Russia has 38 per cent jump in energy export earnings this year: internal document August 17, 2022 Reuters Higher oil export volumes, coupled with rising gas prices, will boost Russia’s earnings from energy exports to $337.5 billion this year, a 38% rise on 2021, according to an economy ministry document seen by Reuters. The jump in revenues, if it materialises, will help shore up Russia’s economy in the face of waves of [...]
Bank of England to launch another jumbo rate hike to tame over 10 per cent inflation August 17, 2022 The Bank of England is set to launch a series of jumbo rate hikes to tame inflation that is beginning to be driven by domestic factors, City economists warned today. Prices climbed 10.1 per cent annually in July, the fastest acceleration since February 1982 and much higher than the Bank and analysts’ forecasts, according to [...]
Inflation overshoot spooks investors as FTSE 100 house builders tumble August 17, 2022 London markets were shaken today by concerns that inflation is firming in the UK as housebuilders suffered heavy losses on the prospect of more rate hikes. The capital’s premier FTSE 100 index dropped 0.27 per cent lower to 7,515.75 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of [...]
Bank of England’s recession warning hits UK consumer confidence August 17, 2022 Fears of a protracted recession as long as the one caused by the financial crisis is weighing on Brits’ optimism, a new survey released today showed. Consumer confidence dipped four points at the beginning of August, according to Bank of America. “Confidence remains weak, consistent with recession, and all components worsened,” the Wall Street giant [...]
High commodity prices boost bin collector Biffa’s recycling revenues August 17, 2022 Waste collection company Biffa today posted “strong” financial results as high commodity prices bolstered the firm’s recycling business whilst offsetting far-reaching inflationary pressures. The High Wycombe headquartered firm said it had cut its statutory losses by 57 per cent from £40.5m in 2021 to 17.6m in 2022. The stronger financial performance came as Biffa’s [...]
Easing China economy slowdown fears sends miners to top of London’s FTSE 100 August 16, 2022 Easing fears over a slowdown in the Chinese economy boosted London’s premier FTSE 100 index today. The FTSE 100 jumped 0.36 per cent to 7,536.06 points, while the mid-cap domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.23 per cent to 20,336.41 points. Figures published earlier this [...]
Over half of money managers bet on global recession this year August 16, 2022 Over half of investors are fretting over the global economy tumbling into recession this year, new figures released today show. Some 58 per cent of money managers think global output will shift into reverse, up from a minority of 47 per cent, according to Bank of America’s latest global fund managers’ survey. The latest reading [...]
Inflation deals record blow to UK workers’ living standards August 16, 2022 Surging inflation has dealt a record blow to households’ wages in a sign the UK economy is tumbling into a sharp slowdown, official figures published today showed. Brits’ pay accounting for consumer price index inflation dropped 4.1 per cent over the last three months, the biggest drop since records began in 2001, according to the [...]
Weak China economy data weighs on London’s FTSE 100 August 15, 2022 London’s FTSE 100 kicked off the week in muted style as more signs of the global economy stalling emerged today. The capital’s premier index edged 0.04 per cent higher to 7,503.87 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, jumped 0.12 per cent to [...]
Identifying politicians’ role in inflation surge is better than tweaking BoE mandate August 15, 2022 Understanding how much of the blame politicians should carry for inflation surging far above the Bank of England’s two per cent target would be “a better strategy” than tweaking its mandate, a top City economist said today. In a note, Paul Donovan, chief economist at investment bank UBS, said the UK’s inflation shock has been [...]