Used car prices skyrocket as UK inflation eases October 20, 2021 The UK average price of a used car has increased by 23.9 per cent this week as a result of September’s inflation rates easing to 3.1 per cent. Data from automotive advertising firm Auto Trader have also revealed that year-on-year prices quadrupled this week, especially if compared with the 5.7 growth recorded in the week [...]
Sunak eyes Covid-19 emergency loan scheme extension at budget October 20, 2021 Chancellor Rishi Sunak is eyeing extending the emerging Covid-19 loan scheme at the budget next week. The Recovery Loan Scheme was scheduled to finish on December 31, but Sunak is reportedly planning on backtracking on the plans. The news was first reported by Bloomberg. Sources told the news organisation discussions on the matter are ongoing. [...]
Germany central bank chief quits with parting inflation shot October 20, 2021 The chief of Germany’s central bank has stepped down five years earlier than expected, dishing out one final warning on inflation to European policymakers before leaving. Jens Weidmann will leave his role as head of the Bundesbank on December 31 for personal reasons, half a decade before his term was supposed to end. More to [...]
Scottish Investment Trust to merge with JP Morgan in £1.2bn deal October 20, 2021 Scottish Investment Trust is dropping its in-house management team to combine assets with JP Morgan’s Global Growth & Income (JGGI) arm to create a new £1.2bn enlarged trust. The deal is expected to complete in the first quarter of next year if approved by shareholders, and the Scottish Investment Trust will be voluntarily liquidated through [...]
Rio Tinto to halve carbon output by 2030 with $7.5bn worth of investments October 20, 2021 Anglo-Australian miner Rio Tinto is set to halve its carbon output by 2030, which it said will be supported by around $7.5bn in investments. The new emissions goal, which more than triples its previous target, should see the mining giant slash its scope one and two emissions, meaning it seek to limit the emissions produced [...]
MPs want answers from FCA over over NatWest money laundering case October 20, 2021 An influential group of MPs has written to the financial watchdog over its investigation into money laundering at NatWest. Treasury Committee chair Mel Stride has asked Financial Conduct Authority (FCA) boss Nikhil Rathi to explain why it took five years to secure a prosecution against the bank. Earlier this month NatWest admitted three counts of [...]
WeWork to trade from Thursday after BowX merger October 20, 2021 Office-space provider WeWork is expected to start trading on the New York Stock Exchange from Thursday after a $9bn merger with special-purpose acquisition company (Spac) BowX Acquisition. As reported by the Financial Times, WeWork’s $9bn market evalutation is a fraction of the initial $47bn at which was listed before tanking its initial listing in 2019. [...]
Sliding industrials lead London markets lower October 20, 2021 Sliding industrial stocks led London markets lower during the opening session today. The capital’s premier FTSE 100 index edged down 0.15 per cent to 7,206.41 points, while the mid-cap FTSE 250 fell 0.13 per cent to 23,023.82 points. More to follow.
Inflation ‘pauses for breath’ in September before racing ahead soon October 20, 2021 Inflation “paused for breath” in September before it races ahead at a fiery pace in the coming months. Prices were 3.1 per cent higher than they were a year ago last month, according to the Office for National Statistics (ONS). The rate of inflation edged back slightly from August’s 3.2 per cent clip and was [...]
Deliveroo keeps going strong in quarter results October 20, 2021 Deliveroo has registered a 58 per cent increase in gross transaction value in the third quarter of 2021, while the growth in active consumers and orders has continued to improve, going up 56 and 64 per cent respectively. “We have continued to make good progress executing against our strategy, resulting in strong performance in the [...]