Economy

Putin’s economic crisis: Russia’s economy in chaos as companies face disruptions and defaults | City & Business | Finance

Despite efforts to fortify Russia against sanctions, Putin is widely thought to have been caught off guard by the scale of the western response that has left about half of Russia’s $640 billion (£486 billion) war fund unusable. With basic financial processes, such as transferring money, now severely restricted, Russia is also facing a growing …

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Next warns £823m profit increase will lead to ‘higher-than-expected’ price hikes | City & Business | Finance

On full-year results, chief executive Lord Simon Wolfson said that strong online sales, the reopening of its stores and pent-up demand had helped pre-tax profits soar from £342.4m to £823.1m over the 12 months to the end of January. That’s 10 percent higher than before the pandemic. Additionally, Next has full-year sales of £4.6 billion, …

Next warns £823m profit increase will lead to ‘higher-than-expected’ price hikes | City & Business | Finance Read More »

Recession fears after Putin’s energy crisis keep Germany on the brink | City & Business | Finance

Carsten Brzeski, Chief Economist for ING Germany, said the war in Ukraine meant the outlook for Germany’s economy had “changed dramatically”, adding “The risk of another contraction in the first quarter of this year and hence a technical recession is high.” Writing in a research note he explained: “The risk is high that the economic …

Recession fears after Putin’s energy crisis keep Germany on the brink | City & Business | Finance Read More »

News Spring Statement: Gloom engulfs UK buyers wary of cash outlays | City & Business | Finance

According to data analytics firm GfK, a “wall of concern” has faced consumers this month, with consumer confidence falling for the fourth straight month. British people today have every reason to be worried. As all eyes turned to the Chancellor this week for new measures to combat rising cost of living, inflation was revealed to …

News Spring Statement: Gloom engulfs UK buyers wary of cash outlays | City & Business | Finance Read More »

Failed energy companies add £2.4 billion to household bills | City & Business | Finance

In evidence from the Business, Energy and Industry Strategy Committee (BEIS) investigation into the energy market, regulators revealed that suppliers who took customers from bankrupt companies would be able to claim their costs back. Ofgem expects them to earn between £2.2-£2.4bn under its last resort supply regime. This scheme allows providers to get that money …

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News Spring Statement: Sunak scrambles for investment | City & Business | Finance

During his Spring Statement Mr Sunak announced a number of changes to the tax system including a VAT cut, energy efficiency home improvements, cutting fuel duties and a long-term plan to cut income tax by one percent. For many businesses though the steps haven’t gone far enough, with National Insurance hikes still underway in April …

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Next: High streets face price spikes – Britons fear empty pockets as cost of living bites | City & Business | Finance

AJ Bell Investments Director Russ Mold said: “It seems inevitable that the months ahead may be more challenging given rising inflationary pressures, and much higher household bills. “Recent sales trends have seen consumers beautify their appearance perhaps because more people are being called back to work in the office. “This dynamic could last a little …

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Lloyds, Halifax and Bank of Scotland to close 60 more branches in UK | City & Business | Finance

The closures will include 24 Lloyds Bank sites, 19 Bank of Scotland locations and 17 Halifax branches. Vim Maru, group retail director of Lloyds Banking Group, said: “Just like many other street businesses, fewer customers are choosing to visit our branches. “We need to adapt to the significant growth of online banking customers.” The branches …

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Russian stock market reopens: Putin buoyed by stock surge but dark clouds loom | City & Business | Finance

A dark cloud looms over Moscow as sanctions have crippled the Russian economy, leaving the ruble at a record low and the central bank with limited tools to respond. In recent weeks a popular meme has been shared on social media comparing the Russian stock market to a pile of partially collapsed plates held up …

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Scottish Power plans to stop supplying UK firm | City & Business | Finance

The Glasgow-based energy company refuses to provide energy to its new UK industrial and commercial customers. A spokesman said it would honor existing contracts but would stop accepting business customers. Its 4.5 million domestic customers are not affected. The spokesman said: “The energy market is facing unprecedented challenges and we have taken the decision to …

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