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CITY AM – Hunt: We want funds to invest City AM says Jeremy Hunt is set to announce hotly-anticipated plans to supercharge pension funds to invest in high-growth sectors and boost British businesses. The Chancellor will spell out his plans today to encourage schemes to invest cash in infrastructure, startups and green tech – in a bid to rocket power the UK’s growth while avoiding adding to the debt pile. Speaking at Mansion House in the City of London, Hunt is expected to explain how his plans could secure funds for firms while expanding on returns for pensioners, the Treasury…
The Economist – The future of war The Economist says at first glance the war in Ukraine may look like a conflict from the 20th century, but it tells us as much about the future as it does about the past. New technology is transforming the way wars are fought, and not just in Ukraine. As the sabre-ratting between China and America over Taiwan intensifies, what does the future of war look like? Read all the business pages here
Top US senator calls for probe into Prime energy drink US Senator Chuck Schumer has called on regulators to investigate Prime energy drinks – promoted by YouTubers KSI and Logan Paul. The energy drinks have become something of a cultural trend in recent months. Senator Schumer alleges the drink is being targeted at children despite its high caffeine content. Prime Energy contains 200mg of caffeine per can, which is almost twice the amount of the energy drink Red Bull. Prime energy drinks carry a warning stating that it is not recommended for children under the age of 18. But Schumer…
It could affect your state pension.
Twitter threatens legal action over Threads app Elon Musk’s Twitter is considering legal action after Meta launched its own version of the social media app, called Threads. Threads launched on Wednesday, and saw millions sign up. The social media site has been pitched as a “friendly” alternative to Twitter, which under Musk, appears to have become a bigger hotbed for misinformation and bullying. In response to the launch of Threads, Musk said “Competition is fine, cheating is not.” But Meta has denied claims in a legal letter that ex-Twitter staff helped to create Threads. Threads has been described as being…
Financial Times – Global stock markets tumble Summary of the front page Investors sold stocks and bonds across the world yesterday as US borrowing costs touched a 16-year high, the Financial Times reports. The paper says it comes after strong private sector jobs figures intensified expectations of further rate rises by the US federal reserve. The paper quotes a bond fund manager saying “the global economy will break eventually, and the higher the rates go, the bigger the cracks will be”. Today’s top stories Like this article? Leave a comment UK National newspapers
Financial Times – Treasury sells £4bn of debt at highest two-year borrowing cost this century Summary of the front page The Financial Times reports that the UK has paid the highest borrowing cost on two-year debt this century at an auction of £4bn of gilts, as the recent surge in bond yields feeds through to the government’s finances. The paper quotes one economist who says the Bank of England may eventually put up rates to 7%. Today’s top stories Like this article? Leave a comment UK National newspapers
The invasive species has devastated crops, damaged buildings and strangled local plantlife.
Prices have remained stubbornly high.
The typical rate across all deposit sizes was 6.01%.
Average five-year fixed mortgage rates now above 6% Following last month’s interest rate hike, a typical five-year fixed mortgage deal now has an interest rate of more than 6%. Last month the Bank of England raised interest rates to a 15-year-high of 5% in an attempt to bring down inflation. Mortgage lenders have been increasing rates and withdrawing deals recently, which has been driving up costs for homeowners. PM Rishi Sunak has urged homeowners to “hold their nerve” over rising rates. On Tuesday, the average rate for a five-year fixed mortgage stood at 6.01% according to Moneyfacts. The average two-year…
Sainsbury’s boss says food price rises starting to slow Sainsbury’s boss Simon Roberts has said food prices are not rising as quickly as they were, helping to boost the amount customers are buying. The supermarket chain saw an increase of nearly 10% in the value of goods it sold in April, May and June. The hot weather, Eastern the royal Coronation and bank holidays all played a role in the increase of goods sold. Roberts said Sainsbury’s was “fully committed” to passing on savings to the customers. The past year has seen food prices skyrocket, but some wholesale prices have…
The Economist – The Humbling of Vladimir Putin THE ECONOMIST SAYS the last pretence of Vladimir Putin to be, as he imagines, one of his nation’s historic rulers was stripped away on June 24th. A band of armed mercenaries swept through his country almost unopposed, covering some 750km (470 miles) in a single day, seizing control of two big cities and getting to within 200km of Moscow before withdrawing unharmed. Mr Putin long ago failed as a reformer, having presided over ever-deepening corruption and economic stagnation and being unable to make Russia anything more than a purveyor of hydrocarbons just…
CITY AM – London set to power UK recovery CITYAM SAYS London businesses are shaking off all the doom and gloom swirling around the UK economy and are poised to power the country’s recovery, exclusive research shared with City A.M. has found. The capital’s firms are standing up to rising costs and shaky consumer demand, but are still alive to inflationary threats, according to the London Chamber of Commerce and Industry’s (LCCI) latest Capital 500 survey. Some 24 per cent of London businesses notched an increase in domestic sales in the second quarter of this year, up from 21 per…
Energy boss says prices might rise this winter The boss of the International Energy Agency has warned energy prices could spike again this winter, forcing governments to step in and subsides bills again. If the Chinese economy strengthens quickly and there is a harsh winter, gas prices could rise, putting financial pressure on customers, Fatih Birol said. He said governments should push for energy-saving and boost renewables. But a UK government spokesperson said energy bills are set to fall by an average of £430 this month. Gas prices jumped massively following Russia’s invasion of Ukraine. The war drove up energy…
The Doctors will see you now.
Energy giants TotalEnergies and Shell on Sunday defended activities linked to Russia after a critical report into their trading in natural gas despite the war in Ukraine.
The UK and US are not the only countries that are worried about the Activision Blizzard acquisition, as Canada has made clear.
Thames Water boss quits after sewage spills The boss of Thames Water Sarah Bentley has quit after two years in the role, weeks after giving up her bonus, following the sewage spills. Thames Water said she leave her role with immediate effect. Chief financial officer Alistair Cochran will now take over as interim co-chief executive. He will now run the company along with Cathryn Ross. Last month, Bentley said she would forgo her bonus due to the company’s poor performance. The backlash comes after news that raw sewage was being dumped into rivers around the UK. Thames Water is the…
Leading online travel agency Booking.com has ventured into the world of AI with a new ChatGPT-powered trip planner.
A mum was shocked when she found that the food for her youngster at the Co-op store in Aylesbury was being kept in plastic cases.
Here’s who will receive the boost.
CITY AM – Parties set for battle over rates Labour now 25 points clear of Tories as mortgage rates batter Rishi Sunak’s party CITY AM SAYS Labour has posted its biggest lead over the Conservatives since March, new polling data has revealed, as the public grows increasingly tired of the government’s perceived mismanagement of the economy. Labour’s vote share jumped four points to 47 per cent, giving the opposition party a 25 point lead over the Tories, according to fresh polling data by YouGov. The Conservative Party’s vote share dipped two points to 22 per cent, according to the data,…
