Business News: UK growth faces decline, energy crisis persists
By Jenny McCall
13:25, 22 November 2021
- The UK economy is in focus today as the Confederation of British Industry announced that economic growth must be delivered across the UK if decades of decline are to be avoided.
- Swedish telecoms giant Ericsson (ERIC) snapped up Vonage, a US-based cloud communications company, for $6.2bn (£4.6bn).
- The energy crisis and collapse of several providers continues to cause havoc in the UK. Bulb, Britain’s seventh-biggest energy supplier, is facing collapse within days, despite last minute talks with the UK government.
Business and economic news
- Large Swiss bank Julius Baer (BAER) today reported 12% annual growth in assets under management to CHF 484bn, driven by net new money inflows (4.4% annualised).
- As the US embarks on Thanksgiving week, airlines and airports are preparing for a heavy load of travellers. There are also reports of turkey shortages.
- Stocks: US stock index futures rose today, driven by recovery in energy and bank stocks. The Dow was up 0.43%; the S&P rose 0.37%; and the Nasdaq was also up 0.34% by midday GMT.
- Oil: Europe’s rising Covid-19 cases has caused oil prices to fall today. Oil was down to $75.83 per barrel, and Brent fell to $78.71.
- Gold: Gold eased today, hovering near a two-week low. It was weighed down by expectations of rising inflation and a firmer dollar.
- Forex: The dollar rose higher today as expectations that the US Fed is contemplating a change to interest rates grew stronger.
- Crypto: Bitcoin was down 2.60% today, and ethereum was down 3.63% on Monday.
What to watch today
Moving on out: Irish low-cost carrier Ryanair confirmed it will delist its London shares in December. Ryanair, which operates as a group of airlines with a UK subsidiary, said that the volume of trading of its shares on the London Stock Exchange did not justify the costs related to the listing.
Japanese and Indian officials are developing ways to release national reserves of crude oil at the same time as the US and other major economies to dampen prices, Reuters reported today.
Read more: Ericsson signs .3bn deal with Verizon
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