Federal workers pay

Tui cancels quarter of flights from Manchester Airport FTSE 100 adds 0.1pc S&P 500 little changed, Nasdaq up 0.5pc Matthew Lynn: Businesses must go on strike over Sunak’s disgraceful tax raid Sign up here for our daily business briefing newsletter ​ M ortgage lending fell by more than a third in April, stoking fears of a slowdown in house prices. Total lending for house purchases slumped to £4.1bn, from £6.4bn in March, as the impact of higher interest rates kicked in. Data from the Bank of England showed mortgage approvals fell to around 66,000 over the month, compared with 70,700 in March. The number of loans granted was well beneath economists’ expectations, and below the average for the half-decade before the pandemic. 6:07PM Wrapping up T hat's all from us today, thank you for following! Before you go, have a look at the latest stories from our business reporters: Bank of England to take over collapsed … [Read more...] about Housing market slump feared as mortgage lending plunges by a third

T he American owners of Boots may revive plans for stock market float next year after scrapping the sale of Britain’s biggest chemist to a Wall Street buyout fund and Indian billionaire Mukesh Ambani. Walgreens, which merged with Boots in 2014 in a deal worth £9bn, said none of the offers for the “adequately reflects the high potential value of Boots and No7 Beauty Company”. The Illinois-headquartered company said bidders had struggled to arrange bank loans to buy Boots after financial markets “suffered unexpected and dramatic change”. Private equity fund Apollo and Mr Ambani had been in pole position to acquire Boots after Walgreens chairman Stefano Pessina put the business up for sale in January. But a £5bn approach — considerably lower than the £7bn Mr Pessina is said to have wanted — fell through. Ornella Barra, Boots operating chief, wrote to the company’s 56,000 staff saying she was “happy to confirm that it has been decided that Boots and No7 Beauty Company will … [Read more...] about Boots stock market float back on the table as £5bn sale collapses

U.S. producer prices surged 10.8% in May from a year earlier, underscoring the ongoing threat to the economy from inflation that shows no sign of slowing. Tuesday's report from the Labor Department showed that the producer price index — which measures inflation before it reaches consumers — rose at slightly slower pace last month than in April, when it jumped 10.9% from a year earlier, and is down from an 11.5% yearly gain in March. On a monthly basis, producer prices climbed 0.8% in May from April, above the previous month, when they increased 0.4%. Energy prices, led by gas, rose 5% just in May from April. Another big driver of the price gains last month was a sharp 2.9% increase in the cost of truck freight hauling, a sign that supply chain problems still aren't fully resolved. Food costs were unchanged. The figures indicate that rising prices will continue to erode Americans' paychecks and wreak havoc on household budgets in the coming months. Inflation has … [Read more...] about US producer prices soar 10.8% in May as energy costs spike

Instead of looking forward to the great British getaway, families up and down the country are starting to fear the prospect of jetting off abroad this summer. Far from a relaxing break, parents are now facing the prospect of entertaining children as families wait in long queues that snake out of airport terminal buildings hoping that they will make the gate in time. And they might end up being the lucky ones. Plenty of holidaymakers may not make it abroad at all, as airlines continue to cancel flights every day with alarming regularity. Whether it be standing in line waiting to get away, or stuck at home on the sofa because of a cancellation, Britons will rightly ask what on earth has gone wrong this summer? Why is it that after two barren years during the pandemic, airlines and airports can not get their act together? Unsurprisingly, there is not one simple explanation. Aviation bosses have been grappling with a cocktail of problems that includes staff shortages, … [Read more...] about How the great British getaway became a holiday from hell

By Dickens Olewe Published 25 June Share close Share page Copy link About sharing Diana Mwazi is one of many young Kenyans who see the country's forthcoming elections as a way to make money, rather than an opportunity to vote for people who could bring about change in her life. The petite 20-year-old has carved out a small patch of influence in the male-dominated hurly-burly of Kenyan politics, in the informal settlement of Kibera in the capital, Nairobi, where she lives. For a fee, she seeks out unemployed people to attend rallies - and is happy to provide her service to any political party. "I'm excited by the elections because I'm getting a job from politicians who want to show that they have the support of the people," she says. Election fever has gripped the country ahead of the 9 August poll - party slogans have become part of casual pleasantries, political posters are … [Read more...] about Kenyan elections: The woman who rallies crowds – but won’t vote