Price cap will rise to £2,800 per year this winter warns Ofgem May 24, 2022 Households should brace themselves for another painful hike in their energy bills this autumn, revealed chief executive Jonathan Brearley.
Geopolitical shock: regime change in inflation and monetary policy May 24, 2022 Globalisation is besieged on multiple fronts. Two years after the outbreak of the Covid-19 pandemic and amid growing geopolitical unrest, the decades-long disinflationary headwind has reversed. Many multinationals have taken steps to address the disruptions to their ultimately brittle global value chains. These companies are re-orienting to prioritise availability over cost-optimisation. This process manifests in [...]
Explainer-in-brief: A bill to fight off a dangerous global grain shortage May 24, 2022 This week, a bill to accelerate the manufacturing of genetically edited crops will be brought to Parliament. As the world faces a potential food crisis in the aftermath of Putin’s invasion of Ukraine, the government hopes the bill will allow it to shore up the country’s reserves of wheat. Genetically edited crops are more resistant [...]
Conference firm Hyve has £11.5m pre-tax loss as exit from Russia and insurance proceeds dent recovery May 24, 2022 Conference-organising firm Hyve had a pre-tax loss off £11.5m due to the impact of the ongoing war in Russia and declining insurance proceeds. The exhibition company brought in £58.6m in six months to the end of March this year, more than ten times the previous 12 month’s intake. It did however complete its exit from [...]
Bailey bats away claims Bank of England has fuelled inflation May 23, 2022 Governor of the Bank of England Andrew Bailey today snapped back at criticism he and the central bank’s committee of rate setters have fuelled inflation in the UK. The governor dismissed accusations the Bank has contributed to the current living cost spike by over-flooding the UK economy with money during the Covid-19 crisis. “What I [...]
Households backed with government grants to support ramp up of heat pumps May 23, 2022 Energy users can now apply for government grants to swap their gas boilers for heat pumps, after it opened its boiler upgrade scheme today.
Top Russian diplomat at the UN resigns: ‘Never have I been so ashamed of my country’ May 23, 2022 Russia’s Counsellor to the United Nations mission in Geneva has resigned saying “never have I been so ashamed of my country” because of the war in Ukraine. In a strongly-worded letter, Boris Bondarev quit his job saying it was “long overdue”, but after a 20-year career he was leaving the diplomatic service. He wrote he’d [...]
What does a weaker yen mean for investors in Japan? May 23, 2022 Changing economic circumstances could alter the market impacts of currency weakness explain experts Masaki Taketsume, George Brown and Robbie Boukhoufane. It’s a been a difficult first third of 2022 for markets generally, which is perhaps unsurprising given the many sources of uncertainty and discord in the world. A very sharp depreciation in the value of [...]
Hungary holds firm on investment demands to support Russian oil ban May 23, 2022 Hungary has maintained its demands for energy investment before it agrees to an Russian oil embargo with its Western allies.
Starbucks follows McDonald’s and announces formal end of ‘brand presence’ in Russia May 23, 2022 Starbucks has formally quit Russia due to the war in Ukraine saying it no longer has a “brand presence” in the country. The coffee giant announced the suspension of all its operations in early March, including the shipments of all its products there. It has roughly 2,000 employees in the country. This comes after many [...]