As Boris clings to power, despite a much larger than expected Tory rebellion, we’re just about hanging on. While petrol prices have hit another high, new car sales in May were the second lowest in 30 years, German factory orders have plunged unexpectedly and the pound is under pressure. Although the number of people visiting shops last week was up 17% on the May average, the month saw the lowest like-for-like high street sales growth since February last year. The FTSE All Share is down a smidgeon.
SCRAPING A LIVING
It’s touch and go for some corporates, with waste recycler Biffa receiving a £1.36bn bid but Ted Baker losing its preferred suitor and Elon Musk threatening to scrap his $44bn Twitter takeover. Transport group National Express says its profits recovery is being held back by low British fares.
HOME AND DRY
Others are making hay while the sun shines, with Sainsbury’s chief executive’s pay tripling and the wage gap between CEOs and US workers widening to 670-to-one. Despite digital sales of music now accounting for only 4% of industry revenues, some Spotify podcasters are making $18,000 a month from recording falling rain and white noise.