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National Grid poised to activate emergency winter plan tomorrow after French nuclear outages – live updates

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The National Grid faces its first major test of winter energy preparation - REUTERS/Darren Staples

The National Grid faces its first major test of winter energy preparation – REUTERS/Darren Staples

National Grid is poised to pay households to cut their power demand tomorrow to avert power cuts as it prepares to activate its winter emergency electricity plan for the first time.

Its electricity system operator has warned the market it may need to use its new “demand flexibility service”, a contingency scheme aimed at reducing household consumption when supply is tight.

Low temperatures and outages on France’s nuclear power fleet are set to put pressure on power supplies, according to market experts Enappsys.

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Under the DFS scheme, National Grid will pay households to cut power demand by, for example, stopping running the washing machine or dishwasher until the supply crunch has eased.

Households which have signed up to the programme in advance will get a message asking them to turn off appliances at a certain time in exchange for £3 per kilowatt-hour saved.  If the £3 is fully passed on by the suppliers to customers, that implies payments of up to £20 for each day when requested by National Grid.

Power supply and demand has to be constantly balanced to avoid triggering blackouts.

National Grid has developed the scheme over the past few months amid concern over winter energy supplies due to gas shortages triggered by Russia’s war on Ukraine.

Suppliers including Octopus Energy have been running tests in recent days. However, the scheme has yet to be used outside of testing.

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In a notice published to the market at 10am today, National Grid said: “An anticipated DFS requirement has been published for tomorrow – Tuesday 29/11/2022.

“This is an indication that a DFS service requirement might be published today at 14:30.”

Read the latest updates below.

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Table of Contents

01:25 PM

Crypto fraud up a third in UK

Crypto fraud has jumped by nearly a third in Britain as scammers increasingly target more inexperienced investors.

The value of UK cryptocurrency fraud leaped 32pc to £226m from £171m in the year to September 20, according to data from Action Fraud.

The number of reported frauds also increased by 16pc.

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Hinesh Shah, a financial crime investigator at law firm Pinsent Masons, said:

Whenever times are tough, fraudsters always seek to prey on less experienced investors by promising huge returns.

Scams involving cryptocurrencies can be especially potent for smaller investors who may be desperate to make a quick buck.

The surge in crypto crimes highlight a wider problem with fraud, which ramped up after the Covid-19 pandemic.

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UK Finance, a trade body, called the problem an “epidemic” and estimated £1.3bn was stolen through general fraud and scams in 2021.

01:08 PM

Eurozone ‘likely had second month of double-digit inflation’

The eurozone will probably have endured a second month of double-digit inflation this month, according to analyst forecasts.

While the overall pace of consumer-price increases is likely to have slowed for the first time in one and a half years, it has still stayed above 10pc in November, almost all economists predict.

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The average of 32 estimates in a Bloomberg survey is for an outcome of 10.4pc in the latest inflation report for the eurozone due Wednesday.

Marco Valli, Loredana Maria Federico and Tullia Bucco, economists at UniCredit in Milan, said:

Both headline and core inflation are likely at, or close to, their peaks.

We expect disinflation to start early next year.

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12:52 PM

British Steel pension mis-selling pay-out to be £20m less

The British Steel blast furnace in Scunthorpe - Lindsey Parnaby/AFP/Getty Images

The British Steel blast furnace in Scunthorpe – Lindsey Parnaby/AFP/Getty Images

The financial regulator has said the total pay-out to British Steel pensioners hit by a mis-selling scandal is set to be some £20m less than previously expected.

The Financial Conduct Authority (FCA) said more than 1,000 former British Steel Pension Scheme members are set to receive redress payments.

It said the bill to compensate workers will now be around £49m. In March, it was estimated to cost slightly over £71m.

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Steelworkers impacted by the scandal will receive an average redress payment of around £45,000, compared with a previously predicted pay-out of £60,000.

The FCA said the reduction was because less money was needed to fund the compensation following an improvement in annuity rates.

The scandal dates back to 2017 and 2018 when members of the plan transferred defined retirement benefits to a riskier arrangement following a restructuring prompted by Tata Steel.

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Around 54pc of transfer recommendations by financial advisers were unsuitable, the FCA said, exposing members to losses in retirement funds.

12:40 PM

Credit Suisse shares hit fresh record low

Credit Suisse - Stefan Wermuth/Bloomberg

Credit Suisse – Stefan Wermuth/Bloomberg

Shares in troubled Swiss lender Credit Suisse have slipped as much as 5.4pc today, hitting a fresh record low and putting them on track for their longest losing streak since 2011.

The stock has fallen for ten straight days, losing as much as 27pc, with last week’s warning about massive outflows of money from its core wealth management business stunning investors.

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News that the lender agreed a sale of a large part of its securitised products business to Apollo Global Management was also received negatively, with analysts saying many details were lacking.

The developments add to woes in recent years as a succession of big losses and management chaos shattered Credit Suisse’s status as one of Europe’s most prestigious lenders.

The bank last month announced a restructuring that included breaking up the investment bank, separating the advisory and capital markets unit and thousands of job cuts.

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12:29 PM

Crypto slides as investors grow anxious

Cryptocurrencies have slid amid a bout of investor anxiety in global markets sparked by protests in China against Covid restrictions.

Bitcoin, the largest token, at one point shed 3.2pc and was trading at $16,214 (£13,421). Second-ranked Ether fell about 4pc, while the likes of Solana, Avalanche and Dogecoin suffered even sharper losses.

The concern stoked by China come during a period of vulnerability for crypto markets, which are on edge over the contagion spreading from the fall of Sam Bankman-Fried’s FTX exchange and sister trading house Alameda Research.

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Crypto watchers also pointed to worries about wrapped Ether, which is meant to have the same value as Ether while allowing access to more applications.

Some reports suggested the concerns stemmed from joke Twitter posts falsely claiming a break in the expected peg in the value of wrapped Ether and Ether.

12:19 PM

Wall Street expected to open in the red

US stock index futures fell today as protests in major Chinese cities against the country’s strict zero-Covid policy re-ignited concerns about economic growth.

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Dow Jones futures were down 184 points, or 0.54pc, while S&P 500 contracts were down 31.75 points, or 0.79pc. Nasdaq 100 futures were down 105.25 points, or 0.89pc.

Meanwhile, Apple shares slipped on reports of disruption in China production.

Shares fell 1.8pc premarket after suggestions that the company will see a production shortfall of nearly 6 million iPhone Pro units due to unrest at Foxconn’s Zhengzhou plant.

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12:07 PM

Signs of gloom for retailers in run-up to Christmas

Black Friday footfall increased but was still below levels in 2019 - REUTERS/Phil Noble

Black Friday footfall increased but was still below levels in 2019 – REUTERS/Phil Noble

British retailers are cutting back on hiring and scaling back plans for investment amid growing signs that shoppers are tightening their belts, according to the Confederation of British Industry (CBI).

The sector’s headcount has slumped over the last year, marking the first decline since August 2021, according to the business lobbying group.

Furniture and carpet stores, grocers and online retailers have suffered the biggest declines in sales, it said, with a similar drop in revenue expected in the run-up to Christmas.

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The downbeat findings come as consumers struggle through the cost-of-living crisis, leaving them less to spend on non-essential items.

Footfall on Black Friday was up on last year but still 18pc below the same day on 2019, according to retail analysts Springboard.

11:52 AM

World first as Rolls-Royce runs aircraft engine on hydrogen

Rolls Royce set a new aviation milestone by running a modern aero engine on hydrogen - Steve M Smith/Cover Images

Rolls Royce set a new aviation milestone by running a modern aero engine on hydrogen – Steve M Smith/Cover Images

Rolls-Royce has used hydrogen fuel to successfully power a modern aircraft engine in a world first for the aviation industry amid pressure to develop zero-emissions air travel.

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The test was conducted with a converted Rolls-Royce AE 2100-A regional aircraft engine using hydrogen created by wind and tidal power, the company said today. The design originally powered Saab 2000 turboprops.

Following a series of ground tests, Rolls-Royce will move on to so-called rig tests, followed by a full-scale ground test with one of its Pearl 15 jet engines, according to the company, which is carrying out the project with easyJet as part of a partnership announced in July.

Airlines and manufacturers are pushing to use more-sustainable fuel as an alternative to kerosene, though technologies including electric and hydrogen propulsion remain years away from commercial adoption.

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The ground test conducted by Rolls Royce and easyJet - Steve M Smith/Cover Images

The ground test conducted by Rolls Royce and easyJet – Steve M Smith/Cover Images

11:30 AM

National Grid had already issued warning as wind power halved

You may remember that National Grid issued a surprise warning on its capacity last Tuesday night as British households were expected to increase energy consumption during the cold snap.

A ‘tight electricity margin’ notice was sent out warning of a potential shortage from 7pm.

The National Grid quickly cancelled notice as its contingency plans were activated, but experts said it was a signal of “much tighter days ahead”.

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11:14 AM

Train company workers to vote on strikes

Avanti West Coast train workers will vote on whether to strike - Nathan Stirk/Getty Images

Avanti West Coast train workers will vote on whether to strike – Nathan Stirk/Getty Images

Workers in seven train companies are to vote on whether they want to continue taking industrial action in a long-running dispute over jobs, pay and conditions.

The Transport Salaried Staffs’ Association (TSSA) is balloting more than 1,600 operational, station, control and management staff, for strike action and action short of strike.

Ballots will be held throughout December with results due just before Christmas.

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The companies being re-balloted are Avanti West Coast, CrossCountry, East Midlands Railway, LNER, Northern, Southeastern and Transpennine Express (TPE).

The re-ballot is necessary because legislation requires unions to re-run ballots every six months to keep them ‘live’, unless employers agree to extend for up to a further three months.

11:07 AM

Car dealership boss steps down as company says personal behaviour ‘fell short’ at event

Car dealership Inchcape said its finance boss has stepped down after his personal behaviour “fell short” at a recent event.

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The business did not elaborate on what happened, but said that Gijsbert de Zoeten voluntarily resigned as chief financial officer.

He has been with the business since August 2019, having held the same job at Dutch fleet management company LeasePlan previously.

Before that, the Dutchman had a 27-year career at consumer giant Unilever, including six years as finance boss of Unilever Europe. The business said today:

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Inchcape plc today announces that Gijsbert de Zoeten, group chief financial officer, has voluntarily tendered his resignation, and will be standing down from the board with immediate effect.

This follows an incident at a recent event where, through a lapse in judgment, he displayed personal behaviour falling short of the high standards expected of the leadership of the group.

His decision is unrelated to the company’s financial performance or strategic direction, including the Derco acquisition.

10:36 AM

Oil prices plunge to 11-month lows

Oil prices have slumped to 11-month lows as protests grip China amid concerns about demand in the world’s second largest economy.

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Both Brent crude and US-produced West Texas Intermediate (WTI) crude suffered drops of as much as 3pc in the price of a barrel today.

It comes as a wave of unrest in China punished risk assets and clouded the outlook for energy demand, adding to the stresses in an already-volatile global crude market.

WTI sank toward $74 a barrel following three weeks of losses, while Brent dipped below $81.

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A barrel of Brent crude was last at this price in early February, while WTI crude is at its lowest level since January.

Protests over harsh anti-virus curbs erupted across the world’s largest crude importer over the weekend, including demonstrations in Beijing and Shanghai, spurring a broad sell-off in commodities as the week opened.

The rare show of defiance is raising the threat of a government crackdown.

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10:27 AM

Barclays boss Venkatakrishnan to have cancer treatment

Barclays chief executive C.S. Venkatakrishnan - Barclays

Barclays chief executive C.S. Venkatakrishnan – Barclays

Barclays’ chief executive will undergo cancer treatment, the lender said today.

C.S. Venkatakrishnan, who will be treated for non-hodgkin lymphoma, said in a letter to colleagues that “doctors have advised that my prognosis is excellent, and my condition is curable with their prescribed regimen,” according to a company filing.

The bank will “run normally” and he “will continue to be actively engaged in managing it”.

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Mr Venkatakrishnan will have to work from home for some periods and will not be able to travel, the letter said.

His treatment is likely to last 12 to 16 weeks and will take place at New York’s Memorial Sloan Kettering Cancer Center.

10:15 AM

Talk of ECB easing off on inflation ‘a bit of a joke’ says council member

A council member of the European Central Bank has warned that any idea of easing off on curbing inflation is “a bit of a joke”.

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However, Klaas Knot said risks to the outlook for consumer prices are still skewed to the upside, despite the euro area facing a recession. He said:

In our projections, we do assume that inflation will come back to values close to 2pc in the course of 2024,” the hawkish Dutch central bank chief said today in Paris.

But it is also fair to say that the risks to that projection are entirely tilted to the upside.

In Europe, we have to prepare ourselves for a protracted period in which policy makers and central bankers will have to be on it and focus on restoring price stability.

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He called any talk of over-tightening at this point “a bit of a joke”.

Hawks like Knot have driven back-to-back rate increases of 75 basis points, with attention shifting to whether the ECB will opt for a third when it meets in mid-December.

Euro area annual inflation stood at 10.6pc in October.

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09:43 AM

Pound steadies after turmoil in Asian markets

The pound has recouped its overnight losses against the dollar as traders digested the impact of the widespread protests against Covid restrictions in China.

Sterling is up 0.1pc to back above $1.21, although it has underperformed against the euro, down 0.5pc to make a euro worth 86p.

09:34 AM

Hopes rise for Christmas post

Union bosses have called for last-minute talks today with Royal Mail executives in a bid to save the Christmas post.

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Matthew Field has the latest:

Postal workers are preparing for walkouts beginning on Wednesday and throughout December that threaten to delay Christmas presents and cards.

The Communication Workers Union (CWU), which represents 110,000 postal workers, wrote to Royal Mail chief executive Simon Thompson on Sunday calling for “intensive negotiations”.

Dave Ward, general secretary of the union, said in a letter workers were willing to reopen talks today and tomorrow to avert further strike action.

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Mr Ward said he would also write to Royal Mail chairman Keith Williams and the company’s board with an alternative plan on working arrangements and pay.

Read on for details.

09:19 AM

China unrest ‘could be a disaster for German manufacturing’

Economists have been weighing up which countries could be hit hardest economically by the protests in China over Covid restrictions.

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Robin Brooks, chief economist at IIF, has his worries about Germany:

09:08 AM

Superdry shares slide amid restructuring talks

Superdry - David Cliff/NurPhoto via Getty Images

Superdry – David Cliff/NurPhoto via Getty Images

Retailer Superdry has suffered a 1.6pc fall in its share price after it confirmed it is in talks with a company backed by US hedge fund Elliott Advisers to refinance the firm’s £70m debt package.

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The business said it is negotiating with Bantry Bay following the Sunday Telegraph’s report over the weekend, but there can be “no certainty that an agreement will be reached”. It added that it is still talking to other lenders as well.

It comes a little over a month since Superdry said its future is uncertain if it does not manage to refinance the debt package that is set to expire at the end of January.

08:59 AM

Gas prices slide as Russia climbs down on shipments via Ukraine

Natural gas prices in Europe have fallen after Russia’s decision not to cut flows via Ukraine countered concerns that cold weather could boost demand.

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Benchmark futures declined as much as 2.9pc after Russia’s Gazprom decided not to curb gas shipments to Moldova via Ukraine, easing concerns that it might eventually completely halt supplies through the route.

At the same time, weather forecasts point to temperatures below seasonal norms across Europe over the next weeks, which could increase gas use for heating.

Last week, Gazprom accused Ukraine of withholding gas supplies which pass through the country on the way to Moldova – something Kyiv denied – and said it could start reducing those flows from today.

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Benchmark Dutch front-month futures were down 2.7pc at €122.5 per megawatt-hour.

08:42 AM

Sales figures point to falling prices, say Zoopla

Homes have been selling for 3pc below their asking price typically in recent weeks, according to Zoopla.

For much of 2021 and the first half of 2022, homes were typically achieving their asking price, the company said.

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The property website said it expects discounts to increase further in 2023.

Its latest housing market report said:

History shows that when discounts reach 5-6pc this points to flat to falling prices.

It’s important sellers who want to achieve a sale are realistic on selling prices and speak to agents for the right advice for their home.

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Since the start of September, one in nine homes (11pc) have had their original asking price reduced by 5pc or more, Zoopla said, and a quarter have had the price cut by any size, according to the index covering the month of October.

My colleague Alexa Phillips has the details.

08:28 AM

Oil and energy firms hit on UK markets

Britain’s oil producers suffered the biggest hit on the FTSE 100 amid concerns about demand in China as the nation is gripped by protests against Covid restrictions.

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Shell was down 2.2pc, North Sea firm Harbour Energy dropped 2.1pc and BP declined 1.9pc, helping to drag the blue-chip index to a 0.5pc fall in early trading to 7,449.99.

Energy stocks fell 1pc, while base metal miners and precious metal miners dropped 0.6pc and 0.9pc, respectively.

Meanwhile, Asia-exposed lenders HSBC and Standard Chartered both fell more than 1pc.

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The more domestically-focused FTSE 250 suffered contagion from the fallout, down 0.4pc to 19,476.91.

08:21 AM

Brent crude falls as low as 3pc

Brent crude oil has dropped as much as 3pc following the protests in China, amid concerns about global demand.

At the time of writing, a barrel is worth $81.33, a fall of 2.8pc.

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The prospect of a hit to demand in the world’s biggest crude importer has hammered prices.

08:16 AM

Government watching China ‘with concern’, says Shapps

Grant Shapps, the business secretary, said the Government is watching what is happening in China with concern.

He added there was no excuse for media covering protests to be beaten by police, after the BBC said Chinese police had assaulted and detained one of its journalists in Shanghai.

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“There can be absolutely no excuse whatsoever for journalists who are simply covering the protests going on, for being beaten by the police. I know that’s a considerable concern,” Shapps told Sky News.

08:09 AM

Revolution Beauty hires new chief amid accounting probe

Troubled cosmetics group Revolution Beauty has hired acting chief operating officer Bob Holt to the top job after its former boss quit amid an accounting probe.

The 68-year-old takes on the role after Adam Minto resigned earlier this month, following the launch in September of an independent investigation into the firm’s failure to complete its auditing quickly enough.

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Its shares were suspended from the London Stock Exchange because it was unable to publish its financial results, which were pushed back a second time, while it also warned over lower profits.

Revolution Beauty said the independent investigation being carried out by consultants Forensic Risk Alliance and law firm Macfarlanes remains ongoing, adding that “no conclusions have been drawn”.

08:02 AM

UK markets hit by protests in China

UK markets have also been affected by the unrest in China, which has sparked fears over falling demand.

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The internationally-focused FTSE 100 opened down 0.8pc at 7,426.78.

Even the FTSE 250 – which has less international exposure – was down 0.6pc to 19,420.63.

07:54 AM

China factory riot leaves Apple millions of iPhones short ahead of Christmas

Apple's new iPhone 14 Pros and 14 Pro Max phones - BRITTANY HOSEA-SMALL/AFP via Getty Images

Apple’s new iPhone 14 Pros and 14 Pro Max phones – BRITTANY HOSEA-SMALL/AFP via Getty Images

Riots at a key iPhone factory in China could cost Apple up to 6m premium handsets in the vital run-up to Christmas, according to concerned factory bosses.

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Senior technology reporter Gareth Corfield has the details:

Increasingly violent unrest among workers at Apple supplier Foxconn’s factory in Zhengzhou, eastern China, will slow production of the iPhone 14 Pro, according to internal estimates prepared by managers.

Around one third of production capacity has been lost as angry staff protested against Covid-19 lockdown restrictions at the factory, Reuters reported citing a source with direct knowledge of the estimates.

Staff dissatisfaction with working conditions over the past few weeks has slashed production capacity by 6m phones, said the source.

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Zhengzhou is the only location making the iPhone 14 Pro, meaning a hit to production there could leave global shelves empty as consumer demand ramps up ahead of the Christmas holidays. The plant employs around 200,000 workers.

Apple has already been struggling with falling demand for its budget iPhone 14 models, with the company considering cutting orders for cheaper handsets by up to 6m, as The Telegraph reported in September.

Riots at the Zhengzhou plant boiled over into full-scale violence last week, with police firing tear gas at protesters. A video from the site shows hazmat suit-clad riot cops kicking a protester after they had fallen to the ground.

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Apple did not immediately respond to a request for comment.

07:45 AM

Oil plunges amid China protests

Oil has tumbled to the lowest level since December as a wave of unrest in China punished risk assets and clouded the outlook for energy demand, adding to stresses in an already-fragile global crude market.

West Texas Intermediate sank toward $74 a barrel following three weeks of losses.

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Protests over harsh anti-virus curbs erupted across the world’s largest crude importer over the weekend, including demonstrations in Beijing and Shanghai, spurring a broad selloff in commodities as the week opened.

The rare show of defiance is raising the threat of a government crackdown.

The unrest aided the dollar as a haven, making raw materials less attractive, while hurting mobility in China.

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Things could be set to change even further, as European Union diplomats continue to be locked in talks over a cap on Russian crude prices, with negotiations set to resume later today.

07:38 AM

Chinese unrest hits stocks worldwide

The protests across cities in China at its Covid restrictions also prompted losses in stock markets in Tokyo, Sydney, Seoul, Singapore, Taipei, Jakarta, Bangkok and Wellington.

SPI Asset Management’s Stephen Innes said:

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Sentiment has turned sour as unrest across China grows.

Protest of this extent is rare in the country and raises many uncertainties.

The best scenario is further easing and reopening, but the speed at how things deteriorated over the weekend suggests the government needs to act fast.

The risk of the situation escalating from here and short-term volatility remains high.

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Ken Cheung of Mizuho Bank added: “It appears that the zero-Covid policy is reaching its tipping point. More easing or refinement on the Covid measures will be needed to curb discontent.”

07:28 AM

Amazon faces extra £29m in tax

Amazon's warehouse in Rugeley, Staffordshire - Nathan Stirk/Getty Images

Amazon’s warehouse in Rugeley, Staffordshire – Nathan Stirk/Getty Images

Amazon could see its tax bill jump by £29m next year as a result of changes to business rates that is set to hit warehouses and online retailers the hardest.

The online retail giant is likely to be among the companies facing big tax hikes in the UK following the Chancellor’s Autumn Statement, according to new analysis from real estate adviser Altus Group.

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Meanwhile flagship department stores and hotels could shave millions off their tax bills as bricks and mortar retailers receive greater support.

This is because the Government is shaking up the business rates system and revaluing more than half a million retail properties across England and Wales.

It comes as Amazon revealed it will wind down parts of its Indian operations, showing that even the crucial growth market with 1.4bn consumers is not immune to chief executive Andy Jassy’s cost-reduction campaign.

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07:18 AM

Commodities markets hit by China unrest

Commodities have sunk amid the worsening Covid outbreak in China and the series of stunning street protests in cities across the nation that threaten to derail economic activity and sap demand for energy, food and raw materials.

Base metals in London and Shanghai dropped, with Chinese copper futures declining as much 1.8pc.

Iron ore in Dalian fell as much as 2pc, before paring losses.

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Crude oil in Shanghai followed international markets lower, plunging as much as 5.6pc.

Cooking oil futures in Dalian tumbled as much as 3pc on concerns over the threat to demand at restaurants and hotels already reeling from lockdowns.

07:01 AM

Stocks and oil prices slump as Covid protests in China spook investors

Chinese assets slumped overnight as a sense of chaos and uncertainty gripped traders amid growing Covid-19 protests across the country.

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The Hang Seng China Enterprises Index declined more than 4pc in early trading before pulling back its losses by about half.

The Chinese yuan was consigned to a more than two-week low against the safe-haven dollar, down 0.6pc against the greenback, having plunged more than 1pc at the open, the most since May.

Protests spread over the weekend as citizens in major cities including Beijing and Shanghai took to the streets to express their anger on the nation’s Covid controls.

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The rare show of defiance is raising the threat of a government crackdown, prompting investors to re-think their bets after jumping back in on reopening hopes.

“We might see some derisking around Chinese markets,” said Chris Weston, head of research at Pepperstone Group.

“We are seeing some outflows of the offshore yuan, which I think is a pretty good indication of how Chinese markets may fare.”

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5 things to start your day

1) Banks accused of charging thousands of pounds extra on mortgage payments – Customers still paying much higher interest than before mini-Budget, even though markets have recovered

2) The battle to build Europe’s next generation fighter jet Questions remain over dualing fighter programs as Europe slides into recession

3) Traders brace for fresh stock market falls as protests grip China – Unrest expected to hit Chinese share prices when trading starts in Asia

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4) British Airways to double operations at Gatwick Airport – Airline plans to increase planes based at Sussex site from 14 to as many as 28

5) Hopes rise for Christmas post as union offers last ditch talks with Royal Mail to avoid strikesThe Communication Workers Union proposed ‘intensive negotiations’ after rejecting Royal Mail’s latest pay deal

What happened overnight

Stocks and commodities prices slid sharply overnight as the rare protests in major Chinese cities against the country’s strict zero-Covid restrictions raised investors’ concerns about the growth implications for the world’s second-largest economy.

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MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.5pc having slumped 2.2pc at the open, pulled lower by a selldown in Chinese markets.

Hong Kong’s Hang Seng Index shed 4.16pc at the start of trade but recovered some territory to be off 2.32pc. China’s CSI300 Index was down 1.8pc after opening down 2.2pc while the yuan also retreated.

“Clearly the harsh China lock downs have been impacting their consumer and business sentiment for some time and the persistent downgrades to China GDP have been consistent for well over a year now with further downgrades to come,” said George Boubouras, executive direct of K2 Asset Management in Melbourne.

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After 10 years of driving the stock market bull run, big tech companies are racing to downsize staff to adapt...

Technology1 week ago

Apple introduces MacBooks with new M2 processors

Yesterday, Tuesday, Apple unveiled MacBooks powered by the new, faster “M2 Pro” and “M2 Max” processor chips, in a surprise...

Technology1 week ago

All you need to know about the upcoming Galaxy S23 phones from Samsung

Samsung has officially announced that the (Galaxy Unpacked 2023) event will be held this year on Wednesday, February 1, which...

Technology1 week ago

FTX Exchange Announces Hacking and Stolen $415 Million in Cryptocurrency

Bankrupt American cryptocurrency firm FTX announced today, Wednesday, that $415 million in cryptocurrency has been hacked and stolen from the...

Technology1 week ago

Because of a "fraudulent tweet"… Elon Musk's trial begins

Elon Musk's trial began Tuesday in San Francisco with the selection of jury members who will have to decide whether...

Technology1 week ago

An electric spoon replaces salt and spices, but with conditions

Experts have developed an electric spoon that is able to replace spices and flavors and affect the taste buds in...

Technology2 weeks ago

The biggest dangers of using tracking devices.. so you can escape?

If you spot an unknown Bluetooth tagging device, there are ways to disable the device so it can't track your...

Technology2 weeks ago

New Twitter.. For You tab to web version

The Twitter platform announced that it will bring the new tab (For You), which launched last Tuesday for iPhones and...

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