Looming Opec supply increase propels oil prices to near-decade high October 4, 2021 Oil prices shot up to their highest level in almost a decade today after the cartel of oil producing countries said it would continue to flood the market with supply. International benchmark US WTI jumped 2.4 per cent to $77.67, the most a barrel has cost since 2014. The gains follow six straight positive weeks [...]
OECD slams ESG investing for being toothless at tackling climate change October 4, 2021 The organisation representing the world’s richest countries has slammed ESG investing for being toothless at fighting climate change. In a damning report released today, the Organisation for Economic Cooperation and Development (OECD) hit out at ESG investing for lacking “clarity” and “transparency”. “Data inconsistencies, lack of comparability of ESG criteria and rating methodologies, as well [...]
Interview: IoD’s new chief economist delivers damning verdict on Tory tax hikes October 4, 2021 After just a month or so into the job, the freshly appointed chief economist of the organisation that represents British business leaders is wasting no time in weighing in on the ails of the UK economy, shooting down one area in particular – tax. Kitty Ussher of the Institute of Directors (IoD) has slammed the [...]
Exclusive: Chronic HGV driver shortage to persist as successful tests plummet October 4, 2021 The chronic shortage of HGV drivers plaguing the UK economy will not end anytime soon, according to exclusive data obtained by City A.M.. Some 16,000 people passed their HGV vocational driving test this year, down from the annual average of 42,000 in the previous five years. The depressed levels of people passing their HGV test [...]
Sunak mulling emergency Covid-19 loan scheme extension October 3, 2021 Chancellor Rishi Sunak is set to extend the Covid-19 emergency loan scheme in a bid to support businesses amid intensifying cost pressures and severe worker shortages. Officials at the Treasury are reportedly mulling extending the Recovery Loan Scheme, which is set to end on December 31, according to reports in the Daily Telegraph. The extended [...]
Sunak and Johnson strike deal to wean government off borrowing October 3, 2021 Prime minister Boris Johnson and chancellor Rishi Sunak have brokered a deal to wean the government off borrowing to finance spending. Any new spending announced at the upcoming budget and spending review must be financed by reductions in spending elsewhere or tax hikes, Johnson has reportedly agreed to. The news was first reported by The [...]
Eurozone inflation ratchets up to 13-year high October 1, 2021 Inflation in the Eurozone soared to a 13-year high last month, posing more headaches for the European Central Bank. Prices in the 19 countries sharing the euro rose to 3.4 per cent annually in September from 3 per cent a month earlier, the highest reading since September 2008. The inflation clip came in ahead of [...]
Thousands of business face insolvency as ban on liquidating firms ends today October 1, 2021 As the Government is phasing out its restrictions on winding-up petitions, lenders and creditors can legally seek to liquidate a company that they believe is unable to pay their debts from today. According to Rebecca Dacre, partner at City-based tax and audit firm Mazars: “With the restrictions on winding-up petitions coming to an end within [...]
‘Stagflation’ fears mount as UK manufacturing hit by shortages October 1, 2021 Chronic shortages of materials caused by supply chains buckling under the weight of a resurgence in global demand are intensifying the spectre of “stagflation” looming over the UK economy. A sharp slowdown in growth in Britain’s manufacturing industry has prompted Rob Dobson, director at IHS Markit, a producer of a closely watched economic survey, to [...]
With S&P 500 down 4.8 per cent, September counted the worst losses since March 2020 October 1, 2021 September counted the worst monthly losses since the beginning of the pandemic, with stocks on Wall Street falling broadly yesterday. The S&P 500 ended the month 4.8 per cent lower, its first monthly drop since January and the biggest since March 2020, when the viral outbreak rattled markets as it wreaked havoc with the global [...]