5 d. ago Liz Truss warns there is ‘a reckoning coming’ for central banks, and backs Trump in Fed battle; US growth revised higher amid AI boom – business live

Rolling coverage of the latest economic and financial news, as former PM criticises Bank of England and claims UK faces ‘economic doom loop’People in the UK: how have you been affected by the rise in food prices?The FCA’s investigation into Drax comes five months after the company’s former top lobbyist accused it of “misleading the public, government and its regulator” over its sourcing of wood for biomass pellets.In a claim for unfair dismissal, Rowaa Ahmar, Drax’s former head of public affairs, said evidence suggested Drax was “unable to prove that it only sourced sustainable wood for its biomass, and that it was in fact using unsustainable wood”. Continue reading...

Events

5 d. ago Blow for Elon Musk as Tesla sales fall 40% in Europe despite rise in customers buying EVs

The company continues to lose market share, now selling fewer than 1 per cent of EVs in the region

Economics

5 d. ago Liz Truss warns there is ‘a reckoning coming’ for central banks, and backs Trump in battle with Fed – business live

Rolling coverage of the latest economic and financial news, as former PM criticises Bank of England and claims UK faces ‘economic doom loop’People in the UK: how have you been affected by the rise in food prices?The FCA’s investigation into Drax comes five months after the company’s former top lobbyist accused it of “misleading the public, government and its regulator” over its sourcing of wood for biomass pellets.In a claim for unfair dismissal, Rowaa Ahmar, Drax’s former head of public affairs, said evidence suggested Drax was “unable to prove that it only sourced sustainable wood for its biomass, and that it was in fact using unsustainable wood”. Continue reading...

Events

5 d. ago Tesla sales fell 40% across Europe in July; Drax shares tumble 10% after FCA launches investigation – business live

Rolling coverage of the latest economic and financial newsShares in power generator Drax have tumbled by 10% after it revealed this morning it is being investigated by the City watchdog.Traders drove Drax’s share price down to 630p in early London trading, down from 703.5p last night, following the news that the FCA is probing whether its recent annual reports comply with UK Listing Rules.Meanwhile, possible electricity rate adjustments and higher rice tariffs could raise inflationary pressures over the policy horizon. The Monetary Board observed that domestic demand has held firm. However, the impact of US policies on global trade and investment continue to weigh on global economic activity. This could temper the outlook for the Philippine economy. Continue reading...

Economics

4 w. ago Tesla’s UK sales fall almost 60% in July as BYD surges; Neil Woodford fined and banned over fund collapse – business live

Rolling coverage of the latest economic and financial newsBritain’s service sector companies were hit by a drop in orders last month, as demand at home and abroad remained sluggish.Service sector growth slowed last month amid a decline in new work, according to the latest survey of purchasing managers from data firm S&P Global.“UK service providers recorded a third consecutive monthly rise in business activity, but they were unable to maintain the growth rate achieved in June.Moreover, new business intakes swung back into contraction during July, with the downturn in order books the fastest for just over two-and-a-half years. Risk aversion and low confidence among clients were the main reasons provided for sluggish sales pipelines, alongside an unfavourable global economic backdrop. Continue reading...

Economics

4 w. ago Tesla’s UK sales fall almost 60% in July; Neil Woodford fined and banned over fund collapse – business live

Rolling coverage of the latest economic and financial newsBritain’s service sector companies were hit by a drop in orders last month, as demand at home and abroad remained sluggish.Service sector growth slowed last month amid a decline in new work, according to the latest survey of purchasing managers from data firm S&P Global.“UK service providers recorded a third consecutive monthly rise in business activity, but they were unable to maintain the growth rate achieved in June.Moreover, new business intakes swung back into contraction during July, with the downturn in order books the fastest for just over two-and-a-half years. Risk aversion and low confidence among clients were the main reasons provided for sluggish sales pipelines, alongside an unfavourable global economic backdrop. Continue reading...

Economics

4 w. ago Tesla’s UK sales fall almost 60% in July; Trump attacks ‘woke’ JLR as it announces new boss – business live

Rolling coverage of the latest economic and financial newsNewsflash: The UK’s financial regulator has decided to fine former star fund manager Neil Woodford and his investment management company nearly £46m, over the collapse of his popular equity fund.The Financial Conduct Authority says it has decided to fine Woodford £5,888,800 and ban him from holding senior manager roles and managing funds for retail investors.‘Being a leader in financial services comes with responsibilities as well as profile. Mr Woodford simply doesn’t accept he had any role in managing the liquidity of the fund.The very minimum investors should expect is those managing their money make sensible decisions and take their senior role seriously. Neither Neil Woodford nor Woodford Investment Management did so, putting at risk the money people had entrusted them with.’ Continue reading...

Economics

4 w. ago BP launches fresh costs review; Trump attacks ‘woke’ JLR as it announces new boss – business live

Rolling coverage of the latest economic and financial newsOvernight, UK luxury-car maker Jaguar Land Rover has named a new CEO – winning a blast from Donald Trump.JLR named P B Balaji, the finance boss of parent company Tata Motors, as its new chief executive, increasing the Indian owner’s influence over the company.The CEO just resigned in disgrace, and the company is in absolute turmoil. Who wants to buy a Jaguar after looking at that disgraceful ad.Shouldn’t they have learned a lesson from Bud Lite, which went Woke and essentially destroyed, in a short campaign, the Company. Continue reading...

Economics