uk
Marks & Spencer’s (LON: MKS) share price will be in the spotlight next week as the company publishes its preliminary financial results. It has done well ahead of these results as it jumped to 276.9p, its highest swing since January 10th. Interim earnings aheadMarks & Spencer, the giant British retailer, will publish its interim result, providing more colour about its transformation. These results will show that UK retailers and the economy are doing well. A recent report revealed that the economy emerged from a recession in the first quarter. A separate figure showed that the country’s retail ...
Invezz
UK energy bills are forecast to continue falling into the summer, with the average household about £500 ($632) better off than a year earlier. Energy consultancy Cornwall Insight Ltd. predicts the typical tariff will drop 7% to £1,574 from the current cap as wholesale gas and electricity costs ease. Ofgem is expected to announce the new energy price cap, which sets the maximum tariffs suppliers can charge most households in Britain, on May 24. It will take effect from July 1. Comparison with previous yearThe anticipated reduction would bring significant relief, as the cap in July last year was...
Invezz
Kingfisher (LON: KGF) share price has continued its short squeeze this year as investors bet on its recovery. It surged to 270.5p this week, its highest level since March 2023. It has soared by over 36% from its lowest level in 2023. Kingfisher’s earnings aheadKingfisher has become one of the biggest retailers in the UK. While its name is not well-known, its brands like B&Q, Castorama, ScrewFix, and TradePoint are well-known in Europe. Most of its sales are in the UK, Ireland, and France. Unlike its peer brands like Home Depot and Lowe’s, Kingfisher’s business did not boom during the Covid-19 ...
Invezz
Bank of England’s Chief Economist Huw Pill expressed on Tuesday that it might be “not unreasonable” for the central bank to start contemplating a reduction in interest rates over the summer if current economic trends continue. Pill’s comments came during his speech at the Institute of Chartered Accountants in England and Wales Regions’ Economic Summit, signaling a potentially significant shift in BoE’s monetary policy approach in the coming months. Progress on inflation but challenges remainDespite the optimistic outlook on interest rates, Pill emphasized that the Bank of England is still in t...
Invezz
This morning, the United Kingdom’s Office for National Statistics (ONS) released the country’s latest unemployment and employment figures. The period in question was undoubtedly an embattled one for the labour landscape. In March alone, the ONS estimated that 22,000 working days were lost because of labour disputes across the UK. Joblessness upFrom January to March 2024, the unemployment rate stood at 4.3%, up 0.3 percentage points year-on-year. This was up marginally from the 4.2% estimated for the quarter last month, and up significantly from the previous quarter’s amount of 3.8%. This comes...
Invezz
In a crucial pre-election speech delivered in London, UK Prime Minister Rishi Sunak made a stark comparison, suggesting the world is at its closest to nuclear war since the Cuban Missile Crisis. This comment comes as part of Sunak’s effort to underscore his leadership on national security, especially following significant losses in the recent local and regional elections where his Conservative Party fell behind Labour. Conservatives’ pledge for change and securitySunak promised transformative changes for the UK, stating that “more will change in the next five years than in the last thirty” sho...
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European stock markets saw an uptick on Friday, buoyed by stronger-than-expected UK growth figures and growing optimism that the U.S. Federal Reserve may implement rate cuts. Germany’s DAX index rose by 0.4%, France’s CAC 40 increased by 0.5%, and the UK’s FTSE 100 also climbed by 0.4%. UK economy exits recession, spurring investor confidenceAdding to the positive market sentiment, the UK announced that its economy grew by 0.6% in the first quarter of 2024, surpassing the anticipated 0.4% and effectively pulling out of a recession that began in the latter half of the previous year. Additionall...
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Taylor Swift, one of the most influential pop culture icons of the century, has brought her record-breaking Eras Tour to Europe, kicking off with a four-night stint in Paris. This tour, which began in March 2023, has already made history by being the first to generate over $1 billion in ticket sales. Analysts predict this figure will more than double by the tour’s conclusion in Vancouver this December. Taylor Swift’s economic impact on local economiesSwift’s arrival in Europe is more than just a musical event; it’s a significant economic catalyst. According to research group QuestionPro, Swift...
Invezz
A UK-based firm, Wayve, specializing in artificial intelligence (AI) technology for self-driving cars, has raised a groundbreaking $1.05 billion (£840 million) in what marks the largest investment in a European AI company to date. SoftBank, Microsoft and Nvidia back WayveThe funding round, led by investment firm SoftBank, saw significant contributions from Microsoft and Nvidia, underscoring strong industry confidence in Wayve’s innovative approach to autonomous vehicle technology. This substantial investment aims to propel the development and deployment of AI-driven self-driving cars, signalin...
Invezz
Washington (AFP) - The United States, Britain and Australia unveiled sanctions Tuesday against the leader of the Russian ransomware outfit LockBit, which they accuse of extorting billions of dollars from thousands of victims. The measures announced Tuesday are the latest in a long-running legal and technological battle against LockBit by law enforcement agencies around the world aimed at disrupting its activities. The US Treasury Department said it was designating Dmitry Khoroshev for developing and distributing the software, which has been used against a number of American targets -- includ...
AFP
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