Pyrex maker files for US bankruptcy after inflation and high rates batter sales June 14, 2023 The maker of Pyrex and Instant Pot has filed for Chapter 11 bankruptcy as dwindling sales and high inflation have battered the business. Instant Brands, which is US owned, is said to have much as $1bn (£790m) in liabilities. Instant Brand, which trades in John Lewis and Argos for upwards of £180, was impacted by [...]
Bitcoin and Ethereum unmoved as inflation numbers come in lower than anticipated June 14, 2023 The price of Bitcoin and Ethereum continue to flatline around $25,980 (BTC) and $1,745 (ETH) as inflation figures are digested.
The Bank of England has mismanaged this inflation cycle from the get-go June 14, 2023 The Bank of England and Andrew Bailey have botched their messaging, their forecasts and their decisions - and we are paying the price
Apple remains world’s most valuable brand June 14, 2023 Apple has once again been crowned the world’s most valuable brand, as the tech giant continues to entice customers despite the cost of living crisis. The American phone and tech maker is valued at $880bn (£698bn), figures from Kantar show, down from £947.1bn (£751.6bn) last year which is reflective of inflation and a tough market. [...]
OPEC holds oil demand view steady despite economic growth warning June 13, 2023 OPEC left its forecast for 2023 global oil demand growth steady for a fourth month on Tuesday amid global economic uncertainty.
400 jobs saved in Dirty Martini deal June 13, 2023 Some 400 hospitality jobs have been saved thanks to Night Cap bar group’s acquisition of Dirty Martini and Tuttons Brasserie following a pre-pack administration sale for close to £5m. The deal includes five Dirty Martini bars in London and five across Birmingham, Bristol, Leeds, Manchester and Cardiff. Tuttons Brasserie, a restaurant in Covent Garden, which [...]
AMTE boss threatens to build £250m Dundee gigafactory overseas June 13, 2023 The boss of one of the UK’s last battery manufacturers, AMTE Power, has threatened to build its new planned factory overseas, should the UK fail to boost subsidies to levels competitive with the European Union (EU) and US. Allan Hollis, CEO of AMTE Power told the Financial Times that “for gigafactory-scale production, we have to [...]
US inflation slips to lowest level in two years and to more than half of UK rate June 13, 2023 Inflation in the US has fallen to its lowest level in two years, setting Britain even further out as suffering the toughest price pressures in the developed world, official figures out today show. Prices rose four per cent over the year to May, down from a rate of 4.9 per cent in the previous month, [...]
Gen Z drivers forking out extra £300 as soaring car premiums offset dip in petrol costs June 13, 2023 Young car owners are paying an extra £300 to drive a car this year as a result of insurers hiking up premium prices, new research shows. Analysis from Compare the Market shows that young motorists between 17-24 are now paying £2,559 to drive a car for a year, compared with £2,263 in 2022 a “substantial” [...]
Mortgage commitments plummet to pandemic levels as rate hike jitters spook housing market June 13, 2023 The number of new mortgage commitments has fallen to the lowest levels since the Covid pandemic as speculation the Bank of England’s will keep on hiking interest rates rattles the market. As the central bank raised interest rates for the 12th consecutive time during the quarter, in a bid to cool inflation, the number of [...]