FTSE 100 close: Wall Street sell off spreads to London pushing premier index further away from 8,000 point mark February 22, 2023 London’s FTSE 100 was drawn into a sell off on Wall Street last night, pushing it further below the 8,000 point threshold today. The capital’s premier index fell 0.59 to 7,930.64 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, slid 0.82 per cent to [...]
Inflation bites into profits of Actimel owner Danone with sales up 13 per cent to £23.7bn February 22, 2023 French food giant Danone, producer of Actimel, has reported a full year increase in sales but admitted that soaring inflation and a hike in costs had impacted its profit margin. The food manufacturer said sales increased to €27.7bn (£23.7bn) in 2022, up 13.9 per cent on a reported basis and 7.8 per cent on a [...]
Sneak peak at Earls Court £8bn ‘zero carbon’ regeneration scheme February 22, 2023 A derelict exhibition centre in Earls Court is set to be transformed into a £8bn zero carbon neighbourhood with a raised urban park bigger than Trafalgar Square. The 40 acre site in Zone 1, which was once home to the Brit Awards, was crushed in 2015 but now its new developers have plans to transform [...]
British Steel confirms 260 jobs at risk amid coke oven closures February 22, 2023 British Steel announced 260 jobs are at risk amid proposals to close its coke ovens at its plant in Scunthorpe. The firm said the UK remains “uncompetitive” compared to rival markets with energy and carbon costs “some of the highest” globally. It said it had seen a £190m rise last year and the facilities were [...]
China tells state-owned companies to cut ties with the Big Four February 22, 2023 China has told its state-owned companies to stop working with the Big Four auditors – EY, KPMG, PwC, and Deloitte – and asked them to use local accounting firms instead. China’s Ministry of Finance (MoF) has called on the country’s state-controlled firms to let their audit contracts with the Big Four expire, Bloomberg reported today. [...]
Explainer: Why Tony Blair and William Hague are calling for digital ID cards February 22, 2023 There are rare instances where the political divide narrows and people of opposite political colours come together and agree. Today is one of those days, as Tony Blair and William Hague join forces to urge the government to introduce digital ID. Blair and Hague are old-time frenemies. They faced each other at the ballot box [...]
UK inflation will drop back to Bank of England two per cent target by end of this year, economists predict February 22, 2023 Inflation in the UK is on track to fall exactly back to the Bank of England’s target by the end of this year, according to forecasts by two top City of London economists. The rate of price increases will tumble to two per cent in the final three months of 2023, according to Pantheon Macroeconomics. [...]
Cost of living crisis forces Brits to abandon saving, with more than one in five taking on EXTRA debt February 22, 2023 The cost of living crisis is poised to force Brits to shun setting cash aside each month for a rainy day, official figures out today show. More than four in 10 of the population expect to save no money whatsoever over the next year, according to the Office for National Statistics (ONS). Inflation has raced [...]
Peugeot and Fiat owner’s profits rise 26 per cent as carmaker powers ahead with EV strategy February 22, 2023 Carmaker Stellantis reported a 26 per cent increase in net profit for the year as the Peugeot owner sought to dominate the electric vehicle (EV) market. Net profits at Stellantis, which produces Citroen, Fiat and Peugeot car brands, rose to €16.8bn (£14.8bn) for 2022, while net revenues jumped 18 per cent to €179.6 billion. On top of [...]
PMQs sketch: Starmer stands up for the Tory backbenches February 22, 2023 As Rishi Sunak tries to keep unity together in Northern Ireland - and build some on the Conservative backbenches and Starmer prepares to unveil the Five Missions no one asked for, Sascha O’Sullivan on today’s Prime Minister’s Questions.
