Drax looks to expand in the US as it takes advantage of Inflation Reduction Act May 23, 2023 Drax is looking to expand its operations in North America as it looks to take full advantage of the benefits on offer under the Inflation Reduction Act.
Bank of England governor Andrew Bailey and chief wonk Huw Pill admit they botched inflation forecasts May 23, 2023 Top officials at the Bank of England today admitted they have undershot the strength of inflation, with governor Andrew Bailey confessing the central bank has some “very big” lessons to learn over how it sets interest rates. MPs on the influential treasury select committee slammed members of the monetary policy committee (MPC) for failing to [...]
Leg up for UK listings as Labour backs £50bn pension ‘growth fund’ May 23, 2023 A Labour government would push pension funds to pump cash into UK start-ups and growth firms as part of plans to boost the City and keep homegrown firms in Britain, Rachel Reeves has said. Speaking in New York today, the shadow chancellor said her party aimed to rocket-launch investment in the UK by accelerating consolidation [...]
Offshore: 1,650 workers to strike in sector’s biggest walkout – following Shell and BP’s £11.7bn profits May 23, 2023 Around 1,650 North Sea offshore contractors will begin two new rounds of 48-hour strike action in what a trade union said is the biggest walkout in the sector so far. The workers are striking in an increasingly bitter dispute over jobs, pay and conditions in the offshore sector, Unite said. The union says BP and Shell recorded [...]
Shell AGM: Tense meet disrupted by climate protestors who target chair Andrew MacKenzie May 23, 2023 Climate change protesters have tried to storm the stage at oil giant Shell’s annual shareholder meeting in London. In a tense moment in the meeting, which had already been delayed for nearly an hour, security stepped in to prevent a protester reaching chairman Sir Andrew Mackenzie and other board members on stage. Dozens of protesters [...]
Meta sells Giphy to Shutterstock to comply with UK regulator order May 23, 2023 Shutterstock said today it would buy animated-images platform Giphy from Meta for $53m in cash, months after the Facebook owner had agreed to divest the company on competition concerns. Britain’s competition regulator last year ordered Meta to sell Giphy over fears that it could deny or limit competitors such as Snapchat and Twitter access to the target’s content. Meta had [...]
Big tech and banks conspire in new scheme to combat fraud May 23, 2023 An alliance of banks, tech companies and telecoms groups are set to pilot a new scheme to collect information on scammers as attempts to tackle the UK’s fraud epidemic step up a notch. The new group, Stop Scams UK, has members including the UK’s largest incumbent banks, challenger banks, telecoms providers and big tech firms. [...]
Swelling debt interest bill fashions second highest April government borrowing on record at £25.6bn May 23, 2023 A near £10bn debt interest bill helped to push UK borrowing to the second highest monthly total for April since records began in 1993, official figures out today reveal. The government took on an additional £25.6bn of debt last month, above market expectations and up from £13.7bn in the same month last year, according to [...]
A rollercoaster ride of experiences at the Bitcoin Conference in Miami, where a little corner of Bedford offered hope May 23, 2023 Susie Violet Ward reports back from an eventful Miami where contrasts were shocking and inspiration was provided by Peter McCormack.
IMF ditches UK recession call and lifts GDP growth from bottom of G7 May 23, 2023 The International Monetary Fund (IMF) today joined the Office for Budget Responsibility and Bank of England in admitting they were wrong to forecast the UK will suffer a tough recession this year. The globe’s lender of last resort in fresh forecasts hiked its gross domestic product expectations in 2023 to 0.4 per cent. It previously [...]
