The Financial Times reports Rishi Sunak has vowed to introduce emergency legislation to rescue the government’s plan to send asylum seekers to Rwanda.
Author: WTX Business Team
The Financial Times reports on a jump in the US stock markets following a larger-than-expected fall in inflation.
New data shows a sharp fall in UK inflation, down to 4.6%. It’s the lowest rate since November 2021, the rate in September was 6.7%.
CITY AM SAYS Rishi Sunak’s reshuffle was his third attempt to relaunch the Conservative Party, and this time he’s also reheating David Cameron’s career, writes Will Cooling
The Financial Times leads on the big news from Monday’s cabinet reshuffle.
CITY AM SAYS Deputy Prime Minister Oliver Dowden has announced plans to streamline and enhance the business-friendliness of the UK’s investment screening powers, just under two years since their inception.
The Financial Times leads on the conflict in the Middle East, with officials in Washington warning Israel not to fire on hospitals in Gaza.
Ex-NatWest boss loses out on £7.6m payout after Farage row Dame Alison Rose will lose out on £7.6m after she admitted to discussing the closure of Nigel Farage’s bank account. The former NatWest boss will receive her £2.4m fixed pay package, but will not benefit from share awards and bonuses she had been previously entitled to. Dame Alison quit in July after she spoke about Farage’s Coutts bank account – Coutts is owned by Natwest. NatWest said Dame Alison had not been given “good leaver” status. If she had she would have been entitled to receive the entire amount which,…
CITY AM – This is not just a dividend M&S reinstates dividend and CEO Stuart Machin promises he’s not done yet CITY AM SAYS Marks and Spencer (M&S) racked in hefty profits during the half year, as the firm’s reshaping programme continues to show signs of paying off. The Percy Pig maker posted profit before tax of £360.2m up nearly £100m on last figures of £205.5m. M&S also reported a 14.7 per cent rise in food sales as its investment in price cuts and improving quality drove shoppers to its aisles, it said in a trading update to markets this…
Elementor #561819November 9, 20231 Min Read Summary of the Top 6 headlines today Financial Times – SoftBank pays $1.5bn to WeWork’s banks days before bankruptcy filings The Financial Times says SoftBank was forced to wire $1.5bn to Goldman Sachs and other lenders just days before WeWork filed for bankruptcy, as the cost of one of the worst venture capital investments in history mounts for the Japanese group.The paper says the payment takes the total that SoftBank has committed to WeWork to more than $16bn since an initial investment in 2017, a move it says has proved “one of the worst venture…
King’s Speech begins countdown to next UK general election The FT says King Charles III started the countdown to the next UK election on Tuesday, setting out 21 pieces of legislation that Prime Minister Rishi Sunak hopes to define his priorities and sharpen dividing lines with Labour. But many Tory MPs gave the package of bills in the King’s Speech a lukewarm reception, while Downing Street was forced to put the brakes on controversial plans to crack down on rough sleeping. The King’s Speech, the first delivered by a male monarch in more than 70 years, was laden with political…
Elementor #561513 November 8, 20231 Min Read Summary of the Top 6 headlines today Financial Times – Accounting watchdog scraps plans for full-scale overhaul of boardroom rules The Financial Times reports Britain’s accounting watchdog has abandoned most of its overhaul of boardroom rules, a move that it says protects competitiveness but which critics say marks the unravelling of long-promised corporate governance reforms. The paper says the scrapped plans include greater requirements for diversity reporting and new responsibilities around environmental, social and governance issues. The body’s chief executive, Richard Moriarty, is quoted saying the changes will support “UK economic growth and…
House prices rise for first time in six months, says Halifax Halifax reports that house prices rose in October for the first time in six months, but it expects values to fall over the next year. Halifax – the UK’s largest mortgage lender – said prices rose 1.1% last month, taking the average property value to £281,974. But the rise is due to a lack of homes for sale and the demand from buyers remaining weak. It expects prices to fall until 2025, with buyers facing higher interest rates and cost of living pressures. House prices in October were down…
The Financial Times says former US President Donald Trump “turned a New York courtroom into a political theatre”.
At least one person suffered from a ‘minor oral injury’ from the metal, the US Department of Agriculture (USDA) said.
‘We are already cracking down on those who try to exploit the welfare system in a push to save the taxpayer £1.3bn in the next year.’
THE ECONOMIST SAYS Even as wars rage and the geopolitical climate darkens, the world economy has been an irrepressible source of cheer.
CITY AM SAYS New figures out on Friday are expected to show that the economy contracted in the third quarter, raising the possibility that the UK is already in a recession.
Energy secretary admits Rishi Sunak’s north sea oil expansion plans ‘won’t bring bills down’ The Independent says The energy secretary has admitted that Rishi Sunak’s flagship energy policy will not bring household bills down. Claire Coutinho was quizzed about the government’s plans to expand North Sea oil and gas exploration expected to be announced in the King’s Speech tomorrow. The prime minister will declare the drive, which would invite annual applications for new licences to drill for oil and gas, will protect jobs and boost energy security “without adding undue burdens on households”. https://www.independent.co.uk/news/uk/politics/energy-bills-oil-gas-sunak-net-zero-b2442312.html
Annual oil and gas licences planned with net zero commitment required BBC News says Licences for oil and gas projects in the North Sea are set to be awarded annually, under government plans. There is currently no fixed period between licensing rounds – but this would change under a bill to be announced in Tuesday’s King’s Speech. Ministers said projects would have to meet net zero targets and claimed the policy would “bolster energy security”. Greenpeace said encouraging oil and gas production was “backward-facing” and vowed to fight new licences in court. The plans draw a dividing line between the…
Rishi Sunak to unveil North Sea annual oil and gas licensing bill FT says New legislation to mandate annual North Sea oil and gas licensing rounds will be at the heart of the King’s Speech on Tuesday, as Rishi Sunak looks to exploit a policy divide with Labour ahead of the next UK general election. The prime minister insisted the bill, which would allow companies to bid yearly for new licences to drill for fossil fuels in the North Sea, would protect jobs and strengthen Britain’s energy security by reducing its exposure to volatile international markets. The announcement, which comes…
British Steel plans to shut furnaces putting up to 2,000 jobs at risk More than 2,000 jobs are at risk as British Steel announces its plans to close down its blast furnaces in Scunthorpe. The business, owned by China’s Jingye Group, wants to replace them with two electric arc furnaces – one at Scunthorpe and one at Teesside. The construction is expected to take between two and three years. British Steel said it aimed to transform the firm into a “green and sustainable company” and had to look at different scenarios to help it do this. The shift could lead…
The Financial Times reports that Rishi Sunak is set to unveil a bill to allow the ability to grant new licences to drill for more North Sea oil and gas.
‘It was the most stressful and frustrating time.’
‘I’d advise people to always check their credit history – I had a mark on my account, I wasn’t even aware of.’
