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5 Things You Need To Know, Today, on Thursday 16th June 2022
5. The pound's weakness against the dollar and the euro spells bad news for British holidaymakers this summer.
Fears over the UK economy are weighing on markets, causing sterling to sink below $1.20 on Tuesday, its lowest level since the start of the pandemic, before partly recovering on Wednesday.
4. Oil and gas supermajor BP has agreed to take a 40.5% equity stake in the Asian Renewable Energy Hub, a vast project planned for Australia set to span an area of 6,500 square kilometers.
In an announcement Wednesday, BP said it would become the operator of the development, adding that it had “the potential to be one of the largest renewables and green hydrogen hubs in the world.”
3. Passengers have been advised not to travel on trains unless necessary during strikes next week, with only a fifth of services due to run.
Network Rail said about half of all rail lines will be closed when thousands of workers walk out across Britain on 21, 23 and 25 June.
2. The US central bank has announced its biggest interest rate rise in nearly 30 years as it ramps up its fight to rein in soaring consumer prices.
The Federal Reserve said it would increase its key interest rate by three quarters of a percentage point to a range of 1.5% to 1.75%.
1. Food prices will rise quickly this summer due to soaring costs, grocery analysts have predicted.
Prices will rise at a rate of 15% as households pay more for staples such as bread, meat, dairy and fruit and vegetables, the Institute of Grocery Distribution (IGD) said.