Chocolate pricing

Sunak’s spending decisions are 80% political, suggests IFS


There are more problems for Shell this morning, which posted declining profits just hours after an activist investor launched an attack on the oil and gas giant.

Group adjusted profit was lower than expected, as higher costs offset the positive impact of soaring oil prices. On a net basis, the company recorded a loss of $ 447 million.

This follows a surprise attack by the US Third Point fund, which claimed Shell was torn between competing interests on climate change.

5 things to start your day

1) Households face inflation and fixed wages Forecasts from the budget watchdog show average real wages will be lower by 2026 than in 2008, according to the Institute for Fiscal Studies.

2) Online sales tax expected after Sunak eases the burden of trade tariffs Temporary reduction for shops, pubs and restaurants, but Rishi Sunak is withdrawing from sweeping reforms of the controversial system.

3) Summary of the 2021 budget: the main changes and highlights at a glance Key points from Rishi Sunak’s fall budget and expenditure review.

4) Toast to “draft relief” in the Alcohol Law Reshuffle Drinks containing more alcohol will be taxed at a higher rate, while a planned increase in duty on spirits has been removed.

5) Shell is attacked by a Wall Street raider Third Point is demanding that the energy giant put its oil operations in a separate company after taking a stake of £ 545million.

What happened during the night

Samsung posted a 28% profit increase for July-September despite global supply chain issues. The tech giant’s sales rose 10% to a record £ 45.9 billion and its shares rose 0.3% in morning trading in Seoul. In Asia, fears of rising inflation pushed markets down: Hong Kong, Shanghai, Tokyo, Seoul, Sydney, Singapore, Wellington, Taipei, Jakarta and Manila all fell.

Coming today

Business: Royal Dutch Shell, Lloyds Banking Group, Bytes Technology Group, Invidior, Helios Towers, Airtel Africa, C&C Group (temporary workers); WPP, DS Smith, Evraz, Inchcape, Elementis, Travis Perkins (commercial update)

Economy: National index of house prices (UK), ECB decision on interest rates (EU), consumer confidence (EU), business climate (EU), GDP (we), pending the sale of housing (we), applications for unemployment benefits (we)