Russia-Ukraine war generates new headwinds for European economy May 16, 2022 Russia’s invasion of Ukraine is generating fresh headwinds that will choke the European economy, reveal official forecasts published today. Surging energy prices caused by concerns over supply security following Moscow sending troops into Ukraine are set to strain households and businesses on the Continent. High input prices are likely to weigh on production, while elevated [...]
Minister criticised for saying people should ‘work more hours or move to a better paid job’ to cope with cost of living crisis May 16, 2022 The government’s safeguarding minister has come in for sharp criticism after saying people struggling with the cost of living crisis should “work more hours” or get a “better paid job.” Rachel Maclean said there were way households could “protect themselves” from rising inflation and pressures on their budgets, while appearing on Sky News this morning. [...]
1 Minute Market Rundown – 16th May 2022 May 16, 2022 Trade the ExtremesUSD on the Rise AgainCrypto Unable to Sustain a RallyDeleveraging Continues Whilst Friday the 13th is unlucky for some it wasn’t the case for equity bulls. Last week had seen markets get battered, especially crypto, as it seemed no one had a positive outlook on the economy. We have been saying for a [...]
Ofgem proposes price cap shake-up which could see energy bills rise four times a year May 16, 2022 Energy users could see their household bills fall faster, with Ofgem one step closer to a major revamp of the consumer price cap.
Greggs opens 49 new shops after sales of chicken goujons soar May 16, 2022 Sausage roll seller Greggs has seen shares dip after admitting city sales still lag behind the rest of its sites. Although the bakery chain said it had had a “good” start to 2022 on Monday, shares were down some 2.8 per cent in the afternoon. The firm has been reshaping its portfolio of stores to [...]
Bank of England independence must remain no matter the political weather May 16, 2022 When Gordon Brown summoned then-governor of the Bank of England Eddie George to his office at the Treasury in 1997, the man in charge at Threadneedle Street was accompanied by a young civil servant – one Andrew Bailey. At that meeting, George – and presumably Bailey – were surprised to be told that the newly [...]
Exclusive: Ukraine war puts major dent in derivative margin costs May 15, 2022 The war in Ukraine has caused huge increases in margin across derivatives markets, with firms having to find new sources of financing or reducing their positions in order to meet the collateral requirements from brokers, The margin rate for Brent Crude futures on Intercontinental Exchange (ICE) now stands at over $10,00 per lot. With the [...]
City boss pays staff in gold to beat inflation: ‘Makes no sense to pay them in pounds’ May 15, 2022 Staff at a financial services firm in the City of London have been offered the possibility to get paid in gold rather than pounds and pence — to help them keep ahead of inflation. TallyMoney CEO Cameron Parry is understood to be the first employer in the country to trial a gold payroll, though other [...]
Royal Mail set to post this week after job cuts May 15, 2022 The City will be looking out for signs that Royal Mail has made significant cost savings following substantial job cuts when it updates the market this week. Earlier this year, the company announced plans to axe 700 management jobs in a bid to reduce costs by about £40 million a year after experiencing a dip [...]
Bank of England chief Bailey set for toughest spell since taking reins from Carney May 15, 2022 Bank of England chief Andrew Bailey is this week set for one of his toughest spells since taking over from Canadian Mark Carney two years ago as head of the UK’s monetary authority. Bailey, 63, will tomorrow have to defend the Bank’s performance in taming a cost of living squeeze that risks plunging the UK [...]