The Financial Times says the government could save at least £20bn per year if it modernised IT systems, tackled fraud and reined in large projects such as HS2, the head of the National Audit Office.
Author: WTX Business Team
Wage growth slows again as job market stall UK wage growth slowed in the job market, but it’s still higher than the rising prices, says official data. From October to November, pay growth (excluding bonuses) dropped from 7.3% to 6.6%, but it’s still beating inflation. However, the job market is showing signs of slowing down due to higher interest rates affecting businesses, leading to a decrease in job vacancies. Retail sector roles have seen the most significant decline in recent months. Major recruitment companies like Page Group, Hays, and Robert Walters have issued warnings about the job market slowdown, citing…
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CITY AM SAYS Inflation is expected to continue its descent when new figures are released on Wednesday, amid growing fears that the conflict in the Middle East could spark a resurgence in inflation.
About 1m American manufacturing workers lost their jobs to Chinese competition in 1997-2011, as the country integrated into the global trading system and began shipping cheap goods overseas.
CITY AM – ETON MESS: Thames Water sewers flood as £46,000-a-year school forced to delay term CITY AM SAYS Eton College has been forced to delay its re-open after Christmas as toilets are backed up as a result of flooding in sewers operated by Thames Water. A report in the Guardian details that parents of children who attend the £46,000 per year Berkshire private school received an email from the water provider yesterday. This is the second day running overflows from Thames Water outlays have been highlighted in the public eye, following the news that several Gloucestershire outflows have been…
After Twitch cut over 500 jobs, rival streaming platform Kick is eyeing up a takeover says its founder.
Bitcoin price swings after fake regulator post Bitcoin briefly surged on Tuesday following a post on the US markets regulator’s X account (formerly Twitter), announcing the approval of new cryptocurrency exchange-traded funds (ETFs). However, the Securities and Exchange Commission (SEC) later deleted the post, attributing it to a “compromised” account. The social media platform clarified that the compromise was not a result of a breach in its systems. US regulators are expected to provide an update on the new ETFs later this week. The false announcement appeared on the SEC’s official X account around 16:00 Washington time (21:00 GMT), stating…
CITY AM – Retail revival signals a new era in trading After a difficult 2023, outlook for online trading platforms brightens as retail investors return CITY AM says A bleak 2023 for retail trading platforms looks set to give way to a renaissance in 2024 with elections, falling interest rates and geopolitical volatility potentially prompting renewed interest in online trading. Both CMC Markets and Plus500 released trading updates covering the three months to December on Monday morning, with the pair both revealing results for 2023 will be above market expectations. Plus500 now expects to perform “significantly ahead” of current market…
The Economist – Made in ’42. Roadworthy in ’24? The man supposed to stop Donald Trump is an unpopular 81-year-old The Economist says American politics is paralysed by a contradiction as big as the Grand Canyon. Democrats rage about how re-electing Donald Trump would doom their country’s democracy. And yet, in deciding who to put up against him in November’s election, the party looks as if it will meekly submit to the candidacy of an 81-year-old with the worst approval rating of any modern president at this stage in his term. How did it come to this? Joe Biden’s net…
The Financial Times reports activist investor Cevian Capital has taken a €1.2bn stake in the Swiss bank UBS, betting it can double its valuation over the next three to five years.
Adobe has dropped its planned takeover of product design firm Figma due to UK and EU regulatory issues, the Financial Times reports.
Economy WTX Business exclusively reported that South Korea’s National Pension Service (NPS) and central bank are in talks to extend their foreign exchange swap programme that was due to expire in December, according to two government sources with direct knowledge of the matter. Market Impact Soon after WTX Business reported on the swap extension, the won gained as much as 1.21% against the dollar in the onshore spot market, sharply rebounding from a more than three-week low.
Reuters exclusively reported that Apple (AAPL.O) has offered to let rivals access its tap-and-go mobile payments systems used for mobile
The post Apple offers to let rivals access tap-and-go tech in EU antitrust case appeared first on Reuters News Agency.
Reuters exclusively reported that Chinese chip designers including Tencent Holdings (0700.HK) are aggressively pitching their AI chips as alternatives to
The post After US curbs, Tencent and small chip designers chase Nvidia’s China crown appeared first on Reuters News Agency.
CITY AM SAYS Investors are hoping for a so-called Santa Rally to push the FTSE 100 further into the green this year.
The Tories have changed Britain during its 13 years in office. One such change is that it has made the absence of chaos seem like competence and the previously unthinkable seem acceptable.
The Financial Times splashes on a warning from the IMF that the Ukrainian economy could be in trouble if Kyiv’s allies don’t speed up extra funding for the war-torn nation.
EXCLUSIVE: Kevin Dowd said the City would ‘have to reorientate itself’ but added: “The potential longer-term opportunities would be enormous”.
Elon Musk’s car company is facing more safety woes.
CITY AM SAYS Fast fashion giant Shein has reportedly spoken to London stock market bosses about shifting a planned IPO from Wall Street to the capital.
The Financial Times leads on the government’s migration bill vote passing – saying Rishi Sunak headed off a “right-wing revolt”.
UK economy shrank by more than expected in October In October, the UK economy contracted more than anticipated, with growth hampered by elevated interest rates and adverse weather conditions. The Gross Domestic Product (GDP) declined by 0.3% compared to the 0.2% growth observed in September. The Bank of England, in its efforts to combat inflation, has implemented rate hikes, leading to a tightening of household spending. The next rate decision is scheduled for Thursday. Additionally, severe weather, particularly from Storm Babet, affected construction and tourism during October. Most economists had predicted that the economy would fall by just 0.1% that…
The Financial Times focuses on anger at COP28, where oil-rich states have been accused of thwarting efforts to tackle the climate crisis.
Free Radical Design, the British studio whose founders created GoldenEye 007, is no more, as 80 staff lose their jobs two weeks before Christmas.
