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UK inflation jumps to 3.5% on rising motor fuels cost; UK approves Jackdaw gasfield – business live
Total UK government debt hits £3tn for first time while inflation jumps to highest in nearly a year – as it happened
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Inflation surged to 3.5% last month while the government deficit was a worse-than-forecast £24.5bn, in a double dose of bad news for John Healey before next week’s budget. The Office for National Statistics said annual inflation rose from 3.1% in August, overshooting City forecasts of a rise in the…
theguardian.com
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Ambani's Jio IPO oversubscribed within hours in record Indian sale
Jio Platforms, the Mumbai-based telecoms company backed by Meta Platforms and Google, has seen huge demand for its shares as it launched its $3.2bn initial public offering (IPO), the biggest-ever in India. India’s second-richest man, Mukesh Ambani, launched the IPO despite a stock market downturn.…
kfgo.com
GSK's chronic hepatitis B drug approved in US; experts talk of 'new era'
Also on the medical front, GSK, the UK’s second-biggest pharmaceutical company, said its drug Hibsago, or bepirovirsen, has been approved in the US for the treatment of chronic hepatitis B (CHB). It offers “functional cure” after just six months treatment, leading experts to talk of a “new era in t…
biospace.com
GSK executive appointed CEO of Australian biotech CSL
On the corporate front, GSK executive Deborah Waterhouse has been appointed chief executive of the struggling Australian biotechnology company CSL. Waterhouse, currently the chief executive of UK drugmaker GSK’s HIV drugs venture ViiV Healthcare, will be the first woman to lead Melbourne-based CSL…
wdsm710.com
With inflation across the UK heading higher again (to 3.5% in September) and just two paydays remaining before Christmas, many consumers are already thinking about how to balance festive spending with everyday costs. Dave Jones, head of UK consumer at PayPal UK, said: With only two paydays left bef…
Roger Lee, head of equity strategy at investment bank Cavendish, said the higher UK borrowing figures, with total debt exceeding £3tn in September for the first time, will “intensify scrutiny of the government’s deficit reduction plans”. The combination of stronger-than-expected inflation, a resili…
Italy: Two airports run out of jet fuel, food and medicine shortages in the south
As far as protests go, Lorenzo Tondo in Palermo has sent us this report. Two airports have run out of jet fuel, supermarket shelves across southern Italy are empty and pharmacies are running short of medicines as lorry drivers continue to blockade roads in protest against soaring fuel prices caused…
dpa-international.com
Domino's Pizza reveals slower sales growth despite new thinner pizzas and fried chicken
Domino’s Pizza shares fell after the company revealed slower sales growth for the latest quarter, despite a boost from new ranges of thinner pizzas and fried chicken. The London-listed shares fell 4.5% at one stage, and are now down 3%, making Domino’s one of the biggest fallers on the FTSE 250 ind…
the-independent.com
In financial markets, the price of crude oil has risen 2% today, while gold prices fell to the lowest levels in nearly a week. Brent crude, the global benchmark, is trading $2.18 higher at $110.96 a barrel. The rally revived fears of higher inflation and interest rate hikes. Spot gold prices fell f…
tradingkey.com
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Following the UK government’s decision to give the Jackdaw gasfield in the North Sea the green light, there have been new protests outside the energy department in London. Jackdaw is one of the biggest undeveloped gas fields in the North Sea, and the approval was met with outrage from climate campa…
UK's total government debt hits £3tn for first time
The UK’s fiscal position is also not exactly rosy, as the latest public finance figures show. The Treasury ran a higher than expected budget deficit of £24.5bn last month as rising inflation pushed up the interest paid on government debt, increasing pressure on John Healey before his budget next we…
theguardian.com
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Government borrowing rises above forecasts to # 24.5 bn ahead of Budget
the-independent.com
UK inflation and borrowing climb before Healey's first budget
mahoningmatters.com
Gap between French and ultra-safe German bonds near 15-year high
Revived diplomatic efforts around the Middle East have lifted market sentiment, with stock markets pushing cautiously higher. The UK’s FTSE 100 index is up 22 points, or 0.2%, at 10,755 while Germany’s Dax rose 0.3%, France’s CAC 400 advanced 0.4%, Italy’s FTSE MiB climbed 0.5% and Spain’s is nearl…
French 10-year bond yield hits 5%, highest since 2002
Meanwhile, in financial markets government borrowing costs are still climbing, with the yield on the French 10-year bond rising beyond 5% at one stage, a new 24-year high. The yield, or interest rate, on the benchmark 10-year bond – known as obligation assimilables du Trésor, issued by the French T…
reuters.com
Your First Home swaps a deposit problem for a borrowing problem, a report says
New analysis has found that the government’s Your First Home programme, targeted at first-time buyers, would cut the time to save a deposit from almost three years to 18 months. But, despite the 2.5% deposit offered to buy a new-build home plus a 20%. government equity loan, the scheme could be out…
Paige Tao, economist at PwC UK, says: The UK housing market remains in wait-and-see mode ahead of the autumn budget. Annual house price growth slowed for a fourth consecutive month to just 0.9% in August, while buyer activity remains subdued despite ample supply and greater scope to negotiate on pr…
UK rents rise 3.8% in September while August house price growth eases
Rents in the UK were up nearly 4% year on year in September, according to the latest official figures, while house price growth eased in August, ahead of next Wednesday’s budget. The average private rent increased by 3.8% to £1,406, in the 12 months to September, the same annual rate as in August,…
reuters.com
Prices for cakes, tarts and sweet pies; tomatoes; and potato crisps pushed UK inflation higher, while beef, chocolate assortments, and fizzy drinks had downward effects, according to the official figures released this morning. The Office for National Statistics said: Although the annual rate of inf…
yourvalley.net
UK inflation highest in nearly a year but food prices fall on the month
Turning back to UK inflation, which accelerated to an annual rate of 3.5% last month from 3.1% in August, the highest rate since last October. This has added to expectations that the Bank of England will raise its base rate by a quarter point to 4%. at its meeting next month. Services price inflati…
cnbc.com
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UK inflation jumps to highest rate in almost a year after fuel prices climb
the-independent.com
UK inflation jumps to highest rate in almost a year
dpa-international.com
UK inflation and borrowing climb before Healey's first budget
centraloregondaily.com
Carla Denyer, MP for Bristol and the former co-leader of the Green Party of England and Wales, said: Jackdaw will not bring down bills or protect jobs. This is an irresponsible decision from a government that seems to care more about the profits of fossil fuel companies than the money in your pocke…
Industry groups in north-east Scotland have said the decision on the Jackdaw gas field is “hugely welcome”, but the pending decision on the Rosebank oil field is “every bit as vital”. The Scottish government has called for the Treasury’s income from oil and gas to be placed in a “future generations…
the-independent.com
The approval of Jackdaw is an “important step” for the North Sea, according to Shell. The UK energy giant jointly owns Jackdaw operator Adura, which is headquartered in Aberdeen, together with Norway’s Equinor. Tony Nunan, Shell’s UK chief of staff, said: This is an important step in ensuring the U…
Adura CEO: Jackdaw 'equivalent to Norwegian gas in terms of environmental performance'
UK oil and gas giant Shell and Norway’s Equinor have been lobbying hard for the green light for Jackdaw. Adura, a North Sea 50-50 joint venture between Shell and Equinor, commissioned a report this week that said rejecting the two projects would cost the UK economy nearly £10.8bn over the next deca…
Here’s a handy explainer from our energy correspondent Jillian Ambrose about what the decision means exactly. About four years and six energy secretaries after it was given the green light, the Jackdaw gasfield has been given consent to begin production 150 miles east of Aberdeen. So what does this…
theguardian.com
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Government approves drilling in Jackdaw gasfield in North Sea
the-independent.com
Lale Akoner, market strategist at the etoro trading platform, said about the UK’s green light for the North Sea gasfield: Jackdaw’s approval is a win for UK energy security, but it is not a quick fix for the cost-of-living crisis. The field is likely to provide around 6% of domestic gas production,…
UK borrowing hits £24.5bn in September as John Healey prepares for budget
The Treasury ran a higher than expected budget deficit of £24.5bn last month as rising inflation pushed up the interest paid on government debt, increasing pressure on John Healey before his first budget next Wednesday. Official figures out this morning show the government paid £10.9bn in debt inte…
the-independent.com
Green party leader calls Jackdaw approval 'climate vandalism'
Green Party leader Zack Polanski described the Jackdaw gasfield approval as “climate vandalism” and a “victory for Shell over the people”. Today’s decision by Labour is a betrayal of all of our futures, Labour has abandoned all credibility in the fight against climate change. The energy secretary h…
the-independent.com
UK chancellor: Energy wealth fund to 'spark new wave of clean power'
The chancellor of the Exchequer, John Healey, focused on the new energy wealth fund – which looks similar to Norway’s fund but is too little, too late, according to critics – in his remarks. I want Britain’s energy wealth to spark a new wave of clean power to work for the British people. Since Nort…
The pro-growth campaign group Britain Remade welcomed the decision. Sam Richards, its chief executive, said: Britain is going to need gas for decades to come, as even the climate change committee recognises. The choice is not between gas and no gas, but between gas produced in British waters and ga…
The environmental law charity ClientEarth is dismayed by the UK’s decision to approve the controversial Jackdaw North Sea gasfield. It said it has twice been successful in legal action against the UK government’s climate plan in recent years. Kyle Lischak, the charity’s head of UK, said Today’s dec…
Introduction: UK inflation jumps to 3.5% on rising motor fuels cost; UK approves Jackdaw gas field
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. UK inflation has accelerated more than expected to 3.5% as the cost of motor fuels surged at the fastest rate in four years, with diesel topping £2 a litre this month. The Office for National…
theguardian.com
3 more NewsBreak articles
UK inflation jumps to 3.5% -- cementing rate hike expectations
cnbc.com
UK approves Jackdaw gasfield in North Sea
theguardian.com
Government approves drilling in Jackdaw gasfield in North Sea
the-independent.com
