IMF postpones Russia visit after heavy criticism across Europe

The International Monetary Fund (IMF) has indefinitely postponed a staff mission to Moscow this week to review the Russian economy for the first time since the invasion of Ukraine, after the move came under heavy criticism from several of Kyiv’s European allies.After revelations in the Guardian of widespread condemnation, the IMF said it would spend more time gathering information for a “rigorous analysis”.Officials of the Washington-based organisation were due to travel to the Russian capital and meet “stakeholders” before publishing an assessment of the economy.The IMF said last week it was a “mutual obligation” to carry out an article IV annual review of a member country and the situation in Russia had become “more settled”.On Friday, nine European countries protested against the IMF’s plans, saying it would damage the reputation of the fund to resume dialogue with a country that had invaded another

Aslef train drivers vote to back pay deal and end two-year standoff

Train drivers have voted to back a pay deal that will resolve the last remaining conflict between rail operators and unions after more than two years of strikes that have brought misery for passengers.Members of the driver’s union Aslef voted overwhelmingly to support the pay offer by the Department for Transport (DfT) last month, which would mean a pay rise of almost 15% over three years.The approval by 97% of Aslef’s more than 20,000 members ends the union’s dispute with 16 train operating companies in England, which began in July 2022.Drivers have taken 18 days of strike action since then, resulting in a near complete shutdown of English lines and some cross-border services, as well as a run of overtime bans that have caused widespread disruption.Last month, Aslef’s management revealed it had agreed a pay offer in principle with the DfT that mean a pay rise of 5% for 2022-23, 4

Former M&S boss Stuart Rose to run struggling Asda as co-owner steps back

Stuart Rose, the former boss of Marks & Spencer and Topshop, is to take charge of running Asda as the struggling supermarket’s co-owner Mohsin Issa steps back from executive duties amid falling sales.The company said Lord Rose, the chair of Asda, will lead the business alongside Rob Hattrell, another director on the supermarket’s board and a partner at its majority shareholder, TDR Capital, the private equity group.Rose last month called on Issa to step back as he said he was “embarrassed” by Asda’s performance.Issa will remain a co-owner of Asda and a non-executive on its board. He will become the chief executive of EG Group, the petrol forecourts operation where he and his brother Zuber Issa made their fortune

Tupperware files for bankruptcy in US and hunts for new owners

Tupperware, the lossmaking 78-year-old American plastic food container brand, has filed for bankruptcy and is on the hunt for new owners as it attempts to lure younger customers.The company, which was founded by the chemist Earl Tupper in 1946 and became known for its patented “burping” seal, has started US chapter 11 bankruptcy proceedings as bosses said that its finances had been “severely impacted” by the economic environment.Tupperware became famous in the 1950s and 1960s when sales representatives, mostly women, held Tupperware parties to sell its range of plastic containers. For many, it was an opportunity to earn extra money for their households on a flexible schedule that did not require a full-time job outside the home.The Massachusetts-headquartered company eventually became synonymous with home food storage and experienced a revival during the coronavirus pandemic when lockdown-bound customers spent more time cooking at home

With inflation staying at 2.2%, will Bank of England cut interest rates this week?

For a second month running, inflation has fallen short of the Bank of England’s expectations. After beginning the process of cutting interest rates last month, the big question is whether Threadneedle Street could cut again on Thursday.There is little doubt inflation has returned to more manageable levels, having dropped from a peak of 11.1% less than two years ago, the highest since the 1980s. With the consumer prices index at 2

UK inflation stays at 2.2% as lower petrol prices offset by higher air fares

The UK’s annual inflation rate remained at 2.2% in August, matching the rate in July, as lower petrol prices at the pump were offset by higher air fares.Figures from the Office for National Statistics (ONS) show the government’s preferred measure of the cost of living remained steady, matching forecasts by City economists and hovering just above the Bank of England’s 2% target.Consumers have seen inflation ease from above 10% in early 2023, mainly because of lower increases in the cost of energy and food.The rise in the consumer prices index (CPI) was below the Bank’s forecast for a rise of almost 2