Under-fire Liberty Steel owner Sanjeev Gupta faces French investigation November 8, 2021 French authorities are investigating Sanjeev Gupta’s business dealings, according to The Financial Times. Gupta is the chairman and CEO of GFG Alliance, which specialises in mining, industry and trading. The firm has been struggling with rising energy costs and the collapse of Greensill Capital which funded many of its acquisitions worldwide. The Paris Prosecutor’s Office [...]
Ministers mull two-year BBC licence fee freeze November 7, 2021 Ministers are weighing up freezing the BBC licence fee at £159 for up to two years as the cost of living soars. With households facing increasing energy, fuel and food prices, ministers and the BBC are in talks over freezing the fee, according to the Sunday Telegraph. Insiders told the newspaper that talks between the [...]
First-time buyer price inflation nears 10 per cent as London house prices shoot past £500k November 6, 2021 First-time buyer annual house price inflation is now at a five-month high, at 9.2 per cent, and has pushed ahead of the equivalent measure for home movers, at 8.1 per cent, according to property experts. In London, the average house prices have shot passed £500k. The average UK house price hit a record high of [...]
Firms hike pay at record print to lure workers amid labour squeeze November 5, 2021 Businesses are being forced to hike pay at the fastest pace on record to lure talent amid severe worker shortages. Hot competition for fresh staff, compounded by a paucity of available candidates, has led to employers raising starting salaries at the steepest rate since records began, research by KPMG and the Recruitment and Employment and [...]
Oil price recovers after OPEC rejects Biden’s push for more supplies – CityAM : CityAM November 5, 2021 Oil prices showed signs of recovery on Friday, with Brent Crude rising to $81.25 after sharply falling two per cent from $84 a barrel on Thursday. WTI Crude also increased by over nearly $1 from Thursday, having declined 2.5 per cent in the previous session. The returns to growth follow OPEC+ producers rebuffing calls from [...]
CNG Energy collapses leaving 41,000 business customers in the lurch November 4, 2021 CNG Energy has ceased trading amid soaring wholesale energy costs. The North Yorkshire based firm is the 19th to cease trading since September. The collapse of the struggling energy firm has left 41,000 business customers in need of rescue from Ofgem. The market regulator has confirmed customers’ energy supplies will continue as they look to [...]
Bank of England leaves rates at record low despite expecting persistent inflation spike November 4, 2021 The Bank of England today decided to scupper a flurry of bets on interest rate hikes and leave them unchanged at a record low. Despite mounting speculation from financial markets, economists and experts, the Old Lady left interest rates at 0.1 per cent and will see through the final leg of its QE programme. The [...]
Inflation to peak at five per cent, warns Bank of England November 4, 2021 The Bank of England will persistently miss its inflation target over the next two years, according to fresh forecasts published by the Old Lady today. Officials on Threadneedle Street expect the rate of price rises to peak at five per cent in April next year and stay above its two per cent target in two [...]
COP26: Global pact will ‘consign coal to history’ says Alok Sharma – CityAM : CityAM November 4, 2021 The end of coal production is in sight, argues Cop26 president and cabinet minister Alok Sharma, as 46 countries agree to phase out the world’s most polluting energy source. Coal is responsible for 46 per cent of carbon dioxide emissions worldwide. The countries have committed to ending coal power usage in the 2030s across major [...]
Ikea price rise warning as furniture giant hit by material costs November 3, 2021 Ikea’s owner has warned of spiralling profits and price hikes because of supply chain disruption. Higher raw material costs have contributed to the furniture giant forecasting its profits are set to fall for two successive years. Net profit in the year to the end of August fell 17 per cent to €1.4bn at Inter Ikea [...]