UK’s cost of living crisis has created ‘perfect conditions for fraud to flourish,’ new report says July 6, 2022 The UK’s cost of living crisis is creating the “ideal environment for fraudulent activity,” a new report from the Chartered Institute of Internal Auditors (CIIA) has warned. Covid-19, the war in Ukraine, and the UK’s cost-of-living crunch are creating the “perfect conditions for fraud to flourish,” the report says, as it calls on businesses to [...]
A recession will tempt firms into short-term cuts and sacrifice of future growth July 6, 2022 Throughout the history of recessions and periods of high inflation, when businesses have felt compelled to cut back to protect their margins, they’ve often looked at marketing spend with a raised eyebrow. It’s usually one of the biggest line items and certainly one of the easiest to cut. It’s a deep shame, therefore, it has [...]
Oil prices nosedive as recession fears rise across developed economies July 5, 2022 Oil prices have plummeted a whopping $10 across both benchmarks, as recession fears curtailed demand and drove down prices.
Bank of England economy warning sends London markets lower July 5, 2022 London markets were dragged lower today by the Bank of England warning the UK economy is headed for a tough time over the coming year. The capital’s premier index shed nearly three per cent to close at 7,025.47 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the [...]
Businesses warn of strikes’ impact on London ahead of train drivers’ historic ballot July 5, 2022 Businesses have warned of the impact of strikes on the capital’s economy ahead of Monday’s national ballot called by train driver union Aslef. “At a time when London businesses are facing several crises, including increasing costs, rising inflation and adapting to hybrid working, it’s important that government and rail unions work together to find a [...]
Lurpak row: ASDA says £6 butter with security tag is not UK-wide policy or related to cost of living crisis July 5, 2022 ASDA has said it does not have a UK-wide policy to put security tags on butter in relation to the cost of living crisis. The supermarket giant responded after a journalist shared an image on social media, showing a pack of Lurpak in one of its stores, costing £6, with a tag on. This comes [...]
Euro tumbles to 20-year low against the dollar on rising recession risk July 5, 2022 The euro has tumbled to its lowest level against the dollar in two decades caused by investors ditching European assets on fears the bloc will tip into recession soon. The currency used by 19 European countries – soon to be 20 when Croatia joins the union next January – fell around 1.3 per cent against [...]
Back to school: M&S freezes school uniform prices as retailer battles to entice cash strapped shoppers July 5, 2022 M&S has frozen its prices on school uniform this summer as households face tightening budgets amid historic rates of inflation. The premium retailer also said it was introducing a 20 per cent off deal for back to school shoppers this month. The retailer – which was set to hold its annual general meeting for shareholders [...]
HgCapital and a dash of HG Sauce July 5, 2022 Inflation on the up; recession threat rising; markets in the land of the bears – just three of the issues confronting the private equity sector today. Standard operating procedure for investors in private equity investment trusts when faced with such a backdrop? Assume heavy NAV markdowns, a dearth of realisations and significant widening of discounts. [...]
Price of Bitcoin is up, but struggling to reach $20,000 July 5, 2022 The price of Bitcoin (BTC) is up over the past 24 hours this morning, but has struggled to convincingly break through the $20k mark.