Citi to wind up Russia operations as Wall Street giant fails to find a buyer August 25, 2022 Reuters Wall Street giant Citi will close its consumer and commercial banking businesses in Russia starting this quarter and expects to incur about $170 million in charges over the next 18 months as a result, the company said on Thursday. The U.S. bank with the largest presence in Russia announced plans in April 2021 to [...]
Wonks warn against price cap freeze August 25, 2022 The Government should offer more targeted support for households rather than freezing the price cap, argued two leading think tanks.
Offshore energy sector calls on Westminster to back oil and gas production August 24, 2022 Industry body Offshore Energies UK has challenged Westminster to back domestic energy production in the North Sea.
Boris Johnson makes surprise Kyiv visit on Ukraine independence day August 24, 2022 Boris Johnson has made a surprise visit to Kyiv today to mark Ukraine’s independence day. Johnson said that “I believe Ukraine can and will win this war” in what will be his final trip to the country as UK Prime Minister. Johnson also said higher energy bills were worth paying to support Ukraine and that [...]
Changes sweep the boardrooms and C-suites of biggest businesses in the UK August 24, 2022 The boardrooms and C-suites of some of largest companies in the UK have undergone sweeping overhauls this week alone. The winds of change have blown as the country heads into autumn and buckles down for a worsening economic crisis, some two years on from the start of the pandemic. While Covid-19 measures in the country [...]
US in teeth of ‘deep recession’ in ominous sign for rest of world August 23, 2022 The US is in the teeth of a “deep recession” in an ominous sign for the world’s other largest economies, experts warned after a closely watched survey came in much weaker than expected on Wall Street. S&P Global composite purchasing managers’ index (PMI) dropped to 45 points this month, the lowest in over two years [...]
Inflation surge pushes UK economy to edge of stagnation August 23, 2022 Brits reining in spending amid a historic inflation surge has steered the UK economy to the edge of “stagnation,” a closely watched survey released today shows. S&P Global’s flash composite purchasing managers’ index (PMI), which measures activity across the private sector, dropped to 50.9 this month, down from 52.1 in July. The figures indicate “the [...]
M&S doubles down on plans to demolish Art Deco Oxford St store August 21, 2022 M&S is doubling down on its plans to demolish its flagship Marble Arch store, as its CEO describes a trip to Oxford St as “dismaying.” The supermarket is embroiled in a battle with heritage campaigners over plans to raze its Art Deco store in the West End. M&S says the store has “asbestos throughout,” and [...]
Week ahead: Powell to commit to more rate hikes in Jackson Hole speech August 21, 2022 The world’s investors will be closely watching the annual gathering of the cream of the central banking crop at this year’s Jackson Hole symposium in the state of Wyoming. London’s premier FTSE 100 index notched a reasonable performance last week, squeezing out a 0.66 per cent gain to close at 7,550.37 points. Its mid-cap rival, [...]
Leading farming union defends solar panels from Tory attacks August 21, 2022 The UK’s largest agricultural body has defended the farming sector’s support of solar panels, despite criticism from both Tory leadership contenders.