Media Bites 2 October: oil prices rise, slowing wage growth, capital gains tax

Oil prices rise after Iran missile attack on Israel, The Times reports. Brent crude has climbed by 4%, boosting oil majors’ share prices.

The Guardian has said that financial markets could still avoid a global inflation shock from rising oil prices as experts said investors had remained relatively sanguine. Oil prices have fallen more than 10% in the past three months and the US stock market remaining close to an all-time high.

The cooling UK labour market has brought down wage growth (Financial Times). New data from Incomes Data revealed the media pay award in the private sector fell from 4.4% in the three months to July to a two-year low of 4.1% in the three months to August.

Martin Lewis has called the energy price cap the energy “pants cap” as much cheaper energy deals are available to consumers than suggested by Ofgem. He says 85% of users are on the default tariff and shouldn’t be (The Guardian).

Plans from the government to increase capital gains tax in the budget this month are driving more business owners to consider leaving the UK, tax experts have warned. Financial planners have said inquiries about steps needed to move overseas if the tax rises have gone up. (Financial Times).

Stretchy dairy cheese could now be made without any cows, after the development of yeast strains that produce the milk proteins by Israeli company Dairy X (The Guardian).

John Lewis bosses are planning a “radical overhaul” of its Peter Jones store in Chelsea, The Standard reports. The aim is to lift the store into the top tier of retail destinations on the global stage.

Majority of businesses given £23bn in Covid loads would have survived without them, a new report has found amid heightened scrutiny of state spending on lockdown support schemes (The Telegraph).

Nike pulled its financial guidance for the year, reported a steep drop in revenue and postponed an anticipated update for shareholders, days after announcing the replacement of its CEO. Shares in the firm dropped 8% during out-of-hours trading in New York (The Guardian).