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5 Things You Need To Know, Today, on Wednesday 14th December 2022
5. Sam Bankman-Fried, founder of the failed cryptocurrency exchange FTX, has been denied bail by a judge in the Bahamas.
US authorities charged Mr Bankman-Fried with "one of the biggest financial frauds in US history" on Tuesday.
4. Elon Musk is no longer the world's richest man after a sharp drop in the value of his shares in electric car company Tesla this year.
According to both Forbes and Bloomberg, Musk has been overtaken at the top spot by Bernard Arnault, the chief executive of luxury goods group LVMH.
3. Britain's jobless rate rose for a second month and there were other signs in data on Tuesday that some of the inflationary heat in the labour market is cooling as the economy stumbles, including an increase in older people looking for work.
But the Bank of England which looks set to raise interest rates for the ninth consecutive meeting on Thursday - was likely to note the strongest rise in basic pay on record, not including the period around the COVID-19 pandemic.
2. Strikes are picking up pace in the run-up to Christmas as workers squeezed by rising costs fight for higher pay.
Rail workers will walk out for a second day, while Royal Mail employees and driving examiners are also striking.
1. At 07:00 GMT, figures showing how fast prices are rising, in the UK, will be released by the ONS.
Inflation hit 11.1% in the UK in October, the highest it’s been for 41 years and up from 10.1% in September, largely as a result of rising food and energy prices and it’s possible that the big leap in inflation in October will mark the peak according to analysts.
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