White House urges Opec to boost oil supply August 11, 2021 The White House has urged the alliance of oil producing nations to rapidly scale oil production to avoid a slow down in the global economic recovery. In a statement released today, the White House said President Joe Biden’s administration had pushed Opec to ramp up oil output to ease supply constraints. Global benchmarks slipped on [...]
Demand for houses worth £1m is greater outside London than inside August 11, 2021 London is losing its grip on the luxury housing market with more homes worth £1m sold outside the capital than inside for the first time. Data provided by the HM Land Registry has revealed that 51 per cent of the 6,573 homes that sold for more than £1m in England and Wales were based outside [...]
Brits still spooked over public transport as spending lies well below pre-Covid levels August 11, 2021 Covid-19 still has Brits spooked about public transport, despite the UK lifting restrictions, as cash dished out on trains and buses remains well behind pre-pandemic spending. Consumer spending across public transport sits 30 per cent below figures seen in 2019, according to new data from moneysaving app Snoop. Meanwhile, petrol has enjoyed a 90 per [...]
Transdigm swoops in bid to scupper £6.3bn Meggitt takeover August 11, 2021 US aerospace firm Transdigm has launched a bid to hijack fellow engineer Parker’s £6.3bn takeover of Meggitt, the FTSE 250 firm revealed today. Yesterday Cleveland-based Transdigm made a 900p per share bid for the British firm, topping its rival’s bid by 100p and valuing the company at £7bn. The fresh bid, which comes just days [...]
US claims Julian Assange psychiatrist report was misleading August 11, 2021 The US government believes the decision to not extradite Julian Assange should be overturned on the grounds that a psychiatrist report into his mental state was misleading. The US’ attempts to extradite the activist and publisher were blocked by the British courts earlier this year on the grounds that he was a suicide risk. Assange [...]
The latest British unicorn? Insurtech Marshmallow is waiting in the wings August 11, 2021 Marshmallow Financial Services is soon to announce its latest fundraising round that will bring its valuation to $1.2bn (£869m), joining the ranks of other recent UK unicorns Starling Bank, Gousto and Zego. Its latest cash injections is fuelled largely by existing investors, according to reports in Sky News citing “city insiders” with knowledge of the [...]
Affordability in UK housing market plunges to 10-year low August 11, 2021 Affordability in the UK property market has plunged over the last year amid soaring house prices and stagnating wage growth, according to new figures published today. Research from Halifax shows the average home in the UK now costs 8.1 times average earnings, the highest on record since the lender started tracking the figures 10 years [...]
Amazon transfers £8.2bn of UK revenue to Luxembourg, report says August 11, 2021 Amazon has shifted some £8.2bn worth of UK revenues to European tax haven Luxembourg, a new report has claimed, as the ecommerce giant bats off calls for a tax inquiry. The retail heavyweight declared £13.7bn in UK revenues in 2019, however, filings for its UK-based companies said it only reported £5.5bn in sales. The report, [...]
Duty-free alcohol and cigarette sales fly as international travel recovers August 11, 2021 Duty-free alcohol and cigarettes sales have soared as British holidaymakers have made the most of relaxations in travel restrictions. Sales of alcohol and tobacco have risen 50 per cent to 100 per cent in recent days, duty-free giant Dufry AG said in a half-year trading update. The operator said it was encouraged by the uptick [...]
US inflation comes in hotter than expected in July August 11, 2021 US inflation come in higher than expectations in July and is still running above historic levels, according to official figures released today. US inflation hit 5.4 per cent annually in July, the same rate recorded in June, according to the US Bureau of Labor Statistics. Monthly inflation cooled to 0.5 per cent from 0.9 per [...]
