Bitesize Blighty: January 12, 2018
- Donald Trump has cancelled a planned visit to the UK in February, where he had been expected to open a new $1bn (£738m) US embassy in London. The US president tweeted he was not a "big fan" of the new embassy - which is moving from Mayfair to south London. He blamed Barack Obama's administration for a "bad deal" despite the fact the move was agreed under George W Bush. The trip was not the controversial full state visit offered by Theresa May, for which no date has yet been set.
- Three quarters of UK graduates now obtain a first class degree or a 2:1 as the Office for Students warns it will name and shame universities found to be deliberately inflating grades. According to figures released by the British Higher Education Statistics Agency persistent grade inflation has resulted in 100,495 students graduating with top honours last year, up 40 percent in just four years.
- Earlier today we learned that JP Morgan had an increase in revenue for the fourth quarter of 2017, but posted a huge loss on a loan to a single customer in its equity markets business. The company said it recorded a $143m (£105m) loss on a margin loan to a single client of its corporate and investment bank, but did not name the client. However, Poundland owner Steinhoff has been named as the customer in question by various media outlets citing sources close to the matter due to Steinhoff’s announcement at the end of last year that it would need to reissue its financial figures for 2016 due to accounting irregularities.