7 h. ago Manufacturers hit by weakest demand for orders since 2020 amid Budget fears

MANUFACTURERS have seen the weakest demand for orders since 2020, amid high energy costs and fears about Budget tax rises. The Confederation of British Industry’s report found business sentiment has deteriorated. Manufacturing output fell in the three months to October. It was driven by metal products, metal manufacture and electronic engineering sub-sectors. Quarterly domestic and...

Economics

9 h. ago Putin says he will never bow to US but concedes sanctions may cause ‘some losses’

China and India likely to scale back Russian oil imports as Trump tries to bring an end to war in UkraineVladimir Putin has said Russia will never bow to US pressure but conceded new sanctions could cause some economic pain, as China and India were reported to be scaling back Russian oil imports after Washington targeted Moscow’s two largest producers.The US on Wednesday imposed sanctions on Rosneft and Lukoil, as well as nearly three dozen of their subsidiaries, as the Trump administration increased pressure on the Kremlin to negotiate an end to its war against Ukraine. The EU separately discussed a loan for Ukraine secured on frozen Russian assets and agreed to a phased ban on the import of Russian liquefied natural gas. Continue reading...

Politics

13 h. ago Which countries buy Russian oil – and what impact will sanctions have?

The Trump administration imposed sanctions after plans to hold a second summit on ending the war in Ukraine were abandoned

Politics

13 h. ago Volvo and VW say Dutch takeover of Chinese chipmaker could halt car factories

Japan also affected as manufacturers report Nexperia has warned them of possible supply problem Business live – latest updatesCar companies across Europe and Japan including Volvo, Honda and Nissan, have warned that the Dutch takeover of a Chinese-owned chip manufacturer could hit production at factories.Last week’s decision by the Netherlands government to take control of Nexperia has sent shock waves around the auto industry, which is already facing potential shortages in products such as magnets amid China’s latest restrictions on rare earths exports. Continue reading...

Politics

14 h. ago UK manufacturers hit by largest drop in orders since 2020; FTSE 100 hits record high – business live

Shares in oil companies jump after US sanctions Russian energy firms, while manufacturers see weak prospects aheadYesterday’s weaker-than-expected UK inflation report has sparked chat that the Bank of England could cut interest rates sooner than expected.Deutsche Bank say there is now an “interesting debate” on whether there may be enough ammunition for the Bank’s monetary policy committee to cut borrowing costs as soon as its next meeting in early November.What’s the case for November? Relative to the Bank’s projections, growth has surprised to the downside, private sector AWE growth has surprised to the downside, unemployment has risen in line with Bank expectations, and inflation now sits a healthy amount below the Bank’s projections. Indeed, one could make the argument that the ingredients for a November rate cut are there.So, why not November? We think three things will be important for the MPC to see before dialling down restrictive policy again. One, the MPC may want to see s...

Economics

15 h. ago Which countries buy Russian oil and what is the financial hit from sanctions?

The Trump administration imposed sanctions after talks at ending the war on Ukraine stalled

Economics

15 h. ago UK manufacturers hit by largest drop in orders since 2020; FTSE 100 hits fresh record high – business live

Shares in oil companies jump after US sanctions Russian energy firms, while manufacturers see weak prospects aheadYesterday’s weaker-than-expected UK inflation report has sparked chat that the Bank of England could cut interest rates sooner than expected.Deutsche Bank say there is now an “interesting debate” on whether there may be enough ammunition for the Bank’s monetary policy committee to cut borrowing costs as soon as its next meeting in early November.What’s the case for November? Relative to the Bank’s projections, growth has surprised to the downside, private sector AWE growth has surprised to the downside, unemployment has risen in line with Bank expectations, and inflation now sits a healthy amount below the Bank’s projections. Indeed, one could make the argument that the ingredients for a November rate cut are there.So, why not November? We think three things will be important for the MPC to see before dialling down restrictive policy again. One, the MPC may want to see s...

Economics

16 h. ago UK manufacturers hit by largest drop in orders since 2020; Oil price jumps after Rosneft and Lukoil sanctioned – business live

British manufacturers see the weakest prospects for orders since Covid-19 pandemic, CBI reports, after demand weakened in last three monthsYesterday’s weaker-than-expected UK inflation report has sparked chat that the Bank of England could cut interest rates sooner than expected.Deutsche Bank say there is now an “interesting debate” on whether there may be enough ammunition for the Bank’s monetary policy committee to cut borrowing costs as soon as its next meeting in early November.What’s the case for November? Relative to the Bank’s projections, growth has surprised to the downside, private sector AWE growth has surprised to the downside, unemployment has risen in line with Bank expectations, and inflation now sits a healthy amount below the Bank’s projections. Indeed, one could make the argument that the ingredients for a November rate cut are there.So, why not November? We think three things will be important for the MPC to see before dialling down restrictive policy again. One, ...

Economics

20 h. ago Oil price jumps after US sanctions Russia’s Rosneft and Lukoil; White House considers software curbs on China – business live

Rolling coverage of the latest economic and financial newsThe oil price has jumped after the US has sanctioned Russia’s two largest oil companies to increase pressure on the Kremlin to negotiate an end to its war against Ukraine.The White House’s new measures against Rosneft and Lukoil are the US’s first sanctions against Russia since Trump’s return to office in January. All assets belonging to the two companies in the US have been frozen, and US companies and individuals will be barred from doing business with them. Continue reading...

Events

28 h. ago US imposes sanctions on Russian oil over Putin’s ‘refusal’ to end war in Ukraine

Trump administration hardens stance against the Kremlin day after cancelling a planned summit with Russian leaderThe US has sanctioned Rosneft and Lukoil, Russia’s two largest oil companies, as the Trump administration increased pressure on the Kremlin to negotiate an end to its war against Ukraine.The sanctions were the first against Russia since Donald Trump returned to the White House in January, and were targeted to cut key revenues from oil sales that finance the Russian war machine. Continue reading...

Politics

29 h. ago United States targets Russian oil giants over Vladimir Putin’s refusal to end 'senseless' war in Ukraine

Scott Bessent claimed the measures against Rosneft and Lukoil will ‘degrade’ the Kremlin’s military efforts

Events

8 d. ago Russia's two largest energy firms hit by fresh British sanctions as ministers vow to take Putin's oil 'off the market'

Rosneft and Lukoil have both been freshly targeted as part of a package of 90 new sanctions aimed at further squeezing the Kremlin's revenue streams.

Politics

8 d. ago UK sanctions Russia’s largest oil companies in latest package amid Ukraine war

Yvette Cooper announced new restrictions on Rosneft and Lukoil as the Ukrainian speaker visited Parliament.

Events

8 d. ago BREAKING: UK strikes 'heart' of Putin's war machine with major sanctions against Russian oil

Foreign Secretary Yvette Cooper told MPs the government was directly targeting Rosneft and Lukoil - two of the world’s biggest energy companies - to ramp up pressure on Moscow

Events

8 d. ago Chinese businessmen ‘built London property empire from huge romance and crypto scams’

Chen Zhi and Qiu Wei Ren have had assets frozen including 19 London properties after they were added to UK sanctions list

Politics

8 d. ago Chinese businessmen ‘built London property empire from huge romance and cypto scams’

Chen Zhi and Qiu Wei Ren have had assets frozen including 19 London properties after they were added to UK sanctions list

Politics