The gridlock economy how too much ownership wrecks markets stops innovation and costs lives

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

Published 1 day ago Share close Share page Copy link About sharing Some families in Kenya are eating just once a day, or not at all, because of rising food prices, writes the BBC's Catherine Byaruhanga in Nairobi. Early in the morning, I find Florence Kambua hunched over, digging through the dump site outside her front door to collect plastic, glass, clothes - anything she can sell in Kenya's capital. The 40-year-old is dressed in a black sweater and knee-high plastic boots. Her job is not for the faint-hearted. It is hazardous too. Rotting food and filled nappies squelch under her feet in the Mukuru Kwa Njenga slum. "Sometimes you end up with diarrhoea, sometimes you get a chest infection. I have persevered, because I don't have an alternative," Ms Kambua tells me. The mother of six has fallen on hard times. She first moved to Nairobi, East Africa's biggest metropolis, 19 years ago … [Read more...] about Kenya’s cost-of-living crisis: ‘I can’t afford rice for my children’

Opposition is growing to new occupancy rules for second homes and holiday lets (Image: Finest Retreats) Sign up for our news briefing, including a daily special Russia-Ukraine edition SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info A petition has been launched over fears the policy will devastate a sector that underpins large parts of rural Wales without any of the hoped-for housing supply benefits. Unions, trade bodies and holiday operators have stepped up lobbying efforts as the full implications sink in. Related articles M4 chaos as furious drivers BLOCK major motorway bridge Woman spends day in police cells over bin bags she put out 8 years a From April 1, 2023, the Welsh Government will insist that self-catering properties … [Read more...] about 1,400 holiday cottage owners set to quit Wales over new occupancy rules

PM facing Cabinet backlash over Pincher sex pest allegations PM knew about Pincher allegations before appointment, No 10 admits Tory rebels plot another vote to oust Johnson this month Diane Abbott claims Boris is ‘rumoured to like assaulting women’ Ukraine war: Zelensky vows to retake lost Lysychansk J eremy Hunt would lose a Tory leadership contest against all other potential candidates, a poll of Conservative members has found. Research by ConservativeHome, published on Monday, found that if the former health secretary made the last two of any other leadership vote, he would lose to all other potential contenders. It came as he refused again to rule out another tilt at becoming Prime Minister. The candidate that Mr Hunt comes closest to was Steve Baker, receiving only 27 per cent of votes - while the former Brexit minister received almost double that, with 48 per cent. Mr Hunt's biggest threats, according to the poll, were Ben Wallace, the … [Read more...] about As it happened: Jeremy Hunt would lose Tory leadership contest to every major contender, poll finds