Welcome to 2023: a fresh start, a clean slate, a chance to start anew? Perhaps not. Unfortunately none of the problems haunting last year have magically disappeared over the holiday period. Strikes will still cause disruption for thousands, a recession still looms, and inflation is still in the double digits.
(Bloomberg) — Welcome to 2023: a fresh start, a clean slate, a chance to start anew? Perhaps not. Unfortunately none of the problems haunting last year have magically disappeared over the holiday period. Strikes will still cause disruption for thousands, a recession still looms, and inflation is still in the double digits.
Here’s the key business news from London this morning:
In the City
Cineworld Group Plc: The bankrupt cinema chain said it wasn’t involved in talks with Odeon-owner AMC Entertainment Holdings Inc on the sale of any of its cinema assets, in response to some media reports.
- The company said it will start marketing itself to potential deal partners as a group, in co-ordination with its plan to exit Chapter 11 bankruptcy
Wizz Air Holdings Plc: The low cost airline carried almost 60% more passengers in December than it did in 2021, when air travel was disrupted by a coronavirus outbreak.
- The company said 84.5% of its seats in December were filled, a significant improvement on the year before
Hotel Chocolat Group Plc: The premium chocolate maker has signed a strategic partnership agreement with Tokyo-based Eat Creator Corporation, giving it new capital to expand in the country.
In Westminster
Rail workers will walk off the job much of this week, paralysing transport and adding to the troubles piling up for Rishi Sunak’s government. Nurses and ambulance drivers plan to strike later in the month as officials warn the NHS is struggling to cope with flu and Covid outbreaks. You can see a list of the planned train strike dates here.
Meanwhile, the government announced a £75 million nuclear fuel fund to help develop alternatives to Russian fuel supply and “strengthen UK energy security,” Energy and Climate Minister Graham Stuart said in a statement. Up to £13 million of the fund has already been awarded in Preston, which has “strategic importance” to fabricating fuel for the current UK advanced gas cooled reactor fleet, according to the release.
In Case You Missed It
Big banks will show fintech who’s boss in 2023, says Bloomberg Opinion’s Paul J. Davies.
And this is how UK house prices could fall by 30%. Listen to the latest episode of the In the City podcast here:
Looking Ahead
UK mortgage approvals will be closely watched tomorrow for further signs that a correction in house prices might be underway. Bloomberg economists expect approvals to have dropped to 56,000 in November, down 5% from October’s figure — which was already the lowest in more than two years.
On Thursday, high street staple Next Plc, discounter B&M European Value Retail S.A. and sandwich chain Greggs Plc will all report results and likely give first insights into how Britain’s retailers fared during the crucial Christmas period.
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