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Crypto investors hold their breath as $200 billion at risk in Ethereum ‘merge’
Crypto investors across the world are holding their breath as one of the biggest digital currencies, Ethereum, begins its weeks-long transition to a proof-of-stake coin.The transformation of the $200 billion-market-cap cryptocurrency promises to deliver huge energy efficiencies, making Ethereum much more cost-effective to use compared to the market’s most popular coin, Bitcoin. But the scale …
Business
Evening Standard
WH Smith’s high street chain remains under pressure after Funky Pigeon cyber hit
Retailer WH Smith has seen sales at its high street arm remain below pre-pandemic levels after a hit from the recent cyber attack on its Funky Pigeon online greeting cards business.The group said it is looking to strip out more costs in the high street arm, with “significant” savings earmarked, “most notably through reductions in …
Business
Sky News
Trussonomics: The five key points – and will they work? | Ed Conway
The £100bn-plus energy relief package Liz Truss is expected to finalise this week is just one string in her economic bow.Here are five things you need to know about Trussonomics, the nickname some are giving to the new prime minister’s economic policy. 1. It’s a huge policy shiftThe first is that in one sense it …
Business
Sky News
Chancellor Kwarteng summons bank chiefs for economy crisis talks
The bosses of Britain’s biggest banks will hold talks with the new chancellor on Wednesday as he tries to exert a grip on the stalling UK economy.Sky News has learnt that Kwasi Kwarteng has convened a meeting with the chief executives of lenders including Barclays, Lloyds Banking Group and NatWest Group just hours after being …
Business
Sky News
UK founders urge PM Truss to back entrepreneurs competition
The co-founder of Lastminute.com and dozens of other leading British start-up founders are urging Liz Truss to host a new national competition for entrepreneurs as the incoming premier seeks ways to kickstart a faltering UK economy.Sky News has seen a letter signed by Brent Hoberman, co-founder of the online travel site, and Samir Desai, founder …
Business
Sky News
Truss energy cost shield spares UK from immediate pain but a big bill looms
Liz Truss will announce an extended freeze of energy prices this week intended to protect households and businesses from soaring costs in the first major act of her premiership.The massive intervention in energy markets will see bills for households remain at or below the current average of £2,000 a year, avoiding the scheduled 80% increase …
Business
Sky News
The big dilemma facing the European Central Bank this week
It was a startling and dramatic moment when, in July, the European Central Bank raised interest rates for the first time in 11 years.Not the timing of the rate rise – the bank’s president, Christine Lagarde, had primed markets for an increase back in June – even though it was an event on which few …
Business
Evening Standard
Construction work slows for another month as firms hit by climbing costs
Activity in the UK construction sector contracted for the second month in a row in August as economists warn of trouble ahead for companies hit by rising costs and waning demand.The S&P Global/CIPS construction purchasing managers’ index (PMI), closely watched by the housebuilding sector, scored 49.2 in August, up fractionally from 48.9 in July but …
Business
Evening Standard
Major warning on economy as gilt yield curve turns upside down
A key warning sign of looming financial disaster was flashing red today as nervy investors bought heavily into long-term dated government debt.Yields on UK gilts have been moving higher for weeks, a sign that investors expect a higher rate of return for lending to the government.Last night and again today the so-called yield curve inverted, …
Business
Evening Standard
Train operator involved in industrial dispute slashes timetables
Rail passengers on the West Coast Main Line face a further cut to services as another operator embroiled in an industrial dispute is introducing emergency timetables.TransPennine Express (TPE) said it will reduce the number of planned trains between north-west England and Scotland by 23% from Monday.Avanti West Coast, which also operates on the West Coast …
Business
Evening Standard
City Comment: Football should help fans to eat, heat and keep their seat
A SPORTS entrepreneur pal of mine has been bending Liz Truss’s ear (gently).If we assume that the next few months are going to be dark, in some cases literally, for a large number of people, sport has a large role to play in keeping our spirits up, keeping consumers spending whatever little they have spare …
Business
Sky News
Hundreds of jobs at risk as NatWest-backed roofing supplier Avonside caves in
Hundreds of jobs have been put at risk after a roofing services company backed by NatWest Group collapsed into insolvency proceedings.Sky News understands that Avonside Group, which is based in Manchester, is expected to formally appoint liquidators on Tuesday after attempts to find a rescue buyer failed. Avonside employs 450 people on a full-time basis, …

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