Business

Average cash withdrawal climbs to £80

People are taking out more money when they visit ATMs, with the average amount climbing more than £10 to just under £80 in the last two years. But they’re using cash machines 40% less than before and withdrawing £44 a month less. Withdrawals are now nearly £100m less a day than in 2019, said cash […]

Business

Credit Suisse fined over Mozambique tuna scandal

The bank will also write off $200m of debt “tainted by corruption” that was owed by the African country, the Financial Conduct Authority said. The fine is part of a $475m settlement with UK, Swiss and US regulators. Credit Suisse staff allegedly took and paid bribes as they arranged $1.3bn of industry loans. The UK’s […]

Business

Food price rises are terrifying, warns industry

Food and Drink Federation boss Ian Wright told MPs inflation is between 14% and 18% for hospitality firms. The price rises for food firms’ ingredients will lead to consumer price rises, he said, and described the situation as “concerning”. The UK’s rate of inflation was 3.2% in August and is expected to rise further. Bank […]

Business

Morrisons: Shareholders approve £7bn takeover deal

Clayton, Dubilier & Rice (CD&R) can now continue to take over the UK’s fourth-largest supermarket group. Morrisons said 99.2% of shareholders voted in favour of the £7bn ($9.7bn) deal. The takeover had been the subject of fierce competition from two US-based investment groups. The CD&R private equity group won the auction early in October with […]

Business

Energy price cap not working, says power boss

Ignacio Galan, the chief executive of Iberdrola, which owns Scottish Power, was speaking on the sidelines of a government investment summit. “But when the situation changes, it doesn’t work,” said Mr Galan. “We are paying the consequences for it now. When you intervene in the market, you can resolve a temporary issue, but you cannot […]

Business

Climate change: Wales to get UK’s first hydrogen-powered brewery

Budweiser Brewing Group said the £100m hydrogen project would fuel production, heavy goods vehicles and trucks at its Magor brewery in Monmouthshire. Wales’ rural affairs minister said the project had the potential to “create new jobs and exciting opportunities”. It comes as the UK government said foreign investment deals in low-carbon sectors would create about […]

Business

Foreign investment deals to create 30,000 UK jobs, says government

Prime Minister Boris Johnson is set to announce 18 new deals worth £9.7bn as he opens a global investment summit. They include investments in sectors such as wind and hydrogen energy, sustainable homes and carbon capture. The prime minister said investors had recognised “the massive potential in the UK for growth and innovation”. Investments from […]