Market Buzz
Thursday newspaper round-up: Crypto firms, jobs market, John Lewis
Crypto firms must warn customers they should not expect protection if their investment goes wrong and introduce a “cooling off” period for first-time investors, under new rules imposed by the UK financial watchdog. The Financial Conduct Authority said that from 8 October firms promoting crypto products or services would need to carry a clear risk warning in their adverts. – Guardian.
Wednesday newspaper round-up: International air fares, executive pay, Asos
International air fares are likely to keep climbing from their current highs over the next 10-15 years, with the cost of sustainable fuels expected to drive up ticket prices, according to the global airlines body Iata. Extraordinary demand for travel since the Covid pandemic has led to steep fare rises on many routes, and Iata said consumers could expect to pay more as airlines increase the usage of scarce “greener” jet fuels in response to government mandates to cut aviation’s carbon emissions.
Tuesday newspaper round-up: Apple, CBI, PwC
Apple has lifted the lid on the worst kept secret in Silicon Valley and revealed the Vision Pro, a $3,499 VR headset. “With Vision Pro, you’re no longer limited by a display. Your surroundings become an infinite canvas,” the Apple chief executive, Tim Cook, said. “Vision Pro blends digital content into the space around us. It will introduce us to Spatial Computing. ” – Guardian.
Monday newspaper round-up: UK breweries, German car makers, HSBC
Leicester’s garment makers have said they are in crisis as a growing number of fast-fashion brands are forcing through discounts, making last-minute cancellations and imposing financial penalties for what suppliers claim are tiny errors. In the east Midlands city – where manufacturers make clothes for a range of brands including Boohoo, Misguided and Frasers Group, the owner of Sports Direct and the online specialist Missguided – hundreds of garment businesses have shut in recent years, local organisations say, and suppliers warn that more are likely to follow.
Sunday newspaper round-up: Saudi oil output, Asos, 35-year mortgages
Saudi unveiled plans at the weekend to reduce its oil output by 1m barrels per day in a surprise unilateral decision. The move was to take effect from July. The decision came as Secretary of State, Anthony Blinken, was due to travel to Saudi Arabia over the following week. It also followed a meeting between members marred by disagreements, although the Russian and UAE energy ministers denied talk of any split with Saudi. OPEC+ meanwhile did agree to prolong the voluntary cuts announced in April until the end of 2024.
Friday newspaper round-up: RMT strike, Elon Musk, Apple, Boeing
More than 20,000 rail workers in England have begun a 24-hour strike that will cancel half of services on affected lines as part of a long-running dispute with train operators over jobs, pay and conditions. The stoppage by the National Union of Rail, Maritime and Transport Workers (RMT) – the second of three by rail unions to hit the network this week – will affect most operators in England and some cross-border services into Scotland and Wales. – Guardian.
Thursday newspaper round-up: Diesel prices, Amazon, Whitbread
Supermarkets have cut more than 7p a litre from the price of diesel since the UK’s competition watchdog warned it would question retail bosses about unnecessarily high forecourt prices, according to the RAC. The motoring group found that the average price of diesel fell by 7. 44p a litre, from 151. 02p two weeks ago to 143. 58p this week, after the Competition and Markets Authority (CMA) raised concerns that retailers were making “sustained higher margins” from sales of diesel.