Barclays secures income and profit growth as it shakes off ex-CEOs woes April 28, 2022 Barclays has kicked off the year with income and profit growth, as it navigates ongoing geopolitical and economic obstacles – and tries to shake off its former CEO’s woes. The British lender reported income was climbing 10 per cent to £6.5bn in the first quarter, alongside profit before tax of £2.2bn – which includes the [...]
Boom in demand boosts Mercedes allowing to offset costs April 27, 2022 A boom in demand has boosted Mercedes-Benz’s financial performance allowing it to offset rising material and transport costs, the car giant announced today. “In terms of the desire of wealthy people to spend the money for exceptional products, I would say there is no barrier, there is no limit,” said chief financial officer Harald Wilhelm. In [...]
Brits slash spending in another sign of looming economic woe April 27, 2022 The worsening cost of living shock is prompting Brits to cut back on unnecessary purchases in a further sign the UK economy is headed for a period of worse than expected growth, reveals fresh figures published today. Households are shunning luxury items in response to their living standards suffering a heavy blow from the highest [...]
Sigh of relief in the City as govt calls idea of windfall tax on oil and gas profits ‘disastrous’ April 27, 2022 The Justice Secretary this morning dismissed Labour’s plan for a windfall tax on oil and gas companies to ease the cost-of-living crisis, calling the idea “disastrous”. Dominic Raab told Sky News: “If you look at Labour’s policy, you asked about it – of a windfall tax – that would damage investment in energy supplies we [...]
Power firm Drax has 99 per cent of energy generated from renewables April 27, 2022 Power creating firm Drax had 99 per cent of generation from renewables last year, as the firm looks to help shore up UK energy security. The company announced a series of new plants, including a 360Kt site in Alabama and 40Kt satellite plant in Arkansas, while its biomass, hydro and pumped storage elements in the [...]
UK flirting dangerously close with recession this year, economists warn April 26, 2022 The UK economy is flirting dangerously close with falling into recession this year as a result of inflation dealing a heavy blow to households and businesses. That’s according to a slate of gloomy forecasts from some of the City’s top economists. Elevated food, energy and core goods prices will send inflation to a peak of [...]
Historic inflation crunch swells UK interest bill to highest on record April 26, 2022 Historic high inflation has swelled the amount of money the UK government spends on servicing its debt to its largest level on record, reveals official figures released today. Britain’s debt interest bill for the year to March climbed 77 per cent over the last year to nearly £70bn in a further sign that Chancellor Rishi [...]
Prime Minister: Planned Welsh nuclear plant is ‘going to happen’, amid claims of a U-turn on stalled project April 26, 2022 Boris Johnson has insisted a new Welsh nuclear plant is “going to happen” and there will be a “couple of reactors” at the site. The prime minister made his comments about the Anglesey-based proposed site of Wylfa after accusations of a U-turn from Labour. Britain had reportedly been in talks with two American companies over [...]
Elementis to review Chromium business amid efficiency drive April 26, 2022 Elementis has announced a strategic review of its Chromium business, opening up the possibility of a partial or full divestment from the metal.
Exclusive: More than two firms remain interested in Bulb Energy’s customers April 25, 2022 At least one other energy firm is still open to taking on customers from Bulb Energy, but has ruled out a full takeover bid of the collapsed supplier.