Browsing Category
Economy
First time in decades, the biggest oil discovery to come out of the North Sea will be drilled
A UK energy firm is about to begin drilling in the largest oil field found in the North Sea for at least 20 Years despite a crackdown of net zero on the industry.
EnQuest has plans to bring on two fields that have the capacity to produce…
Rain is bad news for Dune retailers, but consumers flock to the cinema instead
The wet weather dampened the enthusiasm of shoppers, and the increase in non-essential spending such as clothing was only 1.6%. This is the lowest rise since September 2012.
Barclays data shows that in-store retail sales, excluding…
JP Morgan CEO: Global economic risks could be greater than anything since the Second World War
JP Morgan , the boss of a US bank, has warned the world that it could be in the midst of the most dangerous time since the Second World War. This would put lives at risk and threaten economic growth.
Jamie Dimon, in his letter to…
Retail insolvencies increase 19% as businesses feel squeeze
Retail insolvencies have risen sharply as businesses are feeling the effects of rising interest rates, higher costs and cautious spending by consumers.
According to Mazars the audit, tax, and advisory firm, 2,195 retail outlets collapsed…
UK investors take advantage of Wall Street bull market
Calastone, a data specialist, says that British investors are choosing to invest in US-listed companies over UK stocks.
Investors withdrawn a net £823million from UK funds in February, the highest amount since last February. This was the…
Retailers suffer longest dip in sales since Covid pandemic
A survey shows that retail sales have fallen for the past six months and then again in March. This is the longest run of declines outside the Covid-19 pandemic.
The survey conducted by BDO, an independent consultancy, revealed that total…
Bank of England warns that private equity binge could trigger financial crisis
The Bank of England warned that the private equity industry poses a threat to financial stability, as it launched a review of this $8 trillion ($6.3 trillion) sector.
Officials are worried about the value assets such as commercial…
Focusing on consumers can give China an extra $3.5trn.
The International Monetary Fund said that China's economy could grow by $3.5 trillion over the next 15 year if its policy is reoriented to focus more on consumers.
Kristalina Georgeeva, managing director of the IMF, stated that China is…
Bank of England: Delaying interest rate reductions will weaken the UK economy
A report warns that the UK economy is headed for a slow recovery after the recession, and the Bank of England may compound this weakness by maintaining interest rates at an unsustainable level for too long.
KPMG predicts that the economy…
British homes are smaller, older and more expensive than those overseas
A report says that Britain's housing is "expensive and cramped" with an ageing population. It offers the lowest value for money among advanced economies.
According to a study by Resolution Foundation, people in England live in smaller…
Insurance premiums are soaring, giving the Treasury a windfall in tax revenue
The rapid increase in premiums for car, pet and home insurance has brought the government a windfall worth more than £8billion.
HM Revenue & Customs reports that with one month remaining in the 2023-24 fiscal year, insurance tax…
Bank of England keeps rates at 5.25%
The Bank of England held UK interest rates to 5.25 percent and indicated it was moving closer to reducing borrowing costs. This will weaken sterling and boost stocks.
Andrew Bailey, the Governor of the Bank of England's Monetary Policy…
Fund managers most optimistic about global growth in years
The outlook for the global economic climate is the most positive it has been in the past two years. Most fund managers believe central banks can bring inflation to the target rate without triggering recession.
Bank of America’s latest…
Investors place bets on European consumer goods as confidence in the economy grows
Investors buy shares in European travel, luxury and retail goods, betting on a recovery of the economy to encourage consumers to spend more on expensive holidays and items.
Renault and Stellantis, two carmakers, have both risen by more…
Savills profits plunge after commercial property woes
Savills boss claims that the commercial property market has suffered more in the last year than even during the global economic crisis.
In 2023, the property agent's profit collapsed as he was no longer able to find work. Investors chose…
Danish economy benefits from Wegovy
The growth of the Danish economy last year was almost entirely due to Novo Nordisk Pharmaceuticals, the company behind the weight-loss injection.
Statistics from Denmark's statistical agency reveal that the drug industry in the country,…
The trade deficit is rising amid high energy import prices
Imports of energy, which are expensive, contributed to a larger trade deficit than anticipated at the beginning of the year.
The official figures show that the UK's trade deficit with the rest the world increased by £2.2 billion, to…
Bank Governor: Britain is nearing full employment
The Bank of England governor acknowledged that policymakers have a difficult time with inaccurate data. He admitted that he wished that they had accurate numbers on unemployment.
Andrew Bailey said to an Italian audience that the UK job…