK power firms to prevent them from "manipulating" the market with a manoeuvre that has bolstered their profits by millions of pounds.

The Telegraph

- Labour's deputy leader Angela Rayner criticised British Prime Minister Rishi Sunak for paying lower rate amid suggestions her party is planning a large increase in capital gains levy

Sky News

- British billionaire Jim Ratcliffe and his chemicals firm INEOS have submitted a revised bid for Manchester United (MANU) .

- The British arm of Silicon Valley Bank has seen hundreds of millions of pounds of deposit inflows in the wake of its 1 pound ($1.23) rescue takeover by HSBC Holdings (HSBC).

The Independent

- The UK competition watchdog has fined 10 construction firms a total of almost 60 million pounds ($73.67 million)for "illegally colluding" to rig bids for contracts. ($1 = 0.8145 pounds) (Compiled by Bengaluru newsroom)

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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