Afternoon summary
Time for a recap….
The price of crude oil has topped $95 a barrel for the first time this year.
The rise threatens to push up petrol prices at the pump, undermining efforts to bring down inflation.
The CBI has scrapped its annual meeting scheduled for tomorrow, as it battles a cashflow crisis, and replaced it with a fireside chat with members.
The move comes after the business lobby group tried to raise £3m from members, amid talks with manufacturers body Make UK over a possible merger.
The UK’s financial regulator has found no evidence showing banks have shut or denied accounts to customers based primarily on their political beliefs, according to a preliminary review launched in the wake of the Nigel Farage debanking row.
Inflation in the eurozone has dropped, bringing some relief in the cost of living squeeze. Consumer prices in the euro area rose by 5.2% in the year to August, down from 5.3% in July.
The OECD has raised its forecast for global growth this year. In its latest economic forecasts, the OECD also predicted Germany’s economy will shrink in 2023, and warned that the UK will have the highest inflation among G7 members this year.
BP has appointed its first female CFO, Kate Thomson, as it reshuffles its top executives following the departure of Bernard Looney last week.
The boss of Cboe Global Markets, which owns the Chicago Board Options Exchange and the stock exchange operator BATS Global Markets, has also resigned today after not disclosing personal relationships with colleagues.
In the UK corporate world, online retailer Naked Wines has warned of a “material uncertainty” that may cast “significant doubt” on the group’s ability to continue as a going concern….
…while Kingfisher has reported that British consumers are continuing to spend on improving their homes and gardens as an alternative to moving home amid soaring mortgage rates and a surge in household bills….
…and holiday operator TUI has extended the season for Greece and Turkey to November in response to increased demand, after extreme temperatures over the summer disrupted some holidaymakers’ plans.
And Avanti, one of Britain’s least reliable train operators, has been awarded a long-term contract to keep running intercity services on the west coast main line.
The CBI, the ailing business group, has acknowledged its financial travails for the first time as it postponed what was set to be a crucial annual meeting this week, says Sky News’s Mark Kleinman.
He adds:
The AGM postponement is the latest chaotic chapter in a dire year for what was once Britain’s most influential business group, which was brought to its knees in the spring by a wide-ranging sexual misconduct scandal.
Revealed: The CBI, the stricken business group, has acknowledged for the first time that it is facing financial difficulties but insists it is "in positive dialogue over finalising financing options" and is "confident" it will resolve its funding shortfall. Full story here soon.
— Mark Kleinman (@MarkKleinmanSky) September 19, 2023
Updated
