Barrick Mining office in Mali's capital Bamako reopens under new provisional administration, sources say
Spokespeople for Barrick and for Mali's mines ministry did not immediately respond to requests for comment.
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The Independent
24 minutes ago
- The Independent
Tax rises would force up prices for customers, retailers warn Reeves
Rachel Reeves has been urged not to raise taxes in her autumn budget, with Britain's biggest retailers warning it could trigger higher shop prices and have a knock-on effect on both household incomes and the economy. A report from the British Retail Consortium (BRC) found that as many as 56 per cent of retail finance chiefs – representing more than 9,000 stores – are 'pessimistic' about trading conditions over the next 12 months. It comes after a number of major retailers, including Iceland, Poundland and New Look, announced store closures amid the fallout from the chancellor's decision to hike national insurance for employers in her first budget. The BRC's chief executive, Helen Dickinson, urged the chancellor not to 'add further costs to retailers and high streets' at the upcoming budget, warning it will 'be the British public who suffer from the knock-on impact on inflation'. 'Retail was squarely in the firing line of the last Budget, with the industry hit by £7bn in new costs and taxes', she said. 'Retailers have done everything they can to shield their customers from higher costs, but given their slim margins and the rising cost of employing staff, price rises were inevitable.' Ms Dickinson added: 'The consequences are now being felt by households as many struggle to cope with the rising cost of their weekly shop. 'It is up to the chancellor to decide whether to fan the flames of inflation, or to support the everyday economy by backing the high street and the local jobs they provide.' It comes amid growing questions over how the government will fill a black hole in the public finances after a series of U-turns and spending pledges, including a £5bn U-turn on welfare cuts. Ministers have already squeezed significant savings out of their departments in cuts that were unveiled at June's spending review, meaning there is now a mounting expectation that the chancellor will be forced to raise taxes instead. The BRC's report warned of rising food inflation, predicting that it would hit 6 per cent by the end of the year - up from four per cent at present - in a 'significant challenge' to household budgets in the run-up to Christmas. Some 85 per cent of chief financial officers said their businesses had been forced to raise prices as a consequence of the last budget's raising of employer national insurance and the national living wage, while two thirds (65 per cent) predicted further rises in the coming year. Other than cost increases, 42 per cent of chief financial officers said they had frozen recruitment, while 38 per cent said they had reduced job numbers in-store. This was reflected in the official job figures, with almost 100,000 fewer retail jobs in the first quarter of 2025 compared to the previous year, the BRC said. More than a third of CFOs (38 per cent) said they had cut investment in local communities, while 15 per cent had already delayed opening new stores. It comes after market research firm Worldpanel by Numerator, formerly Kantar, reported UK grocery prices had increased at their fastest pace for 18 months amid growing concern from shoppers about the rising cost of living. Grocery price inflation accelerated to 5.2 per cent in the four weeks to July 13, up from 4.7 per cent a month earlier and the highest level since January 2024. The data indicated that rising prices are set to add an average of £275 to shoppers' annual grocery spending. An HM Treasury Spokesperson said: 'We are a pro-business government which has capped corporation tax and struck major trade deals with the EU, US, and India—cutting costs, protecting jobs, and fuelling growth. '865,000 employers do not pay employers National Insurance because we increased the Employment Allowance, and as set out in the Plan for Change, the best way to strengthen public finances is by growing the economy – which is our focus. Changes to tax and spend policy are not the only ways of doing this, as seen with our planning reforms, which are expected to grow the economy by £6.8bn and cut borrowing by £3.4bn.'
Reuters
2 hours ago
- Reuters
Anglo American posts $1.9 billion loss in first half as restructuring continues
LONDON, July 31 (Reuters) - Global miner Anglo American (AAL.L), opens new tab on Thursday reported a $1.9 billion loss in the first half, and said it continued to restructure the business, with the divestment of its coal and ailing diamond units still underway. The London-listed miner is restructuring its business to mainly focus on copper and iron ore following bigger rival BHP's ( opens new tab failed attempt to take it over last year. The company declared an interim dividend of $0.07 per share, down from $0.42 a year earlier, reflecting negative earnings at its platinum and steelmaking coal divisions, with no contribution from diamond unit De Beers. It posted a $1.9 billion loss for the first half, from a $672 million loss in the same period a year ago. Core earnings or EBITDA of $3 billion for its copper, iron ore and De Beers businesses was above the $2.9 billion expected by analysts.
Telegraph
2 hours ago
- Telegraph
Shops warn of further price rises amid fears of autumn tax raid
Retailers have warned they will have to raise prices and cut jobs if Rachel Reeves hikes taxes in her Autumn Budget. Two-thirds of bosses said they expect to raise prices in the months to come, according to a survey by the British Retail Consortium (BRC), with 88pc of respondents listing taxes and regulation as their main concern. Helen Dickinson, chief executive of the BRC, said the Chancellor will 'fan the flames of inflation' and risk job losses if she launches another tax raid. It comes after the survey found that 85pc of bosses have already increased prices in recent months owing to Ms Reeves's decision to increase both employer National Insurance contributions (NIC) and the minimum wage. This has led to food prices climbing by 4pc over the past 12 months, reigniting inflation fears across the country. At least a third of respondents also said they had reduced the number of staff in stores. Ms Dickinson said: 'Retail accounts for 5pc of the economy yet currently pays 7.4pc of business taxes and a whopping 21pc of all business rates. 'It is vital the upcoming reforms offer a meaningful reduction in retailers' rates bill, and ensure no store pays more as a result of the changes. If instead, the Chancellor chooses to add further costs to retailers and high streets, it will be the British public who suffer from the knock-on impact on inflation.' The warning from the BRC coincided with a separate business survey from Lloyds, which revealed deepening gloom in retail and manufacturing but growing confidence in the services sector. Overall pessimism among employers also fell to its lowest level in two years, according to the Recruitment and Employment Confederation. 'Businesses are beginning to shake off some concerns on investment and hiring that they have carried for almost three years,' said Neil Carberry, the industry group's chief executive. 'Despite a spring battering from the NICs rise, inflation and other policy costs, there is hope that businesses can step up their trading in the second half of the year. Getting investment plans unblocked will turn firms from delayers of recruitment to hopeful hirers.' However, warnings have been made by retailers as economists fear the Chancellor will have to raise taxes by as much as £25bn to restore the headroom against her borrowing rules. Ms Reeves hailed the rise in business confidence in the Lloyds survey. 'Strong business confidence is further proof that businesses are backing Britain. Since the election, we have struck three major trade deals, invested more than £1bn to fix our national infrastructure and seen four interest cuts from the Bank of England,' she said. 'Our Plan for Change is working but I know there is more to do to kickstart economic growth so we can put more money in working people's pockets.'
