Welcome to taking stock on.... Wednesday 16th August 2023
Taking Stock: Is a look at today's top business news & investment views plus we cover the winners, losers, the most read company news & the most followed. Today this includes:
UK Inflation Data
CPI year on year to July is now at 6.8% as forecast, and this is down from 7.9% last month.
However core inflation, which strips out the price of energy, food, alcohol and tobacco, remained unchanged in July at 6.9%.
This is the figure that is closely watched by the Bank of England, which sets interest rates.
Based on today's inflation figures:
CPI 6.8% down from 7.9%
Core CPI unchanged at 6.9%
Should the Bank of England raise interest rates again in September?
Ruth Gregory, deputy chief UK economist at Capital Economics, said with wage growth and services inflation both stronger than the Bank had expected, its decision makers would look to raise rates from 5.25% to 5.5% in September.
MOST READ RNS
Belluscura - Orders for over 6,500 DISCOV-R™ received
Alba Mineral Resources - Clogau Operational Update
RISERS
WANdisco - GM Signs Multi-Project Contract with WANdisco
FALLERS
TERN - Interim results for the six months to 30 June 2023
RNS WORTH READING
Creo Medical Group - Royal Oldham SSD service update
Creo Medical the medical device company focused on the emerging field of minimally invasive surgical endoscopy, provides an update on the implementation of its technology within The Royal Oldham Hospital. On 17 May, Creo announced that Royal Oldham had become the first NHS hospital to immediately implement CROMA and Speedboat™ Inject across multiple endoscopy rooms, putting in place weekly lists for multiple SSD (Speedboat Submucosal Dissection) cases.
The hospital has now treated over 40 patients using the new service, representing the fastest time for any NHS hospital to reach the landmark, with exceptional results for patients, the hospital and its staff. Multiple doctors at the hospital have already progressed through Creo's Pioneer Programme mentoring stage and are independently treating regular lists of patients presenting with complex, high-risk lesions in the colon.
Creo has a target base for the Speedboat range of products of more than 350 NHS hospitals, with each SSD procedure demonstrated to save the NHS up to £10k when compared to traditional surgery, alongside a typically far shorter hospital stay and significantly lower risk of complications. There are 23 NHS England healthcare settings that have now adopted SSD.
ADMIRAL - Half-year report
Admiral reports another solid set of results for the first half of 2023 against a backdrop of continuing elevated levels of claims inflation. Highlights are as follows:
9.4 million Group customers at 30 June 2023, up 4% despite challenging market conditions and a focus across the Group on prioritising margin over growth
·Group turnover over 20% higher as rate increases across the Group to address claims inflation led to significant increases in average premium
·Group pre-tax profits of £234 million, 4% higher compared to the first half of 2022, restated on an IFRS 17 basis
TOP BUSINESS STORIES
Lower energy prices behind UK inflation slowing
Falls in gas and electricity prices led to UK inflation slowing in July, official figures show.
Inflation, which measures how prices change over time, fell to 6.8% in the year to July, down from 7.9% in June.
Inflation is much lower than it was at its peak of 11.1% in October last year, but it still remains high compared to historical rates.
However core inflation, which strips out the price of energy, food, alcohol and tobacco, remained unchanged in July at 6.9% - a figure closely watched by the Bank of England, which sets interest rates.
UK house prices rise by least since 2020 and fall in London
British house prices increased by 1.7% in the 12 months to June, the Office for National Statistics (ONS) said on Wednesday, the smallest rise since July 2020.
House prices in London fell by 0.6%.
The ONS said its measure of private rents rose by 5.3% in the 12 months to July, the biggest increase since data collection began in 2016.
Bank of Ireland glitch 'allowed customers with no money to withdraw funds from ATM'
A glitch with Bank of Ireland's online app reportedly allowed customers with no money to transfer funds and withdraw it from an ATM.
The technical blunder meant people were able to put money into a Revolut digital account and then withdraw it from a cash point.
Some claimed that they were able to access as much as €1,000 (£859), but the bank insisted the daily withdrawal limit is €500 (£429), according to Independent.ie.