Around 1,000 temporary visas to be granted to butchers

In the latest Brexit U-turn, the government has said it will provide butchers to enter the UK on temporary visas.

Environment secretary, George Eustice, said that 800 butchers would be granted 6-month visas to address staffing shortages in abattoirs and meat processing plants.

He said on Thursday evening: “That will help us to deal with the backlog of pigs that we currently have on farm, give those meat processors the ability to slaughter more pigs, and crucially as well we are going to make available what is called private storage aid to help those abattoirs to temporarily store that meat.”

The new temporary visas come in as the culling of thousands of healthy pigs was reported amid staffing shortages.

Around 1,000 new visas could be issued.

Contactless payment limits increase to £100

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The limit on contactless cards on Friday has more than doubled to £100.

Back at the start of the pandemic, the limit was increased to £45 to reduce contact. The new limit will take a while to roll out as retailers change their technologies.

“Contactless payments have become increasingly popular, and the payments industry has worked hard to ensure retailers are able to offer customers the new higher limit,” said David Postings, the chief executive of the British Retail Consortium.

There have been warnings of increased fraud with the higher limit. Sarah Pennells, a consumer finance specialist at Royal London, commented: “The higher limit could encourage people to become ‘tap-happy’ and spend more than they can afford, and it can be harder to keep track of what you’re spending if you don’t get a receipt every time.”

“Although fraud on contactless cards is relatively low level, it can be distressing to those who experience it. You should treat your contactless card the same way as you’d treat cash in your pocket, so be careful when you use it and don’t give it to anyone else.”

FTSE 100 surges on strong commodities

The FTSE 100 rose on Thursday as commodity prices resume their march higher helping shares in London’s oil companies.

“A 0.7% rise in the FTSE 100 to 7,188 should certainly bring a smile to investors, with similar gains seen across most of the key markets in Europe. Even parts of Asia had a spring in their step, with the Nikkei up 1.5%,” said Russ Mould, investment director at AJ Bell.

“Brent Crude pushed ahead 0.8% to $83.85 per barrel, natural gas showed no sign of stopping as it advanced another 6.7% to 251.73p per therm, and even sterling was intent on making ground as it rose 0.2% against the US dollar to $1.3699.”

Whereas higher energy prices have recently caused strife in markets due to fears over inflation, investors today focused on what it could mean for the earnings of the UK’s major oil companies.

“Stronger energy prices provide a tailwind to the FTSE 100 because Shell and BP are such big constituents of the index and their shares tend to do well when oil and gas prices rise,’ said Mould.

BP and Shell were up both up around 1% in early trade on Thursday.

Stronger pound

Indeed, investors were even happy to ignore the impact of a stronger pound which typically has an inverse relationship with the FTSE 100.

“The reason why the currency movement hasn’t weighed on the FTSE today is down to the strength in the broader natural resources sector. Stocks like Anglo American, Antofagasta and Rio Tinto are rising because metal prices are moving ahead, most importantly copper,” said Russ Mould

Mining shares were among the top risers with metals and minerals companies accounting for 5 or the 6 top risers on Thursday morning. Anglo American was the top riser gaining 3.6%.

Analyst Russ Mould cautioned on the short term volatility of commodity prices if the global growth picture started to falter.

“On a broader basis, a slowdown in the global economic recovery could easily trigger a pullback in commodity prices in the near-term, but for today it seems that investors are very much risk-on.”

Sunak says there will be “a good amount of Christmas presents”, despite supply chain issues

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Speaking at the G7 meetings in Washington, Rishi Sunak attempted to reassure those who have expressed concerns over supply chain issues in the run-up to Christmas.

A shortage of lorry drivers and a logjam of shipping containers have led to widespread concerns of shortages.

“We’re doing absolutely everything we can to mitigate some of these challenges. They are global in nature, so we can’t fix every single problem, but I feel confident there will be good provision of goods for everybody. I’m confident there will be a good amount of Christmas presents available for everyone to buy,” said Sunak on Thursday.

“Today we have collectively agreed to work closely over the coming months – and together we will build a strong and resilient recovery,” he added.

Shoppers and motorists have been urged not to panic-buy as the effects shortage of lorry drivers hit supplies of goods and fuel.

Dunelm outlook remains “uncertain”

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Dunelm has reported a rise in sales in the 13 weeks to September 25.

Sales were up by 8.3%, which is lower than the 36.7% increase in the same period a year earlier during the lockdown.

The group has warned over UK and global supply chain issues. Whilst there are some concerns over the its outlook, Dunelm recently increased profit guidance for the year.

 “The macro outlook remains uncertain, in particular regarding supply chain disruption and inflationary pressures from freight and driver shortages,” said the group in a statement.

“Whilst we are not immune to the challenges being widely reported, we feel well placed relatively to manage them.

“In particular, we have good stock levels across our stores, warehouses and supplier partners, a low proportion of seasonal ranges within our product offer, and also benefit from a higher propensity for customers to substitute products within homewares categories, given our broad range.”

Domino’s reports strong Q3 sales

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Domino’s has posted strong results for the third quarter, whilst also revealing plans to hire 8,000 new driver roles.

The group reported a 9.9% increase in like-for-like sales in the quarter to £375.8m. The pizza company’s total earnings this year are now £1.1bn.

“We have built on our strong performance through the pandemic as restrictions have been lifted, with our collections business continuing its recovery and our total order count growing in a profitable and sustainable way,” said Dominic Paul, the Chief Executive Officer of Domino’s.

Commenting on the big recruitment efforts ahead of the Christmas season, Nicola Frampton, Operations Director, said: “While 2021 has been a busy year for us so far, we still have our busiest period just around the corner. We’re really keen to hear from those wanting to join the Domino’s team.”

The company has plans to open a further 30 stores this year, which it is on track to complete.

Record profit for Vertu Motors

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New premium listing: Bumpy road for Eurowag

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Angling Direct plans European distribution centre

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Barratt Developments, UK Economy and CryptoCurrencies with Alan Green

Alan Green joins the UK Investor Magazine Podcast for a broad discussion around the UK economy, NFTs and a selection of UK equities.

Barratt Developments shares soared following a trading statement which was more upbeat than investor shad may be expected. The rest of the housebuilding sector rose in line with Barratts and we look at whether the environment is right for further share price increases.

We explore the most recent set of UK economic data and whether an interest rate hike could derail general optimism in markets at the moment.

With CryptoCurrencies still grabbing headlines we run through developments at Aquis-listed Coinsilium and the NFT market.