P&O Ferries owner posts £500m profit but CEO warns of ‘uncertain’ trade outlook August 17, 2023 P&O Ferries owner DP World posted half-year profits of $651m (£509.18m) today, down 10 per cent on last year’s record performance, amid a more challenging outlook for global trade and weakened freight rates. “While the near-term trade outlook may be uncertain due to macroeconomic and geopolitical factors, the solid financial performance of the first six [...]
Explainer: Committing to the pension triple lock once again August 17, 2023 Every six months or so, the political world plunges into a debate about the pension triple lock. This summer is no exception, with Rishi Sunak promising to stick to it this week. The triple lock regulates pensions, redefining the amount pensioners will get every April by whatever is highest between pay growth, inflation or 2.5 [...]
‘Greedflation’ not behind UK price rises, new data indicates August 17, 2023 Corporate profiteering, or ‘greedflation’, is not the driving force behind UK price rises, new data out today indicates. The profitability of private non-financial corporations grew by 0.1 per cent between the last quarter of 2022 and the first quarter of 2023, the Office for National Statistics (ONS) reported. It found that the net rate of [...]
Sunak commits to triple lock hinting pensions could rise by eight per cent August 17, 2023 Rishi Sunak has signalled that state pensions could go up next year by almost eight per cent as he committed to maintaining the “triple lock”. Under the triple lock, the state pension is uprated in April by inflation, wages or 2.5 per cent, whichever is higher. Wage growth is currently the highest of the three [...]
Bitcoin slips below $29,000 as Ethereum loses its grip on $1.8k August 17, 2023 Bitcoin and Ethereum are both down by almost 2% in the last day, in line with stock markets, which slid for the second consecutive day.
Treasury red tape on wind farms to cost bill payers £1.5bn per year, climate group warns August 17, 2023 Bill payers are being left £1.5bn worse off per year due to Treasury red tape blocking new offshore wind projects, according to the ECIU.
FTSE 100: London markets slip as investors fret over China and global slump August 17, 2023 The FTSE 100 has slipped lower at the open this morning as investors fret over the impact of inflation and a slowing global economy.
Mecca Bingo owner hit by high energy costs and wage inflation – but bets on things improving August 17, 2023 Mecca Bingo owner Rank Group reported a 52 per cent decline in like-for-like underlying operating profit for the year as it was hit hard by energy bills and raising wage inflation. But, the gambling giant is also raising its outlook for the year as the economy stabilises. In April, the business raised its profit guidance [...]
Rishi Sunak: Brits will never have it so good (next year) despite ‘real risk’ of recession August 17, 2023 Rishi Sunak has outlined his hopes to ensure Britons feel better off next year, amid warnings that the UK economy faces a “very real risk” of recession due to higher interest rates. The Prime Minister attempted to strike an optimistic tone when asked about efforts to tame inflation, as he said there is a need [...]
Asian markets hit lowest mark for 2023 amid fears over state of Chinese economy August 17, 2023 Chinese economy data has cast a cloud over Asian stocks this morning which have hit a nine-month low, with Europe set to follow