If we concede to the unions, Britain will find itself in a dizzying wage-price spiral December 14, 2022 A wage price spiral. We have not experienced one for so long that for most people the phrase might just as well be written in the Old English of a thousand years ago. It is, well, sort of comprehensible but only just. But such spirals can take hold with terrifying swiftness. Towards the end of [...]
Odeon leaks losses two years after pandemic as UK-wide admissions below 2019 levels December 13, 2022 The UK’s biggest cinema chain Odeon is still spooked by COVID-19 with the industry suffering a £5bn loss. The company saw losses of £37,199,000179 with only 74 million people coming to cinemas, compared to 2019’s 179 million people Recent monthly admission numbers from the UK Cinema Association show that attendance in 2022 continues to be low. [...]
Global markets surge after US inflation data signals early Fed hike exit December 13, 2022 Global markets received a huge boost today from another positive US inflation print. London’s premier FTSE 100 index closed 0.76 per cent higher at 7,502.89 points, while its mid-cap domestically-focused counterpart, the FTSE 250 index, climbed 1.42 per cent to 19,086.29 points. The pair had been fairly muted for most of the morning session. But, [...]
Bank of England calls for tighter rules on LDI market after mini-budget chaos December 13, 2022 Tighter oversight of the pensions industry is needed to ensure it can “withstand severe but plausible market moves” similar in size to those seen in the aftermath of Liz Truss’s disastrous mini-budget in September, the Bank of England said today. The recommendation from the Bank’s financial policy committee (FPC) has been sparked by concerns over [...]
US inflation falls quicker than expected nailing on slow down from Federal Reserve December 13, 2022 US inflation fell again last month to its lowest level since the end of 2021 in another sign this year’s price surge in the world’s biggest economy has passed its peak, official figures out today reveal. Consumer prices climbed 7.1 per cent over the last year to November across the pond, down from a rate [...]
As cyber-threats mount, the race is on to define and protect the corporate attack surface December 13, 2022 Cybersecurity has historically been a difficult sell to the board. Banking leaders, like their counterparts across other sectors, tended to regard IT security as the domain of the techies—something adjacent to rather than at the core of their business. But things have changed considerably since the start of the pandemic. Today the challenge is not [...]
Hapag-Lloyd forecasts small increase in shipping demand towards year’s end December 13, 2022 Shipping giant Hapag-Lloyd has forecast a small and short-lived uptick in demand towards the year’s end. The world’s fifth-largest shipping company saw a decline in demand in September and October as the cost-of-living crisis weakened consumers’ appetite. “I don’t think the market is as weak as it was four or eight weeks ago,” chief executive [...]
Rishi Sunak warns his cabinet about ‘challenging’ winter of UK strikes December 13, 2022 Rishi Sunak has warned his cabinet that winter will be “challenging” as widespread industrial action ramps up and as the economic downturn deepens. The Prime Minister’s official spokesman today said the “government will do all we can to minimise disruption”, while calling for union bosses to get back to the negotiating table. Today marks the [...]
Decade high 400k working days lost to strike action in October December 13, 2022 Over 400,000 working days were lost to strikes in October, the highest since November 2011, official figures from the Office for National Statistics out today reveal. Britain has been hit with a wave of industrial action by railway, postal and health workers sparked by pay and working conditions disputes. Working days lost to staff walk [...]
RMT’s Mick Lynch accuses government of ‘deliberately obstructing’ strike resolution December 13, 2022 RMT union boss Mick Lynch has accused the government of “deliberately obstructing” a resolution with workers. The railway union general secretary said a latest pay offer from ministers was “entirely unacceptable” as it came in “way below” inflation. Today marks the first day of four days of walk-outs by railway workers this week, with strike [...]