BUSINESS LIVE: Compass Profits Nearly Triple
The FTSE 100 closed down 8.67 points at 7376.85. Among the companies with reports and updates today are Compass Group, Virgin Money, Polar Capital and Diploma. Read the Monday 21 November Business Live blog below.
website FTSE 100 closed down 8.67 points at 7376.85. Among the companies with reports and updates today are Compass Group, Virgin Money, Polar Capital and Diploma. Auditor Mazars has also released a report today on restaurant insolvencies while law firm Boodle Hatfield said nearly 2million square metres of office space was taken out of use in the UK in the past year.","headline":"BUSINESS CLOSE: Compass profits nearly triple; Virgin Money buoyed by rising interest rates; Restaurant...","liveBlogUpdate":[{"@type":"BlogPosting","articleBody":"","author":{"@type":"Person","name":"Tanya Jefferies"},"dateModified":"2022-11-21T17:05:49+00:00","datePublished":"2022-11-21T17:05:49+00:00","headline":"FTSE 100 closes down 8.67 points at 7376.website before close, the FTSE 100 was down 0.16% to 7,373.66.
Meanwhile, the FTSE 250 was up 0.30% to 19,340.11.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2022-11-21T16:26:01+00:00","datePublished":"2022-11-21T16:26:01+00:00","headline":"The Footsie closes website are weaker again on a combination of China worries and Fed talk, while OPEC has succeeded in talking down oil prices, according to Chris Beauchamp, chief market analyst at online trading platform IG.
Summing up today's action, he says:
Monday’s trading has seen weakness around the globe, as stocks struggle with the rise in Covid cases in China and further hawkish comments from the Fed.
The former threaten the return of strict anti-Covid measures that would cast doubt on any Chinese economic resurgence in the near-term, while the latter is a reminder that, no matter what markets think, the Fed is of the opinion that more strong medicine needs to be applied to the US economy.
Sharp daily falls in oil are becoming a regular occurrence, and the news that OPEC is now considering production increases has prompted oil to lurch down once more.
Both WTI and Brent are testing their September lows, with a yawning gulf below should losses continue. At least this might help ease inflation pressures, but given how entrenched inflation is becoming we might be too far gone for that.","author":{"@type":"Person","name":"Camilla Canocchi"},"dateModified":"2022-11-21T15:55:01+00:00","datePublished":"2022-11-21T15:55:01+00:00","headline":"Market wrap-up: Stocks and oil website Sunak today moved to kill off claims he wants the UK to have a closer relationship with the EU amid fury on the Tory backbenches.
The Prime Minister said there would be no 'alignment' with the block's trade laws under his leadership as he addressed the Confederation of British Industry (CBI).","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2022-11-21T15:51:37+00:00","datePublished":"2022-11-21T15:51:37+00:00","headline":"Brexiteer Tory fury over claims No10 wants 'Swiss-style' EU website prices have fallen to levels not seen since the start of the year after reports that oil producing countries are discussing an increase in output.
Brent crude, the global benchmark, has dropped 5 per cent to $83.30 a barrel, the lowest since January, while US crude also fell almost 5 per cent to around $76.
The sharp decline comes after the Wall Street Journal reported that Saudi Arabia and other OPEC oil producers are considering increase of up to 500,000 barrels per day. ","author":{"@type":"Person","name":"Camilla Canocchi"},"dateModified":"2022-11-21T15:34:31+00:00","datePublished":"2022-11-21T15:24:26+00:00","headline":"Oil prices slide to 10-month website Capital has reported a £3.3billion fall in assets under management due to market turmoil and investors shunning tech stocks.
The London-based fund manager said assets under management were £18.8billion at the end of September, compared to £22.1billion six months earlier.
Of the £3.3billion decrease, some £2billion was due to negative market movements and fund performance, £800,000 was from net redemptions and £500,000 was in outflows from previously reported fund closures.
Chief executive Gavin Rochussen said September was particularly 'brutal':
The first half of Polar Capital's financial year ended on a weak note in global bond and equity markets. September 2022 was particularly brutal, with most regional equity indices falling by between 9% and 12% in US dollar terms, concluding a six-month period in which many equity markets entered bear territory.
With reported inflation rising and central banks starting to wind down asset purchase programmes, there was downward pressure on bond prices too, with conventional and inflation linked bond indices often declining by as much as equity indices. This was particularly marked in the UK, in part due to the unfunded tax cuts announced in the late September 2022 mini budget.
","author":{"@type":"Person","name":"Camilla Canocchi"},"dateModified":"2022-11-21T15:15:17+00:00","datePublished":"2022-11-21T15:15:00+00:00","headline":"Tech fund Polar Capital sees £3.3bn fall in assets under website York-listed Disney shares have jumped almost 8 per cent at the open after the group parted ways with chief executive Bob Chapek and reappointed his predecessor Bog Iger.","author":{"@type":"Person","name":"Camilla Canocchi"},"dateModified":"2022-11-21T14:54:40+00:00","datePublished":"2022-11-21T14:52:17+00:00","headline":"Disney shares jump 8% as former CEO is brought website are going bust at a faster rate than during Covid, according to a new report by advisory firm Mazars.
It found that restaurant insolvencies have increased by 59 per cent over the past year - from 984 in 2020/21 to 1,567 in 2021/22.
In the past three months, the number of restaurant companies becoming insolvent rose to 453 from 395 the previous quarter, it added.
As well as increasing food and energy costs, restaurants have been hit by shortages of staff, particularly for skilled roles such as chefs.
Rebecca Dacre, partner at Mazars, said:
Insolvencies of restaurant businesses are now happening at a far faster rate than during Covid.
It is a very toxic mix of rising input costs, sharply rising finance costs and weak demand.
Most restauranteurs have not seen this combination of negative factors before.","author":{"@type":"Person","name":"Camilla Canocchi"},"dateModified":"2022-11-21T14:24:08+00:00","datePublished":"2022-11-21T14:24:08+00:00","headline":"Restaurants going bankrupt at faster rate than during Covid, report website FTSE 100 has recouped earlier losses to trade 0.2 per cent higher at 7,401.95.
Meanwhile the pound has fallen 0.7 per cent against the dollar to $1.18.
The FTSE 250 is up 0.5 per cent to 19,388.11.","author":{"@type":"Person","name":"Camilla Canocchi"},"dateModified":"2022-11-21T14:11:52+00:00","datePublished":"2022-11-21T14:11:52+00:00","headline":"Market update: Footsie turns website chair of the John Lewis Partnership has said that consumers are starting to budget and are more conscious of spending, despite being eager to celebrate the first 'normal' Christmas in three years.
Speaking at the CBI conference, Dame Sharon White said:
This is the first Christmas for three years that people get to spend with family, friends and loved ones, and I think people will be really excited to have a proper Christmas.
But you can see all sorts of things going on with consumer spending.
We have got some customers who are doing their shopping early and have booked their Waitrose delivery slots in advance.
On the other hand, you can see other customers starting to budget, and shopping is more phased.
People are sticking more with own-brand, value ranges, and buying fewer branded products.
Customers are also shopping a bit less online and are going more into stores in order to enjoy that shopping trip experience.","author":{"@type":"Person","name":"Camilla Canocchi"},"dateModified":"2022-11-21T14:06:26+00:00","datePublished":"2022-11-21T14:06:26+00:00","headline":"John Lewis boss: 'Customers are starting to website face the biggest hike in mortgage interest payments ever, it is claimed today, with thousands with a typical outstanding home loan seeing their monthly charges doubling next year to almost £500.
The shock rise was predicted after analysis of figures published by Treasury watchdog the Office for Budget Responsibility (OBR) and follows attempts by the Bank of England to tame soaring inflation by hiking interest rates – leading to rises in mortgage interest rates.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2022-11-21T13:50:37+00:00","datePublished":"2022-11-21T13:50:37+00:00","headline":"Homeowners 'face biggest hike in mortgage interest payments website has raised more than £11billion by issuing debt to investors as the war in Ukraine continues to take a punishing toll on the country's finances.
Moscow issued £11.4billion worth of debt - effectively selling IOU notes - at the weekend, Britain's MoD said, in the single-largest sale of its kind in Russian history.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2022-11-21T13:09:19+00:00","datePublished":"2022-11-21T13:09:19+00:00","headline":"Russia borrows £11.4billion to continue funding war in website Atlantic has withdrawn its support for Heathrow's expansion, with its boss criticising the airport's attempt to raise charges and its decision to limit capacity.
The airline group's chief executive, Shai Weiss, hit out at Heathrow's request to introduce a 120 per cent price hike per passenger charges.
And he urged the Government to 'pay closer attention to the abuse of power by a de facto monopolistic airport'.
Weiss said:
The regulatory framework and process is simply not working. It is broken and must be reformed.
And added:
Until that is achieved, it is difficult to see how expansion at Heathrow can be supported.
A Heathrow spokesman said:
To deliver the airport service passengers expect, two things are needed: for our regulator to give us the ability to invest in the airport; and for all the operators at the airport to work together building back capacity.
These are our focus right now. Our efforts are firmly directed towards the constructive engagement and collaboration with the regulator and with the airlines to deliver great service for passengers this Christmas and into next year.","author":{"@type":"Person","name":"Camilla Canocchi"},"dateModified":"2022-11-21T12:43:15+00:00","datePublished":"2022-11-21T12:43:15+00:00","headline":"Virgin Atlantic boss: Heathrow expansion will be 'difficult' to website race to commercial distribution of lab-grown meat is on and UK main market-listed BSF Enterprise has just entered the fray in a big way.
According to the Good Food Institute, there were more than 100 'cultivated meat' companies around the world at the end of 2021 spread across 25 countries, and venture capital investment into the sector increased 70 per cent year on year.
Just this month, the US Food and Drug Administration (FDA) cleared the way for Californian start-up UPSIDE Foods, which grows meat from cells taken from a healthy live chicken, to deliver its food to the market.","author":{"@type":"Person","name":"Camilla Canocchi"},"dateModified":"2022-11-21T12:19:32+00:00","datePublished":"2022-11-21T12:19:13+00:00","headline":"Is the world ready for lab meat? UK firm BSF Enterprise hopes website City's regulator has warned providers of investment apps to review the game-like features some use to lure customers to buy investments.
As we exclusively revealed last week, the Financial Conduct Authority is increasingly concerned that app users are buying investments they don't really understand – and are being hooked in by the gamification of the products.
These include points, badges and celebratory messages when they make trades. Many younger investors are drawn to such apps in the hope of making quick returns.","author":{"@type":"Person","name":"Camilla Canocchi"},"dateModified":"2022-11-21T11:47:04+00:00","datePublished":"2022-11-21T11:47:04+00:00","headline":"Trading apps warned on website return to the office has boosted business at Compass after lockdown hammered its staff canteens.
The world's largest catering group has revealed that revenues soared back above pre-pandemic levels after many companies outsourced their canteen needs for the first time to cut costs.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2022-11-21T11:35:36+00:00","datePublished":"2022-11-21T11:35:36+00:00","headline":"Return to offices boosts Compass as sales soar above pre-Covid website Money UK shares soared the most of any FTSE 350 firm on Monday after the lender reported bumper annual results on the back of successive base rate hikes.
The financial services company saw its shares expand by 14.9 per cent to 167.35p as it revealed statutory profits grew by 13 per cent year-on-year to £537million in the 12 months ending September.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2022-11-21T17:15:00+00:00","datePublished":"2022-11-21T11:15:52+00:00","headline":"Virgin Money shares surge as rising interest rates boost website trading app operators have been warned to review their design features, including those with game-like elements, amid concerns they could encourage people to trade more frequently or take on more risk.
The Financial Conduct Authority (FCA) said there could be a risk of app features prompting consumers to take actions against their own interests and it raised concerns about features potentially contributing to 'gambling-like behaviour'.
Features include sending frequent notifications with the latest market news and providing consumers with in-app points, badges and celebratory messages for making trades, the regulator said.
The FCA found that consumers using apps with these kind of features were more likely to invest in products beyond their risk appetite.
It raised concerns that those exposed to high-risk investments may appear to exhibit behaviours similar to problem gambling.","author":{"@type":"Person","name":"Camilla Canocchi"},"dateModified":"2022-11-21T10:50:20+00:00","datePublished":"2022-11-21T10:50:20+00:00","headline":"FCA warns trading apps on website of England deputy governor Jon Cunliffe has called for tighter regulation in the crypto world to protect consumers and financial stability.
In a speech at Warwick Business School, Cunliffe said the collapse of cryptocurrency exchange FTX was triggered by 'some general themes that are very familiar to those who regulate and supervise conventional financial firms and financial instruments'.
He said:
While the crypto world, as was demonstrated during last year’s crypto winter and last week’s FTX implosion is not at present large enough or interconnected enough with mainstream finance to threaten the stability of the financial system, its links with mainstream finance have been developing rapidly.
We should not wait until it is large and connected to develop the regulatory frameworks necessary to prevent a crypto shock that could have a much greater destabilising impact. The experience in other areas of digitalisation has demonstrated the difficulty of retrofitting regulation on new technologies and new business models after they have reached systemic scale.","author":{"@type":"Person","name":"Camilla Canocchi"},"dateModified":"2022-11-21T10:47:30+00:00","datePublished":"2022-11-21T10:47:16+00:00","headline":"BoE's deputy calls for tougher crypto regulation after FTX website Canocchi"},"dateModified":"2022-11-21T10:26:31+00:00","datePublished":"2022-11-21T10:26:31+00:00","headline":"CBI annual conference kicks website has ousted its chief executive Bob Chapek following a series of woke controversies which cratered the firm's share price - and replaced him with his retired predecessor Bob Iger.
Iger, who served as Disney chief executive for 15 years and had only stepped down 11 months ago, has agreed to return for two more years.
During his tenure, Disney acquired Pixar, Lucasfilm, Marvel and Fox’s entertainment businesses, then launched its Disney+ streaming service.
He said in the statement that he was 'thrilled' to return and 'extremely optimistic' about Disney’s future.
Chairwoman Susan Arnold said in the statement:
The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.","author":{"@type":"Person","name":"Camilla Canocchi"},"dateModified":"2022-11-21T09:59:12+00:00","datePublished":"2022-11-21T09:58:59+00:00","headline":"Disney brings back Bob Iger as Chapek is website Wise"},"dateModified":"2022-11-21T09:57:52+00:00","datePublished":"2022-11-21T09:57:52+00:00","headline":"Aston Martin Lagonda falls to bottom of FTSE 350 website Wise"},"dateModified":"2022-11-21T09:57:24+00:00","datePublished":"2022-11-21T09:57:24+00:00","headline":"Virgin Money is the FTSE 350's top riser this website Money reported a 43 per cent rise in profits and hiked dividend payouts, sending shares jumping more than 11 per cent this morning.
The lender said full-year profit came in at £595million, from £417 a year earlier, thanks to surging interest rates.
It also set aside £52million to cover potential bad loans to reflect the deteriorating economic outlook, but said there were limited signs of credit concerns so far.
The bank, which resumed investor payouts over the past year, also said it would pay out a final dividend of 7.5p per share and buy back an additional £50million worth of shares.","author":{"@type":"Person","name":"Camilla Canocchi"},"dateModified":"2022-11-21T10:33:05+00:00","datePublished":"2022-11-21T09:48:11+00:00","headline":"Virgin Money shares up 11% as profits jump and bank hikes website head of the CBI today urged Rishi Sunak to boost immigration to revive growth in the economy.
Tony Danker said more foreign workers should be brought in to 'plug the gaps' in the labour market.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2022-11-21T09:14:18+00:00","datePublished":"2022-11-21T09:14:18+00:00","headline":"Turn on the immigration taps to revive growth, CBI tells website Group is one of the top fallers on the FTSE 100 this morning despite unveiling forecast-beating full-year results.
The world's largest catering group has said that revenues soared back above pre-pandemic levels after many companies outsourced their canteen needs for the first time to cut costs.
Revenues surged by 42.5 per cent to £25.5billion for "http://khabenergo.ru the year to September 30, while statutory pre-tax profits leapt to £1.5billion from £545million a year earlier.
But Compass Group shares are down 2.5 per cent to £18.03.
Victoria Scholar, head of investment at interactive investor says that may be due to the company forecasting profit growth of 20 per cent for next year, which would be below the current rate of growth.","author":{"@type":"Person","name":"Camilla Canocchi"},"dateModified":"2022-11-21T08:52:24+00:00","datePublished":"2022-11-21T08:51:57+00:00","headline":"Compass Group shares fall despite forecast-beating website Proust, the French novelist, famously wrote his masterpiece A la recherche du temps perdu (In search of lost time) from his Paris bedroom, in a dreamy state halfway between waking and sleep.
His present-day compatriots are taking a similar approach to life, if research from the Jean-Jaures Foundation is accurate. Apparently, they view the word 'rest' more positively than 'effort', and 'bed' more favourably than 'career'. ","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2022-11-21T08:47:34+00:00","datePublished":"2022-11-21T08:47:34+00:00","headline":"RUTH SUNDERLAND: Get Britain back to website Scholar, Head of Investment at Interactive Investor, comments on the markets at the start of the week:
European markets have opened lower with the FTSE 100 leading the declines. Compass Group is trading near the bottom of the UK index despite better-than-expected full-year earnings.
Germany’s monthly producer prices unexpectedly dropped in October by 4.2% swinging from a gain of 2.3% in the previous month. Annual producer inflation fell to 34.5% from a record 45.8% in September with energy still making the largest upward contribution.
Risk-off sentiment is driving flows towards safe-haven assets with the US dollar index pushing above 107, approaching one-week highs amid covid concerns in China and hawkish Fed remarks last week.
China kept its loan prime rate unchanged in November for the third consecutive month amid increased covid cases in the world’s second largest economy as well as downside pressure on its currency. The Hang Seng fell around 2% in Hong Kong while the Shanghai Composite also slid overnight as virus fears weigh on local equities.
Oil prices are trading lower with WTI pushing below $80 a barrel hit by worries about China’s economic outlook. Goldman Sachs downgraded its fourth quarter forecast for Brent crude by $10 to $100 a barrel.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2022-11-21T08:48:04+00:00","datePublished":"2022-11-21T08:29:13+00:00","headline":"European markets on the back foot at the start of this website increasing number of investors are withdrawing their cash from equities in search of safer and more reliable returns.
Almost £5billion of equity funds were sold in September, a record outflow, according to the Investment Association.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2022-11-21T08:22:16+00:00","datePublished":"2022-11-21T08:22:16+00:00","headline":"Volatile stocks drive many investors into cash - but what about website wealth taxes will cost British families more than £130billion in the coming years as the squeeze on the middle classes intensifies.
In a major Treasury windfall, Budget documents show the amount households will pay in inheritance tax and capital gains tax (CGT) will soar. ","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2022-11-21T08:17:23+00:00","datePublished":"2022-11-21T08:17:23+00:00","headline":"Wealth taxes on middle class to rake in website pound at 8am was 1.1824 dollars compared to 1.1900 dollars at the previous close.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2022-11-21T08:16:54+00:00","datePublished":"2022-11-21T08:16:54+00:00","headline":"The FTSE 100 index opened at 7385.website website Jefferies"},{"@type":"Person","name":"Harry Wise"},{"@type":"Person","name":"Camilla Canocchi"}]}
Tanya Jefferies
Host commentator
Harry Wise
Host commentator
Camilla Canocchi
Host commentator
17:05
FTSE 100 closes down 8.67 points at 7376.85
16:26
The Footsie closes soon
Just before close, the FTSE 100 was down 0.16% to 7,373.66.
Meanwhile, the FTSE 250 was up 0.30% to 19,340.11.
15:55
Market wrap-up: Stocks and oil fall
Stocks are weaker again on a combination of China worries and Fed talk, while OPEC has succeeded in talking down oil prices, according to Chris Beauchamp, chief market analyst at online trading platform IG.
Summing up today's action, he says:
Monday’s trading has seen weakness around the globe, as stocks struggle with the rise in Covid cases in China and further hawkish comments from the Fed.
The former threaten the return of strict anti-Covid measures that would cast doubt on any Chinese economic resurgence in the near-term, while the latter is a reminder that, no matter what markets think, the Fed is of the opinion that more strong medicine needs to be applied to the US economy.
Sharp daily falls in oil are becoming a regular occurrence, and the news that OPEC is now considering production increases has prompted oil to lurch down once more.
Both WTI and Brent are testing their September lows, with a yawning gulf below should losses continue. At least this might help ease inflation pressures, but given how entrenched inflation is becoming we might be too far gone for that.
15:51
Brexiteer Tory fury over claims No10 wants 'Swiss-style' EU deal
Rishi Sunak today moved to kill off claims he wants the UK to have a closer relationship with the EU amid fury on the Tory backbenches.
The Prime Minister said there would be no 'alignment' with the block's trade laws under his leadership as he addre
The Prime Minister and Chancellor reportedly want to put the UK on the path to a 'Swiss-style' relationship w
15:24
Oil prices slide to 10-month low
Oil prices have fallen to levels not seen since the start of the year after reports that oil producing countries are discussing an increase in output.
Brent crude, the global benchmark, has dropped 5 per cent to $83.30 a barrel, the lowest since January, while US crude also fell almost 5 per cent to around $76.
The sharp decline comes after the Wall Street Journal reported that Saudi Arabia and other OPEC oil producers are considering increase of up to 500,000 barrels per day.
Oil prices today
15:15
Tech fund Polar Capital sees £3.3bn fall in assets under management
Polar Capital has reported a £3.3billion fall in assets under management due to market turmoil and investors shunning tech stocks.
The London-based fund manager said assets under management were £18.8billion at the end of September, compared to £22.1billion six months earlier.
Of the £3.3billion decrease, some £2billion was due to negative market movements and fund performance, £800,000 was from net redemptions and £500,000 was in outflows from previously reported fund closures.
Chief executive Gavin Rochussen said September was particularly 'brutal':
The first half of Polar Capital's financial year ended on a weak note in global bond and equity markets. September 2022 was particularly brutal, with most regional equity indices falling by between 9% and 12% in US dollar terms, concluding a six-month period in which many equity markets entered bear territory.
With reported inflation rising and central banks starting to wind down asset purchase programmes, there was downward pressure on bond prices too, with conventional and inflation linked bond indices often declining by as much as equity indices. This was particularly marked in the UK, in part due to the unfunded tax cuts announced in the late September 2022 mini budget.
14:52
Disney shares jump 8% as former CEO is brought back
New York-listed Disney shares have jumped almost 8 per cent at the open after the group parted ways with chief executive Bob Chapek and reappointed his predecessor Bog Iger.
14:24
Restaurants going bankrupt at faster rate than during Covid, report finds
Restaurants are going bust at a faster rate than during Covid, according to a new report by advisory firm Mazars.
It found that restaurant insolvencies have increased by 59 per cent over the past year - from 984 in 2020/21 to 1,567 in 2021/22.
In the past three months, the number of restaurant companies becoming insolvent rose to 453 from 395 the previous quarter, it added.
As well as increasing food and energy costs, restaurants have been hit by shortages of staff, particularly for skilled roles such as chefs.
Rebecca Dacre, partner at Mazars, said:
Insolvencies of restaurant businesses are now happening at a far faster rate than during Covid.
It is a very toxic mix of rising input costs, sharply rising finance costs and weak demand.
Most restauranteurs have not seen this combination of negative factors before.
14:11
Market update: Footsie turns positive
The FTSE 100 has recouped earlier losses to trade 0.2 per cent higher at 7,401.95.
Meanwhile the pound has fallen 0.7 per cent against the dollar to $1.18.
The FTSE 250 is up 0.5 per cent to 19,388.11.
14:06
John Lewis boss: 'Customers are starting to budget'
The chair of the John Lewis Partnership has said that consumers are starting to budget and are more conscious of spending, despite being eager to celebrate the first 'normal' Christmas in three years.
Speaking at the CBI conference, Dame Sharon White said:
This is the first Christmas for three years that people get to spend with family, friends and loved ones, and I think people will be really excited to have a proper Christmas.
But you can see all sorts of things going on with consumer spending.
We have got some customers who are doing their shopping early and have booked their Waitrose delivery slots in advance.
On the other hand, you can see other customers starting to budget, and shopping is more phased.
People are sticking more with own-brand, value ranges, and buying fewer branded products.
Customers are also shopping a bit less online and are going more into stores in order to enjoy that shopping trip experience.
13:50
Homeowners 'face biggest hike in mortgage interest payments ever'
Homeowners face the biggest hike in mortgage interest payments ever, it is claimed today, with thousands with a typical outstanding home loan seeing their monthly charges doubling next year to almost £500.
The shock rise was predicted after analysis of figures published by Treasury watchdog the Office for Budget Responsibility (OBR) and follows attempts by the to tame soaring by hiking interest rates &n
The shock rise was predicted after analysis of figures published by Treasury watchdog the Office for
13:09
Russia borrows £11.4billion to continue funding war in Ukraine
has raised more than £11billion by issuing debt to investors as the war in Ukraine continues to take a punishing toll on the country's finances.
Moscow issued £11.4billion worth of debt - effectively selling IOU notes - at the weekend, Britain's MoD said, in the sin
Russia issued £11.4billion worth of debt - effectively selling IOU notes to investors - over the weekend, British intelligence said, as the cost of the war in
12:43
Virgin Atlantic boss: Heathrow expansion will be 'difficult' to support
Virgin Atlantic has withdrawn its support for Heathrow's expansion, with its boss criticising the airport's attempt to raise charges and its decision to limit capacity.
The airline group's chief executive, Shai Weiss, hit out at Heathrow's request to introduce a 120 per cent price hike per passenger charges.
And he urged the Government to 'pay closer attention to the abuse of power by a de facto monopolistic airport'.
Weiss said:
The regulatory framework and process is simply not working. It is broken and must be reformed.
And added:
Until that is achieved, it is difficult to see how expansion at Heathrow can be supported.
A Heathrow spokesman said:
To deliver the airport service passengers expect, two things are needed: for our regulator to give us the ability to invest in the airport; and for all the operators at the airport to work together building back capacity.
These are our focus right now. Our efforts are firmly directed towards the constructive engagement and collaboration with the regulator and with the airlines to deliver great service for passengers this Christmas and into next year.
12:19
Is the world ready for lab meat? UK firm BSF Enterprise hopes so
The race to commercial distribution of lab-grown meat is on and UK main market-listed has just entered the fray in a big way.
According to the Good Food Institute, there were more than 100 'cultivated meat' companies around the world at the end of 2021 spread across 25 countries, and venture capital investment into the sector increased 70 per cent year on year.
Just this month, the US Food and Drug Administration (FDA) cleared the way for Californian start-up UPSIDE Foods, which grows meat from cells taken from a heal
The race to commercial distribution of lab-grown meat is on and UK main market-listed BSF Enterprise has just
11:47
Trading apps warned on 'gamification'
The City's regulator has warned providers of investment apps to review the game-like features some use to lure customers to buy investments.
As , the Financial Conduct Authority is increasingly concerned that app users are buying investments they don't really understand – and are being hooked in by the gamification of the products.
These include points, badges and celebratory messages when they make trades. Many younger investors are drawn to such apps in the hope of
The FCA said it had found that consumers using apps with game-like features were more likely to invest in produc
11:35
Return to offices boosts Compass as sales soar above pre-Covid levels
The return to the office has boosted business at Compass after lockdown hammered its staff canteens.
The world's largest catering group has revealed that revenues soared back above pre-pandemic levels after many companies outsource
The world's largest catering group said its performance had 'surpassed' expectations, attracting 'record' new
11:15
Virgin Money shares surge as rising interest rates boost earnings
soared the most of any FTSE 350 firm on Monday after the lender reported bumper annual results on the back of successive base rate hikes.
The financial services company saw its shares expand by 14.9 per cent to 167.35p as it revealed statutory profits grew by 13 per cent year-on-year to &p
Financial services company saw its shares expand 11.8 per cent to 162.75p as it revealed statutory profits grew 13% to £537million
10:50
FCA warns trading apps on 'gamification'
Stock trading app operators have been warned to review their design features, including those with game-like elements, amid concerns they could encourage people to trade more frequently or take on more risk.
The Financial Conduct Authority (FCA) said there could be a risk of app features prompting consumers to take actions against their own interests and it raised concerns about features potentially contributing to 'gambling-like behaviour'.
Features include sending frequent notifications with the latest market news and providing consumers with in-app points, badges and celebratory messages for making trades, the regulator said.
The FCA found that consumers using apps with these kind of features were more likely to invest in products beyond their risk appetite.
It raised concerns that those exposed to high-risk investments may appea
10:47
BoE's deputy calls for tougher crypto regulation after FTX collapse
Bank of England deputy governor Jon Cunliffe has called for tighter regulation in the crypto world to protect consumers and financial stability.
In a speech at Warwick Business School, Cunliffe said the collapse of cryptocurrency exchange FTX was triggered by 'some general themes that are very familiar to those who regulate and supervise conventional financial firms and financial instruments'.
He said:
While the crypto world, as was demonstrated during last year’s crypto winter and last week’s FTX implosion is not at present large enough or interconnected enough with mainstream finance to threaten the stability of the financial system, its links with mainstream finance have been developing rapidly.
We should not wait until it is large and connected to develop the regulatory frameworks necessary to prevent a crypto shock that could have a much greater destabilising impact. The experience in other areas of digitalisation has demonstrated the difficulty of retrofitting regulation on new technologies and new business models after they have reached systemic scale.
10:26
CBI annual conference kicks off
WATCH LIVE as Tony Dan
09:58
Disney brings back Bob Iger as Chapek is ousted
Disney has ousted its chief executive Bob Chapek following a series of woke controversies which cratered the firm's share price - and replaced him with his retired predecessor Bob Iger.
Iger, who served as Disney chief executive for 15 years and had only stepped down 11 months ago, has agreed to return for two more years.
During his tenure, Disney acquired Pixar, Lucasfilm, Marvel and Fox’s entertainment businesses, then launched its Disney+ streaming service.
He said in the statement that he was 'thrilled' to return and 'extremely optimistic' about Disney’s future.
Chairwoman Susan Arnold said in the statement:
The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.
09:57
Aston Martin Lagonda falls to bottom of FTSE 350 rankings
09:57
Virgin Money is the FTSE 350's top riser this morning
09:48
Virgin Money shares up 11% as profits jump and bank hikes dividend
Virgin Money reported a 43 per cent rise in profits and hiked dividend payouts, sending shares jumping more than 11 per cent this morning.
The lender said full-year profit came in at £595million, from £417 a year earlier, thanks to surging interest rates.
It also set aside £52million to cover potential bad loans to reflect the deteriorating economic outlook, but said there were limited signs of credit concerns so far.
The bank, which resumed investor payouts over the past year, also said it would pay out a final dividend of 7.5p per share and buy back an additional £50million worth of shares.
09:14
Turn on the immigration taps to revive growth, CBI tells PM
The head of the CBI today urged to boost immigration to revive growth in the economy.
Tony Danker said more foreign workers should be brought
CBI chief Tony Danker said more foreign workers should be brought in to 'plug the
08:51
Compass Group shares fall despite forecast-beating results
Compass Group is one of the top fallers on the FTSE 100 this morning despite unveiling forecast-beating full-year results.
The world's largest catering group has said that revenues soared back above pre-pandemic levels after many companies outsourced their canteen needs for the first time to cut costs.
Revenues surged by 42.5 per cent to £25.5billion for the year to September 30, while statutory pre-tax profits leapt to £1.5billion from £545million a year earlier.
But Compass Group shares are down 2.5 per cent to £18.03.
Victoria Scholar, head of investment at interactive investor says that may be due to the company forecasting profit growth of 20 per cent for next year, which would be below the current rate of growth.
08:47
RUTH SUNDERLAND: Get Britain back to work
Marcel Proust, the French novelist, famously wrote his masterpiece A la recherche du temps perdu (In search of lost time) from his Paris bedroom, in a dreamy state halfway between waking and sleep.
His present-day compatriots are taking a similar approach to life, if research from the Jean-Jaures Foundation is accurate. Apparently, they view the word 'rest' more positively than 'effort', and 'bed' more favou
Nearly 9m working age people are 'economically inactive' - neither in a job nor looking for one, and do not figur
08:29
European markets on the back foot at the start of this week
Victoria Scholar, Head of Investment at Interactive Investor, comments on the markets at the start of the week:
European markets have opened lower with the FTSE 100 leading the declines. Compass Group is trading near the bottom of the UK index despite better-than-expected full-year earnings.
Germany’s monthly producer prices unexpectedly dropped in October by 4.2% swinging from a gain of 2.3% in the previous month. Annual producer inflation fell to 34.5% from a record 45.8% in September with energy still making the largest upward contribution.
Risk-off sentiment is driving flows towards safe-haven assets with the US dollar index pushing above 107, approaching one-week highs amid covid concerns in China and hawkish Fed remarks last week.
China kept its loan prime rate unchanged in November for the third consecutive month amid increased covid cases in the world’s second largest economy as well as downside pressure on its currency. The Hang Seng fell around 2% in Hong Kong while the Shanghai Composite also slid overnight as virus fears weigh on local equities.
Oil prices are trading lower with WTI pushing below $80 a barrel hit by worries about China’s economic outlook. Goldman Sachs downgraded its fourth quarter forecast for Brent crude by $10 to $100 a barrel.
08:22
Volatile stocks drive many investors into cash - but what about gilts?
An increasing number of investors are withdrawing their cash from equities in search of safer and more reliable returns.
Almost £5billion of equity funds were sold in September, a r
An increasing number of investors are withdrawing their cash from equities in search of safer and more reliable retu
08:17
Wealth taxes on middle class to rake in £130bn
Hated wealth taxes will cost British families more than £130billion in the coming years as the squeeze on the middle classes intensifies.
In a major Treasury windfall, Budget documents show the amount households will pay in inheritance tax and capital
In a major Treasury windfall, Budget documents show the amount households will pay in inheritance tax an
08:16
The FTSE 100 index opened at 7385.52
The pound at 8am was 1.1824 dollars compared to 1.1900 dollars at the previous close.