DIRS.INFO The most relevant business & tech news

☆ The cost of climate policies: Hard-pressed consumers are pushing back
▼ + stars: | 2023-11-28 | by ( Hanna Ziady | ) edition.cnn.com time to read: +11 min

In a 2022 Pew survey covering 19 countries in North America, Europe and the Asia-Pacific region, climate change was named the top global threat. Aira UK“There is no trade-off between (installing a heat pump), saving the planet and at the same time saving the pockets of consumers,” CEO Martin Lewerth told CNN. “If you’re living outside Scandinavia and you want a heat pump, it’s not a hassle-free experience,” Lewerth acknowledged. “There is no scenario in which delay is the cheaper option with climate change,” said Bob Ward, policy and communications director at the Grantham Research Institute on Climate Change and the Environment at the LSE. “If we’d invested more in renewable energy… energy bills wouldn’t have gone up so much, which disproportionately impacted on poor households,” Valero at the LSE told CNN.

Persons: ”, ” Brett Meyer, Tone, Tony Blair, ” Langengen, Meyer, Anna Valero, Keith Mayhew, Oliver Blume, doesn’t, Rishi Sunak, Kelley, Martin Lewerth, Sunak, ” Lewerth, “, Bob Ward, we’d, ” Valero, Tim Jackson Organizations: London CNN, Times Radio, Tony, Tony Blair Institute for Global, Pew, London School of Economics, Political Science, CNN, HSBC, carmakers, Volkswagen, Grantham Research, LSE, ”, Swiss, Confederation of British Industry, Centre, Prosperity, University of Surrey Locations: London, Europe, North America, Asia, Pacific, Greece, United Kingdom, United States, Germany, “, Norway, Sweden, Aira, Essex, Swedish, Britain, Scandinavia, Grantham, Ukraine

Its cost was estimated at 33 billion pounds in 2011, but has soared to more than 100 billion pounds ($122 billion) by some estimates. Sunak said Conservative lawmakers would be given a free vote in Parliament on the smoking ban. He used the speech to give party members and voters a glimpse of the man behind his technocratic exterior. Home Secretary Suella Braverman used her conference speech to appeal to the party’s authoritarian, law-and-order wing, advocating tougher curbs on migration and a war on human rights protections and “woke” social values. “I am confident we can win,” said Balwinder Dhillon, deputy mayor of the town of Slough, west of London.

Persons: Rishi Sunak, Sunak, he's, ”, ” Sunak, Andy Burnham, ” “, Rain Newton, Smith, “, Margaret Thatcher —, Liz Truss, Akshata Murty, Suella Braverman, Balwinder Dhillon Organizations: Conservative Party, Labour Party, Leeds, Conservative, Manchester, of British Industry, Health, New, British American Tobacco, Imperial Brands, London Stock Exchange, Treasury, United, British Locations: MANCHESTER, England, Manchester, London, “, Birmingham, Midlands, North, Britain, Britain’s, New Zealand, Rwanda, United Kingdom, Slough

☆ Slump in UK retail sales eases in September, CBI says
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +2 min

The CBI's September monthly retail sales survey - conducted between Aug. 25 and Sept. 13 - showed the headline balance rebound to a three-month high of -14 from August's more than two year low of -44. "There are some elements of optimism in our survey with retailers expecting the recent fall in sales to continue to ease," CBI Principal Economist Martin Sartorius said. Retailers' expected sales balance for October rose to a three-month high of -8. Britain's most recent official retail sales data showed a 0.8% month-on-month growth in sales volumes in August after a sharp 1.1% drop in July, when unusually wet weather upset normal summer spending patterns. The chief executive of supermarket Aldi UK said on Monday that cost of living concerns continued to influence food shopping habits.

Persons: Peter Nicholls, Martin Sartorius, David Milliken, Kylie MacLellan Organizations: REUTERS, of British Industry, CBI, Bank of, Aldi, Thomson Locations: London, Britain, Bank of England

The preliminary reading of the UK S&P Global Purchasing Managers' Index (PMI) for the services sector sank to its lowest since the pandemic lockdown of January 2021 and below all forecasts in a Reuters poll of economists. PMIs for the euro zone picked up a little but still suggested a recession was approaching. Official data showed retail sales rose in August, partially recovering from a rain-induced plunge in July, and a measure of consumer confidence climbed to its highest since January 2022. However, data company S&P Global said its survey was consistent with a drop in quarterly economic output of 0.4%. "The disappointing PMI survey results for September mean a recession is looking increasingly likely in the UK," said Chris Williamson, chief business economist at S&P Global.

Persons: Molly Darlington, BoE, Sterling, Martin Beck, Beck, Chris Williamson, Samuel Tombs, Andy Bruce, Toby Chopra Organizations: REUTERS, P, CBI, Bank of England, P Global, U.S, Confederation of British Industry, PMI, Pantheon, Thomson Locations: Altrincham, Britain

☆ UK retail sales slide by most in over two years: CBI
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

LONDON, Aug 24 (Reuters) - British retail sales fell in August at the fastest rate since March 2021 and most stores are expecting another tough month ahead, an industry survey showed on Thursday. The Confederation of British Industry's monthly balance of retail sales, which compares volumes with a year ago, fell to -44 in August from -25 in July. Expectations for the month ahead improved to -21 from -32, but were still deeply negative. The quarterly business situation balance - a gauge of sentiment among retailers - fell to -14 from +6 in May, the lowest reading this year. The CBI data echoed industry data earlier this week that showed sales growth at British supermarkets slowed in August, reflecting lower inflation as well as a hit to demand from unsettled, unseasonably wet weather.

Persons: Martin Sartorius, NIQ, Andy Bruce, David Milliken Organizations: British, CBI, Thomson

☆ UK CFOs turn wary as inflation and borrowing costs bite: Deloitte
▼ + stars: | 2023-07-16 | by ( William Schomberg | ) www.reuters.com time to read: +2 min

"The burst of business optimism seen in the spring has faded under the weight of inflation and rising interest rates," Deloitte's chief economist, Ian Stewart, said. The survey showed early signs of cooling in the labour market with CFOs signalling a further easing in recruitment difficulties and a slowdown in wage growth. The survey of 69 CFOs - 13 of them from FTSE 100 firms and 21 from FTSE 250 companies - was conducted between June 15 and June 27. The CBI called on the government to deliver a clear and stable policy environment and offer incentives for investment, among other measures. ($1 = 0.7625 pounds)Reporting by William Schomberg, editing by David MillikenOur Standards: The Thomson Reuters Trust Principles.

Persons: Ian Stewart, Corporates, Rain Newton, Smith, William Schomberg, David Milliken Organizations: Finance, Deloitte, Bank of England, of British Industry, CBI, Thomson

☆ UK set to dodge recession, but big problems remain: CBI
▼ + stars: | 2023-06-11 | by ( ) www.reuters.com time to read: +1 min

LONDON, June 12 (Reuters) - Britain's economy now looks likely to sidestep recession entirely this year but deep-rooted problems like weak business investment will persist, the Confederation of British Industry trade body said on Monday. Falling energy prices, the reopening of China's economy from COVID-19 restrictions and easing supply chain disruptions were the main reasons for the upgrade, the CBI said. "It's also concerning that the UK is underperforming on many of the areas crucial to our long-term prosperity, such as business investment and trade intensity," he said. The CBI does not expect business investment - a weak spot for Britain's economy since the Brexit vote of 2016 - to return to its pre-pandemic level before the end of next year. "Making our business environment more attractive to firms at home and abroad must be front of mind in the months ahead," Paleja said.

Persons: Alpesh Paleja, It's, Paleja, Andy Bruce, David Milliken Organizations: of British Industry, CBI, Organisation for Economic Co, Development, International Monetary Fund, Britain, Bank of England, Thomson Locations: COVID

☆ Tesco Chairman John Allan to step down in June
▼ + stars: | 2023-05-19 | by ( ) www.cnbc.com time to read: +1 min

Tesco Chairman John Allan will step down at the group's annual shareholders' meeting next month, with Britain's biggest retailer saying claims of inappropriate behavior against him risked becoming a distraction. Allan, one of Britain's highest-profile corporate names, has been Tesco's chairman since 2015. Three of these allegations are vigorously denied by Allan, and for the other Allan unreservedly apologized for the comment he made, Tesco said. "While we have received no complaints about John's conduct and made no findings of wrongdoing, these allegations risk becoming a distraction to Tesco," Grote said. He thanked Allan for his "valuable contribution" to Tesco, noting he successfully led the board through its turnaround and the COVID-19 pandemic, whilst helping to rebuild the business.

☆ Tesco chair Allan to step down after inappropriate behaviour claims
▼ + stars: | 2023-05-19 | by ( James Davey | ) www.reuters.com time to read: +2 min

However, prior to Friday's update from Tesco, Allan was due to seek re-election at the June 16 annual general meeting (AGM). Tesco said that pending the appointment of a new chairman, senior independent director Byron Grote will become interim chair and will chair the AGM. Earlier this month, the Guardian newspaper reported that Allan was facing claims of inappropriate behaviour from four women. Three of these allegations are vigorously denied by Allan, and for the other Allan unreservedly apologised for a comment he made, Tesco said. "While we have received no complaints about John's conduct and made no findings of wrongdoing, these allegations risk becoming a distraction to Tesco," Grote said.

☆ UK retailers report record food inflation but see falls ahead
▼ + stars: | 2023-05-01 | by ( David Milliken | ) www.reuters.com time to read: +2 min

Overall inflation among BRC members dropped to 8.8% from March's 8.9% as price increases for non-food items slowed due to heavy discounting of clothing, footwear and furniture. Costlier coffee beans and more expensive packaging and production of ready-meals pushed up food inflation, but prices of butter and vegetable oil were starting to decline. "We should start to see food prices come down in the coming months as the cut to wholesale prices and other cost pressures filter through," BRC chief executive Helen Dickinson said. Britain's official measure of consumer price inflation peaked last October at 11.1%, its highest in more than 40 years. The Office for National Statistics' measure of food price inflation - which is calculated differently to the BRC's - was the highest since 1977 in March at an annual 19.1%, reflecting higher costs for biscuits, cakes and confectionery.

☆ Factbox: What is embattled British business group the CBI?
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +5 min

Below is some information about the CBI and its role:WHAT IS THE CBI? Founded in 1965, the CBI is Britain's top business lobby group. A not-for-profit organisation, the CBI says it represents 190,000 businesses employing nearly 7 million people, including many of Britain's biggest companies. In his speech, Sunak called the CBI "a valued institution in this country and a powerful voice for business". A spokesperson for NatWest said the bank had no confidence in the CBI's capacity to be a strong representative voice for British business at present.

[1/2] A Confederation of British Industry (CBI) logo is seen during their annual conference in London, Britain November 9, 2015. "While the CBI was not previously aware of the most serious allegations, it is vital that they are thoroughly investigated now and we are liaising closely with the police," CBI President Brian McBride said. Virgin Media O2 criticised how the CBI had dealt with the allegations. Aviva (AV.L) and two other insurers, Phoenix Group and Zurich Insurance Group (ZURN.S), also quit on Friday along with asset manager Schroders. Accountancy firm PWC suspended activity with the CBI, as has telecoms company BT Group, while bank Santander said it was reviewing its membership.

London CNN —The head of the most influential business lobby in the United Kingdom has been fired following a probe into complaints about his workplace conduct. Tony Danker is leaving the Confederation of British Industry with immediate effect, the group said in a statement Tuesday. The CBI did not specify what wrongdoing it had found but stressed that Danker was “not the subject of any of the more recent allegations” of misconduct at the organization. Danker will be replaced by Rain Newton-Smith, the former chief economist of the CBI. Its director-generals and the organization have frequently weighed in on political and economic issues, from Brexit to the UK investment outlook.

☆ UK's scandal-hit CBI fires director-general after complaints
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

"The allegations that have been made over recent weeks about the CBI have been devastating," it said in a statement. Danker stepped aside in March while the CBI conducted a review into his behaviour. The CBI said three employees were suspended pending further investigation into a number of ongoing allegations. "The CBI is liaising with the police and has made clear its intention to cooperate fully with any police investigations," it said. After he was suspended, Danker expressed regret over his behaviour.

☆ UK employers feel the strain of missing skilled workers
▼ + stars: | 2023-03-14 | by ( William Schomberg | ) www.reuters.com time to read: +8 min

But past attempts to train up more workers have seen the problem get worse by some measures, and any big improvement to the post-16 skills system is likely to take years. TRAINING REVAMPWithout a rapid overhaul of the training system, Britain's pool of highly skilled adults is likely to shrink further relative to other countries, the OECD has warned. Employers groups are calling on Hunt to tackle a key part of how training is funded in his budget speech. Corporate leaders acknowledge employers also need to do more themselves, and prioritize training even in lean times. "You're slowing down really quite a lot to go at the pace of the education system," he said of his company, which began as a print management firm in 1996.

Meanwhile, extremely wide forecasts for new public borrowing requirements make the outlook for government bonds uncertain. Here are the main budget predictions for UK stocks, gilts and the pound. However NatWest analysts flagged that the OBR will likely revise down growth forecasts for the next five years, making the outlook for interest rates finely balanced. Hunt will likely keep the budget "reasonably dull" after Truss's "mini-budget" sent sterling to its lowest on record, she added. Investors in UK stocks are already grappling with a wide valuation gap with U.S. equities.

☆ Tony Danker: Head of CBI steps aside following workplace conduct allegations
▼ + stars: | 2023-03-06 | by ( Robert North | ) edition.cnn.com time to read: +1 min

London CNN —The head of the main business lobby in the United Kingdom is stepping aside while an investigation takes place into complaints about his workplace conduct. The Confederation of British Industry (CBI) said it initially received an allegation against Director-General Tony Danker in January. The CBI was made aware of new reports regarding Danker’s conduct last week and has now launched an independent investigation, it added. In a statement on Twitter, Danker said he supported the CBI’s independent probe and had made the decision to step aside while it was underway. Danker and the organization frequently weigh in on political and economic issues, from Brexit to the United Kingdom’s investment outlook.

☆ UK retail sales volumes slide at fastest rate since April, CBI reports
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 26 (Reuters) - British retail sales volumes slid over the last month at the fastest rate since April last year, underlining the weak state of the consumer economy in the face of strong inflation, a survey showed on Thursday. The Confederation of British Industry's (CBI) sales balance, which included a couple of days of the Christmas trading period, fell to -23 from +11 in December's report, meaning more store chains reported a drop in retail sales than a rise. The survey pointed to another drop in retail sales next month. "Retailers began the new year with a return to falling sales volumes, as the sector continues to face the twin headwinds of rising costs and squeezed household incomes," CBI Martin Sartorius said. The survey of 59 retailers - mostly large store chains - was conducted between Dec. 22 and Jan. 13.

Although Britain saw the same easing of wholesale energy prices, UK industry - by stark contrast - continued to contract this month. More than two thirds of the 42 economists polled by Reuters this month expect another hefty 50 basis point rate rise to 4% next week, while their average 'terminal rate' forecast implies yet another quarter point rise to 4.25% after that. Despite economic funk, the implied peak BoE rate derived from money and swaps markets shows almost another full percentage point of hikes to 4.5% before the Bank calls it quits later this summer. Either way, the eventual outcome leaves the BoE and the pound in something of a half way house. Reuters Graphics Reuters GraphicsUK vs Euro zone economic surprise gapThe opinions expressed here are those of the author, a columnist for Reuters.

☆ UK employers urge Sunak to act urgently on growth reforms
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

Confederation of British Industry Director-General Tony Danker praised Sunak for defusing the mini-budget crisis of former leader Liz Truss last year but said he was not matching the growth reforms of the United States and the European Union. Finance minister Jeremy Hunt is expected to announce pro-growth measures in a budget statement in March. But Danker feared the government might temper its reforms as an election, expected in 2024, approaches. Those reforms should include big changes to welfare and childcare to get people back into work, even if they put further strain on Britain's already stretched public finances. Writing by William Schomberg; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Brexit has cracked Britain’s economic foundations
▼ + stars: | 2022-12-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

Brexit has erected trade barriers for UK businesses and foreign companies that used Britain as a European base. While Brexit isn’t the cause of Britain’s cost-of-living crisis, it has made the problem more difficult to solve. The Brexit deal, known as the Trade and Cooperation Agreement, came into effect on January 1, 2021. The deal is “the world’s largest zero tariff, zero quota free trade deal,” the spokesperson added. The Organization for Economic Cooperation and Development expects the UK economy to shrink by 0.4%, ahead only of sanctioned Russia.

☆ UK retail sales pick up unexpectedly in December: CBI
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

The CBI's distributive trades index, which measures the difference in the percentage of retailers reporting annual rises and falls in sales volumes, rose to +11 in December from -19 in November. However, for January retailers see the sales balance falling back to -17. A separate CBI measure, which asks retailers to compare sales with what is normal for the time of year, showed readings around average for November, December and January. Official retail sales data for November showed retail sales volumes excluding fuel were 5.9% lower than a year before. The CBI's survey of 50 retail chains took place between Nov. 24 and Dec. 12.

The region-wide STOXX 600 index (.STOXX) closed 1.7% higher, with consumer discretionary firms such as Adidas (ADSGn.DE) and Puma (PUMG.DE) leading gains after U.S. peer Nike beat quarterly revenue and profit expectations. Shares of Adidas and Puma rose 6.8% and 9.5%, respectively, while London-listed JD Sports (JD.L) jumped 6.1%, lifting the retail index (.SXRP). The euro STOXX 50 volatility index (.V2TX) hit its lowest level since January, reflecting easing anxiety among investors. British retailers also reported a surprise pick-up in demand in December, a Confederation of British Industry survey showed. Reporting by Amruta Khandekar and Bansari Mayur Kamdar; editing by Uttaresh.V, Saumyadeb Chakrabarty and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ British trade minister heads to India to kick off new round of trade talks
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: +3 min

LONDON, Dec 11 (Reuters) - British trade minister Kemi Badenoch will hold her first face-to-face meeting with her Indian counterpart on Monday in New Delhi in an effort to spark life into talks over a free trade agreement (FTA) between the countries. Former Prime Minister Boris Johnson in April set an ambitious target to agree an FTA with India by Diwali in October. New Prime Minister Rishi Sunak has said he is committed to getting a deal with India but won't sacrifice quality for speed, in a change of tone compared to Johnson. Badenoch, who was appointed to her role in September, will meet Indian Trade Minister Piyush Goyal and address the negotiating teams before the round of talks begins. We applaud the Secretary of State and Prime Minister for listening and prioritising substance over pace," said Andy Burwell, International Director at the Confederation of British Industry.

☆ Premarket stocks: The last time the US faced a debt fight this bad it lost its AAA rating
▼ + stars: | 2022-12-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

In a note on Monday, Goldman Sachs analysts warned that the upcoming debt limit battle in Washington could spark the most uncertainty since the disruptive 2011 debates that cost America its perfect AAA credit score and caused chaos on Wall Street. “To raise the debt limit next year, bipartisan support will be necessary but hard to achieve,” Goldman Sachs economists wrote in the report. Goldman Sachs analysts wrote that the political environment has “echoes of 1995 and 2011” — two very tense standoffs over the debt limit that hurt Main Street and Wall Street. Pain ahead: “It seems likely that uncertainty over the debt limit in 2023 could lead to substantial volatility in financial markets,” wrote Goldman analysts. “A failure to make timely payments would likely hit consumer confidence hard,” Goldman Sachs wrote.

Search resuls for: "Confederation of British Industry"

25 mentions found