Scorching inflation hits eurozone retail sales in sign of looming recession August 3, 2022 Surging inflation eroding Europeans’ living standards is squeezing spending in the bloc, reveal new figures published today. Retail sales dropped 1.2 per cent in the 19 countries that use the euro in June, down from a 0.4 per cent rise in May, Eurostat said. The drop, which was worse than analysts’ forecasts, means retail sales [...]
Swapping Silicon Valley for Kings Cross: Nick Clegg becomes latest Meta boss to head to London August 3, 2022 London appears to be becoming the new Silicon Valley for Meta, as Facebook’s parent firm’s president of global affairs Nick Clegg makes his way back to the capital. The news comes just a day after the Financial Times leaked the fact that head of Instagram Adam Mosseri would be moving across the pond. It is understood [...]
US tries to lure chipmakers away from expansion in China with $52bn subsidy package August 3, 2022 The US has tried to incentivise chipmakers to not expand any further into countries like China and Russia, which is forecast to hit TSMC and Intel. Under the Chips and Science Act, which the White House is expected to sign this month, the US will offer semiconductor manufacturers access to $52bn (£42.5bn) worth of subsidies. [...]
Hiscox shares plunge after insurer slumps to loss of £88m August 3, 2022 Insurance giant Hiscox slumped to a loss of $107m (£88m) in the first half of the year after a steep decline in the value of its investment portfolio.
Bank of England to rip up history books at this week’s rate decision August 3, 2022 Soaring inflation will force the Bank of England to do something it has never done since it was made independent 25 years ago, City economists are betting. Governor Andrew Bailey and the rest of the monetary policy committee (MPC) will hike interest rates 50 basis points this Thursday. The move would also mark the sixth [...]
Can hydrogen boost the UK’s energy security? August 2, 2022 The Government’s supp;y security strategy gives a clear role for low-carbon hydrogen, but what role can it play in our energy sector?
G7 weighs up proposals to block transport of Russian oil supplies August 2, 2022 The G7 is considering plans to block the transporting of Russian oil unless it heeds a price cap, amid a supply crunch in Europe.
London’s FTSE 100 tips into red despite BP and Shell’s best efforts August 2, 2022 Historic profits at oil giant BP nearly pushed London’s FTSE 100 into positive territory today. The capital’s premier index edged 0.06 per cent lower to 7,409.11 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, dropped over one per cent to below 20,000 points. Oil [...]
BP boss confirms higher taxes in line with profits as Labour calls for investment relief to be scrapped August 2, 2022 BP boss Bernard Looney has confirmed the energy company will be paying more taxes in line with near-record quarter results.
Wonks: Power prices won’t ease until 2028 despite renewable ramp-up August 2, 2022 Power prices will take five years to plateau, according to the latest market outlook from energy specialist Cornwall Insight.