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WELCOME TO TAKING STOCK, IT'S A ROUND UP OF TODAY'S BUSINESS NEWS & INVESTMENT VIEWS.
INDICES
FTSE 100: 7,474 -1.12% (down 4 days in a row)
NOW BELOW THE 200 DAY MOVING AVERAGE at 7,537
FTSE 100 MONTH HIGH: 8,014 - February 2023
FTSE 100 MONTH LOW: 6,826 - October 2022
FTSE AIM All-Share 776 -0.74%
AIM 12 MONTH HIGH: 934 - August 2022
AIM 12 MONTH LOW: 775 - October 2022
3 Top Business Stories
1. The Bank of England is has risen interest rates for a 13th consecutive time by 0.5% to 5% to try to tackle rising prices.
Official data on Wednesday showed that inflation, the annual rate at which prices go up, was stuck at 8.7% in May.
The Bank announced a rise in its benchmark rate from 4.5% to 5% and most economists predicted a rise by 25 basis points to 4.75%.
2. The government should force banks to help homeowners struggling with mortgage payments, Labour has said.
Shadow chancellor Rachel Reeves said borrowers should be allowed to switch to interest-only payments for a temporary period to ease the crisis.
Many lenders are already offering this but Labour says it needs to be enforced across the board.
3. Amazon duped millions into enrolling in Prime, US regulator says in lawsuit
The US Federal Trade Commission has sued Amazon for what it called a years-long effort to enroll consumers without consent into its paid subscription program, Amazon Prime, and making it hard for them to cancel.
In its complaint, the FTC said Amazon used “manipulative, coercive or deceptive user-interface designs known as ‘dark patterns’ to trick consumers into enrolling in automatically renewing Prime subscriptions”.
WINNERS
1. Biome Technologies Contract win for Stanelco RF Division
Biome Technologies announce that its Stanelco RF Technologies division has been awarded a contract with a revenue value of £452,000 to supply a novel induction furnace system to a global manufacturer of scientific glass products.
LOSERS
1. Oracle Power - £363,000 Fundraising & Appointment of Joint Broker
They have raised £363,000 to support advancement of the Company's green hydrogen JV project
Most Read RNS's
1. Powerhouse Energy - Acquisition of entire shareholding of Engsolve Ltd
Engsolve has significant experience in engineering design and support, cost estimating and control, project management and safety risk assessments across a range of industries including energy from waste, renewables and green energy, and will complement PHE's capabilities in the development of its technology and project implementation.
2. Contango Holdings - Formal Opening Ceremony for Lubu Coal Mine
The President of Zimbabwe, His Excellency Dr Emmerson Mnangagwa, will be visiting the Company's flagship Lubu Coal Project on 21 July 2023.
This will mark the formal opening of the Lubu Coal Project, following the commencement of first washed coal last month.
3. Poolbeg Pharma - Oral Vaccine Programme Moves Forward
Having finalised the research plan and all consortium members completing the Consortium and Grant Agreements, the EncOVac Consortium parties are now entering the next phase to commence the validation of the encapsulation process. The validation is expected to complete in H2 2023.