And will they be clean when they come out?
Author: WTX Business Team
Financial Times – Inflation falls further than expected to shift base rates Summary of the front page Today’s bigger than expected fall in inflation, to a 15-month low of 7.9%, is the main story in the Financial Times. James Smith, of the Resolution Foundation think-tank, tells the paper the UK is now “less of an outlier in the battle to tame inflation”. The front page reports on Prime Minister Rishi Sunak’s pledge to crack down…
Netflix password crackdown fuels jump in subscribers Netflix has experienced a rise in subscribers following measures the company introduced to crackdown on password sharing. The company ended June with more than 238 million subscribers, adding 5.9 million members since March. The rise was far bigger than expected and comes after subscriber losses last spring. The streaming service also faces challenges from ongoing writers and actors strikes in the US. Netflix said it would spend less…
Food price growth slows for fourth month, say Kantar New figures show food price inflation has slowed for the fourth month in a row but still remains “incredibly high.” Grocery prices rose by 14.9% in the four weeks to 9 July compared with a year ago, down from 16.5% in June, according to market research firm Kantar. It says Britons were spending more on supermarket promotions to save money. Food prices are one of the…
CITY AM – No end to London rail strike chaos Rail strikes: Lynch says government hasn’t spoken to RMT since January CITY AM SAYS Rail strike misery looks set to continue for commuters after Mick Lynch, the RMT’s general secretary, said the government had not spoken to him about finding a resolution since the start of the year. Speaking on Sky News’ Sophy Ridge on Sunday Programme, Lynch said that there has been “no contact.…
The Economist – Preparing the way Preparing the way: The alarming plans for Trump’s second term THE ECONOMIST SAYS the overwhelming memory of Donald Trump’s time in office is of chaos and resentment. It was summed up by the shameful end to his presidency when his whipped-up supporters sacked the Capitol in a bid to keep him in power. Mr Trump has since lurched from an ignominious post-electoral impeachment to two criminal indictments, with perhaps…
Brussels’ economy chief has warned that Europe will need to step up its response to Washington’s Inflation Reduction Act as the US programme to finance the industrial green transition is set to be larger than expected, the Financial Times reports. The paper reports a story about Microsoft’s slated $75bn (£57.3bn) purchase of Activision Blizzard, something which has involved a long-running battle with Sony over the Call of Duty video game title. It reports Microsoft has…
Twitter loses nearly half advertising revenue since Elon Musk takeover Twitter boss Elon Musk has revealed his social media site has lost almost half of its advertising revenue since the billionaire bought the company for $44bn (£33.6bn) last October. He said Twitter had not seen the increase in sales that had been expected in June, but that July was a “bit more promising.” Musk took over the company in 2022 and in an effort to…
CITY AM – Sorry seems to be the hardest word Thames Water crisis: Ofwat boss refuses to apologise for water industry debt crisis CITY AM SAYS Ofwat’s former boss yesterday refused to apologise for allowing the water industry to rack up an eye-watering £65bn debt mountain, which has led to Thames Water’s desperate scramble to secure funds and avoid collapse. “I won’t apologise for my role at Ofwat, no,” Cathryn Ross said, during yesterday’s grilling…
Financial Times – Microsoft bears down on Activision as judge rebuffs regulator’s challenge Summary of the front page Microsoft’s push to acquire Activision Blizzard is on the front of the Financial Times, which reports a judge in the US has rejected attempts by the Federal Trade Commission to halt the deal. The front page also leads on the Ukrainian president’s frustrations over Ukraine’s wait for Nato membership. Zelensky said the lack of a clear timeline…
CITY AM – ‘Turning point’ for square mile Can Jeremy Hunt’s Mansion House reforms cure London markets’ malaise? CITY AM SAYS Jeremy Hunt’s package of City reform has been hailed by top figures across the Square Mile today – even as one top money manager cast doubt on whether it would prove the right elixir for London’s market woes. The Chancellor last night announced that some of the country’s top pension providers, including Aviva, Aegon,…
Financial Times – Bailey and Hunt urge wage restraint in joint pledge to conquer inflation Summary of the front page The Financial Times reports the Bank of England Governor Andrew Bailey and Chancellor Jeremy Hunt have called for restraint over wage rises, saying it contributes to “sticky inflation”. Hunt and Bailey made the argument at the Mansion House dinner, an annual event to which senior financiers, business leaders and government officials are invited. The front…
Record wage growth fuels fresh inflation fears Official figures show UK wages have risen at a record annual pace fuelling fears that inflation will stay higher for longer. Regular pay grew by 7.3% in the March to May period from year earlier, equalling the highest growth rate last month. But despite the increase, pay rises still lag behind inflation. The speed of wage rises has come under focus by the Bank of England as it…
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CITY AM – Hunt: We want funds to invest City AM says Jeremy Hunt is set to announce hotly-anticipated plans to supercharge pension funds to invest in high-growth sectors and boost British businesses. The Chancellor will spell out his plans today to encourage schemes to invest cash in infrastructure, startups and green tech – in a bid to rocket power the UK’s growth while avoiding adding to the debt pile. Speaking at Mansion House in…
The Economist – The future of war The Economist says at first glance the war in Ukraine may look like a conflict from the 20th century, but it tells us as much about the future as it does about the past. New technology is transforming the way wars are fought, and not just in Ukraine. As the sabre-ratting between China and America over Taiwan intensifies, what does the future of war look like? Read all…
Top US senator calls for probe into Prime energy drink US Senator Chuck Schumer has called on regulators to investigate Prime energy drinks – promoted by YouTubers KSI and Logan Paul. The energy drinks have become something of a cultural trend in recent months. Senator Schumer alleges the drink is being targeted at children despite its high caffeine content. Prime Energy contains 200mg of caffeine per can, which is almost twice the amount of the…
It could affect your state pension.
Twitter threatens legal action over Threads app Elon Musk’s Twitter is considering legal action after Meta launched its own version of the social media app, called Threads. Threads launched on Wednesday, and saw millions sign up. The social media site has been pitched as a “friendly” alternative to Twitter, which under Musk, appears to have become a bigger hotbed for misinformation and bullying. In response to the launch of Threads, Musk said “Competition is fine,…
Financial Times – Global stock markets tumble Summary of the front page Investors sold stocks and bonds across the world yesterday as US borrowing costs touched a 16-year high, the Financial Times reports. The paper says it comes after strong private sector jobs figures intensified expectations of further rate rises by the US federal reserve. The paper quotes a bond fund manager saying “the global economy will break eventually, and the higher the rates go,…
Financial Times – Treasury sells £4bn of debt at highest two-year borrowing cost this century Summary of the front page The Financial Times reports that the UK has paid the highest borrowing cost on two-year debt this century at an auction of £4bn of gilts, as the recent surge in bond yields feeds through to the government’s finances. The paper quotes one economist who says the Bank of England may eventually put up rates to…
The invasive species has devastated crops, damaged buildings and strangled local plantlife.
Prices have remained stubbornly high.
The typical rate across all deposit sizes was 6.01%.