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  • Today's business and finance round up 26th August 2022

Today's business and finance round up 26th August 2022

Pressure on food industry as carbon dioxide supplies tighten

August 26, 2022

26th August 2022

Bite-sized business news from the UK and beyond

Good morning It's a bank holiday weekend (hurray!) — the last one before Christmas (boo!) Here's a timely guide of how to maximise your annual leave in 2023.See you Tuesday!

Today's stories

  • Pressure on food industry as carbon dioxide supplies tighten

  • Why investors’ eyes are on remote American resort

INDUSTRYPressure on food industry as carbon dioxide supplies tighten

Other stories to keep you in the loop

  • Government to review Czech billionaire's plan to increase stake in Royal Mail

  • Peloton shares plummet after quarterly losses top $1.2bn

  • Heinz UK workers receive 11% pay rise and three extra days off at Christmas

  • Lidl and Waitrose to sell ‘wonky’ UK fruit and vegetables amid drought

  • Train commuter rewards scheme to end this month

  • Shell fined £536k for overcharging retail energy customers

  • Train drivers at three more operators vote to strike

  • Citigroup to close Russian bank

  • Deezer loses 300k subscribers after rocky market debut

ECONOMYWhy investors’ eyes are on remote American town

What happened?Today financial markets will be closely watching the Federal Reserve's annual meeting aka policy symposium in Jackson Hole, Wyoming. Every year, the US central bank hosts the biggest names in global economics and policymaking in a resort in outskirts of the small American town. This year’s event will be the first in person meeting since 2019.What’s the purpose?They discuss what they see as the most pressing issues in economics and interest-rate policy. And when the who’s who of economics get together to talk shop for three days, investors pay close attention. Jerome Powell, the head of the Federal Reserve, is the keynote speaker later today where he’ll discuss his plans for interest rates in the world’s biggest economy. His counterpart at the Bank of England, Andrew Bailey, will also be delivering a speech.Like the UK and Europe, the US has been grappling with decades high inflation and the Federal Reserve has hiked rates at a pace not seen since 1981 to slow down prices.But central bankers are facing the dilemma of raising the cost of borrowing to tame inflation - when economies are showing signs of weakness - which could tip countries into a recession.There is a chance that Powell will commit to another large rate hike, but experts say stock markets could bounce if he delivers a less aggressive message.Zooming out: Investors and economists are looking to get a sense of the path forward for interest rate increases amid a fragile global economy. As the world’s most influential central banker, Powell’s comments have the power to either rally or discourage stock markets.

Stat of the day

A third of pensioners have given money to their family or friends in the past six months, with those helping their grandchildren giving an average of £15,000 

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