Author: WTX Business Team

CITY AM – Secret battle for Russian oil firm Morgan Stanley locked in secret London court battle to seize Russian oil firm CITY AM SAYS Morgan Stanley is locked in a secret London court battle as part of an attempt to seize an oil firm in southern Russia on behalf of a group of lenders, City A.M. has learned. The Wall Street Bank is looking to take a majority stake in Cypriot-registered Russian drilling firm, Southern Oil Company (UNK), after UNK’s parent firm, Astrakhan Oil Corporation (AOC), which is also registered in Cyprus, fell behind on payments for a $73m…

Elementor #555620 October 19, 20231 Min Read Summary of the Top 6 headlines today Financial Times – Biden backs Israel over hospital blast but seeks to broker Gaza aid packages  Joe Biden has urged Israel not to be “consumed” by rage after Hamas’s deadly raid, to avoid repeating Washington’s “mistakes” following the 9/11 terror attacks, the Financial Times writes. During Mr Biden’s visit he also urged the Israeli government to allow emergency aid through to Gaza, and joined Israel in blaming the blast at a Gaza hospital on a misfired rocket by Palestinian militants, the paper said. Elsewhere on its…

Inflation: Milk, cheese and egg prices fall as petrol rises Official figures from the Office of National Statistics (ONS) show food prices saw their first monthly fall in two years in September, but fuel prices rose sharply. The UK’s overall rate of inflation held steady at 6.7% – ending a run of three consecutive monthly falls. The price of milk, cheese and eggs all decreased, easing the pressure at supermarket tills, the ONS said. But petrol rose by 5.1p per litre. Analysts had expected the overall rate of inflation to fall slightly, and the ONS said there may be “some…

Martin has also weighed up the pros and cons as to whether you should reclaim that money or not.

Wages overtake inflation for first time in nearly two years Average pay growth rose above inflation for the first time in almost two years, in a sign that the squeeze on living costs may be starting to ease. Wages rose at an annual rate of 7.8% between June and August, figures show. That was higher than average inflation over the same three months, which measures the rate at which prices rise. Revised figures showed pay overtook inflation in the three months to July, meaning wages are outpacing prices for the first time since October 2021. However, the rise in wages…

Charities ‘concerned’ over lack of progress with Renters Reform Bill Charities and non-profit organisations have urged PM Rishi Sunak to pass a bill to ban “no-fault” evictions. The Renters Reform Bill would remove the right of landlords in England to evict tenants for no reason with only two months’ notice. The 30 charities warned delays risk causing “more avoidable hardship and suffering” and a “greater cost to the taxpayer”. The government said the bill would resume progress in parliament shortly. In their 2019 manifesto, the Tories promised “a better deal for renters” – including a ban on no-fault evictions. In…

The Economist – Israel’s Agony and Its Retribution THE ECONOMIST SAYS In a static decades-long conflict that has rotted for the past 20 years, it can be hard to believe that real change is possible. Be in no doubt, however, that Hamas’s murderous assault has blown up the status quo between Israel and the Palestinians. The coming weeks will determine whether war in Gaza sinks the Middle East deeper into chaos or whether, despite Hamas’s atrocities, Israel can begin to create the foundations for regional stability—and, one day, peace. Change is inevitable because of the gravity of Hamas’s crimes. More…

CITY AM – UK to swerve recession as inflation falls UK to avoid recession despite Bank of England interest rate rises, EY predicts CITY AM SAYS The UK will avoid a recession despite the impact of the Bank of England’s interest rate hikes, new forecasts from the EY Item Club say. In its new Autumn forecast, the EY Item Club predicted the UK economy would grow 0.6 per cent over the course of 2023, up from 0.4 per cent growth projected in July. The economy has been far more resilient to the Bank’s interest rate hikes than many experts predicted…

In the last four years more than 170,000 households approached their local authority as homeless while claiming Universal Credit.

Microsoft cleared to buy Call of Duty maker Activision Blizzard The updated bid by Microsoft to acquire Activision Blizzard, the creator of Call of Duty, has received the nod from UK regulators. The Competition and Markets Authority expressed satisfaction with the modifications made in the deal, having previously rejected the initial £56 billion ($69 billion) offer in April. This approval signifies the conclusion of an almost two-year-long battle to finalise the gaming industry’s largest acquisition. But despite the green light for the takeover, the CMA has issued criticism of Microsfot’s conduct. In response to the CMA’s earlier rejection of the…

Elementor #554045 October 13, 20231 Min Read Summary of the Top 6 headlines today Financial Times – Washington Urges Restraint On Israel As threat Of Regional Conflict Mounts  The Financial Times says the US is asking Israel to exercise restraint in its war with Hamas. The paper says both Washington and Saudi Arabia stepped up efforts on Thursday to prevent the war with Hamas from “spiralling into a regional conflict”. The paper says Blinken called on Israel to take steps to avoid civilian casualties. Today’s top stories Like this article? why don’t you share it? its easy … just click…

Help is available for those struggling to pay energy bills (Picture: Getty Images)

She cut her annual water costs by more than half.

CITY AM – ES-What? More Brits believe in aliens than understand ESG: new polling CITY AM SAYS THE CITY appears to be losing its battle to explain ‘ESG’ to normal Brits as precious few claim to know what the Square Mile’s favourite acronym even means, a new survey has suggested. Just 13 per cent of the British public have a ‘good understanding’ of what ESG is – up only one per cent on last year – in a sign that bosses may have failed to properly explain the term, according to a survey by City comms outfit SEC Newgate. While…

Elementor #553353 October 11, 20231 Min Read Summary of the Top 6 headlines today Financial Times – Israel Prepares For Ground Invasion Israel is preparing for a ground invasion of Gaza, according to the Financial Times, and has deployed 35 military battalions and four divisions as it builds up “an infrastructure for future operations”. The paper reports that Israel “pounded” the Gaza Strip on Tuesday and prepared for a ground invasion of the enclave, three days after an attack by Hamas triggered the “bloodiest war on the country’s territory for decades”. In the UK, the paper says, Labour leader Sir…

Metro Bank has a limited future, claims co-founder Metro Bank co-founder Anthony Thomson has said the bank faces a “limited future” if it continues with its strategy of focusing on High Street branches. On Sunday, the Metro Bank agreed on a deal to raise funds that it said would secure its future, after days of speculation over its financial position. The bank said it would continue to focus on bricks and mortar branches. But Thomson, who was the chairman from 2010 to 2012, told the BBC that was a “flawed strategy.” He said that the combination of pursuing a branch-based…

Oil prices rise following Hamas attack on Israel Oil prices have jumped on concerns that the situation in Israel and Gaza could disrupt output from the Middle East. Brent crude, the international benchmark, rose more than $3 to $87.68 a barrel, while US prices also rose. Israel and Palestinian territories are not oil producers but the Middle Eastern region accounts for almost a third of global supply. View this post on Instagram A post shared by EU NEWS 🇪🇺 🇺🇦☮️🇷🇺 (@wtx_eu_news) Hamas’s assault on Israel was the biggest escalation between the two sides for decades. A spokesperson for Hamas told…

Metro Bank agrees rescue deal with investors The Guardian says The embattled high street lender Metro Bank has agreed a rescue deal with investors to shore up its balance sheet after a weekend of negotiations. The bank announced late on Sunday that it had secured a £325m capital raise, including £150m of new equity from shareholders, and £600m of debt refinancing. The equity raise will be led by its largest shareholder, the Colombian billionaire Jaime Gilinski Bacal’s Spaldy Investments, which will contribute £102m. His stake will rise from 9% to 53%, making him the controlling shareholder. Metro is also in…

Hiring boom fading but three-quarters of UK firms still struggle to find staff The Guardian says Three-quarters of UK firms are still struggling to recruit staff, research has found, but the post-pandemic “jobs boom” appears to be in decline, with hiring intentions continuing to fall last month. A survey by the British Chambers of Commerce found that 73% of the almost 5,000 companies it polled had faced hiring difficulties in the July to September quarter – a nine percentage point drop from the record high of 82% in the final three months of 2022. The hospitality sector continues to suffer…

‘Customers are coming to us crying’: staff mourn as Wilko exits high street The Guardian says There was a mournful, empty feeling in the Wembley High Road branch of Wilko that closed its doors for the last time on Thursday. It was one of 68 stores that the hardware and homeware retailer shut last week, with the final 37 of what was until last month a 400-strong empire closing on Sunday. With prices cut throughout the day, from 40% to 90% reductions, by 3pm the Wembley shop looked like a homage to a Soviet-era supermarket, the shelves all but bare,…

Waitrose in talks with Amazon over online grocery deal, says report The Guardian says Waitrose is reportedly in talks with Amazon to sell groceries via the internet marketplace, in an attempt to lure in more shoppers and claw back market share. The Sunday Telegraph reported that the upmarket supermarket, part of the John Lewis Partnership, and Amazon were discussing a third-party deal, after the world’s biggest online retailer struck a similar agreement with the supermarket Iceland recently. Iceland launched on the Amazon website in mid-September, offering thousands of products to Prime subscribers that the US company delivers from Iceland stores.…

Sam Bankman-Fried was not surprised by $8bn FTX shortfall, key witness says The Guardian says Sam Bankman-Fried was not surprised to discover a huge $8bn shortfall in the days before the collapse of FTX, his now bankrupt cryptocurrency exchange, according to testimony from his former business partner. The testimony came from Gary Wang, the co-founder of FTX, during his second day on the witness stand in Bankman-Fried’s fraud trial. Bankman-Fried is facing seven counts of conspiracy and fraud over the dramatic collapse of FTX and its associated hedge fund, Alameda Research. Wang, who started Alameda with Bankman-Fried in 2017 and…

‘A party for all businesses’: how Labour is courting industry The Guardian says The Labour Party conference has not always been a hot ticket for company bosses. This year, after events in Manchester rounding off a chaotic period for business relations with the Conservatives, things are different. As the party descends on Liverpool’s Albert Dock for its annual get-together this weekend, insiders say so many companies are clamouring to attend that many will not get in. Labour’s “business day” – at a conference the Financial Times is jokingly referring to as the “Liverpool Davos” – has twice as many firms…

UK on track for record tax levels, IFS think tank says BBC Business says The government is on course to oversee the biggest tax-raising Parliament since records began, according to the Institute for Fiscal Studies’ analysis. The IFS forecasts taxes will amount to about 37% of national income by the next general election, due in 2024. That would be a level not seen since 1948, just after World War Two. Responding to the report, a Treasury spokesperson said the “most effective tax cut we can deliver” is to “drive down inflation”. Treasury minister Andrew Griffith added that inflation was a…

England’s single-use plastics ban does not tackle takeaway boxes, warns Greenpeace BBC Business says A ban on single-use plastic cutlery, plates and polystyrene trays comes into force in England on Sunday. The new rules do not apply to plastic plates, trays and bowls used to pre-package food in shops and takeaways. Environmental campaigners say the ban does not go far enough to cut plastic waste, while some businesses told the BBC they were unaware of the new rules. The government said it was the “next big step” in its “journey to eliminate all avoidable plastic waste by 2042”. https://www.bbc.co.uk/news/business-66946643