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The Independent
12 hours ago
- Business
- The Independent
Stocks dip as Bank of England leaves interest rates unchanged
London's FTSE 100 closed lower on Thursday amid ongoing Middle East concerns, after the Bank of England left interest rates unchanged at 4.25%. The FTSE 100 index closed down 51.67 points, 0.6%, at 8,791.80. The FTSE 250 ended 216.27 points lower, 1.0%, at 21,073.99, and the AIM All-Share fell 5.17 points, 0.7%, at 758.19. The London Stock Exchange celebrated the 30th anniversary of AIM on Thursday, calling it a 'cornerstone' of the UK's capital markets. Since its launch in 1995, AIM has become one of the world's most successful growth markets, helping more than 4,000 companies raise over £136 billion. The decision to hold rates by the Bank's Monetary Policy Committee was widely expected, although the vote split was slightly more dovish than forecast. The MPC voted 6-3 for the status quo, with Swati Dhingra, Bank deputy governor Dave Ramsden and Alan Taylor preferring a 25 basis point rate cut to 4.00%. The Bank said there remain 'two-sided' risks to inflation meaning 'a gradual and careful approach to the further withdrawal of monetary policy restraint remains appropriate'. The Bank noted that higher food prices could raise 'inflation expectations, impacting wage and price-setting behaviours'. Bank of England governor Andrew Bailey said interest rates remain on a 'gradual downward path'. Ebury analyst Matthew Ryan said: 'The BoE still appears to be in no hurry to speed up the pace of policy loosening. Importantly for markets, the phrase that cuts will be both 'gradual and careful' was retained in the statement – there was some speculation that this could be either tweaked or jettisoned.' ING noted past experience has shown that the vote split contains few useful signals. 'December's meeting saw a similar 6-3 vote, yet heralded little change in the bank's overall stance,' ING said. It added that rate hawks will have an eye on oil prices. A 'serious spike in oil prices is the most obvious hawkish risk for the UK rate outlook', ING said. Nonetheless, ING expects the Bank to cut interest rates in August. The oil price rose again amid concerns the situation in the Middle East could worsen. Brent oil traded higher at 78.59 US dollars a barrel late on Thursday from 75.06 dollars on Wednesday as the Israel-Iran conflict continued. The oil price rise boosted oil majors and FTSE 100 heavyweights BP and Shell, which rose 1.4% and 1.1% respectively, but weighed on British Airways owner IAG, down 3.2% and low-cost airline easyJet, down 3.0%, on concerns of rising fuel costs and travel disruption. Israel's defence minister Israel Katz said Iran's Supreme Leader Ayatollah Ali Khamenei cannot 'continue to exist', days after reports that Washington vetoed Israeli plans to assassinate him, AFP reported. 'Khamenei openly declares that he wants Israel destroyed – he personally gives the order to fire on hospitals,' Mr Katz told journalists. 'Such a man can no longer be allowed to exist.' US President Donald Trump wrote on Tuesday that the US knew Mr Khamenei's location but would not kill him 'for now'. Uncertainty surrounds Mr Trump's next move amid reports that the US is ready to intervene in the conflict. Bloomberg on Thursday reported senior US officials are preparing for the possibility of a strike on Iran in coming days. In European equities on Thursday, the Cac 40 in Paris closed down 1.1%, as did the Dax 40 in Frankfurt. Financial markets in the US were closed to mark Juneteenth National Independence Day. The pound was quoted down at 1.3429 dollars at the time of the London equities close on Thursday, compared with 1.3472 dollars on Wednesday. On the FTSE 100, fears the Middle East conflict will lead to higher inflation and slower economic growth weighed on mining stocks. Anglo American fell 3.3%, Antofagasta declined 3.4% and Rio Tinto dipped 2.5%. Whitbread fell 1.6% after reporting total group sales fell by 3.8% to £710.9 million in the 13 weeks that ended May 29, the first quarter of its financial year, from £739.2 million a year earlier, or by 1% on a like-for-like basis. Total UK sales were down 5.4% to £648.2 million from £685.2 million. Accommodation sales fell 1.8% to £485.0 million from £494.1 million, while food and beverage revenue sales dropped 15% to £163.2 million from £191.0 million. UK revenue per available room fell 2.4% to £62 in the quarter from £63.54 a year ago. On the FTSE 250, Hays plunged 10% after saying it expects annual profit to be below market consensus, as the staffing firm grapples with challenging market conditions. AJ Bell's Russ Mould said the share price slump implies the jobs market is going from bad to worse. 'Companies are clearly worried about the economic outlook and they're reluctant to take on full-time staff, potentially not replacing anyone lost to natural turnover. At the same time, individuals are worried that if they move job they'll be in the 'last in, first out' firing line if companies look for new cost savings,' he added. Hays said permanent recruitment markets have been particularly damaged, amid 'low levels of client and candidate confidence'. Simon Lechipre, analyst at Jefferies, said the weaker than expected performance is particularly negative for Page Group where permanent recruitment makes up 72% of group fees. Shares in PageGroup fell 8.8% while Robert Walters dropped 4.8%. Hays expects annual pre-exceptional operating profit of £45 million, below company-compiled consensus of £56.4 million. The yield on the US 10-year Treasury was quoted at 4.39%, stretched from 4.36%. The yield on the US 30-year Treasury was quoted at 4.89%, widened from 4.86%. Gold was quoted lower at 3,368.94 dollars an ounce against 3,387.84 dollars. The biggest risers on the FTSE 100 were Melrose Industries, up 13.70p at 499.9p, BP, up 5.5p at 392.0p, Bunzl, up 28.0p at 2,250.0p, Shell, up 28.5p at 2,695.5p, and Vodafone, up 0.6p at 75.9p. The biggest fallers were Persimmon, down 50.0p at 1,317.0p, Antofagasta, down 60.0p at 1,699.0p, Anglo American, down 68.5p at 2,021.5p, IAG, down 10.2p at 309.3p, and Airtel Africa, down 5.4p, at 171.2p.
IOL News
5 days ago
- Business
- IOL News
Fuel likely to become more expensive in July as oil prices soar on Middle East tensions
International oil prices soared last week following Israel's attack on Iran. Image: Spencer Platt / Getty Images via AFP International oil prices soared past the $70 per barrel mark (R1,255) on Friday as Israel launched air strikes on Iran's nuclear assets, fuelling fears of full-blown war in the oil-rich region. The price of Brent Crude oil rose more than 7% on the day, following an initial 13% spike, to close at $74.23. This is significantly higher than the previous month's average of $63.95 that determined the current fuel price structure. Although the latest data from the Central Energy Fund points to small price decreases of around 7 cents for 95 Unleaded petrol and 11 cents for 50ppm diesel, this is based on accumulated data from earlier in the month when oil prices were still low. Should the current oil price trends persist until the end of this month, July's fuel price outlook will change rapidly for the worse, with increases of more than 30 cents certainly possible. 93 Unleaded petrol currently costs R21.24 per litre in Gauteng, with 95 ULP retailing at R21.35 inland and R20.55 at the coast. Matthew Ryan, head of market strategy at global financial services firm Ebury, said investors currently fear that a prolonged conflict between Israel and Iran could disrupt the latter's oil production. Iran currently produces between 4% and 5% of the world's fuel. 'Rising oil prices have broader implications that could both weigh on the global growth outlook and keep inflationary pressures higher for longer," Ryan told AFP. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ He said this could complicate the decision making of major central banks, which would ultimately have to choose between raising interest rates in order to curb inflation, or cut them to stimulate economic growth. JP Morgan, is still predicting oil prices in the low-to-mid $60s for the remainder of this year, and around $60 in 2026. But the bank said the worst case scenario, in light of conflict in the Middle East, could see prices rising to between $120 and $130. This could occur in the case of the Strait of Hormuz being closed, through which 20% of the world's oil flows, reported. IOL
RNZ News
11-06-2025
- RNZ News
High-profile Wellington landlord Matthew Ryan charged with strangulation, threatening to kill, distributing intimate recording
Matthew Ryan. Photo: DCM / supplied A well-known Wellington landlord who owns numerous properties is facing multiple charges including strangulation, threatening to kill, and making and distributing an intimate recording. Matthew Ryan's lawyer Michael Bott represented him in Wellington District Court on Tuesday. Ryan's attendance was excused. The charges, laid last year, include strangulation/suffocation, threatening to kill or cause grievous bodily harm, making an intimate visual recording and distributing it, and unlawfully possessing a firearm. Ryan faces trial in March next year. He owns more than 100 properties, and has regularly spoken to the media about the housing market and property investment. The organisation supporting homeless people in Wellington, DCM, has praised him for leasing some homes for community housing . In 2018 Ryan was involved in a Tenancy Tribunal case when a foreign diplomat avoided paying her landlords - Ryan and Rebecca Van Den Bos - more than $20,000 she owed, due to diplomatic immunity . Ryan was also caught up in a 2019 tenancy stoush with former Wellington Phoenix owner and TV star Terry Serepisos, Stuff reported. The Tenancy Tribunal ruled in Ryan's favour and allowed him to kick Serepisos out of a house Ryan bought from Serepisos' mother, which Serepisos had been refusing to leave, it said . Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday .
ABC News
09-06-2025
- ABC News
Man who died in police custody at Darwin hospital remembered by Wadeye community
A man who died in police custody at a Darwin hospital on Saturday has been remembered as a "great visionary and educator" as the remote Northern Territory community of Wadeye mourns his loss. The 68-year-old — referred to as TN after his death — was a senior elder from the Kardu Rak Kirnmu clan and traditional owner who lived in the community on the Top End's west coast, formerly known as Port Keats. TN was taken into protective custody by Australian Federal Police (AFP) at Darwin airport on May 30 and was later admitted to Royal Darwin Hospital's (RDH) intensive care unit, where he died on Saturday. Northern Land Council chair Matthew Ryan said TN's "work for his community and people will never be forgotten". "My heart goes out to his loved ones and all mob across the Wadeye and Darwin Daly regions," he said in a statement on Sunday. "His legacy will live on." The Thamarrurr Development Corporation (TDC), of which TN was a board member, also released a statement saying he was a much loved and respected mentor to his community. "A great visionary and educator, a campaigner for a better life for his community and a respected leader, he will be greatly missed," a spokesperson said. "He played a key role in developing and guiding TDC to become the organisation it is today." Catholic Bishop of Darwin Charles Gauci said he had known TN "for many years" and "had the privilege of being with [him] on the day he died", saying he was "deeply saddened at his death". "I was able to accompany him on the last day of his life, I was in the hospital with his wife and family and to pray with him and to be there with them, walking with them at this very significant time," he said. "I have great respect for him as a great leader, he had vision and understanding, he was a very educated man. "He believed in education as empowerment and he was an educator for many years himself. "He was co-principal at the school at Wadeye and really contributed deeply and widely there for the education of young people." Bishop Gauci said TN's loss would leave "a big gap", calling on other leaders across the community step up and continue his "vision of two way". "Two way means be deeply connected with your roots and your culture and celebrate that but also, be open to the realities of life and adapt," he said. An AFP spokesperson said the 68-year-old man was taken to RDH for "sobering up" after being detained on May 30 for allegedly attempting to board a flight while intoxicated. "The man was taken into 'protective custody' by AFP officers under section 128 of the Police Administration Act (PAA) at Darwin airport," they said in a statement. "AFP officers then transported the man to a Darwin hospital where he could be supervised and monitored while sobering up." The PAA allows police in the Northern Territory to apprehend a person without warrant, if the officer believes they are intoxicated in a public place. Under the legislation, a person can be apprehended if police believe they are "unable to adequately care for" themself, may "cause harm" to themself or others, may "intimidate, alarm or cause substantial annoyance to people" or are "likely to commit an offence". The AFP spokesperson said the man experienced a "sudden and serious medical episode" upon arrival at RDH and was admitted to intensive care, where he remained until his death on Saturday. However an NT Police spokesperson said shortly after he was taken into AFP custody, the custody sergeant and a nurse assessed him at the Palmerston watch house "where it was deemed necessary to convey the man to RDH for further assessment". NT Opposition Leader Selena Uibo said the "devastating loss" would be "felt deeply across the territory" and to have two deaths in custody in less than two weeks was "beyond tragic". "[TN] was a respected and strong leader — valued for the guidance he provided to those he worked alongside and the outcomes he helped deliver for his community," she said in a statement. "I know many Territorians will be feeling a profound sense of grief and shock at these two lives tragically cut short. "My thoughts today are also with our police, first responders and hospital staff who are always there for the community in the most difficult of circumstances." Local member for the Daly region, Dheran Young, said his thoughts were with TN's family and community. "Your vision, leadership and advocacy inspired us all," he wrote on social media.
Yahoo
06-06-2025
- Business
- Yahoo
Pound takes breather after hitting highest point against dollar since 2022
The pound pulled back slightly against the dollar on Friday in European trading hours, dipping almost 0.3% to trade around the $1.354 mark. Sterling's rally has sent it to its highest point against the greenback since 2022, but that's largely due to dollar weakness, analysts say. 'Domestic factors have also been supportive of sterling," said Matthew Ryan, head of market strategy at global financial services firm Ebury. Read more: FTSE 100 LIVE: Stocks mixed as traders weigh up Trump-Musk row and trade war developments 'This week's updated UK PMI figures provide reason for optimism, as the composite index was revised sharply higher to 50.3 in May (from the initial 49.4 estimate), i.e. back above the key level of 50 that separates growth from expansion. 'As we've been stressing for some time, Britain's economy should be well positioned to weather the tariff storm, while at the same time inflation is printing well above the Bank of England's 2% target." The dollar index ( headed 0.2% higher, meanwhile. The index tracks it against a basket of other currencies. The pound was almost flat against the euro following a Thursday interest rate cut by the European Central Bank (ECB). Read more: Average UK house price falls in May after stamp duty changes The bloc cut interest rates by a quarter of a percentage point for the eighth time in a year, as the bank attempts to support the euro economy after the turmoil caused by US president Donald Trump's trade war. The benchmark rate on the deposit facility has been reduced from 2.25% down to 2%, from a high of 4% toward the middle of 2023. Gold prices headed higher as economic uncertainty persists surrounding president Trump's trade tariffs. The yellow metal rose despite a strengthening dollar. Spot gold prices rose 0.4% to $3,364, while gold futures headed 0.3% higher to trade around $3,384. The weakness in the dollar in recent weeks has made it cheaper for buyers holding other currencies to snap up gold — a safe haven in uncertain times. "There is considerable geopolitical uncertainty with Russia-Ukraine, Iran, Syria and China driving people to buy gold... and although traders may not expect gold to rise as quickly, there is still plenty of upside," Daniel Pavilonis, senior market strategist at RJO Futures told Reuters on Thursday. Oil prices were on the back foot on Friday, pulling slightly lower amid concerns about oversupply and economic growth. Brent crude futures (BZ=F) fell 0.3% to $64.59 a barrel, while West Texas Intermediate futures (CL=F) declined 0.3% at $63.18 a barrel. Read more: The most popular stocks and funds investors bought in May Saudi Arabia has bee pushing for a major increase in oil production and has slashed prices for Asian buyers, signalling weaker demand, analysts said. The July price cut by Saudi Arabia, which is the world's biggest oil exporter, comes after the decision from the Organization of the Petroleum Exporting Countries and their allies — known as OPEC+ — to increase output next in to access your portfolio
