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British factories suffer weakest month since May 2020 as orders shrink
British factories have suffered their weakest month since the early days of the coronavirus pandemic, with orders shrinking dramatically.The manufacturing purchasing managers’ index – a closely watched indicator of economic activity – has hit a 39-month low of 43.0. A score below 50 indicates contraction – and this is the 13th month in a row …
Business
Sky News
Bigger-than-expected fall in house prices
House prices fell by 5.3% in the year to August – a bigger-than-expected drop, according to Nationwide.This means the typical home is now worth £14,600 less than 12 months ago – with an average property price of £259,153. Nationwide’s chief economist, Robert Gardner, says the softening is “not surprising” – with interest rate hikes by …
Business
Sky News
Marmite maker accused of not co-operating with French food price curbs
The French finance minister has accused multinational firms – including one based in the UK – of not “co-operating” with measures to help curb stubbornly high food prices in the country.Bruno Le Maire hit out at Unilever, best-known for Marmite and Magnum ice creams, Kit-Kat maker Nestle and PepsiCo after claiming a victory in his …
Business
Sky News
HMV owner Putman edges closer to rescue deal for bulk of Wilko
The owner of HMV is finalising a deal to rescue the majority of Wilko’s operations, salvaging more than 8,000 jobs at the stricken high street retailer.Sky News has learnt that Wilko’s administrators, PricewaterhouseCoopers (PwC), began consulting the chain’s major creditors on Thursday on the terms of an agreement with Doug Putman. One source with financial …
Business
Sky News
Bank of England’s top economist issues warning over interest rate rises
The Bank of England’s chief economist has warned there is a risk of “unnecessary damage” being inflicted if interest rates increase too much.Huw Pill told a conference in South Africa he was wary about the impact on “employment and growth” resulting from potential future hikes in the battle to bring down inflation. It comes after …
Business
Business Live
Over £2m invested in energy transition projects by Wales & West Utilities
Gas infrastructure business Wales & West Utilities invested £2.2m over the last 12 months in energy system transition projects. A newly-published annual innovation report for 2022/23 reveals that the Newport-headquartered firm launched 19 projects across Wales and the south west of England. These were funded by an investment of £2.2m, which included £1.5m of Network …
Business
Sky News
Former Pru chief Fitzpatrick leads race to run St James’s Place
A former chief executive of Prudential is the leading candidate to become the next boss of St James’s Place (SJP), the FTSE-100 wealth manager.Sky News has learnt that Mark FitzPatrick, who was the Pru’s interim CEO for a period last year and spent more than two decades at Deloitte, the accountancy firm, has emerged as …
Business
Evening Standard
Bank of England must ‘see job through’ on inflation, says chief economist
Interest rate setters must “see the job through” on bringing high inflation back to target, the Bank of England’s top economist has said.Speaking at a research conference in Cape Town organised by the South African Reserve Bank, the Bank’s chief economist Huw Pill said while there was the risk of raising rates too far and …
Business
Sky News
Hundreds of job losses at Wilko confirmed as rescue bid collapses
Hundreds of job losses at Wilko have been confirmed after a bid to buy the entire business fell through.Administrators PwC said 269 roles at the chain’s support centre in Worksop, Nottinghamshire, would be made redundant, along with 14 roles at Wilko subsidiary Kin Limited. It said further redundancies across two distribution centres in Worksop and …
Business
Euro News
Annual inflation in the eurozone remains unchanged in August at 5.3%, still far from the ECB target
Business
Sky News
UBS to cut 3,000 jobs in Switzerland despite huge profits from takeover of rival
Swiss banking giant UBS has reported a record pre-tax profit of $29bn (£22.8bn) in the latest quarter following its takeover of Credit Suisse.The Zurich-based bank said its bumper earnings in the three months to June were largely down to the assets it acquired from its collapsed rival, which it bought for a discounted price of …
Business
Sky News
Electrified models help power UK car production up by almost a third
The UK car industry has declared it is “recovering” after production last month rose by almost a third compared to a year ago.The Society of Motor Manufacturers and Traders (SMMT) reported a 31.6% hike in output during July versus the same month in 2022. It said the 76,451 vehicles made represented a sixth consecutive month …

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