Oil price jumps and FTSE 100 hits new high after Trump puts sanctions on Russian firms

Oil prices jumped and energy companies helped the FTSE 100 to a record high after Donald Trump announced new sanctions on Russia’s two biggest oil producers.Brent crude increased by 5.7% to $66.13 a barrel after the news of the fresh restrictions on Rosneft and Lukoil, as the US president ramps up pressure on Vladimir Putin to end the war in Ukraine.The jump in oil price also boosted shares in the energy companies Shell and BP by about 3%, which in turn helped to drive the FTSE 100 to a record high of 9,594

Dining out ‘under pressure’ as Britons cut back due to price rises, says YouGov

More than half of British diners say rising prices are the main reason they are eating out less, according to YouGov data showing that overall 38% of people are visiting restaurants and other eateries less often than a year ago.Among those cutting back, 63% cite higher costs as the main reason to dine out less frequently, according to the poll. Despite this downturn, more than two in five are still choosing to eat out at least once a month, while 8% of people say they never do.UK inflation was unchanged last month at 3.8%, confounding expectations of a rise, in welcome news for the chancellor, Rachel Reeves, as she plans her crucial budget next month

Foxtons shares drop sharply after it warns of ‘subdued’ pre-budget sales

The estate agency Foxtons has warned of weak sales for the rest of the year as economic uncertainty and potential property tax changes in next month’s budget deter buyers, sending its shares sharply lower.The London-focused company, known for its green-and-yellow Mini cars, said buyers had been holding off ahead of the budget on 26 November, which is a month later than usual.Slower-than-expected interest rate cuts from the Bank of England are also having an impact by affecting the cost of mortgages, it said. As a result, “sales are likely to remain subdued for the rest of the year”, with a risk that revenues in the fourth quarter could fall below management’s expectations.Guy Gittins, the chief executive who started his career at Foxtons in 2002 and returned to lead the company three years ago, said: “Macroeconomic uncertainty and speculation surrounding the delayed autumn budget has resulted in a subdued sales market as some buyers adopt a ‘wait and see’ attitude to purchases

Aerospace groups link up to create European rival to Musk’s SpaceX

Airbus, Leonardo and Thales have struck a deal to combine their space businesses to create a single European technology company that could rival Elon Musk’s SpaceX.The deal is expected to create a company with annual revenue of about €6.5bn (£5.6bn). The French aerospace company Airbus will own 35% of the new business, with Leonardo and Thales each owning stakes of 32

Lloyds profits plunge 36% as it feels impact of UK car finance scandal

Lloyds Banking Group profits have been sent plunging by more than a third by the car loans commission scandal, as the lender steels itself for a surge in compensation payouts to drivers.The high street bank took the 36% hit in the third quarter after putting aside a further £800m to cover the prospective costs of a redress scheme proposed by the Financial Conduct Authority (FCA).The additional charge, announced last week, brings Lloyds’ total compensation pot to £1.95bn.Lloyds is the UK’s biggest car lender through its Black Horse division and is expected to foot the largest bill among its peers

Thames Water ranked worst supplier in England as firms’ ratings hit record low

England’s water company ratings have fallen to the lowest level on record after sewage pollution last year hit a new peak, with eight of nine water companies rated as poor and needing improvement by the Environment Agency.The cumulative score of only 19 stars out of a possible 36 is the lowest since the regulator began auditing the companies using the star rating system in 2011.Only one company, Severn Trent, achieved full marks. It did so despite having been responsible for 62,085 sewage spills, averaging seven hours each, in 2024.Struggling Thames Water was the only company to be awarded one star for its performance