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Tag: FTSE
US orders immediate stop to some AI chip exports to China; Lloyds profits up but lending margins fall – business live
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Reckitt, the maker of Dettol bleach and Finish dishwasher products, has missed sales expectations as revenues dropped 3.6% year-on-year in the third quarter. ","elementId":"c705bb63-9627-4831-b267-42b06d699530"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" Its shares were down 2.3% on Wednesday morning, despite it also committing to buy back £1bn in shares. ","elementId":"7d7e69ac-7899-4b7d-8dd7-43d2450dec8a"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" It missed expectations because of the comparison with strong sales in…
Oil prices drop as aid arrives in Gaza; major Apple supplier faces China tax inquiry – business live
<gu-island name="KeyEventsCarousel" priority="feature" deferuntil="visible" props="{"keyEvents":[{"id":"653611bc8f088809c450b097","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" Good morning, and welcome to our live coverage of business, economics and financial markets around the world. ","elementId":"6b5b4570-c413-4804-8882-bbf504c1a440"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" Oil prices dropped back on Monday after diplomatic efforts over the weekend to try to prevent the conflict between Israel and Hamas from spreading, including aid convoys being allowed into Gaza. ","elementId":"4aa18c91-1793-4c4f-86b9-21db9fbbbb1b"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" The price of a barrel of Brent crude oil, the North Sea benchmark, for December delivery fell as low as $91.08 on Monday morning, down by more than a dollar, or about 1%, following the…
UK government delays post-Brexit border checks for fifth time – business live
From 2h ago UK government confirms another delay to post-Brexit food checks The UK government has confirmed that it will delay the introduction of post-Brexit checks on food by another three months, after warnings the long-promised new regime would not be ready in time. The UK’s Cabinet Office said that “remaining sanitary and phytosanitary controls, as well as full customs controls for non-qualifying Northern Ireland goods, […] will now be introduced from January 2024. The government had said in April that new checks would come into force on Halloween, 31…
Italy approves 40% windfall tax on banks; China’s trade slumps – business live
From 1h ago Italy approves 40% windfall tax on banks The Italian government is hitting the country’s banks with a new windfall tax, to help families through the cost of living squeeze. Italy’s cabinet yesterday approved a 40% “windfall tax” on bank profits this year, with the proceeds earmarked to help mortgage holders and cut taxes. Deputy prime minister Matteo Salvini told a news conference that the levy will hit the profits reaped from higher interest rates: “One only has to look at the banks’ first-half 2023 profits, also the…
Global economic forecast for 2023? A stormy start followed by a ray of hope
Investors should brace for another turbulent year in the financial markets, economists have warned as central banks fight inflation, China reopens its economy after Covid-19 restrictions and the Ukraine war pushes the global economy towards recession. The first half of the new year is likely to be choppy, according to Wall Street predictions, after global markets suffered their biggest fall since the 2008 financial crisis last year. But the US S&P 500 is still expected to end 2023 a little higher than it began the year. The average target of…
UK bond yields soar as investors anticipate interest rate rise; China’s growth slows – business live
Some economists fear that raising interest rates at this point would be a blunder. It would tighten monetary policy at a time when households and businesses are already being squeezed by higher energy costs, and as government Covid-19 support measures, such as the universal credit uplift, are withdrawn, hurting vulnerable families. A rate hike might calm inflation expectations; policymakers worry that workers will seek higher wages to match rising prices in the shops (although not every employee has as much leverage as, say, a qualified HGV lorry driver). But it…