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Middle East crisis risks igniting inflation. Here are the markets to watch out for in Australia
The escalating conflict between Israel and Iran has put global markets on edge, as the risk of a disruption to global oil supplies rises, and inflation threatens to reignite.Investors have started to re-price a range of products, from gold and currencies to oil prices and stocks, amid fears a broader Middle East conflict could take hold.Here are four market movements to watch out for.Over the past couple of weeks, oil has climbed from $US62 a barrel to about $US74, reversing a trend that had eased cost-of-living pressures for many households.Motorists could be paying up to an extra 12c a litre for petrol if the recent jump in oil prices is maintained, according to the chief economist at AMP, Shane Oliver
British Steel’s Chinese owners weigh attempt to recover millions in debts
The Chinese owners of British Steel are gearing up to try to recover hundreds of millions of pounds of loans from the company after the UK government took over its operations.Jingye Group said it was assessing the chances of recovering hundreds of millions of pounds in debts owed to it by British Steel, and is thought to have engaged advisers at the accountancy firm PwC to work out a valuation for the business.The Labour government took control of British Steel’s operations in April with emergency legislation after it became concerned that Jingye was planning to let blast furnaces at Scunthorpe cool. That would have led to 2,700 immediate job cuts as well as the symbolic loss of Britain’s ability to make steel from iron ore.Jingye is still the legal owner of British Steel, despite the takeover
Metro Bank shares surge on talk of private equity takeover
Metro Bank shares have surged to a two year-high after news of a takeover approach by a London private equity firm that could create uncertainty for customers and staff.It emerged over the weekend that Pollen Street Capital has sounded out Metro bosses over a potential deal, which could take the listed lender off the London Stock Exchange and back into private hands.The rumours have also sparked speculation that Metro would ultimately be merged with another of Pollen’s companies, the specialist business lender Shawbrook.The news sent Metro Bank shares up by more than 15% to a high of 130p on Monday.A private equity takeover and potential merger would create further uncertainty for the bank’s employees, who have just emerged from a cost-cutting programme that resulted in roughly 1,000 job losses
UK petrol prices poised to rise as Israel-Iran conflict pushes up cost of oil
Britons are braced for higher prices at the pumps after a rise in oil prices caused by the conflict between Israel and Iran in recent days.Oil prices climbed in early trading on Monday as traders worried about the risks of a broader regional military conflict, which could disrupt supplies.Iran is a big oil producer, and accounts for about 3% of global supplies.As the conflict entered its fourth day, Brent crude rose by 0.5% in early trading, pushing towards $75 a barrel, while US crude rose by 0
Jaguar Land Rover warns that Trump tariffs will hit profits
The British luxury carmaker Jaguar Land Rover has warned of a hit to profits from Donald Trump’s tariffs, after the company temporarily paused deliveries to the US.The carmaker, which is owned by India’s Tata Motors, halted shipments to America in April and removed some marketing programmes after the US president imposed a 25% duty on all foreign-made vehicles, before resuming them last month. The country accounts for more than a quarter of JLR’s sales.As part of a presentation to investors released to the Mumbai stock exchange, JLR, which makes the Defender sports utility vehicle (SUV), said it was “reallocating available units to accessible markets” to boost profits. It is also considering raising prices in the US to help to counter the impact of tariffs
CEO pay at UK’s top companies is 52 times that of typical worker, report finds
The chief executive of a FTSE 350 company is paid 52 times as much as a typical worker, according to the latest measure of inequality between bosses and their employees.Median pay for FTSE 350 chief executives was £2.5m last year, which works out at 52 times a median worker’s pay, according to a new report from the High Pay Centre campaign group.The widest gap was found at the cleaning, security and waste management group Mitie, whose chief executive, Phil Bentley, was paid £14.7m, 575 times more than a middle-earner in the 2023-24 financial year
FTSE 100 closes near record high, and oil price falls, on reports Iran seeks talks with Israel – as it happened
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