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The battle against inflation could receive a boost – if a big fall in global oil costs is sustained.

Brent crude futures fell by 4% on Tuesday to levels not seen since July on the back of data that suggested demand would continue to slide in China – the world’s second biggest economy.

Brent was trading at $81 a barrel while US crude also slid to $77, registering declines above $3 for each.

It left Brent futures on track to reach the market close below $84 a barrel for the first time since prices spiked in the wake of the deadly attack on Israel by Hamas on 7 October.

Analysts said that the prospect for a wider conflict in the Middle East remained a concern for the oil outlook.

A set of scenarios published by the World Bank recently had warned that a serious escalation, taking in major oil-producing nations, risked a spike north of $150 a barrel.

But its base case for oil prices next year is around the current level.

Prices were first lifted at the end of June, from around the $72 level, by production cuts implemented by Saudi Arabia and Russia.

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Bailey is wary on oil price outlook

Those output curbs are set to remain in place until the end of the year and helped take Brent upwards towards $100 at one stage, placing a renewed strain on drivers at the fuel pumps in the process.

But downside pressure on oil has come from the downturn in China’s economy – dented severely by domestic troubles and plunging demand for its exports in the West.

Updated forecasts for refinery activity in China suggested lower volumes were expected throughout November and December, placing further downwards pressure on prices.

OANDA analyst Craig Erlam said: “Traders will remain on high alert for signs of a wider conflict emerging in the (Middle East) region that could disrupt supplies, but it seems those fears are subsiding.”

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Declining oil prices will be welcome in Western economies as they continue to battle the effects of inflation.

Some economists have warned that a fresh surge in oil prices risks a third wave for the inflation problem.

Price growth was first stoked by economies reopening after COVID and then by the fallout from Russia’s invasion of Ukraine.

Higher oil costs make not only transportation costs more expensive but also vast swathes of factory output.

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Struggling Aston Martin steers into fresh pay controversy

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Struggling Aston Martin steers into fresh pay controversy

Aston Martin is steering a path towards a twin-pronged pay row with shareholders as it grapples with the impact of President Trump’s tariffs on car manufacturers.

Sky News can reveal that the influential proxy voting adviser ISS is urging investors to vote against both of Aston Martin Lagonda Global Holdings’ remuneration votes at next week’s annual general meeting.

The pay policy vote, which is binding on the company, has attracted opposition from ISS because it proposes significant increases to potential bonus awards to Adrian Hallmark, the company’s new chief executive.

“Concerns are raised regarding the increased bonus maximums, which are built upon competitively[1]positioned salary levels and do not appear appropriate given the company’s recent performance,” ISS said in a report to clients.

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Aston Martin is also facing a meaningful vote against its pay report for last year – which is on an advisory basis only – because of the salaries awarded to Mr Hallmark and other executive directors.

The company’s shares have nearly halved in the last year, and it now has a market value of little more than £660m.

Despite the ISS recommendation, Aston Martin will win the vote by virtue of chairman Lawrence Stroll’s 33% shareholding.

The luxury car manufacturer has had a torrid time as a public company and now faces the headwinds of President Trump’s tariffs blitz.

This week it said it would limit exports to the US to offset the impact of the policy.

Aston Martin did not respond to a request for comment ahead of next Wednesday’s AGM.

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Financial wellbeing platform Mintago lands £6m funding boost

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Financial wellbeing platform Mintago lands £6m funding boost

A financial wellbeing platform which counts the alcohol-free beer producer Lucky Saint among its clients has landed a £6m funding injection from a syndicate of well-known investors.

Sky News understands that Mintago, which was founded in 2019, will announce in the coming days that Guinness Ventures has jointly led the Series A round alongside Seed X Liechtenstein and Social Impact Enterprises.

Mintago, which also counts car rental firm Avis and Northumbrian Police among its customers, aims to help employees save and manage their money more effectively.

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A number of the start-up’s current investors, Love Ventures and Truesight Ventures, are also understood to have reinvested as part of the fundraising.

MINTAGO
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The company, which counts Lucky Saint and Avis among its users, has finalised a Series A funding round

The company was set up by Chieu Cao and Daniel Conti, and claims to offer more salary sacrifice schemes than any other UK provider.

It also provides independent financial advice, a service for finding lost pension pots, retail discounts and GP services.

“We realised that organisations are crying out for the same help we provide their staff,” Mr Conti said.

“The benefits of providing that support impact everyone.

“When a company improves their salary sacrifice benefits engagement, they can save thousands in National Insurance Contributions, but their employees save too, easing the strain on their finances.”

The new capital will be used to develop additional products using artificial intelligence, according to the company.

“Mintago is enabling its customers to become truly people-centric organisations by giving them the tools to support their employees’ financial wellbeing,” Mathias Jaeggi, a partner at Seed X Liechtenstein, said.

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iPhones sold in US will no longer come from China – as Apple reveals impact of Trump’s tariffs

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iPhones sold in US will no longer come from China - as Apple reveals impact of Trump's tariffs

Apple says devices sold in the US will no longer come from China, as the tech giant tries to mitigate the impact of Donald Trump’s tariffs.

Most iPhones will be sourced from India instead, with iPads coming from Vietnam, to prevent dramatic price rises for American consumers.

Unveiling financial results from January to March, the company said the US president’s escalating trade war has had a limited impact on its performance so far.

However, Apple CEO Tim Cook believes the tariffs will add £677m in costs during the current quarter – assuming Trump’s policies don’t change.

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Revenue for the first three months of the year stood at £71.8bn, with earnings of £18.6bn also beating analyst expectations.

High demand for iPhones during this period may have been driven by US shoppers rushing to make purchases before the new tariffs came into force.

But the full impact of any panic buying will only emerge when Apple reports its results from April to June later in the year.

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Apple’s reliance on Chinese factories to manufacture its iPhones meant the company was far more exposed to the impact of Trump’s trade war than others.

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Trump: Tariffs making US ‘rich’

After the president unveiled plans to impose reciprocal tariffs on dozens of countries – now largely paused for 90 days – Apple’s stock plunged by 23%, wiping out £582bn of value.

While its share price has recovered slightly, it remains 5% lower than before “Liberation Day”.

Growing tensions between Washington and Beijing are also having an impact on Apple’s sales in China, which fell 2.3% between January and March.

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Addressing the planned changes to manufacturing, Mr Cook added: “We have a complex supply chain. There’s always risk in the supply chain. What we learned some time ago was that having everything in one location had too much risk with it.”

Devices sold outside of the US will continue to be made in China.

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