Money Spotlight: The reasons your real pay is dropping like never before June 19, 2022 Britons saw their basic pay fall at the fastest pace on record in April due to soaring prices. More pain is in store for UK households as inflation is set to hit further eye-watering peaks later this year. The Office for National Statistics (ONS) said yesterday that regular wages excluding bonuses plunged by 4.5 per [...]
BP rubbishes Rosneft claim it is set to ‘wait out’ Russia’s war in Ukraine June 19, 2022 OIL giant BP has rubbished claims by the boss of Russian energy firm Rosneft that it was second-guessing its decision to pull out of the country after the Kremlin’s invasion of Ukraine. Igor Sechin said BP still remained its largest private shareholder despite announcing its departure from a three-decade partnership with the Russian company. “All [...]
Energy body: Windfall tax starting to deter investment June 19, 2022 ENERGY industry bigwigs have warned the first signs of the windfall tax’s chilling effect on investment are starting to be felt after reports that the Norwegian state energy company is considering abandoning a £4.5bn North Sea oil project. The Sunday Telegraph reported this weekend that Equinor’s involvement in the Rosebank Field was now in question [...]
Lady Cobham: UK mustn’t sell off defence crown jewels June 19, 2022 LADY Cobham, the daughter-in-law of the founder of the defence giant Cobham, has warned the UK government it cannot afford to allow British defence firms to fall into foreign hands. Cobham was bought by a US private equity firm in 2020, with Lady Cobham at the time warning the government it should have stepped in [...]
Hackers delay Vladimir Putin’s opening speech at Russia’s version of Davos June 19, 2022 Hackers on Friday halted the start of Vladimir Putin’s opening speech to the St Petersburg conference dubbed ‘Russia’s version of Davos,’ as part of ongoing cyberwar between Russia and Ukraine. The Russian president’s opener was held up for more than an hour, after pro-Ukrainian hacktivists overloaded the St Petersburg International Economic Forum’s (SPIEF’s) servers with [...]
Atos finance chief to exit firm in wake of IT consultancy’s plans to split June 19, 2022 Atos yesterday said its chief financial officer is set to leave his job, just days after the French IT consultancy’s chief executive, Rodolphe Belmer, said he is exiting the company, after it set out plans to split into two, separate, listed firms. The exit comes as shares in Atos have lost more than half their value [...]
Elite Magic Circle law firm lets lawyers bring dogs to the office June 19, 2022 Slaughter and May’s new managing partner is set to let lawyers bring their dogs into the London offices of the elite City firm. Deborah Finkler – who took up her new role as Slaughter and May’s first ever female managing partner last month – is set to hold the Magic Circle firm’s first ever ‘Bring [...]
US Federal Reserve official warns investors to brace for more steep rate rises June 19, 2022 The US Federal Reserve will push through more steep rate hikes if inflation shows little sign of letting up, a top stateside central banker said over the weekend. Fed governor Christopher Waller said at a Society for Computational Economics conference in Dallas that “if the data comes in as I expect, I will support a [...]
Asda chair calls for business tax relief amid historic inflation levels June 19, 2022 Retail grandee Stuart Rose has said the government was too slow to move on the cost of living crisis and historic levels of inflation. The Asda chair and former Marks & Spencer boss has urged ministers to help struggling households amid the “tough times.” Speaking on Aquis Exchange’s Full & Frank podcast, Rose said Asda [...]
Irish PM: UK’s Northern Ireland Protocol plan is ‘economic vandalism’ June 19, 2022 The UK’s plan to rip up large parts of the post-Brexit Northern Ireland Protocol has been decried as “economic vandalism” by Irish Prime Minister Micheál Martin. Martin today said there were “legitimate issues” around the protocol, but that Boris Johnson’s response would damage Northern Ireland’s economy further. Foreign secretary Liz Truss introduced legislation last week [...]