Author: WTX Business Team

Russian oil getting into UK via refinery loophole, reports claim Research suggests that the UK is still importing millions of barrels of fuel produced from Russian oil, despite sanctions related to the conflict in Ukraine. A reported “loophole” allows Russian crude to be processed in countries like India, and the resulting products are then sold to the UK. While this practice is not illegal and does not violate the UK’s ban on Russian oil, critics…

UK crown courts heard 226 fraud cases last year compared with 221 in 2022, according to new figures from KPMG’s Fraud Barometer, which tracks cases worth £100,000 and above.

Iranian petrochemical firms secretly used British front companies to obtain bank accounts with Lloyds and Santander in order to evade US sanctions.

IMF: Germany to be weakest major economy in 2024 while UK downgraded again The International Monetary Fund (IMF) now predicts that Germany, not the UK, will have the slowest-growing economy this year. However, the IMF has significantly reduced its forecasts for the UK for the following year. The IMF said the UK is expected to grow by 0.6% in 2024, aligning with its earlier October forecasts. This represents a slight improvement from the anticipated 0.5%…

Nearly two-third of first time buyers are entering the property market with someone else, a new report by Halifax has found. 

Mounting losses from banks in the US, Asia and Europe have rekindled concerns about weakness in the US commercial property market.

Water bills to rise above inflation in April Water companies anticipate an above-inflation increase in average household bills in April, leading to criticism from campaigners. The trade body Water UK predicts a 6% rise in the average annual water and sewerage bill in England and Wales, reaching £473, an increase of £27. In Scotland, water and waste charges will see an 8.8% increase, amounting to a rise of £36. The water firms have faced heightened…

Bao Fan, the Chinese billionaire banker who has been missing for nearly a year, has officially resigned from his position at a financial firm.

CITY AM – Market Got No Chill: Disposable vapes to be banned as government cracks down on e-cigarettes CITY AM SAYS Disposable vapes are set to be banned in the UK amid a wider government crackdown on e-cigarettes. Popular throwaway or single-use vape devices such as Elf Bar and Lost Mary products will be outlawed in a new state-led health kick, Rishi Sunak will announce on Monday morning. He will unveil the proposed ban –…

FT – Washington not looking for war with Iran after deadly assault on US troops THE FINANCIAL TIMES SAYS Washington said it was “not looking for a war with Iran” on Monday, a day after it blamed Tehran-backed militants for a drone strike that killed three US soldiers and wounded dozens of others. The attack on a military base in north-east Jordan, near the Syrian border, was the first to kill US troops since the…

Elon Musk announces first Neuralink wireless brain chip implant Elon Musk, the tech billionaire, has announced that his company Neuralink has achieved the successful implantation of its wireless brain chip in a human for the first time. Musk reported promising initial results, identifying neuron spikes or nerve impulses, and noted that the patient is recovering well. Neuralink’s objective is to establish connections between human brains and computers, with a specific focus on addressing intricate neurological…

Bank of England to leave interest rates on hold as UK economy on brink of recession Economists anticipate that the Bank of England will keep interest rates unchanged for the fourth consecutive time during its meeting this week on Thursday. The current interest rate is expected to stay at 5.25%, representing a significant increase from the 0.1% recorded at the end of 2021. Despite a slight uptick in December, where the inflation rate reached 4%,…

THE FT focuses on three US troops killed in a drone attack on a military base near the Syrian border. The deadly strike was carried out by “radical Iran-backed militant group” according to the White House.

CITY AM SAYS The Bank of England will likely leave interest rates on hold for the fourth time in a row when it meets on Thursday this week, economists have said, as the UK economy teeters on the brink of recession.

China tightens stock market rules after sell-off To stem a persistent downturn in the world’s second-largest economy, China has implemented more stringent rules within its financial industry. The move comes as Chinese and Hong Kong stocks have seen a staggering loss of nearly $6 trillion (£4.7 trillion) since their most recent peak three years ago. The China Securities Regulatory Commission (CSRC) asserts that these measures are aimed at establishing “a fairer market order.” Effective Monday,…

John Lewis planning major job cuts over five years John Lewis has announced plans for additional workforce reductions over the next five years, confirming potential job cuts of up to 11,000 within the retail partnership.  This figure represents 10% of the current workforce, as reported by the Guardian.  The job losses are expected to include redundancies and a decision not to fill vacant positions. John Lewis says the cuts are part of a strategy to…

Reuters exclusively reported that Chinese military bodies, state-run artificial intelligence research institutes and universities have over the past year purchased
The post China’s military and government acquire Nvidia chips despite US ban appeared first on Reuters News Agency.

WTX Business exclusively reported that Japanese stocks have made a blazing start to 2024, surging to three-decade highs as a weaker yen and expectations of interest rates staying low have re-ignited the strongest rally for years.  The post Sparkling start puts spotlight on Nikkei in 2024 appeared first on WTX Business News Agency.  

The loss of nearly 2,000 jobs has been great for Microsoft’s share price, as details begin to come through about which teams are affected.

CITY AM says Daily Royal Mail deliveries are vital to the UK economy and losing them could risk “real disruption” to the nation’s finances, MPs and business lobbyists have warned.

The Financial Times splashes on the news that Paris is pressing Britain to help fund nuclear power projects in the UK being built by the French government-owned energy company EDF.

A top think tank warns that tax cut promises in elections may need to be reversed due to severe economic challenges.

UK economy off to promising start in 2024 as business activity rises again The UK economy’s private businesses are picking up speed for the third month in a row, and a new survey indicates that business confidence is at its highest since May last year. The S&P Global/CIPS flash UK purchasing managers’ index (PMI) is a survey that checks how well businesses are doing. In January, it showed a score of 52.5, up from 52.1…

London still number one financial centre in the world despite listings pain London is still the top global financial centre, according to a new report from the City of London Corporation. Despite worries about the city’s stock markets, London holds its position due to strengths in sustainable finance, talent, and skills. The report, comparing cities worldwide, found that London’s success is partly because of its strong performance in sustainable finance, as well as its talented…

CITY AM – UK insurers profit from Russian oil UK has insured £102bn worth of Russian oil despite sanctions CITY AM SAYS A former Cabinet minister has called on the insurance industry to think on its obligations after it was revealed that UK firms have insured over €120bn worth of Russian oil. From March 2022, just after Russia’s invasion of Ukraine, until the end of November 2023, the UK insured €120.6bn worth of Russian oil,…