Market Buzz
Tuesday newspaper round-up: Prepayment meters, Morrisons, BMW
Millions of vulnerable UK households on prepayment meters could see their energy bills consume almost a third of their incomes this winter. As temperatures drop across the country, the Resolution Foundation said a combination of higher gas and electricity prices and the typical seasonal increase in energy usage over the colder months would hit poorer families most. – Guardian.
Monday newspaper round-up: business activity, exporters, Donald Trump
British firms are predicting a sharp fall in business activity in the new year, in the latest economic snapshot to warn of an increasingly gloomy outlook for the UK in 2025. The growth indicator survey from the Confederation of British Industry (CBI) indicates firms are preparing to cut down on hiring and reduce output over the next three months. – Guardian.
Sunday newspaper round-up: Panama Canal, Warhammer, Thames Water
Donald Trump is asking that the Panama Canal be returned to the US unless Panama addresses his criticism of how the waterway is managed. In a post on social media platform Truth Social, Trump described the current arrangement as a complete 'rip-off' which will "immediately stop". He also warned against that the key interoceanic route would not be allowed to fall into the "wrong hands". He also appeared to caution against possible Chinese influence in the canal. - Guardian .
Friday newspaper round-up: Aldi, Richard Desmond, Collateral
The grocery industry watchdog is to make a rare intervention in a Yorkshire sprout grower’s £3. 7m legal case against Aldi over the discount chain’s decision to terminate a long-term supply deal. In papers filed at the high court, W Clappison Ltd, which produced sprouts for Aldi’s UK arm for 13 years, said its supply agreement was ended in February last year at planting time without reasonable notice so it was unable to find new clients immediately. It said it was forced to cease sprout production and sell off its machinery.
Thursday newspaper round-up: Water bills, Brexit, Imperial Brands
Households in England and Wales will see their water bills rise by an average of £31 a year, as suppliers pay to fix leaky pipes and cut pollution. The industry regulator Ofwat said on Thursday it would allow companies to raise average bills will rise by £157 over five years to an average of £597 by 2030 to help pay for investment. – Guardian.
Wednesday newspaper round-up: Amazon, Lloyds Banking, Heathrow
Amazon is to settle a group claim from delivery drivers that it deprived them of thousands of pounds, the Guardian has learned, ending a suit that lawyers had said could cost the company £140m. Drivers who deliver for the internet marketplace through its “delivery service partners” (DSPs) are classed as self-employed, meaning they are not entitled to benefits such as holiday pay and the minimum wage, while they also do not have an employment contract. – Guardian.
Tuesday newspaper round-up: Amazon, Lycamobile, Revolut
Thousands of workers at Amazon are threatening to strike at the company after giving the company a deadline of 15 December to agree to begin negotiating a first contract with the union representing employees. The strike threats, which started in New York, have now spread to Chicago and Atlanta. They come during Amazon’s peak holiday season and after the company experienced record sales during its 2024 Black Friday and Cyber Monday events. – Guardian.
Monday newspaper round-up: Water companies, TalkTalk, Persimmon
Water companies should spend more on helping vulnerable customers, according to consumer groups, as households in England and Wales brace for steep bill increases to be announced this week. The water regulator, Ofwat, is due to reveal on Thursday how much water bills will rise over the five years from next April. – Guardian.
Sunday newspaper round-up: Bank of England, Water companies, Nationwide
Hopes that the Bank of England will cut interest rates again just before Christmas have been all but expunged due to concerns that Labour's tax-and-spend Budget will stoke inflation. Traders are assigning a chance of just one-in-eight that rates will be cut when policymakers at Bank meet this week. In particular, rate-setters worry that the £25bn rise in companies' National Insurance contributions will be passed onto customers. - The Financial Mail on Sunday.
Friday newspaper round-up: Shein, clean power, farmers
Britain’s financial regulator is taking longer than usual to approve the fast-fashion retailer Shein’s stock market listing because it is checking its supply chain oversight and assessing legal risks after an advocacy group for China’s Uyghur population challenged the listing, according to two sources close to the matter. Britain’s Independent Anti-Slavery Commissioner, a monitoring body of the Home Office, has also raised concerns within government over a Shein initial public offering (IPO) because of allegations about labour practices at its suppliers.
Thursday newspaper round-up: Post Office, Vestas, McLaren
The police criminal inquiry into the Post Office has identified dozens of persons of interest so far, as a team bolstered to 100 officers investigates the actions of executives, legal teams and civil servants connected to the Horizon IT scandal. The investigation, which the police describe as unprecedented in size and scale, is in the first instance examining potential offences of perjury and perverting the course of justice by those involved in making “key decisions” on Post Office investigations and supporting prosecutions of branch owner-operators.
Wednesday newspaper round-up: Avanti West Coast, car finance scandal, Boots
Train managers at Avanti West Coast are to strike in a dispute over rest day working. Members of the Rail, Maritime and Transport union plan to walk out on 22, 23 and 29 December. Union members voted overwhelmingly against the company’s proposals. – Guardian.
Tuesday newspaper round-up: Rupert Murdoch, Tesla, HSBC
Rupert Murdoch’s three adult children will retain control over their father’s media empire upon his death, a Nevada court has ruled after Murdoch launched a campaign to wrest away their power and give it all to his oldest son. The New York Times reported on Murdoch’s loss, citing a sealed court decision that was filed on Saturday. The family battle took place outside of the public’s eye, despite attempts from the media to gain access to the trial. – Guardian.
Monday newspaper round-up: Job vacancies, Mike Ashley, John Lewis Partnership
Rachel Reeves plans to end the UK’s “fractious” post-Brexit accord with the EU, a relationship she said had been defined by “division and chaos”, by promising closer ties in the first speech by a UK chancellor to eurozone finance ministers since 2020. Reeves will say she wants to adopt a “business-like” approach through an “economic reset” with the EU, offering the goal of driving up trade and growth. – Guardian.
Sunday newspaper round-up: Al-Assad, Argentina, Aviva
Syrian President Bashar al-Assad's regime appeared to collapse on Sunday morning, after rebels entered the capital Damascus. Assad's whereabouts are not clear but Moscow or Tehran are possibilities. One source told Reuters that Assad's plane disappeared off the radar when it was headed towards the country's coastal region. It made an abrupt turn before vanishing from the map. The pilot may have turned off the transponder but it's more likely that it was shot down.
Friday newspaper round-up: Boeing, Boohoo, nuclear power stations
Ten years ago, marketing executives at Britain’s biggest supermarket had a brainwave: might slashing the price of basic vegetables tempt shoppers to do their Christmas shop with them? Tesco, under chief executive Dave Lewis, was trying to revive a business reeling after falling sales, five profit warnings and an accounting scandal. That promotion in December 2014, dubbed its Festive Five, offered bags of carrots, potatoes, brussels sprouts, parsnips and a cauliflower for 49p each.
Thursday newspaper round-up: Airbus, Boohoo, Home Reit
Ministers are considering renationalising British Steel in a last-ditch attempt to save thousands of jobs, amid a standoff between the government and the company’s Chinese owners over a £1bn investment. Jonathan Reynolds, the business secretary, is locked in talks with British Steel and its owner, Jingye, to agree how much each party should put into a rescue plan for its main Scunthorpe site. – Guardian.
Wednesday newspaper round-up: British Steel, nuclear power plants, South Western Railway
Ministers are considering renationalising British Steel in a last-ditch attempt to save thousands of jobs, amid a standoff between the government and the company’s Chinese owners over a £1bn investment. Jonathan Reynolds, the business secretary, is locked in talks with British Steel and its owner, Jingye, to agree how much each party should put into a rescue plan for its main Scunthorpe site. – Guardian.
Tuesday newspaper round-up: Jaguar, Thames Water, Elon Musk
The US has announced new export restrictions targeting China’s ability to make advanced semiconductors, drawing swift condemnation from Beijing. Washington is expanding efforts to curb exports of state-of-the-art chips to China that can be used in advanced weapons systems and in artificial intelligence. – Guardian.
Monday newspaper round-up: Zuber Issa, Thames Water, BAE Systems
There is “no route to net zero” that ignores the real concerns of businesses, a cabinet minister has warned, as the government prepares to reduce financial penalties handed to carmakers not selling enough electric cars. Ministers are also looking at how cheaper loans could be introduced to help people buy an electric vehicle (EV), after a wave of job losses and closures in which carmakers blamed the onerous fines they were facing. – Guardian.