Market Buzz
Thursday newspaper round-up: Windfall profits, London properties, Asda
The world’s 722 biggest companies collectively are making more than $1tn a year (£780bn) in windfall profits on the back of soaring energy prices and rising interest rates, according to research by development charities. The companies made $1. 08tn this way in 2021 and $1. 09tn last year, according to analysis of Forbes magazine data by the charities Oxfam and ActionAid. The collective profits were 89% higher than the previous four-year average covering 2017-2020.
Wednesday newspaper round-up: Morrisons, Thames Water, Matalan
Morrisons is closing a fruit-packing plant in Bradford, putting 450 jobs at risk in the supermarket’s home city where it traces its roots back to 1899. The debt-laden supermarket chain, which is battling to save costs after a takeover in October 2021 by the American private equity group Clayton Dubilier & Rice, said it was moving operations from the Cutler Heights area of the West Yorkshire city – its first ever fruit-packing plant – to another plant in Thrapston, Northamptonshire, and a distribution centre in Wakefield in the second part of this year.
Tuesday newspaper round-up: Broadband, National Grid, energy companies
More than half of UK broadband customers have experienced problems with their connections, according to a report that says telecoms providers are adding “insult to injury” after forcing inflation-busting price rises on to their customers. Many of the UK’s mobile and telecoms companies have been accused of “greedflation” for pushing through mid-contract price increases of up to 17. 3%. – Guardian.
Monday newspaper round-up: Thames Water, rail passengers, house prices
One of Thames Water’s big shareholders has given its backing to the embattled water company, after the surprise departure of its chief executive and crisis talks with the government over its viability. Thames Water, which is buckling under a £14bn debt burden and has embarked on an eight-year turnaround plan, is owned by a series of pension funds and other governments’ sovereign wealth funds. The second-biggest shareholder is a UK pension fund for academics, the Universities Superannuation Scheme (USS), which holds about 20% and is the first investor to make public its support for the company.
Sunday newspaper round-up: Google, M&S, Tesco
Google's new quantum computer is capable of instantly making calculations that would take current supercomputers 47 years to complete. Such compouters, proponents argue, will be capable of battling climate change and creating breakthrough drugs. Their ability to break encryption systems now utilised on the other hand makes them a threat to national security. - The Sunday Telegraph.