Author: WTX Business Team

City Am – Reasons to be cheerful? City AM say Reasons to be cheerful on the UK economy? They’re there, if you’re looking for them Nobody likes to be negative, so perhaps that explains the surprising survey results on our front page today. Perhaps confidence in the economy is coming not from sensible forecasting but from unguarded new year’s optimism. Or, to borrow a line from Blackadder’s General Melchett, “that’s the spirit: if nothing else works, then a total pig-headed unwillingness to look facts in the face will see us through.” Well, maybe. But there is also the case for…

FT – Companies face billions in writedowns as Davos confronts soaring economy  Some of the world’s biggest companies are facing multibillion-dollar writedowns as the World Economic Crisis in Davos, Switzerland, confronts the “souring economy”, the Financial Times reports. The front page also reports Prime Minister Rishi Sunak is set to use a constitutional “nuclear option” by blocking legislation passed by the Scottish Parliament last month that seeks to make it easier for people north of the border to legally change their gender. The paper speaks to three sources close to Downing Street discussions that say that is Mr Sunak’s intention.…

‘Just because you need it, it doesn’t mean they’re going to give it to you.’

He became the first person in history to lose $2 billion.

Supermarkets Tesco and Marks & Spencer both saw strong trading over the Christmas period as higher prices boosted their sales, despite the growing cost of living crisis. 

Firm said in October it had not paid any UK windfall taxes because of heavy investment in North Sea Shell has revealed it will pay about $2bn (£1.7bn) in UK and EU windfall taxes for the last quarter of 2022. It comes after bosses at the London-listed oil company said in October they had not paid any UK windfall taxes because of heavy investment in the North Sea. Continue reading… ​Firm said in October it had not paid any UK windfall taxes because of heavy investment in North SeaShell has revealed it will pay about $2bn (£1.7bn) in UK and…

It comes with a ‘Zero Connect’ box that sends signals wirelessly to the screen.

Figure of £281,272 comes as property values drop by 1.5% in December, after 2.4% decline in November The average UK house price fell for the fourth month in a row in December, according to Halifax. Property values decreased by 1.5% in December, after a 2.4% drop in November, a 0.4% decrease in October and a 0.1% dip in September. Continue reading… ​Figure of £281,272 comes as property values drop by 1.5% in December, after 2.4% decline in NovemberThe average UK house price fell for the fourth month in a row in December, according to Halifax.Property values decreased by 1.5% in…

UK house prices fall for fourth month in a row The average house price in the UK fells for the fourth month in a row in December, amid the cost of living crisis and higher interest rates hitting home. In December, house prices fell by 1.5% compared to November, meaning the average house price is now £281,272, said Halifax. Halifax said uncertainty about how the cost of living will impact household bills along with rising interest rates, is slowing the housing market. The bank says it expects buyers and sellers to “remain cautious” over the coming year. December’s monthly fall…

Amazon cutting 18,000 jobs as it battles to save costs The online shopping giant Amazon has announced it plans to cut more than 18,000 jobs – the largest number in the company’s history.  Globally, Amazon employs around 1.5 million people, and the announcement failed to identify which country the cuts would be in but said they would include Europe.  Most of the job losses will come from its shops including Amazon Fresh and Go and its human resources division. Amazon cutting jobs amid ‘uncertain economy’ Boss Andy Jassy cited the “uncertain economy” for the cuts, saying it had “hired rapidly…

The UK is set to face one of the worst recessions and have one of the weakest recoveries in the entire G7 this year, economists warn in the FT’s lead story. It is the price for “government policy failings”, they say.

The forecast is looking bleak for the year ahead.

The UK Government is enabling individual fashion owners to cream off huge sums from retail and harm workers overseas.

Demand for heating in UK and elsewhere falls but concerns remain over supplies this winter A spell of mild weather in the UK and Europe has sent wholesale gas prices tumbling in a respite from the high prices that have led to soaring energy bills. European prices for delivery in February fell by 4.3% to €73.7 a megawatt hour while UK prices fell by 3.8% to 179p a therm. Continue reading… ​Demand for heating in UK and elsewhere falls but concerns remain over supplies this winterA spell of mild weather in the UK and Europe has sent wholesale gas prices…

Tesla delivers record 1.3 million cars in 2022 Elon Musk’s Tesla car company says it delivered a record 1.3 million vehicles last year – that’s 40% more than in 2021. It comes after the company delivered more than 405,000 vehicles in the last three months of 2022. But the figure was short of the Wall Street forecasts of around 430,000 deliveries for the period.  The motor industry is set for a difficult year ahead as many expect demand to dip following rising interest rates and recession concerns. A recent statement to investors said the company had to deal with “significant Covid…

One million energy vouchers unclaimed in cold snap BBC News says More than one million households with pre-payment meters did not redeem their monthly energy support vouchers during the cold weather snap in December. Firms, where prepayment customers can cash vouchers, said postal strikes may have delayed some voucher deliveries. The Energy Support Scheme provides £400 to all households in Britain and those on pre-payment meters are sent vouchers each month. The government said energy suppliers had promised to improve processes. Most homes get the £400 government energy bill support automatically, with about £66 of credit being added to their…

Elon Musk says he’ll step down as Twitter CEO when he finds someone ‘foolish enough to take the job’ FOX News says Elon Musk on Tuesday revealed what it would take for him to formally step down as the head of Twitter. “I will resign as CEO as soon as I find someone foolish enough to take the job!” Musk tweeted. “After that, I will just run the software & servers team.” The tweet followed another message from Sunday, polling users whether he should step down as head of Twitter – garnering 57.5% votes in the affirmative. Musk promised to…

King Charles banknotes revealed – when it will be released The first images of new banknotes featuring King Charles have been unveiled by the Bank of England. The portrait of the King is the only change to the existing designs of the notes – which will enter circulation in mid-2024. The notes will feature the King’s portrait on the front and in the see-through security window. Existing notes with the late Queen’s image will still be accepted in shops even after the new notes enter circulation. Queen Elizabeth was the first and only monarch to appear on circulating Bank of…

Elon Musk asks if he should step down in Twitter poll Billionaire Elon Musk – the new owner of Twitter – is asking users of the social media site to vote, via a Twitter poll, on whether he should stay the boss of Twitter. He tweeted the poll to his 122 million followers, saying: “Should I step down as head … I will abide by the results …” Musk has faced controversy and backlash since taking over the platform – for $44bn. Musk has announced major policy changes will be voted on moving forward. The poll comes as Twitter says…

Black Friday fails to deliver expected retail sales boost Official figures show retail sales fell last month after a poor Black Friday – which failed to give the expected boost to online trade. Sales volumes dropped 0.4% in November, much weaker than what was expected, as shoppers struggle with rising costs of living. There are some positives however, the figures show signs people had started to buy Christmas food early. The Office for National Statistics (ONS) said sales at food stores rose 0.9% last month. ONS director of economic statistics Darren Morgan said: “Retail sales fell overall in November, driven…

Elon Musk no longer world’s richest man Twitter’s new owner Elon Musk has lost his title of world’s richest man after a sharp drop in the value of his shares in the car company Tesla.  Both Forbes and Bloomberg says Mr Musk has lost the top spot to Bernard Arnault, the chief executive of luxury goods group LVMH. Musk has the largest shareholder in Tesla, with a reported 14% stake. His controversial takeover of Twitter was completed in October for a reported $44bn. Fornes says Musk is now worth about $178bn whilst Bernard Arnault has a value of $188bn. Musk’s…

FTX crypto boss Sam Bankman-Fried denied bail in Bahamas The founder of failed cryptocurrency exchange FTX Sam Bankman-Fried has been denied bail by a judge in the Bahamas. Bankman-Fried was arrested in the Bahamas and US authorities charged him with “one of the biggest financial frauds in US history” on Tuesday. He built a “house of cards on a foundation of deception,” Security and Exchange Commission (SEC) said. The ex-FTX boss has indicated that he will fight extradition to the US. The judge denied his petition for release on bail, citing a “great” risk of flight, and ordered he be…

American FTX founder Sam Bankman-Fried arrested in Bahamas The American founder of the collapse cryptocurrency exchange FTX has been arrested in The Bahamas, the country’s attorney general has said. Sam Bankman-Fried is set to appear in a magistrates’ court in the Caribbean country’s captial, Nassau on Tuesday.  He was arrested on “financial offences” against laws in the US and The Bahamas.  Last month FTX filed for bankruptcy in the US, leaving many users unable to withdraw their funds. A court filing shows FTX owed its 50 largest creditors almost $3.1bn. It is unclear how much people who have funds in…

RMT union rejects offer to stop Christmas walkouts The latest round of strikes by RMT members will go ahead after the RMT union rejected an offer, that had hoped to stop the strikes in the run-up to Christmas. The strikes at Network Rail and 14 train firms is due to begin in eight days. The Rail Delivery Group (RDG) said its offer included a pay increase for staff of up to 8 per cent over two years. But the RMT said it would lead to huge job losses and called for an urgent meeting with bosses on Monday. The strikes…

Oil prices rise as cap on price of Russian oil Oil prices have risen after major producers agreed to continue to cut output and the G7 and allies said they will cap the price of Russian oil. Brent crude rose about 0.6 per cent to above $86 a barrel on Monday morning. Last week the G7 agreed to cap Russian oil at $60 a barrel to add pressure on Russia following the invasion of Ukraine. Meanwhile, oil producers’ group Opec+ said at the weekend it would stick to its policy of reducing output.