28/07/2022

Business Update – 26 July 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Russia and Ukraine sign deal to resume grain export to world markets

The UN and Turkey managed to help Russia and Ukraine come to an agreement last week that will reopen Ukrainian Black Sea ports for grain exports, raising hopes that an international food crisis aggravated by the Russian invasion can be eased.

Social media stocks nosedive

After a disappointing revenue report from Snapchat’s parent company Snap, social media companies saw nearly US$80 billion disappear from stock market values last week. Twitter also had a lacklustre earnings report.

Twitter blames Musk for value drop

Twitter shares were down last week as results missed analyst estimates on earnings, revenue, and user growth for the second quarter in a row. The company blames industry headwinds and uncertainty surrounding Musk’s takeover.

Heathrow strike called off

A massive strike has been avoided after British Airways staff at Heathrow accepted an 8% pay rise offer. The welcome news comes as massive delays affect summer travellers.

London Southend offers to pick up the slack

In other air travel news, London Southend has started contacting airlines with cancelled flights at Heathrow and Gatwick, and offering to bring them there instead. The smaller airport has extra capacity and has been desperate for business since the beginning of the pandemic.

In cost of living crunch, people are spending much less

Figures from the Office for National Statistics show that Britain is spending less on everything, from fashion to food to furniture. Retailers are struggling as a result, with most not seeing lows like this since the beginning of the pandemic.

Rail strike to go ahead

Members of the Rail, Maritime and Transport union will go on strike this week, after the latest talks over pay, jobs, and conditions broke down.

European Central Bank raises key interest rates for the first time in over a decade

The move is aimed to combat inflation as consumer prices in the eurozone rose at an 8.6% annual pace in June.

Tax credits deadline is approaching – don’t miss out

HM Revenue and Customs is urging customers to renew their tax claim using HMRC’s online services, as the deadline is approaching on July 31. Details can be found here.

Cost of living crisis offsets boost from Queen’s jubilee

Retail sales dropped again in June, despite the increase in sales for food and drink that came with the Queen’s jubilee long weekend. The event mainly benefitted supermarket chains, with all other retail sectors seeing a dip in sales compared to last year.

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