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5 Things You Need To Know, Today, on Monday 4th July 2022
5. Sri Lanka's energy minister has issued a stark warning over the country's fuel stocks as it faces its worst economic crisis in more than 70 years.
On Sunday, Kanchana Wijesekera said the nation only had enough petrol left for less than a day under regular demand.
4. British companies have turned increasingly glum about the outlook, according to the latest business survey that shows momentum rapidly draining from the economy.
The British Chambers of Commerce (BCC) said 54% of more than 5,700 companies it surveyed between May 16 and June 9 expected turnover to increase over the next 12 months, down from 63% in the previous survey and the lowest share since late 2020.
3. Profits at Britain’s banks have topped their French counterparts for the first time since before the Brexit vote.
The UK’s largest lenders posted pre-tax profits of $55.1bn (£45.6bn) last year, slightly higher than the $54.8bn (£45.3bn) registered by French banks, according to The Banker’s annual top 1,000 world bank ranking.
2. Airlines are expected to announce a series of cancellations to UK summer flights this week aimed at minimising disruption in the peak holiday season.
A government "amnesty" to the rules on airport slots is in place until Friday, allowing airlines to change schedules without facing a potential penalty.
1. "Relentless" increases in the price of food may not hit their peak until next year, an industry group has warned.
The Food and Drink Federation said it usually takes 7-12 months for producers' costs to reach shop shelves.