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5 Things You Need To Know, Today, on Wednesday 7th September 2022
5. Holiday Inn owner, Intercontinental Hotels Group, has confirmed the company has been hit by a cyber attack.
IHG, which has some of the world's largest hotel chains, issued a statement saying it was investigating "unauthorised access" to a number of its technology systems.
4. US tech companies that receive federal funding will be barred from building "advanced technology" facilities in China for 10 years, the Biden administration has said.
The guidelines were unveiled as part of a $50bn (£43bn) plan aimed at building up the local semiconductor industry.
3. British construction companies suffered a second straight month of contraction in the face of deep uncertainty about the outlook for the inflation-hit economy.
The S&P Global/CIPS construction Purchasing Managers' Index (PMI) came in at 49.2 in August, edging up from 48.9 in July but staying below the 50.0 threshold denoting growth.
2. Kwasi Kwarteng, a long-time ally and political soulmate of new prime minister Liz Truss, has been named as the UK's next chancellor.
He takes over at a critical time for the UK economy, with millions looking to him for help with soaring winter energy bills.
1. Tens of thousands of businesses are at risk of going under without government support because of soaring energy bills, according to insolvency experts.
Red Flag Alert, which monitors the financial health of firms, said previously profitable companies are experiencing significant losses.