Business

What is the Strait of Hormuz and why does it matter?

[ad_1] Getty ImagesAbout 20% of global oil and gas flows through the Strait of HormuzThere is considerable speculation that Iran might retaliate for the US's strikes on its nuclear facilities by closing the world's busiest oil shipping channel, the Strait of Hormuz. About 20% of global oil and gas flows through this narrow shipping lane in the Gulf. Blocking it would have profound consequences for the global economy, disrupting international
Business

Russia’s economy is down but not out

[ad_1] Daniel ThomasBusiness reporterGetty ImagesRussia has significantly ramped up its military production to support the war in UkraineSince its illegal invasion of Ukraine in 2022, Russia has become the most sanctioned nation on Earth, and yet its economy has been remarkably resilient.In 2024, if Russian official figures are to believed, its economy outgrew those of all the G7 nations - Canada, France, Germany, Italy, Japan, the UK, and the US.The
Business

FedEx founder and former CEO Fred Smith dies aged 80

[ad_1] Fred Smith, founder of the US parcel delivery giant Federal Express, has died at the age of 80, the company has announced.Mr Smith founded the firm in 1973 having previously served in the US Marine Corps. He ran the company as CEO until 2022."Fred was more than just the pioneer of an industry and the founder of our great company. He was the heart and soul of FedEx," current
Business

London funeral costs highest in UK, report finds

[ad_1] Helen Drew & Olivia DemetriadesBBC News, LondonGetty ImagesThe average cost of an attended funeral in London in 2024 was £5,449The average cost of an attended funeral in London is the most expensive compared with anywhere else in the UK, according to a report.Financial services company SunLife found that the average funeral cost in 2024 was £4,285. In London, it was £5,449 - a 5.4% increase from the year before
Business

North Shields social hub helps care-experienced people gain skills

[ad_1] North Tyneside CouncilRachel Fairless was referred to the scheme by the council's care leavers teamA care-experienced woman says volunteering at a new social supermarket has helped her develop her communication skills.Rachel Fairless is part of a team running the new pantry at the Riverside Family Hub in North Shields, helping families who are struggling with the cost of living and rocketing food costs. North Tyneside Council said the pantry,
Business

Young people in the East of England struggle to buy a first home

[ad_1] Nic RigbyBBC Politics EastAndrew Sinclair/BBCLauren Finch is hoping to get on the housing ladderThe government wants 1.5 million new homes to be built in England by 2029 but, with the average house in the East costing £332,000, about nine times the average salary, what chance do young people have of getting on the housing ladder?Lauren Finch, 29, told BBC Politics East a mortgage broker advised her to ask for
Business

Big Venture Centre stepping in where ‚everyone is struggling‘

[ad_1] Josh SandifordBBC News, WolverhamptonBBCJane Platt is a volunteer helping others even though she is struggling herselfJane Platt's bright pink polo shirt marks her out as a volunteer at the Big Venture Centre.The community shop provides discounted items and other help to people living in some of the most deprived areas of Wolverhampton.Places like Bushbury, Heath Town and Low Hill, where Ms Platt believes "everyone is struggling", including herself. The
Business

River Island to close 33 shops

[ad_1] River Island plans to close 33 shops in the UK in a move which puts hundreds of jobs at risk.The clothing retailer said more people shopping online and higher costs to run stores were behind its proposals to creditors.It also wants its landlords to cut rents at a further 71 stores which are at risk.The family-owned retailer currently has 230 shops and employs about 5,500 people, but has suffered
Business

Thames Water nationalisation prep ’stepped up‘, says government

[ad_1] The government has "stepped up" preparations for the potential temporary nationalisation of Thames Water, the environment secretary has said.Speaking in Parliament on Thursday, Steve Reed said the government "stand ready for all eventualities" - including placing the embattled water company under its control "if that were to become necessary".Earlier this month, Thames Water faced a major blow in its attempt to secure its future after US private equity giant
Business

‚Dismal‘ month for supermarkets pushes down retail sales

[ad_1] UK retail sales fell sharply last month after "dismal" sales at supermarkets, the UK's statistics body has said.Sales volumes are estimated to have fallen by 2.7% in May, the biggest monthly fall since December 2023, according to the Office for National Statistics (ONS).It said there were signs that alcohol and tobacco sales were lower after customers chose to make cutbacks.Separate figures from the ONS showed that government borrowing rose