Author: WTX Business Team

Elementor #556994 October 24, 20231 Min Read Summary of the Top 6 headlines today Financial Times – Chevron doubles down on fossil fuel wager with $53bn swoop for Hess  The Financial Times reports that US energy giant Chevron is “doubling down” on its belief that demand for fossil fuels will stay high in the coming years after it agreed to buy gas producer Hess for $53bn. The paper says the move will give Chevron “a…

UK banks in for a tough quarter, analyst warns Lloyds, Natwest and Barclays in for a ‘tough quarter’ as pressure on interest income persists CITY AM SAYS The outlook for the remainder of 2023 looks fairly bleak for the UK’s domestically focused banks as the tailwind from rising interest rates fades. Barclays, Lloyds and Natwest will all report results for the third quarter this week with question marks over banks’ net interest margin (NIM), a…

The Economist – Where will this end? Only America can save Israel and Gaza from greater catastrophe THE ECONOMIST SAYS How rapidly things fall apart. The deadly blast in Gaza at Ahli Arab hospital on the evening of October 17th killed many Palestinians who were taking shelter. Despite strong evidence that their deaths were caused by the failure of a Palestinian rocket laden with fuel, Arab countries rushed to condemn Israel. Hizbullah, a heavily armed…

Customers may need to pay a ‘significant’ amount to get new smart meters installed.

Elementor #556638 October 23, 20231 Min Read Summary of the Top 6 headlines today Financial Times – US warns of conflict escalation risk as tensions rise across Middle East  The FT leads with a US warning that its troops and personnel in the Middle East are at risk of a “significant escalation” in attacks against them as the Israel-Hamas war threatens to morph into a regional conflict. Washington is sending more air defence systems to…

Elementor #555969 October 20, 20231 Min Read Summary of the Top 6 headlines today Financial Times – Israel’s allies warn citizens to leave Lebanon as regional tension rise  The Financial Times leads on the news that countries including the UK, US and Germany have told their citizens to leave Lebanon amid fears the war between Hamas and Israel could spill over into the country. Shelling between northern Israel and southern Lebanon – a stronghold of…

Nokia to axe up to 14,000 jobs to cut costs Nokia is to axe between 9,000 and 14,000 jobs by the end of 2026 to cut costs. The announcement was made as the company reported a 20% drop in sales between July and September. The company blamed slowing demand for 5G equipment in markets such as North America. It currently has 86,000 employees around the world and has axed thousands of jobs since 2015. The…

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,…

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…

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…

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…

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…

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…

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…

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. …

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…

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…

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…

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,…

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…

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…