Supply chain snarl ups weigh on US economy October 28, 2021 Severe supply chain breakdowns and a resurgence in Covid-19 infections have clamped down on US economic growth. The American economy grew at an annualised rate of two per cent in the three months to September, the Commerce Department said today. The weak growth rate came in below economists’ forecasts of 2.7 per cent. Supply chains [...]
Oil prices slump to lowest levels in two weeks October 28, 2021 Brent crude prices slumped to their lowest levels in two weeks this week, falling to $82.32 a barrel on Wednesday before stabilising above $83 on Thursday. In the US, WTI Crude prices fell 2.4 per cent to $80.83 on Wednesday, before recovering and dropping again by 1.1 per cent to $81.77 a barrel. Outbreaks of [...]
World’s largest brewer AB InBev upgrades earnings growth forecast after success in Brazil October 28, 2021 Budweiser maker AB InBev has upgraded its earnings growth forecast for 2021 after it reported a surprise jump in profit. An unexpected third-quarter profit increase came after the world’s largest brewer’s beer sales were boosted by Brazilian consumers. The Belgium-based brewer said on Thursday it anticipated EBITDA to grow between 10 per cent and 12 [...]
Sony has one per cent profit rise, despite PS5 supply complexities October 28, 2021 Japan's Sony Group announced a surprise 1 per cent rise in operating profit for its second quarter though costs from growing sales of its PlayStation 5 (console pressed on margins.
Downbeat Shell drags FTSE 100 lower October 28, 2021 A poor set of results from FTSE 100 big beast Shell pulled London’s premier index down during the opening session of trading today. The blue-index dipped 0.23 per cent to 7,236.77 points, with the oil megacap’s two listed shares falling more than 1.70 per cent. Shell published results this morning showing earnings slipped 25 per [...]
Reserve release boosts Lloyds profits October 28, 2021 The release of reserves set aside to deal with an expected wave of pandemic-induced defaults boosted Lloyds’ profits. Profit before tax at Britain’s biggest mortgage lender in the three months to September climbed around £1bn compared to the same period last year. Lloyds’ bottom line was raised by the release of over £80m in reserves [...]
Forget the pandemic: Brexit’s impact on UK economy will be much worse, warns fiscal chief October 28, 2021 The consequences of the UK leaving the European Union will be much more serious than the economic impact of the pandemic, the boss of the UK’s fiscal watchdog warns this morning. The Office for Budget Responsibility (OBR) had assumed leaving the EU would “reduce our long run gross domestic product by around 4 per cent”, [...]
Third Point calls to break up Shell after acquiring a $750m stake October 27, 2021 Wall Street hedge fund Third Point has called to break up Royal Dutch Shell after acquiring a $750m majority stake in it. Third Point is urging the oil giant to split up into multiple companies to increase its performance and market value, accusing Shell of having an “incoherent” set of strategies for its businesses, a [...]
BP benefitting from gas price crisis with $500m trading bonanza October 27, 2021 BP’s trading team made at least $500 million in Q3 2021, according to Reuters. The energy giant’s gas trading results were reportedly disclosed at an internal call with staff earlier this month. It has benefitted from a gas crisis that has left embattled consumers and industries struggling with rising costs. Natural gas and power prices [...]
Long-haulers slam APD hike as it “will penalise Global Britain” October 27, 2021 Long-haul carriers have criticised the Chancellor’s decision to increase air passenger duty (APD) rates for flights longer than 5,500 miles. Luis Gallego, chief executive at British Airways’ parent company IAG, said the move “will penalise Global Britain” at a time when the country should be more competitive on the global stage. “We need to get [...]