UK wages grew much more than expected in the three months to June, according to official figures that are likely to reinforce policymakers’ concerns over the pressures fuelling inflation. In April to June, annual growth in regular pay, which excludes bonuses, was 7.8 per cent, the highest regular annual growth rate since comparable records began
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One of Europe’s biggest buyout groups, CVC Capital Partners, has revived plans for a multibillion-euro stock market listing that could come before the end of the year, according to people familiar with the matter. The secretive firm, which owns the maker of PG Tips tea and has made major bets on rugby and Formula One,
Republican-controlled areas of the US are dominating a rush of clean technology project investment as President Joe Biden goads opponents for “claiming credit” for the jobs boom despite their efforts to block his landmark climate legislation last year. More than 80 per cent of investment in large-scale clean energy and semiconductor manufacturing pledged since last
The era of cheap streaming is ending, as Hollywood’s largest studios turn the screws on customers with price rises that rival the expensive cable television “bundle” consumers began ditching for Netflix 15 years ago. A basket of the top US streaming services will cost $87 this autumn, compared with $73 a year ago, as Disney,
Saudi Arabia is pushing the UK, Japan and Italy to allow it to become a full partner in the landmark next-generation fighter jet project that the three countries signed in December. The request, confirmed by five senior officials in London, Tokyo and Rome, has already created strains within the tri-national alliance. While the UK and
US inflation in July is expected to have risen at roughly the same pace as in June, suggesting that price pressures in the world’s biggest economy are continuing to ease and strengthening the case for the Federal Reserve to hold interest rates steady at its next meeting in September. The consumer price index (CPI) is
European natural gas prices surged almost 40 per cent on Wednesday as the potential for disrupted global liquefied natural gas supply from Australia spooked traders betting on further declines. Prices on the Title Transfer Facility (TTF), the European benchmark, rose to more than €43 per megawatt hour, up from almost €30 on Tuesday, reaching its
The UK’s elections watchdog has suffered a “complex cyber attack” in which hackers obtained copies of the electoral register and had access to its systems for more than a year. The Electoral Commission said in a public notice on Tuesday that “hostile actors” first breached its network in August 2021, but that “suspicious activity” was
German chancellor Olaf Scholz is under mounting pressure to provide cruise missiles to Ukraine to bolster its struggling counteroffensive against Russian forces. Two lawmakers in Scholz’s Social Democrat party (SPD), which has often been more cautious than its coalition partners, have recently joined a chorus of voices calling for Swedish-German made Taurus missiles to be
US government scientists have achieved net energy gain in a fusion reaction for the second time, a result that is set to fuel optimism that progress is being made towards the dream of limitless, zero-carbon power. Physicists have since the 1950s sought to harness the fusion reaction that powers the sun, but until December no
Berkshire Hathaway’s cash and investments in short-term Treasuries surged to $147bn at the end of the second quarter, underscoring Warren Buffett’s faith in the backbone of global financial markets despite the rocky political climate in Washington. The sprawling conglomerate — which owns the BNSF railroad and Geico insurer — increased the holdings by nearly $17bn
Ukraine attacked the oil export infrastructure that helps fund Moscow’s invasion for the first time on Friday, using a drone strike to damage a Russian naval vessel outside the port of Novorossiysk. Ukraine’s security services, in collaboration with the country’s navy, carried out the sea drone strikes outside the port, according to two Ukrainian sources with knowledge
Pity the UK. Sure, inflation is slowing there as well, but from higher level and far more slowly than in most other countries. Here’s a Goldman Sachs chart showing just how much global price pressures have abated this year (and how its economists expect them to continue to ease): And here is 2023 broken down
Donald Trump’s legal team has pushed back against the US government’s drive for a “speedy trial” over this week’s historic charges that the former president conspired to subvert the 2020 election. In comments that signalled Trump’s desire to slow proceedings — possibly until after next year’s presidential contest — John Lauro, one of his lawyers,
UK house prices have dropped by the largest amount in 14 years, according to fresh data from Nationwide. Prices for July fell 0.2 per cent on the previous month and 3.8 per cent on the same month last year, the largest fall since 2009, the Nationwide house price index showed. The average cost of a home in the UK is now
UK mortgage approvals rose unexpectedly in June, despite further increases in interest rates. Bank of England statistics showed net mortgage approvals for house purchases rose to 54,700 from 51,100 the previous month, while approvals for remortgaging rose to 39,100 from 34,100. Analysts had expected the housing market to slow in a month when stubbornly high
Blackstone’s $68bn flagship property fund has gone from being one of the world’s biggest buyers of property to a large seller, as it raises liquidity to meet redemptions and invest billions in data centres to feed the artificial intelligence boom. From the beginning of 2021 to the third quarter of last year, the Blackstone Real
Economists and analysts are increasingly hopeful that the Federal Reserve can avoid pushing the US into a recession, as inflation slows and strong growth persists despite 11 interest rate increases. The Fed this week raised rates by another quarter percentage point to the highest level in 22 years. But a flurry of upbeat data has
A group of companies including the UK coach and train service company Mobico has held detailed talks over launching a cross-Channel train service to rival Eurostar. Other parties involved in the discussions include the Spanish Cosmen industrialist family, which is an investor in Mobico, formerly known as National Express, according to two people with knowledge
Coutts chief executive Peter Flavel has stepped down, saying that he bore “ultimate” responsibility for the bank’s treatment of former UK Independence party leader Nigel Farage. The private bank and its owner, NatWest, have been engulfed in a crisis since Farage revealed last week that Coutts had closed his account in part because of his
NatWest shareholders have ramped up pressure on chair Sir Howard Davies to step down for mishandling the fallout from the closure of Nigel Farage’s bank account. “He’s clearly not in charge,” said a top-20 investor on Tuesday. “Banking is about trust and confidence. That’s sacrosanct and starts with the tone from the top.” NatWest chief
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