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Jul 23, 2023

Asda and Morrisons relax rationing as vegetable crisis eases

Chosen by us to get you up to speed at a glance Asda and Morrisons have lifted

Chosen by us to get you up to speed at a glance

Asda and Morrisons have lifted some of their restrictions on fresh fruit and vegetables after supply problems that caused food shortages eased.

Asda is no longer limiting shoppers to a maximum of three cucumbers, lettuce, salad bags, broccoli, cauliflower and raspberries per person. Limits of three still apply to tomatoes and peppers, but the UK's third largest supermarket expects supplies to return to normal levels within a couple of weeks.

Morrisons has also ended its cap on cucumbers. However, its customers are still only allowed to buy a maximum of two each of tomatoes, lettuce, and peppers.

It comes after the supermarkets began rationing fruit and vegetables items last month because of supply chain problems.

A poor harvest in Spain and northern Africa due to flooding and cold temperatures squeezed supplies, leaving gaps on UK supermarket shelves.

Surging fertiliser prices linked to Russia's invasion of Ukraine also affected food supplies. And shipments out of Morocco due to bad weather.

Meanwhile, farmers across the UK said that high energy prices saw domestic producers cut back on production, while others had been driven out of the industry completely.

Industry experts warned that restrictions could be in place for weeks, as Tesco, Aldi, Asda and Morrisons all limited purchases. Other supermarkets faced shortages but did not impose a cap.

Alright, that's enough from me. See you in the morning.

With less than an hour until Wall Street's closing bell, let's see where the markets are.

The three main indexes reversed today's earlier gains and investors remain anxious about the Federal Reserve's approach to tackling inflation.

Concerns include that aggressive interest rate hikes could slow down the economy into a recession, putting many people out of work.

The Dow Jones Industrial Average has fallen 1.60pc to 32,286.80.

Meanwhile, the broad-based S&P 500 has slumped 1.75pc to 3,922.25, while the tech-rich Nasdaq Composite has falled 1.91pc to 11,354.69.

Disney is looking under the hood of Hulu, to study its potential for growth and profitability before deciding whether to sell its majority stake in the streaming platform.

Disney has appointed Goldman Sachs advise on its option to buy rival Comcast's one-third stake in Hulu in 2024.

The deal would value the platform at a minimum of $27.5bn.

"We’re really studying the business very, very carefully, all those competitive dynamics, with an understanding that we have a good platform in Hulu," said Disney chief executive Bob Iger at a Morgan Stanley conference.

Earlier this week, Comcast President Mike Cavanagh said at the same conference that his company would consider alternative proposals for its Hulu stake, but the terms have to be better than its agreement with Disney.

Last month Mr Iger announced plans to restructure Disney, including 7,000 job cuts and $5.5bn in cost savings. It comes as investors begin shifting attention away from subscriber growth to the profitability of streaming services.

The global boss of Deloitte has mocked rival EY after the Big Four firm's radical plan to separate its audit and consulting arms was thrown into chaos.

Banking correspondent Simon Foy has the details:

In a 20-minute video message to the firm's partners published on Deloitte's website, Joe Ucuzoglu, Deloitte's newly appointed chief executive, tore into EY for attempting to break itself up.

While Mr Ucuzoglu did not mention his rival by name, he talked about the logic of "separation" pursued by companies "in our peer set" in comments that will be seen as sniping at EY.

In the video, he said: "Some of us have been around a while, we’ve seen this movie before.

"History is littered with multiple examples of grand aspirations around these types of transactions that I’m sure sounded great in pretty slide decks, lots of big promises, easy to get swept up in deal fever, but this has actually never once played out as intended."

Click here to see what else Deloitte's boss said...

Cryptocurrency exchange Blockchain.com has suspended its London-based asset management operation less than a year after launching.

Blockchain.com Asset Management, aimed at providing cryptocurrency services to institutional investors, was opened last year after a funding round then valued the exchange at $14bn (£11.74bn).

The venture, formed in partnership with hedge fund Altis Partners, has now filed to be struck off the UK companies register.

It comes as crypto firms have downsized, cut costs or collapsed into bankruptcy amid a prolonged period of low customer demand and declining value of digital assets.

A spokesman said: "Blockchain.com Asset Management launched in April 2022, shortly before macroeconomic conditions deteriorated rapidly.

With crypto winter now approaching the one year mark, we made the business decision to pause operating this institutional product."

In January, Blockchain.com announced plans to shed 28pc of its workforce. Its valuation has sink sunk to between $3bn and $4bn, according to Bloomberg News.

Ballymore Properties has become the latest developer to cut jobs as higher borrowing costs and falling house prices drag down the UK's housing market.

The privately-owned company, which has built more than 9,000 homes across the UK and Ireland over the last five years, has offered redundancies to 30 employees, Bloomberg reported.

Included in Ballymore's development portfolio is a 2,000-home complex in London's upmarket Embassy Gardens in Nine Elms, as well the 559-apartment New Providence Wharf housing project.

In December, Ballymore warned against a challenging near-term outlook for the UK, as higher interest rates have made homes less affordable for most customers.

British events organiser Informa has acquired rival Tarsus for $940m (£787m), betting that in-person corporate meetings and exhibitions will rebound this year.

The London Stock Exchange listed company has bought Tarsus from private equity firm Charterhouse Capital Partners, in a deal funded by cash and $210m of newly issued shares.

Tarsus specialises in holding business to business events across the aerospace, travel, healthcare, and manufacturing industries.

Charterhouse will also receive an additional $45m in Informa shares, if the price of stocks reaches 850p within two years after the deal closes.

The agreement is expected to be finalised by July.

The combination comes as Informa expects a bumper year ahead for the events industry, which has suffered under Covid restrictions.

Tarsus is estimated to generate £175m in revenue this year, boosting Informa's hopes of recording between £675m to £725m in operating profit.

Standard Chartered's crypto custodian Zodia Custody is to launch in Luxembourg, expanding its reach into Europe.

The London-headquartered firm has registered its Irish subsidiary as an virtual asset service provider in the European city-state.

The move will allow Zodia to further expand its business in the EU, ahead of new rules making it easier for crypto-asset service providers to export their crypto businesses across the bloc.

The FTSE 100 index has closed 0.63pc lower at 7,879.98.

The internationally focused index experienced choppy trading today as investors braced for a likely faster and longer period of interest rate hikes from the US Federal Reserve.

Meanwhile, mining companies dragged the blue-chip index lower as metal prices dropped in the wake of a stronger dollar.

Fallers included Anglo-Australian metals and mining giant Rio Tinto (share price dropped 2.99pc), Chilean mining conglomerate Antofagasta (down 4.31pc) and multinational miner Endeavour Mining (down 3.96pc).

The domestically FTSE 250 index finished 0.80pc lower at 19,692.90.

Popular chat platform Discord has announced plans to use OpenAI technology to offer new functions, including moderation systems and chatbots.

Once a niche gaming voice-chat app, Discord now has over 150m users across 19m groups organised by different interests. The privately-owned tech company is valued at $15bn.

It plans on using OpenAI technology to respond to users' questions in real time, hold extended conversations, and provide weather updates.

In the future, the company may explore generative voice artificial intelligence, said Anjney Midha, vice president of Discord's platform ecosystem.

He said: "Voice is completely underrated. I’m pretty confident that within some short amount of time we’ll be talking to all our favorite software and our favorite software will be talking back to us."

Asda and Morrisons have lifted some of their restrictions on fresh fruit and vegetables, introduced after poor foreign harvests and a domestic farming crisis led to nationwide shortages.

It comes after the British supermarkets restricted purchases following a squeeze on supplies,

The amount of fresh produce coming from Spain and north Africa tumbled due to a poor harvest from flooding and cold temperatures.

Right, that's all from me today. My colleague Adam Mawardi will take things from here.

EDF plans to extend the operating life of two of Britain's old nuclear power plants for another two years after they proved their worth during Europe's energy crunch.

The stable generation capacity will boost the buffer the National Grid needs to balance supply with demand as the market risks becoming too reliant on renewables like wind power, which is dependent on the weather.

This week, the network operator was forced to ask reserve coal plants to switch on when cold weather coincided with low wind.

EDF plans to continue to run Heysham 1 and Hartlepool to the end of March 2026, two years after they were due to shut, according to a statement.

It said the decision was "made after a rigorous review by EDF of the technical and commercial cases for life extension".

EDF's fleet of five UK nucelar plants generated 43.6 terawatt-hours in 2022, up 4pc from the year before.

By contrast, EDF's output in France slumped to the lowest in more than three decades after its domestic reactors suffered lengthy outages and safety checks.

Jeremy Hunt will have £166bn more headroom for the Budget next week amid a fall in gas prices and a surge in tax receipts, a respected think tank has said.

The National Institute of Economic and Social Research (NIESR) said the Chancellor could have more than nine times the figures forecast by the Office for Budget Responsibility (OBR) when he addresses MPs on Wednesday.

It expects Mr Hunt to meet his deficit and debt targets with £166bn and £97.5bn to spare respectively. These would be equivalent to 5.1pc and 2.9pc of GDP.

This is up from the OBR's calculations in November that he would meet his new target of reducing borrowing to under 3pc of GDP by 2027-28 with £18.6bn to spare and his new debt target with £9.2bn to spare.

NIESR said persistent inflation has increased the Chancellor's headroom, with the Government expected to be running a surplus in real terms throughout the 2023-24 fiscal year. It said the debt-to-GDP ratio will fall over 2023-24.

The leader of Birmingham City Council has hit out at ministers amid reports of a decision to "delay" part of the route of HS2.

Cllr Ian Ward said it represented "another betrayal of the Midlands and the North, making a mockery of the Government's empty promises to level up the UK economy".

The Labour councillor said in a video message posted on Twitter: "HS2 has the potential to deliver economic growth across the country, but it is being undermined by the Government at every turn.

"We will only truly see the full benefits of HS2 when Birmingham and the Midlands are at the very heart of a national network. So another delay represents a massive blow to this once-in-a-generation opportunity to re-balance the UK economy."

My response to reports of more delays to HS2. We will only see the full benefits of HS2 when Birmingham and the Midlands are at the very heart of a national network. So another delay represents a massive blow to this once in a generation opportunity to rebalance the UK economy. pic.twitter.com/mfMQ3FoHf8

Wall Street has opened higher after unexpectedly strong unemployment figures.

The Dow Jones Industrial Average has lifted 0.4pc to 32,930.29 while the S&P500 has jumped 0.2pc to 3,999.69.

The tech-heavy Nasdaq Composite has climbed 0.5pc to 11,584.92.

Initial unemployment claims increased by 21,000 to 211,000 in the week ended March 4, Labor Department data showed.

It has eased concerns that the US Federal Reserve may increase the pace of interest rate rises.

Here is the tweet on the EU's gas plan by European Commission vice-president Maroš Šefčovič:

Held a productive virtual meeting with international gas suppliers to discuss opportunities offered by the #EUEnergyPlatform. We're getting ready by reinforcing 🇪🇺 infrastructure:✔️From 27 LNG regasification terminals to 🔜 35✔️From 178 bcm regasification capacity to 🔜 227 bcm pic.twitter.com/G0UecH7hWa

BMW reported fourth-quarter earnings broadly in line with analyst estimates as the German manufacturer still benefits from pent-up demand for its luxury cars.

Earnings before interest and tax rose to €3.5bn (£3.1bn) in the three months through December, the Munich-based company said Thursday.

Luxury-car makers have long defied economic headwinds thanks to robust demand for their most expensive models, with BMW navigating semiconductor shortages better than its rivals.

Manufacturers are now facing a weakening outlook particularly in Europe, where high energy prices stoke record inflation.

BMW proposed a dividend of €8.50 per common share, after €5.80 for the 2021 fiscal year. The company started a share buyback last year of as much as 10pc over a period of five years.

Wall Street cut back losses in pre-market trading as a bigger-than-expected rise in weekly jobless claims eased concerns about a sharp rise in interest rates.

Data showed initial claims for state unemployment benefits rose to 211,000 for the week ended March 4 from 190,000 the previous week.

Dow Jones Industrial Average futures were up 18 points, or 0.05pc, while the S&P 500 was down 0.1pc. Nasdaq 100 contracts are now down or 0.2pc.

The gambling giant behind Ladbrokes and Coral has said it expects profit margins to be lower this year in the face of regulatory headwinds.

Entain, which also owns Bwin, has seen shares slide today after it told shareholders that core profit margins are set to dip to 26pc in 2023.

The margins, which will nevertheless remain above pre-pandemic levels, come as the company faces higher costs for wages, energy and the impact of strengthened regulations.

Rob Wood, chief financial officer of the firm, told the PA news agency that tougher online safety rules for gamblers in the UK hit the business last year. He said:

We saw an online revenue decline of 2pc last year.

There was partly an impact from the return of shops after Covid but about five percentage points was from the regulations in the UK and Netherlands.

We would have seen 3pc growth without it.

Wall Street is expected to open lower as Federal Reserve Chairman Jerome Powell's remarks fuelled worries about sharp interest rate rises.

With economic data so far suggesting the labour market remains tight in the US, investors are now focused on the February non-farm payrolls report due on Friday to see if it creates more pressure to raise rates.

The reading is expected to show payrolls increased by 205,000 last month, according to economists polled by Reuters, after January's blowout 517,000 figure, which had first led markets to reprice their expectations for US interest rates.

The Dow Jones Industrial Average was down 0.1pc in pre-market trading, while futures on the S&P 500 fell 0.3pc. Contracts on the Nasdaq 100 have fallen or 0.6pc.

US President Joe Biden is proposing a controversial tax grab from billionaires, rich investors and corporations in a budget request to Congress.

Senior economics reporter Eir Nolsøe has the latest:

Mr Biden's request, expected to be released today, calls for a 25pc minimum tax on billionaires and a doubling of the capital gains tax rate for investment from 20pc to 39.6pc.

The US President also plans to raise income levies on corporations and wealthy Americans, according to Bloomberg.

While the proposal will likely have widespread public support, it is unlikely to survive Congress, with the Republicans controlling the lower chamber.

However, it gives an insight into the Democrats' approach ahead of negotiations over the debt ceiling and Mr Biden's expected re-election campaign.

Read on for details of the plans.

Credit Suisse shares dropped close to a record low after the Swiss bank said it was delaying publication of its annual report following a last-minute query by US regulators.

The shares fell as much as 6.4pc to 2.504 Swiss francs in Zurich, with the bank's market capitalization edging close to the $10bn mark (£8.4bn).

Credit Suisse has lost about 9pc of its value so far this year.

The Zurich-based lender was due to publish the reports this morning but received a late call from the Securities and Exchange Commission on Wednesday evening.

Officials there were querying revisions Credit Suisse made to cash-flow statements related to the financial years 2019 and 2020, as well as related controls, the bank said.

The question mark over the bank's previous accounting arrives at a time when it is undergoing a complex restructuring after years of losses and scandals.

Changes include the carving out of its investment bank, selling businesses not closely tied with the key wealth unit and cutting 9,000 jobs.

Microchip parts maker IQE suffered a 31pc plunge in its share price amid fears that the global market has already been flooded with semiconductors.

The Cardiff-based company, which also has factories in Newport and Milton Keynes, said it may take a £30m hit on revenues as orders dry up around the globe.

IQE, which makes the wafers from which silicon chips are made, said similar trends had been seen across the industry as it issued its second profit warning in three months today.

The US Semiconductor Industry Association said that January sales around the world were down 18.5pc compared to last year.

Its downturn in fortunes is the latest blow for the UK's tech industry which is still reeling from Cambridge-headquartered computer chip designer Arm's decision to seek a New York listing despite pleas from ministers to consider London.

AJ Bell investment director Russ Mould warned the latest earnings setback for IQE "could also have wider implications for the global economy and financial markets".

The global semiconductor industry is worth more than £500bn and serves as "a fair proxy for worldwide economic activity" according to Mr Mould.

Oil has held losses even after the first decline in US crude inventories this year.

West Texas Intermediate traded below $77 a barrel after sliding almost 5pc over the previous two sessions.

Brent crude, the international benchmark, has crept up 0.2pc but remains below $83.

It comes after US Federal Reserve Chairman Jerome Powell reiterated that the bank may take interest rates higher than anticipated, although he said a decision has not been made about the March meeting.

The remarks made during congressional testimony offset news of a surprise drop in US crude stockpiles.

Inventories fell by 1.7m barrels last week, according to Energy Information Administration data on Wednesday.

Liberal Democrat leader Ed Davey has said that the money that oil and gas companies made after Russia launched a full-scale invasion of Ukraine last February should be helping struggling families.

His comments came as former Shell boss Ben van Beurden was handed a nearly £10m pay package. He said:

It is outrageous that oil and gas bosses are raking in millions in bonuses while families struggle to heat their homes.

Rishi Sunak's refusal to properly tax these eye-watering bonuses and record profits is mind boggling and shows how out of touch he is.

It is completely unfair at a time when the Conservative government is choosing to put people's energy bills up.

Whether it is executive bonuses or soaring profits, the money being made out of Putin's illegal war should be helping struggling families not oil and gas barons.

The Government is expected to announce that HS2 construction will be delayed in some sections to save money as inflation sends costs surging.

It is thought the sections from Manchester to Crewe and Birmingham to Crewe will be primarily affected, the BBC reported.

On Friday, the project's chief executive Mark Thurston warned the impact of inflation on the building of the rail link has been significant.

Costs have steepled, "whether that's in timber, steel, aggregates for all the concrete we need to use to build the job, labour, all our energy costs, fuel", he told the BBC.

He added: "We're looking at the timing of the project, the phasing of the project, we're looking at where we can use our supply chain to secure a lot of those things that are costing us more through inflation."

Transport officials are conducting a major review into the future of HS2, Britain's biggest building project, to avoid a further surge in its budget, which has already risen from £33bn to an expected £71bn.

Much of the eastern leg of HS2 to Leeds has already been scrapped under the 2021 Integrated Rail Plan.

HS2 had been aiming to be ready by 2033.

Ukraine will take part in European Union countries' scheme to jointly buy gas, the bloc's energy policy chief has said.

EU energy commissioner Kadri Simson told a meeting of EU officials: "We have integrated Ukraine in the gas joint purchasing platform with a view to help secure 2 billion cubic meters of additional gas."

EU countries plan to sign their first contracts to jointly buy gas by this summer.

It comes as Europe's gas supplies are rapidly reducing after this week's cold snap.

Withdrawals have jumped to their highest level since January, according to data from Gas Infrastructure Europe, although storage remains far fuller than the five-year average for this time of year.

Dutch front-month futures, the European benchmark for prices, have fallen 2.9pc today.

Packaging firm DS Smith has seen its shares tumble 4.4pc after it warned that customers have been reducing stock levels.

It said sales of its corrugated boxes were lower so far in the second half of its financial year compared to the previous year amid evidence of so-called de-stocking over Christmas and New Year.

It is also unlikely to benefit from the easing of the energy crisis after hedging all of its energy costs until April and about 80pc for the following year.

Chief executive Miles Roberts said:

We have continued to perform well in the second half of the year despite the volatile macro-economic conditions.

As expected, profitability and returns have grown strongly and cash generation remains good.

We continue to stay very close to our customers and their evolving needs, which, together with a relentless cost focus and robust supply chain, positions us well for the remainder of the year and into our next financial year.

Homes worth over £500,000 are bearing the brunt of the house price crunch as buyers demand discounts, surveyors have warned.

Alexa Phillips has the details:

More than two thirds (70pc) of surveyors said homes over £500,000 were selling for below the asking price, according to a market survey by the Royal Institution of Chartered Surveyors.

Just 60pc of respondents said homes worth under £500,000 were being purchased for less than the asking price.

Discounts agreed were around 5pc on average.

Read why sales are expected to keep falling.

The pound has recovered some ground against the dollar today after its dramatic losses earlier this week sent it plunging close to $1.18.

Sterling dropped by as much as 1.5pc on Tuesday after US Federal Reserve Chairman Jerome Powell said policymakers "would be prepared to increase the pace of rate hikes" if data indicated "that faster tightening is warranted".

Today, the pound has risen 0.3pc and is heading back towards $1.19 as attention turns towards next week's Budget and whether the UK will avoid a recession.

GB News lost over £30m in its first year on the air as the upstart broadcaster was racked by internal disagreements and an advertising boycott.

Technology editor James Titcomb has the details:

Accounts for GB News Limited for the year to May showed that the company made a £30.7m loss on revenues of £3.6m.

The figures show the channel, set up by broadcasting veteran Andrew Neil, facing a challenge to reach profitability as it seeks to compete with the BBC and Sky News and fend off a challenge from Rupert Murdoch's TalkTV.

GB News came on the air in June 2021 but its launch was blighted by technical issues and a lengthy break for star presenter Mr Neil, who later departed in a clash over the channel's direction.

It has improved ratings after hiring a host of big-name presenters including Nigel Farage.

Read how its revenues were dwarfed by its wage bill.

Flaring from North Sea offshore oil and gas production has halved in four years, according to new analysis.

North Sea Transition Authority (NSTA) analysis found that offshore flaring, the process by which excess gas is burned off, resulting in carbon dioxide emissions, fell in 2022.

The drop of 13pc on the previous year to 22bn cubic feet (bcf) of gas contributed to a total decrease of 50pc since 2018, when volumes totalled 44bcf.

About a fifth of emissions from North Sea oil and gas production activities come from flaring.

NSTA said that last year's reduction alone was equivalent to the gas demand of 80,000 UK homes.

Hedvig Ljungerud, NSTA director of strategy, said that the industry "deserves credit for making this progress".

Recruitment company PageGroup predicted a shortage of workers will continue to affect businesses this year as it announced record profits.

Chief executive Nicholas Kirk said the business - which operates under the four brands of Page Executive, Michael Page, Page Personnel and Page Outsourcing - was "well-positioned to weather the uncertainty" in world economies.

The company revealed a 21.1pc increase in revenues to nearly £2bn while operating profit hit a record £196.1m after rising by 16.4pc in 2022 compared to the previous year.

However, its share price has fallen 4.1pc on the FTSE 250 after it revealed its own struggle with recruitment.

Although it increased staff levels by 1,182 in the year to 9,020, it admitted that a lower proportion of its new 861 fee earners were experienced hires.

The availability of these staff has become more limited compared with 2020 and 2021, the company admitted. Mr Kirk said:

Looking forward, there remains a high level of global macro-economic and political uncertainty in the majority of our markets.

However, against this backdrop, we continue to see candidate shortages and good levels of vacancies.

Given our highly diversified and adaptable business model, with a variable cost base and a strong balance sheet, we believe we are well-positioned to weather the uncertainty and continue to deliver strong shareholder returns.

Shares have fallen in London as investors brace for a likely faster and longer period of interest rate hikes from the US Federal Reserve.

Mining companies dragged the blue-chip index lower as metal prices dropped in the wake of a stronger dollar.

The FTSE 100 index has fallen 0.5pc, while the mid-cap FTSE 250 index has lost 0.6pc.

Overnight, Fed Chairman Jerome Powell reiterated his stance that the central bank was prepared to increase interest rates and potentially faster, should the US jobs and inflation data warrant.

With the Bank of England's rate-setters still split between a pause or more hikes, Mr Powell's stance saw investors trying to price in the likelihood of the latter, a move typically negative for riskier assets like shares.

Rio Tinto was the biggest drag in the FTSE 100 as the miner traded without dividend eligibility. Falling iron ore and base metal prices aweighed on the broader sector.

Shares of Aviva rose 3.3pc after the insurer posted a 35pc rise in operating profit, and also announced a buyback programme of £300m.

Former Shell boss Ben van Beurden's pay package for 2022 was 294 times the UK's median salary, according to non-governmental organisation Global Witness.

Its fossil fuels campaign leader Alice Harrison said: "Shell's CEO earnt in one year what a typical UK worker would earn in six lifetimes." She added:

It's a sign of just how broken our energy system is that Shell and other fossil fuel companies have made record-breaking profits from an energy crisis that's forcing families to choose between heating their homes and putting food on the table.

We're calling on the UK Government to implement a people-first windfall tax in next week's Spring Budget, which includes executive bonuses, and to ensure a rapid transition to homegrown renewable energy sources that are cleaner and cheaper than oil and gas, and better for energy security.

Shell's former chief executive took home £9.7m in pay and bonuses in 2022, up 53pc on the previous year, the firm's annual report has revealed.

Ben van Beurden's pay packet jumped from £6.3m in 2021 as his annual bonus surged to £2.6m and thanks to a £4.9m long-term shares award.

It comes after the oil giant posted a record $84.3bn (£71.1bn) profit for 2022 as it benefited from soaring energy prices, branded as "obscene" at the time amid heavy criticism over the amount of tax paid by the group.

Mr van Beurden was replaced by Wael Sawan, Shell's former head of gas and renewables, at the beginning of 2023.

Crypto-focused lender Silvergate plans to wind down operations and liquidate its bank after the digital asset industry's meltdown.

Its shares plunged more than 40pc as low as $2.30 in extended New York trading after the announcement. The stock topped $220 in November 2021.

Silvergate announced "an orderly wind down of bank operations and a voluntary liquidation of the bank".

It said: "The bank's wind-down and liquidation plan includes full repayment of all deposits."

The bank collapsed amid scrutiny from regulators and a criminal investigation by the Justice Department's fraud unit into dealings with fallen crypto giants FTX and Alameda Research.

Though no wrongdoing has been asserted, Silvergate's woes deepened as the bank sold off assets at a loss and shut its flagship payments network.

It had called this "the heart" of its group of services for crypto clients.

A major British data company has suspended trading on the stock market after finding evidence of "potentially fraudulent irregularities" in its books.

WANdisco said the "significant" and "sophisticated" issues could mean its revenues for last year are 62pc lower than it had forecast.

It comes days after bosses announced plans to seek a stock market listing in New York.

The "potential material mis-statement" of the company's financial position relates to its received purchase orders, and related revenue and bookings by a senior sales employee.

The issues were discovered after an investigation by its chief executive and founder David Richards and its chief financial officer Erik Miller.

It could mean its revenues are closer to $9m (£7.6m) for 2022, rather than $24m (£20.2m) previously reported.

Insurer Aviva has notched up a 35pc surge in annual earnings despite pressure on its UK general insurance arm amid soaring costs and a hit from severe weather claims.

The group reported operating profits of £2.2bn for 2022, up from £1.6bn in 2021.

But it revealed a 5pc drop in earnings at its UK and Ireland general insurance division, to £338m, as it was impacted by the rising cost of motor claims, increased payouts for severe weather and as claims began to return to pre-pandemic levels.

It said cost cutting actions had helped offset claims inflation, with overall "controllable" costs down £83m to £2.8bn.

Aviva, which has until recently been in the line of fire from an activist investor, offered a boost for shareholders with the launch of a £300m share buyback, a increased final dividend payout and upgraded its dividend outlook.

The FTSE 100 has fallen in early trading amid expectations that interest rates in the US will stay higher for longer.

The blue chip index has dropped 0.4pc to 7,896.44 while the midcap FTSE 250 has fallen 1.1pc.

Domino's Pizza has reported its highest ever number of orders in the last three months of 2022, as it enjoyed a boost from the World Cup and more people using its app.

The UK and Ireland takeaway giant said it had 18.5m orders in the fourth quarter, with total orders up 4% and collection orders up 28pc compared to 2021.

Domino's said it had been an "exceptionally busy year", having launched new takeaway deals to target customers facing cost pressures, and new products to tie in with people watching football at home.

The company saw its underlying pre-tax profit fall by 13pc last year, to £99m from £114m, which it said was due to investment into new cloud-based technology platforms.

North Sea oil producer Harbour Energy had its profits all but wiped out by windfall taxes as it warned it had cut investment and staff.

The company was hit with $2.4bn (£2bn) of taxes - including $1.5bn from the so-called Energy Profits Levy - on pre-tax profits of about the same figure, leaving it with a profit after tax of just $8m (£6.7m).

It came as revenues from gas nearly doubled to $2.3bn (£1.9bn) while crude oil income was up 27pc to $2.8bn (£2.4bn).

Chief executive Linda Z Cook said: "The UK Energy Profits Levy, which applies irrespective of actual or realised commodity prices, has disproportionately impacted the UK-focused independent oil and gas companies that are critical for domestic energy security.

"For Harbour, the UK's largest oil and gas producer, it has all but wiped out our profit for the year.

"This has driven us to reduce our UK investment and staffing levels.

"Given the fiscal instability and outlook for investment in the country, it has also reinforced our strategic goal to grow and diversify internationally."

Despite its massive reduction in profits after tax, Harbour Energy has announced today a new $200m (£169m) share buyback programme.

Added together with its $200m annual dividend policy, it brings total announced shareholder returns to $1bn (£840m) since December 2021.

Harbour Energy expects "significant" job cuts in Britain and is reviewing its UK operations.

Harbour Energy saw its pre-tax profits of $2.4bn (£2bn) wiped out by windfall taxes, leaving it with a profit after tax of just $8m (£6.7m).

This came after the North Sea oil producer made revenues of $5.4bn (£4.6bn) in the wake of surging energy prices caused by Vladimir Putin's invasion of Ukraine.

1) Former Barclays boss Jes Staley sued over ties to Jeffrey Epstein | JP Morgan is suing its former chief executive as it faces two civil lawsuits over Staley's communications with the disgraced financier

2) EY shelves crucial break-up vote after backlash | Big Four firm postpones ballot on separating audit and consulting arms

3) Hunt warned he will damage Britain if crucial tax break is delayed | Chancellor urged to offer permanent support for business investment in next week's Budget

4) China can use TikTok to divide the West, warns FBI chief | Chinese app "screams" of US national security concerns

5) Heathrow mulls legal action after being forced to cut passenger fees | Airport lobbied for charges to be increased to £40 after Covid losses

Asian shares wobbled while the dollar was perched near a three-month high after a spate of economic data overnight appeared to support Federal Reserve Chairman Jerome Powell's hawkish guidance on further interest rate increases.

In his second day on Capitol Hill, Powell stuck to his message of higher and potentially faster interest rate rises, but emphasised that debate was still underway with a decision hinging on data to be issued before the US central bank's policy meeting in two weeks.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1pc, after falling 1.4pc the previous session.

China's bluechips slid 0.4pc and the yuan weakened 0.2pc after softer-than-expected inflation data for February revived doubts about the pace of economic recovery. Hong Kong's Hang Seng Index gained 0.3pc.

Japan's stocks closed higher for a fifth straight day on Thursday, with investors taking heart from recent rallies.

The benchmark Nikkei 225 index rose 0.6pc to end at 28,623.15, while the broader Topix index gained 1pc to 2,071.09.

Wall Street delivered mixed results as data showed job openings remain elevated, private payrolls beat consensus estimates and demand for home loans increased despite higher mortgage rates..

The Dow Jones Industrial Average finished down 0.2pc at 32,798.40. The broad-based S&P 500 added 0.1 percent at 3,992.01, while the tech-rich Nasdaq Composite Index advanced 0.4 percent to 11,576.00.

The two-year Treasury yield surged to 5.06pc, while the benchmark 10-year Treasury yield was little changed at 3.97pc