Analysis predicts oil prices to reach $100 this month due to production cuts
Drivers could be feeling the sting at the pump as oil prices are forecast to skyrocket above $100 a barrel. Russia and Saudi Arabia have faced allegations of driving up prices by reducing their oil production. Analysts at CITI have warned that prices are on track to reach $100 by the end of this month. The recent production cuts by these oil-producing nations could leave the market vulnerable to further price hikes, causing a ripple effect on petrol and diesel prices.
Wholesale oil prices impacting petrol and diesel
Higher wholesale oil prices have already led to an increase in petrol and diesel costs. Luke Bosdet, spokesperson for the AA, stated that petrol prices have risen by a significant 10p per litre since the beginning of August. The RAC cautioned that if oil reaches $100 a barrel, diesel prices could surge from the average of 159p per litre to over 170p. The motor insurer argues that petrol retailers are taking advantage of these price increases to make larger profits at the expense of consumers. The Business Select Committee is currently investigating alleged profiteering by petrol retailers.
Burberry Enlists Mary Berry as they Continue to Rebrand
Mary Berry joins Burberry to boost their "Britishness"
Burberry is continuing its efforts to increase its "Britishness" by partnering with baking icon Mary Berry. Berry was spotted enjoying a cup of tea at the brand's pop-up cafe in North London. The fashion brand has also renamed Bond Street Underground station as "Burberry Street" as part of its marketing campaign. While celebrities have shown support for the brand, investors have been more cautious, resulting in a drop in shares.
Wingstop Soars in UK Sales
US chicken wing brand Wingstop achieves £40 million in sales since UK launch
Wingstop, the American chicken wing brand, has seen tremendous success in the UK since its launch five years ago. Its UK master franchise, Lemon Pepper Holdings, now operates 36 sites with 1,300 employees. The brand plans to open four more locations by the end of the year, aiming to reach £60 million in sales next year. Wingstop has built a loyal following, particularly among young customers, through partnerships with popular brands such as Gymshark, TikTok, JD Sports, and Pretty Little Things.
S4 Capital Faces Job Cuts and Profit Warning
S4 Capital, founded by Sir Martin Sorrell, announces 450 job cuts after profit warning
Sir Martin Sorrell's advertising company, S4 Capital, has announced 450 job cuts and expects further redundancies after a profit warning. The company blames advertising cutbacks by clients due to fears of an impending recession. Shares in S4 Capital dropped 25% following the announcement, leaving the business with a valuation of £418 million. In contrast, Sorrell's previous company, WPP, is valued at £8 billion.
Mondi to Exit Russia; Sells Remaining Paper Mill for £666 million
Packaging giant Mondi sells Russian paper mill as part of departure from Russia
Mondi, a leading packaging company, has announced its departure from Russia by selling its remaining paper mill to a Moscow-based property group for £666 million. The company has confirmed that it will leave Russia by the end of the year. Share prices for Mondi rose 5% following the announcement of this move.
Rents in the UK Hit New High
Average monthly rent in the UK crosses £1,300 for the first time
The cost of living crisis continues to intensify as rental prices in the UK have reached a new milestone. According to figures from Hamptons, the average monthly rent has risen by 12% in the past year, surpassing £1,300. The shortage of properties has driven up rental prices, with landlords passing on higher mortgage costs to tenants. Since 2013, the cost of renting a home has increased by £436 per month. In Scotland, rents saw a 13.4% increase to £935, while Greater London experienced a £340 rise to £2,332 per month.
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