Shares in biotech firm Oxford BioDynamics (OBD) soared as the firm launched its ‘highly accurate’ prostate cancer test in the UK and the US.

The AIM-listed group jumped 156.5pc, or 16.35p, to 26.8p after announcing it has brought forward the launch of the test to coincide with Prostate Cancer Awareness month.

It means men being screened for prostate cancer will be able to access the test, which was shown earlier this year to be 94pc accurate. This was much higher than the blood test used by the NHS and doctors elsewhere, which has an accuracy rating of around 55pc.

OBD said the test will offer an alternative for patients to the more invasive procedures to confirm a cancer diagnosis such as a prostate biopsy, which can carry health risks.

The announcement followed results from a study in February which showed the prostate cancer test had ‘significant potential’ to accurately and rapidly deliver results for patients and doctors. The company added that the test will be available immediately to both US and UK patients, with results initially being processed through its American facility.

Shares in biotech firm Oxford BioDynamics (OBD) soared as the firm launched its ‘highly accurate’ prostate cancer test (stock image)

It said it expected to be able to process tests from its lab in Oxford early next year, shortening waiting times for results.

‘There is a clear need in everyday clinical practice for a much more accurate blood test that can screen men for prostate cancer and accurately identify those at risk, while sparing those who up to now would be subject to unnecessary, expensive, and invasive procedures,’ said OBD boss Jon Burrows. ‘It feels wholly appropriate that the early launch of the test coincides with Prostate Cancer Awareness month.’

With concerns about the global economy and outlook for interest rates still on traders’ minds, the wider stock market struggled for direction, with the FTSE 100 inching up 0.02pc, or 1.73 points, to 7625.72 and the FTSE 250 falling 0.4pc, or 78.66 points, to 18336.65.

Shares in RS Group jumped 5.5pc, or 39p, to 749p on speculation it has attracted takeover interest. The rise valued the FTSE 100 firm, which distributes electrical products and components, at almost £3.4bn.

Analysts at Morgan Stanley gave Barclays a lift by upgrading the stock to ‘overweight’ from ‘equal-weight’ and raised the target price to 230p from 190p. Shares gained 3.9pc, or 6.04p, to 159.68p.

But wealth manager Close Brothers went the other way after annual profits more than halved. They fell 52pc to £112m in the 12 months to the end of July.

The company was hit by high provisions at troubled lending arm Novitas and lower income from trading division Winterflood. Shares lost 1.9pc, or 16p, to 836.5p.

There was some much-needed respite for Ladbrokes and Coral owner Entain following a hefty sell-off in the previous session. Having fallen 13pc on Monday after warning that tough online gaming rules and a string of punter-friendly football results were taking their toll, the stock edged up 3.2pc, or 29.4p, to 947.4p yesterday.

Hygiene and beauty group PZ Cussons, the maker of Imperial Leather and Carex, reported a 10.7pc rise in annual revenues to £656.3m but profits dipped 4.2pc to £61.8m. It said trading since the start of the new financial year in June ‘has been in line with expectations’. Shares dropped 5.1pc, or 8.2p, to 151.8p.

Van rental firm Redde Northgate said demand continued to outstrip supply in the UK and Ireland as it made a strong start to the financial year. The update came ahead of its AGM, which saw more than 13pc of investors rebel over pay. Shares added 1.5pc, or 5p, to 339.5p.

Covid cases have almost doubled in a month to nearly 93,000 new infections a day, according to estimates.

With schools returning today, cases are expected to continue rising into the autumn.

Data from the ZOE health study shows there were 92,965 new daily cases of symptomatic infection on September 1 – up from about 50,000 at the start of August. 

The study, which is based on data from millions of users of the ZOE app, estimates there are around 1.15million people in the UK with the virus right now – roughly one in 58.

The rise in cases comes alongside the emergence of a new Covid BA.2.86 variant, known as Pirola. A spin-off of Omicron, just four cases have officially been detected in the UK, although far fewer tests are now conducted.

The rise in cases comes alongside the emergence of a new Covid BA.2.86 variant , known as Pirola 

Office of National Statistics data released today shows there were 74 Covid deaths registered across the two countries in the week ending August 11

While not yet considered a ‘variant of concern’, health leaders have warned it could be ‘a very challenging winter’ if it is found to increase the risk of infection.

Last week, officials brought forward the annual flu and Covid vaccination programme in a bid to ensure vulnerable people are protected this winter. 

Those eligible will be able to book jabs a week from today rather than early October as originally planned. 

Residents in adult care homes and the clinically vulnerable will be first in line, followed by groups including over-65s and healthcare staff.

Follow Mail Sport’s live blog for all the latest transfer news on Tuesday, as Neymar tells PSG he wants to leave the club and West Ham continue their pursuit of Manchester United duo Scott McTominay and Harry Maguire.

Playing golf may raise the risk of skin cancer, a study suggests.

Researchers in Australia found that over a quarter of regular golfers have been diagnosed with skin cancer at some point in their lives.

After adjusting for other risk factors such as age, sex, and smoking status, they found golfers were two and a half times more likely to be diagnosed than the rest of the population.

They said that repeated exposure to the sun and not wearing enough sunscreen was probably the reason for the higher risk.

In the study, some 27 percent of golf participants had been diagnosed with skin cancer compared to seven percent of the general population

Researchers from the University of South Australia in Adelaide analyzed health information from an online survey of 336 players which began in 2018. 

Only people who played golf at least once a month were included.

The players’ responses were compared to the health information of almost 16,000 Australians in the general public who had participated in the Australian Health Survey, which takes place every four years.

Some 27 percent of golf participants had been diagnosed with skin cancer compared to seven percent of the general population. 

After adjusting for age, sex, education and smoking status, Aussie players were 2.4 times more likely to get skin cancer than their non-golfing peers.

Lead study author Brad Stenner emphasized it is possible that older golfers may have been exposed to the sun’s harmful ultraviolet (UV) rays before they started playing golf and are only now experiencing the impact.

He also highlighted that his team did not collect data to do with actual levels of exposure to UV radiation (UVR).

Nevertheless, UVR exposure is a ‘very well-established cause’ of skin cancer, Stenner said.

He said his research team found ‘a significantly higher risk, which we believe is associated with prolonged sun exposure and/or not using skin-protection strategies.’

Ashani Weeraratna, professor and chair of biochemistry and molecular biology at the Johns Hopkins Bloomberg School of Public Health, in Baltimore, who was not part of the study, told UPI that ‘the dynamics should be roughly the same’ for skin cancer risk and sun exposure, despite the location or reason for spending time outside.

The findings were published in the journal BMJ Open Sport & Exercise Medicine.

Worldwide, one in every three cancers is skin-related, with around two to three million non-melanoma skin cancers and roughly 132,000 potentially deadly melanoma skin cancers diagnosed every year.

The FTSE 100 closed down 0.4 per cent to 7666.3. Among the companies with reports and trading updates today are HSBC, BP, Greggs, Dominos, Robert Walters, Travis Perkins, Aston Martin, Watches of Switzerland, Weir Group and Diageo. Read the Tuesday 1 July Business Live blog below.

> If you are using our app or a third-party site click here to read Business Live

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FTSE 100 closes down 33.1 points to 7666.3

The Footsie closes soon

Just before close, the FTSE 100 was 0.4% lower at 7,668.86.

Meanwhile, the FTSE 250 was also 0.4% lower at 19,066.64.

Brexit climbdown as British firms can continue using ‘CE’ mark

Rishi Sunak has performed another Brexit climbdown by allowing firms to continue using the EU’s ‘CE’ safety mark on products ‘indefinitely’.

The Prime Minister has taken the action following complaints from businesses about added bureaucracy with the introduction of a British alternative.

Ocado eCommerce boss reveals retirement

The chief executive of Ocado’s eCommerce division is retiring after six years leading the profitable business unit.

Executive director and CEO of Ocado Solutions, which accounts for around 14 per cent of group revenues this year, Luke Jensen will retire in September after five years on the board.

The Ocado Solutions business provides technology to streamline their own delivery services.

Travis Perkins cautions of continued slowdown

Travis Perkins has warned demand in the new-build property and refurbishment markets is set to ‘remain subdued’ this year against a tough economic backdrop.

Weaker levels of housing construction and private domestic repair, maintenance and improvement (RMI) due to rising inflation and mortgage rates have hit trade at Britain’s largest building materials supplier.

Sarah Breeden appointed Bank of England deputy governor

Sarah Breeden will take over from Jon Cunliffe as the Bank of England’s new deputy governor for financial stability on the 1st of November.

Breedeny, currently the Bank’s executive director of financial stability strategy and risk, will serve for a five-year term, the Treasury said.

She joined the BoE after university and has spent most of her career in financial stability or markets roles.

She headed the BoE team responsible with other government agencies for winding up Northern Rock, Britain’s first major bank failure during the 2008 financial crisis.

More recently, she was responsible for supervising foreign banks operating in Britain at the time of the Brexit referendum and subsequent transition period, and the BoE’s work on financial risks posed by climate change.

Governor Andrew Bailey said:

She will bring a wealth of financial and economic policy knowledge to the role, both domestically and internationally.

AG Barr boss to retire after 19 years

Roger White, the chief executive of soft drinks giant AG Barr, will leave the company after leading it for 19 years.

The maker of Irn Bru and Rubicon said White will step down as chief executive and retire ‘at a mutually agreed date in the next 12 months’.

White joined AG Barr in 2002 as managing director, and in 2004 became chief executive.

AG Barr’s board said it will immediately begin to search for a replacement, including outside of the company.

Separately, the group said it expects annual profits to be marginally above the top end of analysts’ expectations.

It has been a privilege and pleasure to lead the business for over two decades and now the time is right to plan for my succession and to ensure the continued success of the business. I would like to pay tribute to everyone across the whole organisation who make A.G. Barr a very special place with amazing brands.

Incoming 888 CEO buys £1m shares

Per Widerstrom, the incoming chief executive of gambling giant 888, has bought £1million worth of shares in the company.

They are the first shares bought by Widerstrom, who will take over at the owner of William Hill in mid October.

888 shares are up 2.6 per cent to 110.8p.

Manufacturing downturn worsens

The downturn in the UK manufacturing sector has worsened after factories’ output and new orders fell at a faster pace in July due to weakening demand for products.

The S&P Global/CIPS UK Manufacturing PMI survey showed a reading of 45.3 in July, the worse since the start of the year, and marking the 12th consecutive month of decline for the sector.

Manufacturers said overstocked clients made fewer orders, with exports shrinking at one of the fastest rates in three years, as ‘global market conditions’ impacted demand from most parts of the world.

Domino’s serves up strong first-half sales figures

The UK franchise of Domino’s Pizza served up strong sales for the first half of 2023 on the back of new store openings, demand for deals and improved delivery times.

Domino’s group revenues jumped 19.6 per cent over the six months to 25 June, from £278.3million to £332.9million, as it benefitted from the launch of 29 new stores.

Shawbrook and Saffron Building Society up easy-access rates

Two new best buy easy-access savings accounts have launched from Shawbrook Bank and Saffron Building Society.

The pair have upped rates on their easy-access savings accounts to 4.63 and 4.6 per cent respectively, ahead of the Bank of England base rate announcement on Thursday.

Weir Group upgrades full-year outlook

Weir Group has lifted its annual guidance as the engineering giant’s sales are boosted by mining clients investing in sustainable technology.

The Glasgow-based manufacturer posted a record order book and revenues from continuing operations growth of 16 per cent at constant currency levels to £1.3billion for the six months ending June.

Petrol prices back on the rise as average jumps to 145p-a-litre

A summer of falling petrol prices has come to an end as unleaded has jumped back to levels last seen in May, according to a new report.

Unleaded on Monday was back up to 145p-a-litre, which was last seen almost three months ago, while diesel has also risen to a UK average of 145.84p, according to the AA.

Volvo now only sell SUVs in the UK: Swedish brand axes saloon and estate cars

Want a new Volvo? Then it will have to be an SUV.

That’s because the Swedish manufacturer has culled all saloon and estate models from its UK line-up with immediate effect.

Diageo profits jump on price hikes and premium whisky demand

Drinks giant Diageo has reported booming profits for the last year thanks to price rises and drinkers around the world turning to more expensive tipples.

The maker of Johnnie Walker whisky, Smirnoff vodka and Guinness beer said pre-tax profit rose 7 per cent £4.7billion for the year to the end of June, from £4.4billion the year before.

Organic net sales grew 6.5 per cent, driven by a mix of higher prices, as it passed surging costs onto customers, and rising sales of its more expensive brands, particularly premium versions of Johnnie Walker’s scotch.

Metro Bank swings to half-year profits as it ‘fixed issues of the past’

(PA) – Metro Bank has hailed its strongest financial performance in “several years” after swinging to a half-year profit, as it was bolstered by higher interest rates and the completion of its turnaround plan.

The banking group reported a pre-tax profit of £15.4million in the half year to the end of June, up from a loss of £10.5million last year.

The high-street chain, which has 76 branches known as “stores”, said it marked its first half-year of statutory profitability since its transformation plan completed, after overcoming legacy issues including historic global sanctions.

It had also suffered heavy losses during Covid and faced fines from the UK regulator over an accounting blunder.

But Metro Bank said it had worked on “fixing issues of the past while positioning ourselves for the future” as it implemented cost-saving measures including greater use of automation for engagement with customers.

The bank, like other high-street lenders, has seen its net interest income bolstered by higher borrowing costs over the past 18 months, revealing it jumped by nearly a quarter to £221million compared to the same time last year.

It comes as the Bank of England’s base rate hit 5% after a prolonged cycle of interest rate hikes.

But Metro Bank noted that rising rates had “partially” flowed through to deposits as well, with the cost of paying out interest on savings rising during the latest period.

UK banks are under pressure from MPs and regulators to pass on higher rates to loyal savers in the same vein that borrowing costs have spiked.

Cineworld to emerge from bankruptcy with new leadership

The ‘New Cineworld’ has cut its debt by $4.5billion, raised about $800million in new equity capital and secured new debt financing of about $1.71billion, the company said in a statement on Tuesday.

The world’s second largest cinema chain operator behind AMC Entertainment has also appointed former chair and CEO of Warner Bros Ann Sarnoff to its board, along with four other members to join new chairman Eric Foss and CEO Eduardo Acuna.

HSBC’s first-half profits more than double to $21.7bn

HSBC’s first-half profits more than doubled, thanks to global interest rate hikes, with the banking giant planning to reward investors with bumper payouts.

The bank posted a pre-tax profit of $21.7billion (£16.9 billion) for the first six months this year, up from $9.2billion a year earlier and beating market forecasts of $20.9biillion.

Greggs sales jump by £150m after late-closure boost

Greggs sales grew by around £150million year-on-year in the first half as the bakery chain was handed a boost from later closing times.

The group’s turnover rose by 21.5 per cent to £844million for the six months ending 1 July, with underlying revenues at company-managed shops expanding by 16 per cent.

Aston Martin raises £216m from investors

Aston Martin has raised £216million from shareholders to cut down its debt pile following yesterday’s cash call.

The company said some 58.2million new shares at 371 pence per share have been subscribed to, representing a 6.2 per cent discount to the stock’s closing price on Monday.

Of these, just over 1million were snapped up by retail investors for £4million.

UK manufacturing downturn deepens

UK factories saw output and new orders fall at a faster pace last month, as demand from abroad weakened further.

The S&P Global/CIPS UK Manufacturing PMI survey returned a reading of 45.3 in July, compared with 46.5 in June, where a reading below 50 indicates contraction.

It is the joint-worst performance for the sector since May 2020, indicating that it is shrinking fairly rapidly.

It marks 12 months of decline for the sector, although it is slightly better than the 45 score analysts had expected.

The survey found that companies were hit by weakening exports, as the fall in exports was among the fastest in three years, though price pressures are easing.

Manufacturers blamed a weakening global market, which hit demand from most parts of the world.

Rob Dobson, director at S&P Global Market Intelligence, said:

July saw a deepening of the UK’s manufacturing downturn.

Output fell at the quickest pace since January, as overstocked clients, rising export losses, higher interest rates and the cost-of-living crisis coalesced to create a worrying intensification of the slump in demand.

Although manufacturers maintain a generally positive outlook for the sector, with over half still expecting output to rise over the coming year, other forward-looking indicators show the mire that industry is currently facing.

Domestic and export demand are weakening, and backlogs of work are declining sharply, all of which likely presages further cutbacks to production, employment and purchasing in the months ahead.

The only upside is that prices are falling in this environment of sharply deteriorating demand, with cost pressures also helped lower by further repair to supply chains.

BP profit slump but energy giant plots bumper investor payout

BP missed City forecasts with a 70 per cent fall in profit in the last quarter due to a drop in energy prices, but the energy giant has still lined-up bumper investor payouts.

The group has posted an underlying replacement cost profit of $2.6billion (£2billion) in the three months to the end of June, down from $8.45billion (£6.6billion) last year and below forecasts of $3.5billion.

Despite the miss, BP will hand more cash to shareholders by raising its quarterly dividend by 10 per cent and buying back $1.5billion of shares in the coming three months.

HSBC profits more than double to $21.7bn

HSBC’s first-half profits have more than doubled, thanks to global interest rate hikes, with the banking giant planning to reward investors with bumper payouts.

The bank posted a pre-tax profit of $21.7billion (£16.9 billion) for the first six months this year, up from $9.2billion a year earlier and beating market forecasts of $20.9biillion.

The group also revealed plans to buyback up to $2billion worth of shares and a dividend of 10 cents (8p) per share.

Domino’s Pizza collection orders jump 20%

Domino’s Pizza has reported a 20 per cent jump in collection orders in the first half of the year despite the squeeze on consumer spending.

The company saw some 12.2million orders collected from its stores, helping offset a 4.4 per cent decline in delivery orders.

Total orders increased 2.8 per cent to 35.4million, helping the company to post a 20 per cent rise in revenues and an 8.2 per cent rise in underlying core profit.

On the back of the strong performance, Domino’s announced a £70million share buyback and raised its annual profit forecast range.

Is the Bank of England’s plan to tame inflation working?

At the end of June, Bank of England made its 13th rate hike, a 0.5 percentage point rise to 5 per cent.

While borrowers might be struggling, it’s the central bank that’ll be feeling unlucky as the tried and tested orthodoxy of raising rates has done little to bring down inflation.

Belfast docks back on the right tack after Harland & Wolff wins £70m refurbishment contract

Belfast docks were boosted after Harland & Wolff won a vessel refurbishment contract worth up to £70million.

The shipbuilding company – which was founded in 1861 – has landed a deal to upgrade a large craft for an as yet unnamed client.

It is expected to be in the dry dock in Belfast for five months, through to early 2024.

UK investor dividends at risk as Diageo switches accountancy to dollars

Chris Beckett, head of equity research at Quilter Cheviot:

‘The results from Diageo today paint a bit of a mixed and complicated story for the drinks giant. We knew sales in China will have slowed as a result of lockdown, however, North America is also falling despite consumer spending holding up and the economy proving to be robust.

‘The post covid normalisation is happening later in the spirits industry than in other categories.

‘Sales are still growing, but this is all due to price increases, rather than volumes. This is okay, premium brands are doing well but some subsidiary brands are struggling and Diageo is being a little vague in when they expect improvement to happen.

‘The business talks about ‘gradual improvement’ over time, not giving any firm expectations. This will leave it with some questions to answer, and for a quality business like Diageo, we would expect it to turn the ship around in good time but with timeframes attached.

‘Interestingly, the business is moving its accountancy to dollars, away from pound sterling currently. This is highlights that it sees the US as its most important, and biggest, market, and it is a reflection of the global world we now live in.

‘This will impact UK investors as it now means the dividend payments to them will be impacted by currency moves. Further appreciation of sterling would have a significant impact.’

Greggs offers ‘compelling value proposition… especially in this tough consumer landscape’

Mamta Valechha, equity research analyst at Quilter Cheviot:

‘Looking ahead, it is encouraging to see that momentum has continued into current trading, while cost inflation is starting to ease (7% vs. 11% in H1) which should help improve margins in the second half of the year.

‘Positively, key growth drivers also remain intact. Evening trade has seen increased traction with post-4pm sales growing the fastest, now making up 8% of total transactions. Transactions made on the app have also accelerated to almost 11%, which should drive higher customer purchase frequencies through the new Greggs loyalty scheme.

‘Greggs continues to roll out its store openings with 94 new shops, and has been investing in distribution centres to support growth. The redevelopment of the Birmingham site has already commenced, and the extension of the Amesbury DC is due to begin in H2. A fourth savoury production line is also due to start in Q4.

‘This morning’s results reiterate a positive outlook for Greggs, particularly given its unique growth opportunities, and its defensive position with a compelling value proposition showing positive signs, especially in this tough consumer landscape.’

SMALL CAP IDEA: Helium One

Early in July, Helium One announced the acquisition of a drill rig.

The deal looks to be a game-changer for the company, and the market certainly thought so: shares in Helium One jumped by nearly 100 per cent (now 8.8p) on the news.

Breaking: Cineworld emerges from Chapter 11 bankruptcy

Cineworld Group has emerged from Chapter 11 bankruptcy after nearly 11 months, coming out with lower debt and a new slate of management and board.

The world’s second largest cinema chain operator behind AMC Entertainment has appointed former chair and CEO of Warner Bros Ann Sarnoff to its board, along with four other members to join new Chairman Eric Foss and CEO Eduardo Acuna.

Richard Moriarty named as new boss of Britain’s scandal-hit accounting watchdog

The accounting watchdog has named its new boss. Richard Moriarty  will take over from Sir Jon Thompson at the Financial Reporting Council after five years running the Civil Aviation Authority.

But he inherits the role at a time when the FRC is undergoing a major transformation to prevent repeats of scandals such as the collapses of the outsourcer Carillion and retailer BHS.

Diageo sales beat forecasts

Diageo beat full-year sales forecasts as customers continued to buy expensive scotch, whisky and tequila despite high prices.

The world’s largest spirits maker, which also makes Johnnie Walker whisky, Captain Morgan’s rum and Ketel One vodka, saw organic net sales growth of 6.5 per cent in the year to 30 June.

This marginally beat analyst forecasts for a 6.4 per cent increase.

BP outlook cushioned by diversification

John Moore, senior investment manager at RBC Brewin Dolphin:

‘As expected, bp’s results are similar to Shell’s last week – but there are strategic differences that are worth highlighting.

‘A declining oil price environment and, with that, a significant fall in profits are the headlines, but bp is still in a robust position when you look over a longer period.

‘The energy company has focused more than rivals on diversifying, and that is called out in today’s update with the completion of the acquisition of TravelCenters of America and its entry into the German offshore wind market. bp also has strong credentials in carbon capture, which offers potential yet to be realised.

‘The litmus test is share buybacks and bp has announced a further $1.5 billion, on top of a 10% dividend hike, indicating confidence from management despite the headline reduction to profits.’

Mike Ashley’s Frasers Group increases its stake in fast fashion firm Boohoo to 7.8%

Mike Ashley’s retail empire has once more increased its slice of Boohoo.

Frasers, the owner of Flannels and Sports Direct, boosted its stake in the fast fashion brand from 6.78 per cent to just over 7.8 per cent yesterday.

The group previously increased its holding in the online retailer, from 5 per cent to 6.78 per cent, last week.

Greggs costs ease as profits jump

Greggs profits jumped 14 per cent in the first half, with the bakery chain citing easing inflationary pressures and plans to open new stores.

Roisin Currie, chief executive, said:

‘Greggs strong performance continued in the first half of 2023 as we deliver on our strategic growth plan. With consumers remaining under pressure, we continue to offer exceptional value, which is reflected in our performance and growing market share.

‘In the period we continued to open further new shops, extended trading hours into the evening and saw increased participation in the Greggs App.

‘Our ambitious plans for growth are on track and our amazing teams are committed to realising the opportunity to become a significantly larger, multi-channel business.’

BP boosts dividend despite profit slump

BP profits slumped 70 per cent year-on-year in the second quarter to $2.6billion, missing market forecasts of $3.5billion, reflecting lower fuel prices and weaker oil trading.

However, the energy giant has increased its dividend by 10 per cent to 7.27 cents per share, the fourth hike since halving it in the wake of the coronavirus pandemic three years ago. It will repurchase $1.5billion of its shares over the next three months.

Aston Martin announces plans for a £210m cash call as it looks to cut down its debt pile

Aston Martin has unveiled plans to raise another £210million of funding to help speed up efforts to cut down its debt pile.

The cash call is backed by the luxury car maker’s largest investors, including the Saudi Arabian sovereign wealth fund and Chinese rival Geely.

HSBC profits more than double

HSBC has raised its key performance target after first-half pre-tax profit surged more than two-fold to $21.7billion, boosted by rising interest rates worldwide and gains from the planned sale of its French unit.

Profits were up from $9.2billion at the same time last year and beat analysts’ expectations of $20.9billion.

The bank also announced fresh share buybacks of up to $2billion and a dividend of 10 cents a share.

HSBC raised its near-term return on tangible equity goal, a key performance target, to at least mid-teens for 2023 and 2024, from a previous target of at least 12 per cent from 2023 onwards. It reported return on tangible equity of 9.9 per cent for 2022.

HSBC’s first-half profits more than doubled, thanks to global interest rate hikes, with the banking giant planning to reward investors with bumper payouts.

The bank posted a pre-tax profit of $21.7billion (£16.9 billion) for the first six months this year, up from $9.2billion a year earlier and beating market forecasts of $20.9biillion.

The group also revealed plans to buyback up to $2billion worth of shares and a dividend of 10 cents (8p) per share. 

The bank posted a pre-tax profit of $21.7billion (£16.9 billion) for the first six months this year, up from $9.2billion a year earlier and beating market forecasts of $20.9biillion

But, while rate hikes in response to high inflation have boosted banks, HSBC warned customers of pain to come, with further hikes expected globally. 

For Britons this means mortgage rates continuing to climb, adding to cost pressures and sky-high food prices that are hitting households and businesses hard. 

The bank said its higher credit loss of $1.3billion in the first six months, compared  to $1.1billion a year earlier, resulted partly from exposure to the China commercial real estate sector and UK commercial banking. 

HSBC increased its near-term return on tangible equity goal – the bank’s key measure of profit – to at least mid-teens for 2023 and 2024, from a previous target of at least 12 per cent from 2023 onwards. It reported return on tangible equity of 9.9 per cent for 2022

Noel Quinn, group chief executive, said: ‘There is still much work to do, especially given the many challenges in the global economy, but I am confident about the future as we move further into the next phase of our strategy and focus on opportunities to drive value creation, diversify our revenue and retain tight cost control.’

HSBC shares were up 2.2 per cent to 660.8p on Tuesday morning.   

Commenting on the results, equity research analyst at Quilter Cheviot Will Howlett said: ‘HSBC is in a strong position compared to the other large UK banks as it isn’t quite so domestically focused. 

‘Banks are beginning to be squeezed by governments and regulators to pass on higher interest rates to depositors, and this means net interest margins for many have likely peaked, even with the Bank of England set to raise rates again this week. 

‘For HSBC, however, it has large operations outside the UK, where the pressure isn’t so great due to more limited competition. So while the net interest margin will have peaked, it won’t have to fall quite so much as its listed peers.’

KSI vs Tommy Fury has finally been made official after an arduous negotiation period.

The pair will square off on October 14 at the AO Arena in Manchester live on DAZN PPV.

Logan Paul is also expected to be on the double header bill although his opponent is yet to be announced. 

Announcing the news on social media, KSI wrote: ‘OCTOBER 14TH, I’m doing what Jake Paul couldn’t and beating Tommy Fury on the biggest night in crossover boxing history, at Manchester’s AO Arena, live on DAZN PPV on the PRIME CARD!’

For a time, it seemed as though the fierce rivals wouldn’t be facing each other this year after they butted heads over the proposed weight.

KSI and Tommy Fury will square off on October 14 live on DAZN pay-per-view on the Misfits Boxing PRIME card

KSI and Tommy Fury have been locked into negotiations since May following the British YouTube stars last fight with Joe Fournier

Fury demanded that the fight take place at 185lb while KSI affirmed he would agree to the weight if a rehydration clause was inserted into their contract.

He tweeted: ‘Tommy I wanna KO your a** so badly that I’ll come up in weight and do 185lbs if you agree to do the weigh in on the morning of fight day. Nice fair fight. If not you will forever be known as Tommy Ducky.’

In response, Fury said: ‘Here we go again guys, KSI going on about how it’s my fault the contract hasn’t been signed yet. 

‘Just a few things to clear up, KSI has only just agreed to do drug testing for this fight and now he’s complaining about the weight.

‘This fight is at 185lb, take it or leave it. I know you’re a midget and you’re worrying about the weight, but get some more food down you and you’ll get there.’

But an agreement has now been reached and the pair will square off at the back end of the year on Misfits Boxing’s PRIME card.

The weight and number of rounds are yet to be announced at the time of writing. 

This will be Fury’s first fight back since beating Jake Paul via split decision in February.

Meanwhile, KSI last fought in May against Joe Fournier. The British YouTube star was initially declared the winner via knockout but the decision was later overturned to a no contest due to an accidental elbow strike in the finishing sequence. 

Logan Paul is also booked in to joint-headline the card against a currently undisclosed opponent