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FTSE 100 Live: Google owner Alphabet disappoints, Barclays posts £2bn profit

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FTSE 100 Live: Google owner Alphabet disappoints, Barclays posts £2bn profit

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Barclays reports £2bn profit, arrears rate steady

Profits at Barclays hit £2 billion in the third quarter, resulting in a surplus of £5.7 billion for the year to date as lenders benefit from rising interest rates.

The quarterly profit is 6% higher than the figure for the previous year.

The potential impact of inflation and rising interest rates meant the bank’s UK division booked a credit impairment charge of £129 million in the quarter, up from a net release of £306 million the previous year.

It pointed out that arrears rates in its UK cards business remain below historical levels.

Chief executive C. S. Venkatakrishnan said: “We are ready to provide support for customers and clients facing an uncertain economic environment and higher cost pressures.”

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Made.com suspends customer orders after rescue efforts fail

Made.com has suspended customer purchases after failing to find a buyer to rescue the beleaguered furniture business.

In a statement the company said: “In light of the fact that MDL [Made Design] is reliant on MADE for any further funding requirements and in order to preserve value for its creditors, the board of MDL has taken the decision to temporarily suspend new customer orders.

“This decision remains under review and a further announcement will be made as appropriate.”

In recent months, the company has warned it was considering cuts to staffing numbers and would need £70 million in funding to secure its future over the next 18 months.

Yesterday, Made said attempts to find a buyer had been unsuccessful. The company said: “Following further discussion, those parties have all now confirmed to the Company that they are unable to meet the necessary timetable. As a result, those discussions have been terminated and the Company is no longer in receipt of funding proposals or possible offers.”

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