Latest news with #ONS
Yahoo
7 hours ago
- Business
- Yahoo
Vale to end water use in iron ore processing at Carajas by 2027
Brazilian mining company Vale has announced plans to stop using water in iron ore processing at its Carajas complex in northern Brazil by 2027, according to a report by Reuters. This initiative is expected to eliminate the generation of tailings, thus negating the need for new dams and reducing operational costs. Additionally, Vale is focused on expanding pellet feed production by reutilising mine waste at the Carajas complex. Carajas, located in the Para state of Brazil, is recognised as the largest open-pit iron ore mining complex globally. The company's transition towards dry processing is well under way, with 90% of its Northern System operations already employing this method. Vale director Gildiney Sales was quoted as saying: 'By end-2027 they will be 100% dry. The Northern System will be 100% on natural moisture.' In 2024, the area produced 177.5 million tonnes (mt) of iron ore, accounting for more than half of Vale's total production. The Gelado Project, which has repurposed tailings from the Gelado dam since 1985, is projected to double its output in 2026 compared to this year. With an estimated production of around 5mt next year and 6mt in 2027, Vale is aiming for 10% of the Gelado Project's annual production to originate from "circular mining" by 2030, the report said. However, Vale's ambition to increase nickel production at the Onca Puma complex in Brazil has faced a setback. Brazilian power grid operator ONS has denied the company's request for an increase in power consumption, which is crucial for operating a new furnace as part of a $555m (3.08bn reais) expansion project. "Vale to end water use in iron ore processing at Carajas by 2027" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business News Wales
9 hours ago
- Business
- Business News Wales
Hospitality Sector Ranked Lowest for Hourly Pay, New Data Reveals
Hospitality businesses offer the lowest hourly pay of any UK sector, new research suggests. Business finance experts at business bank accounts said that analysis of ONS data shows that tighter margins mean that hospitality firms are forced to offer staff hardly more than minimum wage. It comes as the UKHospitality chief executive Kate Nicholls has criticised the Uk Government's efforts to boost business growth through its recently announced Industrial Strategy, saying it failed to address the challenges facing the hospitality sector. Industries with the lowest hourly pay: The accommodation and food service activities sector makes up a significant part of the UK's economy, with the hospitality sector's annual economic contribution hitting £93 billion in 2023 and estimated to increase by another £29 billion by 2027. Despite this, this industry's workers have the lowest hourly pay rate. An average working week is around 26 hours long, and the average hourly pay is £12.39 – just 18 pence above the national living wage. Businesses within the industry have faced a lot of financial hardship in recent years, the researchers said, including the Covid pandemic and National Insurance increases. This has made improving workers' pay increasingly difficult while still making a profit, contributing to lower hourly rates in the sector. The sector also ranked in the top 10 for the amount of overtime worked, with employees clocking an average of 2.8 hours of overtime per week. Joe Phelan, business bank accounts expert, said: 'Attracting and retaining high-quality talent doesn't just come down to salary – it's also about meeting evolving expectations around working conditions. Today's employees are more willing to walk away from roles that don't offer a healthy work-life balance or prioritise wellbeing. That means businesses need to offer more than just pay; they must create environments with manageable hours, flexibility, and genuine support. 'When companies get this right, they typically see lower staff turnover, higher engagement, and more consistent productivity, all of which feed into more stable operations and healthier cash flow. And with greater financial predictability comes the ability to plan and grow with confidence.'
Yahoo
10 hours ago
- Business
- Yahoo
What to watch next week: UK shop prices, US employment, Constellation Brands, M&S and Sainsbury's
While developments around US trade tariffs and conflict in the Middle East continue to dominate market focus, there are also key economic data releases and a number of companies reporting in the coming week. In the UK, investors will be looking at the latest shop price index from the British Retail Consortium (BRC), particularly given recent data showing a fall in retail sales. Over in the US, the June jobs report is due to be published on Thursday, giving an insight into how the economy is faring amid uncertainty fuelled by president Donald Trump's trade tariffs. In terms of earnings releases, investors will be keeping an eye on Constellation Brands' (STZ) earnings, to see how the Corona beer maker is coping with tariffs. Back on the London market, investors will be looking out for any comments out of Marks & Spencer's (MKS.L) annual general meeting as to how the business is faring the wake of a cyberattack. Meanwhile, Sainsbury's (SBRY.L) is due to update on its performance, as pricing competition has heated up among UK supermarkets. Here's more on what to look out for: UK retail sales saw a sharp downturn in May, according to data released by the Office for National Statistics (ONS). A 2.7% drop in the total volume of retail sales marked the biggest monthly fall since December 2023 and was down from a 1.3% rise in April, as well as being much lower than the 0.7% decline expected by economists. ONS senior statistician Hannah Finselbach said that the fall was "mainly due to a dismal month for food retailers, especially supermarkets, following strong sales in April". "Feedback suggested reduced purchases for alcohol and tobacco with customers choosing to make cutbacks." Given this downbeat backdrop, investors will be looking at the BRC's June shop price index closely, to get an indication of how this could further shape consumer sentiment. Stocks: Create your watchlist and portfolio In May, the BRC's index showed overall prices fell by 0.1% year-on-year, which was unchanged from April. Non-food deflation declined further to 1.5%, down from 1.4% in April but food inflation increased to 2.8%, up 2.6% in April. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: "Given the trends emerging in May, and ongoing caution among shoppers, it's likely that clothing and household goods sales have remained lower, as stores try and lure in more custom. "But grocery prices have been on the rise again, which are making budgets even tighter. This trend is likely to have continued in June as some grocers try and pass on higher payroll costs and deal with some supply chain shortages." She added: "While essentials will still bulk out trolleys, there may be further signs that customers are cutting back on goods like alcohol and tobacco. This data will be another piece of the jigsaw for Bank of England (BoE) policymakers to puzzle over as they assess the stickiness of inflation and mull the prospect of further interest rate cuts this year." The BRC index is released ahead of the ONS official inflation data, so should also give some insight into what to expect from those figures. Previous ONS data showed UK inflation eased to 3.4% in May, which was in line with economist expectations, though this was still higher than the BoE's 2% target. The non-farm payrolls data is typically released on a Friday but the June report is set to be released a day earlier this time, due to the 4 July holiday. The May jobs report showed the US labour market remained largely resilient despite concerns about Trump's tariffs. The US economy added 139,000 nonfarm payrolls in May, more than the 126,000 expected by economists. The unemployment rate held steady at 4.2%. However, Hargreaves Lansdown's Streeter said that US consumer confidence "deteriorated in June as workers worried about the availability of jobs ahead". "So, there will be keen interest in what the US employment report shows, and whether the labour market is holding up or showing signs of weakness," she said. Read more: Ozempic-maker Novo Nordisk's shares under growing pressure "There are signs that employers are becoming more cautious with the churn in the labour market have decreased with less hiring and firing," Streeter said. "Although overall the trend of jobs growth is expected to be positive, and the unemployment rate is expected to be stable around 4.2%, weakness is expected in certain sectors." She said that while there is expected to be continued demand for workers in healthcare and social assistance and leisure, "there could be signs of fresh employer wariness in other areas such as manufacturing and also the retail and travel business given weaker consumer confidence". Data from the Department of Labor released Thursday showed 1.974 million continuing jobless claims were filed in the week ending 14 June, up from 1.937 million the week prior and the highest level seen since November 2021. Continuing jobless claims refers to the number of individuals who are still filing for unemployment insurance benefits. "Signs of a softening labour market could signal the potential for the Fed to go faster with interest rate cuts this year, which could help market sentiment but if a set of robust figures are delivered, it may cause nervousness about higher borrowing costs lingering for longer," said Streeter. Shares in Constellation Brands (STZ) jumped in May, after Warren Buffett's Berkshire Hathaway (BRK-B) disclosed that it had more than doubled its stake in the company behind Corona and Mondelo beer. However, shares is still down 27% year-to-date, with tariffs weighing on the stock. Constellation's (STZ) profit forecast for the 2026 fiscal year, shared in its full-year results in April, came in below analyst estimates. The company said it expected adjusted profit per share to come in between $12.60 and $12.90 for the year, which was below estimates of $13.97, according to LSEG-compiled data reported by Reuters. Constellation (STZ) said that its outlook for the fiscal years 2026 to 2028 reflected the anticipated impact of tariffs announced in early April. Read more: Whatever happened to NFTs? For the 2025 fiscal year, Constellation (STZ) posted a 2% rise in net sales at $10.2bn (£7.4bn), though adjusted earnings before interest and tax were down 88% to $329m. While sales grew in its beer business, the company said wine and spirits sales declined 6%, citing "unfavourability" in its US wholesale market. Separately, Constellation (STZ) announced that it had signed an agreement to divest from the mainstream wine brands in its portfolio. Instead, the company said it was seeking to reposition this side of the business to a portfolio of higher-growth, higher-margin brands "aligned to consumer-led premiumization trends". It said the restructuring was expected to generate more than $200m in annualised cost savings by the 2028 fiscal year. Shares in M&S (MKS.L) are trading more than 5% in the red year-to-date, with the recent cyberattack on the company having dragged shares lower. Investors will be keeping an eye out for any commentary on how the company is dealing with the fallout from the incident when it holds its annual general meeting on Tuesday. AJ Bell's (AJB.L) investment experts Russ Mould, Danni Hewson and Dan Coatsworth said: "Marks & Spencer's annual general meeting has not featured a first quarter, like-for-like sales figure for some time – management dropped this when trading was tough and felt it just a rod for their own back. Read more: Stocks that are trending today "The company has more momentum behind it now and the share price is doing its best to shake off spring's cyberattack, but the first-quarter sales number is now usually disclosed as part of the first-half and full-year results, in November and May, respectively." They said that in the "unlikely event boss Stuart Machin says anything at all about current trading, it may pertain to the cyberattack and whether he sticks to the initial estimate of a £300m hit to profit, reduced to £200m by insurance, cost cuts and an ongoing efficiency drive." Currently, they said that analysts are forecasting a drop in underlying pre-tax profit to to £653m for the year to March 2026, down from £876m. As talk of a UK supermarket price war ramped up, Sainsbury's (SBRY.L) CEO Simon Roberts said in the company's full-year results that the chain was "committed, above all else, to sustaining the strong competitive position we have built". In the April results release, Sainsbury's (SBRY.L) said it expected underlying operating profit to come in at around £1bn for the coming year, which would be slightly down from the figure it reported for the past year, as it looked to maintain its competitiveness. AJ Bell's (AJB.L) Mould, Hewson and Coatsworth said: "Sainsbury's (SBRY.L) shares are nudging toward their highest mark in a year, and they are not that far from their five-year, COVID-inspired high either. This suggests that fears of a supermarket price war, spearheaded perhaps by Asda, are yet to be realised, a view supported by the 4.4% year-on-year food price inflation flagged by the Office for National Statistics as part of May's 3.4% overall year-on-year increase in the headline consumer price index. Read more: Why BP could still be a target as Shell quashes takeover rumours "However, before hard-pressed shoppers begin to accuse Sainsbury (SBRY.L) of profiteering and price gouging, it may be worth noting that the shares are no higher than they were in 1990 – which is surely a testament to how competition in this industry remains red hot." They said that an operating margin of 3% suggests the same, "as Sainsbury (SBRY.L) works hard to maintain market share". The latest data from market research firm Kantar showed that Sainsbury's market share was unchanged in the three months to May compared to the same period last year, at 15.1%. The focus in Sainsbury's (SBRY.L) first-quarter update is set to be like-for-like sales growth, they said, with the total figures for the year to February of 3.2% as the benchmark. AJ Bell's (AJB.L) investment experts said that analysts and shareholders would also be looking for any change to guidance for the coming year. Monday 30 June Sinovac Biotech (SVA) Quantum Corporation (QMCO) Tuesday 1 July Supreme (SUP.L) Wynnstay (WYN.L) Kitwave (KITW.L) Wednesday 2 July Topps Tiles (TPT.L) Thursday 3 July Currys (CURY.L) Baltic Classifieds (BCG.L) Watches of Switzerland (WOSG.L) Friday 4 July Various Eateries (VARE.L) You can read Yahoo Finance's full calendar here. Read more: Whatever happened to NFTs? Key questions to ask yourself to plan for a comfortable retirement Bank of England governor says interest rates path is 'still downwards'
Yahoo
12 hours ago
- Business
- Yahoo
What to watch next week: UK shop prices, US employment, Constellation Brands, M&S and Sainsbury's
While developments around US trade tariffs and conflict in the Middle East continue to dominate market focus, there are also key economic data releases and a number of companies reporting in the coming week. In the UK, investors will be looking at the latest shop price index from the British Retail Consortium (BRC), particularly given recent data showing a fall in retail sales. Over in the US, the June jobs report is due to be published on Thursday, giving an insight into how the economy is faring amid uncertainty fuelled by president Donald Trump's trade tariffs. In terms of earnings releases, investors will be keeping an eye on Constellation Brands' (STZ) earnings, to see how the Corona beer maker is coping with tariffs. Back on the London market, investors will be looking out for any comments out of Marks & Spencer's (MKS.L) annual general meeting as to how the business is faring the wake of a cyberattack. Meanwhile, Sainsbury's (SBRY.L) is due to update on its performance, as pricing competition has heated up among UK supermarkets. Here's more on what to look out for: UK retail sales saw a sharp downturn in May, according to data released by the Office for National Statistics (ONS). A 2.7% drop in the total volume of retail sales marked the biggest monthly fall since December 2023 and was down from a 1.3% rise in April, as well as being much lower than the 0.7% decline expected by economists. ONS senior statistician Hannah Finselbach said that the fall was "mainly due to a dismal month for food retailers, especially supermarkets, following strong sales in April". "Feedback suggested reduced purchases for alcohol and tobacco with customers choosing to make cutbacks." Given this downbeat backdrop, investors will be looking at the BRC's June shop price index closely, to get an indication of how this could further shape consumer sentiment. Stocks: Create your watchlist and portfolio In May, the BRC's index showed overall prices fell by 0.1% year-on-year, which was unchanged from April. Non-food deflation declined further to 1.5%, down from 1.4% in April but food inflation increased to 2.8%, up 2.6% in April. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: "Given the trends emerging in May, and ongoing caution among shoppers, it's likely that clothing and household goods sales have remained lower, as stores try and lure in more custom. "But grocery prices have been on the rise again, which are making budgets even tighter. This trend is likely to have continued in June as some grocers try and pass on higher payroll costs and deal with some supply chain shortages." She added: "While essentials will still bulk out trolleys, there may be further signs that customers are cutting back on goods like alcohol and tobacco. This data will be another piece of the jigsaw for Bank of England (BoE) policymakers to puzzle over as they assess the stickiness of inflation and mull the prospect of further interest rate cuts this year." The BRC index is released ahead of the ONS official inflation data, so should also give some insight into what to expect from those figures. Previous ONS data showed UK inflation eased to 3.4% in May, which was in line with economist expectations, though this was still higher than the BoE's 2% target. The non-farm payrolls data is typically released on a Friday but the June report is set to be released a day earlier this time, due to the 4 July holiday. The May jobs report showed the US labour market remained largely resilient despite concerns about Trump's tariffs. The US economy added 139,000 nonfarm payrolls in May, more than the 126,000 expected by economists. The unemployment rate held steady at 4.2%. However, Hargreaves Lansdown's Streeter said that US consumer confidence "deteriorated in June as workers worried about the availability of jobs ahead". "So, there will be keen interest in what the US employment report shows, and whether the labour market is holding up or showing signs of weakness," she said. Read more: Ozempic-maker Novo Nordisk's shares under growing pressure "There are signs that employers are becoming more cautious with the churn in the labour market have decreased with less hiring and firing," Streeter said. "Although overall the trend of jobs growth is expected to be positive, and the unemployment rate is expected to be stable around 4.2%, weakness is expected in certain sectors." She said that while there is expected to be continued demand for workers in healthcare and social assistance and leisure, "there could be signs of fresh employer wariness in other areas such as manufacturing and also the retail and travel business given weaker consumer confidence". Data from the Department of Labor released Thursday showed 1.974 million continuing jobless claims were filed in the week ending 14 June, up from 1.937 million the week prior and the highest level seen since November 2021. Continuing jobless claims refers to the number of individuals who are still filing for unemployment insurance benefits. "Signs of a softening labour market could signal the potential for the Fed to go faster with interest rate cuts this year, which could help market sentiment but if a set of robust figures are delivered, it may cause nervousness about higher borrowing costs lingering for longer," said Streeter. Shares in Constellation Brands (STZ) jumped in May, after Warren Buffett's Berkshire Hathaway (BRK-B) disclosed that it had more than doubled its stake in the company behind Corona and Mondelo beer. However, shares is still down 27% year-to-date, with tariffs weighing on the stock. Constellation's (STZ) profit forecast for the 2026 fiscal year, shared in its full-year results in April, came in below analyst estimates. The company said it expected adjusted profit per share to come in between $12.60 and $12.90 for the year, which was below estimates of $13.97, according to LSEG-compiled data reported by Reuters. Constellation (STZ) said that its outlook for the fiscal years 2026 to 2028 reflected the anticipated impact of tariffs announced in early April. Read more: Whatever happened to NFTs? For the 2025 fiscal year, Constellation (STZ) posted a 2% rise in net sales at $10.2bn (£7.4bn), though adjusted earnings before interest and tax were down 88% to $329m. While sales grew in its beer business, the company said wine and spirits sales declined 6%, citing "unfavourability" in its US wholesale market. Separately, Constellation (STZ) announced that it had signed an agreement to divest from the mainstream wine brands in its portfolio. Instead, the company said it was seeking to reposition this side of the business to a portfolio of higher-growth, higher-margin brands "aligned to consumer-led premiumization trends". It said the restructuring was expected to generate more than $200m in annualised cost savings by the 2028 fiscal year. Shares in M&S (MKS.L) are trading more than 5% in the red year-to-date, with the recent cyberattack on the company having dragged shares lower. Investors will be keeping an eye out for any commentary on how the company is dealing with the fallout from the incident when it holds its annual general meeting on Tuesday. AJ Bell's (AJB.L) investment experts Russ Mould, Danni Hewson and Dan Coatsworth said: "Marks & Spencer's annual general meeting has not featured a first quarter, like-for-like sales figure for some time – management dropped this when trading was tough and felt it just a rod for their own back. Read more: Stocks that are trending today "The company has more momentum behind it now and the share price is doing its best to shake off spring's cyberattack, but the first-quarter sales number is now usually disclosed as part of the first-half and full-year results, in November and May, respectively." They said that in the "unlikely event boss Stuart Machin says anything at all about current trading, it may pertain to the cyberattack and whether he sticks to the initial estimate of a £300m hit to profit, reduced to £200m by insurance, cost cuts and an ongoing efficiency drive." Currently, they said that analysts are forecasting a drop in underlying pre-tax profit to to £653m for the year to March 2026, down from £876m. As talk of a UK supermarket price war ramped up, Sainsbury's (SBRY.L) CEO Simon Roberts said in the company's full-year results that the chain was "committed, above all else, to sustaining the strong competitive position we have built". In the April results release, Sainsbury's (SBRY.L) said it expected underlying operating profit to come in at around £1bn for the coming year, which would be slightly down from the figure it reported for the past year, as it looked to maintain its competitiveness. AJ Bell's (AJB.L) Mould, Hewson and Coatsworth said: "Sainsbury's (SBRY.L) shares are nudging toward their highest mark in a year, and they are not that far from their five-year, COVID-inspired high either. This suggests that fears of a supermarket price war, spearheaded perhaps by Asda, are yet to be realised, a view supported by the 4.4% year-on-year food price inflation flagged by the Office for National Statistics as part of May's 3.4% overall year-on-year increase in the headline consumer price index. Read more: Why BP could still be a target as Shell quashes takeover rumours "However, before hard-pressed shoppers begin to accuse Sainsbury (SBRY.L) of profiteering and price gouging, it may be worth noting that the shares are no higher than they were in 1990 – which is surely a testament to how competition in this industry remains red hot." They said that an operating margin of 3% suggests the same, "as Sainsbury (SBRY.L) works hard to maintain market share". The latest data from market research firm Kantar showed that Sainsbury's market share was unchanged in the three months to May compared to the same period last year, at 15.1%. The focus in Sainsbury's (SBRY.L) first-quarter update is set to be like-for-like sales growth, they said, with the total figures for the year to February of 3.2% as the benchmark. AJ Bell's (AJB.L) investment experts said that analysts and shareholders would also be looking for any change to guidance for the coming year. Monday 30 June Sinovac Biotech (SVA) Quantum Corporation (QMCO) Tuesday 1 July Supreme (SUP.L) Wynnstay (WYN.L) Kitwave (KITW.L) Wednesday 2 July Topps Tiles (TPT.L) Thursday 3 July Currys (CURY.L) Baltic Classifieds (BCG.L) Watches of Switzerland (WOSG.L) Friday 4 July Various Eateries (VARE.L) You can read Yahoo Finance's full calendar here. Read more: Whatever happened to NFTs? Key questions to ask yourself to plan for a comfortable retirement Bank of England governor says interest rates path is 'still downwards'Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
STV News
16 hours ago
- Business
- STV News
Edinburgh economy outperforms London for first time, new data reveals
Edinburgh's economy has outperformed London's for the first time ever, according to new data. The Office for National Statistics (ONS) revealed that the value of goods and services produced per head of population surpassed London's for the first time. The figures showed a gross domestic product per capita of £69,809 in Edinburgh, compared to £69,077 for London. City of Edinburgh council leader Jane Meagher welcomed the news, saying the capital has long been Scotland's 'economic powerhouse'. 'This is good news for our local businesses and employment, and shows the confidence global investors have in Edinburgh,' she said. Over the last year, the city has welcomed 27 developments funded by foreign direct investment (FDI), with shops like Sostrene Grene and MINISO to renewable energy consultants PSC. Meagher added: 'We know that Edinburgh is one of the best places to live, work and study, making it a magnet for such investment and for tourism.' 'This is the fastest growing city in Scotland, with more than 60,000 new residents expected over the next 20 years and over four million visitors every year.' Meagher said the city now faces the challenge of ensuring the growth is 'fair and sustainable'. 'To keep thriving, we need to manage the pressures placed on our housing, transport network, environment, services and residents,' she continued. 'Everyone should be able to benefit from Edinburgh's continued economic success.' Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
