By John Ely Senior Health Reporter For Mailonline
12:27 17 Nov 2023, updated 12:27 17 Nov 2023
NHS bosses are offering a £100,000 contract for anti-racism consultancy services, MailOnline can reveal.
The tender — branded ‘woke’ by critics — was posted by NHS Blood and Transplant (NHSBT), which manages blood supplies and organ donation in the UK.
The successful bidder will ’embed intentionally inclusive and anti-racist behaviours across our organisation’.
NHSBT wants a ‘solution’ which includes topics such as ‘racial equity, social justice, civility, cultural intelligence, and active bystander and inclusion’.
Critics slammed the six-figure spend on ‘woke waste’ and called for ‘every penny’ to go towards frontline care instead.
Cash-strapped hospitals are mulling scaling back operations this winter to balance the books, despite the waiting list sitting at an all-time high.
But NHSBT argued hiring an anti-racist consultancy would help tackle backlogs by increasing the organisation’s credibility with ethnic minority Brits. It also comes amid allegations of years of racism within the service.
A spokesperson said: ‘This project contributes to delivering better frontline care and reducing waiting lists, particularly for patients from ethnic minority backgrounds.
‘Our staff need to be able to encourage more donors from ethnically diverse backgrounds to donate blood, organs and stem cells.
‘This will mean we give more patients the best treatment that saves and improves their lives.’
NHSBT claims that boosting donations from minority groups would reduce the organ transplant waiting list and help prevent Brits with blood disorders needing A&E care, dropping overall pressure on the NHS.
In the application document, NHSBT wrote the consultancy was part of their ‘vision’ to be an ‘intentionally inclusive and anti-racist’ organisation.
Anti-racism is a term that means being actively opposed to racism, as opposed to simply not being racist.
NHSBT added the contract will be considered a success when their employees have a greater understanding of ‘race equity’, they are not disadvantaged by their characteristics, and its recruitment policies are ‘intentionally inclusive’.
Tom Ryan, policy analyst at campaign group the TaxPayers’ Alliance, told MailOnline the public would be dismayed by the spend.
‘Taxpayers are sick of seeing vital health funds spent on these right-on initiatives,’ he said.
‘With waiting lists still punishingly long, every penny should be directed at delivering frontline care.
‘It’s time for the health service to put patients first and crack down on woke waste.’
The anti-racism contract comes just weeks after ex-Health Secretary Steve Barclay wrote to NHS leaders slamming them for wasting taxpayer cash on costly diversity officers rather than spending it on frontline care.
He wrote: ‘Current live adverts include jobs with salaries of up to £96,376, which is above the basic full-time pay for a newly promoted consultant.
‘I do not consider that this represents value for money, even more so at a time when budgets are under pressure as we work to tackle the backlog left by the pandemic.’
Mr Barclay was sacked as Health Secretary last week.
His successor, Victoria Atkins, has yet to make a similar commitment to crackdown on woke waste in the NHS.
A spokesperson for the Department of Health and Social Care (DHSC), which is one of the key funders of NHSBT, said: ‘Taxpayers rightly expect value for money from every penny spent in our NHS.
‘That is why the NHS and all of the department’s arms-length bodies continuously review whether their diversity and inclusion projects are good value for money, and consider ways to improve.’
NHSBT has previously been accused of racist practices and attitudes.
In October last year, Melissa Thermidor, a marketing executive who worked for NHSBT, revealed she was suing the service for constructive dismissal.
She claimed she was subjected to racist stereotypes such as being a ‘shouty’ and ‘aggressive’ black woman.
Ms Thermidor also shockingly claimed that colleagues used a disparaging term of ‘Tesco donors’ to refer to black people who donated blood because that’s where colleagues allegedly said black people were most likely to shop.
And in 2020, an independent report was leaked which claimed there was ‘evidence of systemic racism’ at an NHSBT site.
The body’s six-figure cash splash comes as other parts of the health service in England have been told they can cancel elective care appointments to help balance their budgets.
A wave of unprecedented industrial action by staff created £1.1billion financial black hole, as hospitals had to pay ‘premium rates’ to for other workers to cover the strikers.
Health bosses had hoped to recoup the funds from Government, but Downing Street only gave them £800million.
This led to NHS England telling trusts to scale back routine care for the rest of the year in a bid to ‘achieve financial balance’.
NHSBT is a special health authority sponsored by DHSC, meaning it is separate from the general umbrella of NHS England and other national bodies.
Organ and blood donation rates from minority groups in Britain has lagged behind national averages for years.
The latest data from NHSBT, for 2022/23, shows only 4 and 2 per cent of deceased donors were from Asian or Black backgrounds, respectively.
In contrast, people from Asian backgrounds accounted for 19 per cent of the transplant waiting list, and for Black Brits this was 11 per cent.
Blood donation also lags behind need, with only 1 per cent of active blood donors being Black.
This is despite 55 per cent of Black people having a blood type that can help treat patients with the blood disorder sickle cell anaemia, a condition that disproportionately affects Black Brits.
In comparison, just 2 per cent of the general population have the Ro blood subtype that patients with sickle cell need.
Ben Cook has left here for Australia and is selling eight properties in an August 25 auction. Photo / Supplied
One of the country’s biggest private retail real estate investors is quitting New Zealand for Australia – sparking a $100m sell-off.
Ben Cook boasts a portfolio stretching from Auckland to Central Otago including a string
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The big sell-off
- Most of top 10 cities were in the South and Midwest, Livability.com data showed
- The winning city, Johns Creek, GA, ‘exudes southern charm’, researchers said
The best 100 places to live in the US have been named, with Johns Creek in Georgia, Flower Mound in Texas and Carmel in Indiana topping the list based on cost of living, transport and the local economy.
The South and Midwest stormed to the top of the rankings, with the winning city ‘exuding southern charm’ according to researchers.
The winning cities were determined by a combination of factors including house prices, wages, schools and the environment.
Only cities with populations between 75,000 and 500,000 were considered by researchers – meaning the better-known hotspots like New York and LA didn’t make the cut.
Livability.com released its yearly list at a time when Americans are struggling with the cost of living, and when many will be keeping an eye out for the most affordable places to relocate which can also offer the highest quality of life for their families.
1. Johns Creek, GA
Johns Creek (population 82,493), is nestled in the rolling landscapes of Georgia, and earns its place in the top spot thanks to its modern amenities, community spirit, and natural beauty.
Its median home value is $453,747, and it is home to one of the region’s largest concentrations of health care companies, offering residents high-paying jobs and excellent medical care.
The Atlanta suburb ranks highest in terms of its local economy, health and the safety residents feel living there.
It’s a tight-knit community and family-friendly, with a huge range of outdoor activities easily-accessible.
It is also animal-friendly, boasting one of the country’s best dog parks which is fully kitted-out for the hot weather
Livability scores
- Overall – 877
- Amenities – 76
- Economy – 96
- Education – 74
- Environment – 70
- Health – 91
- Housing – 58
- Safety – 91
- Transportation – 68
2. Flower Mound, TX
Flower Mound, which has a population of 81,173, is perhaps unsurprisingly known for its beautiful flora and fauna.
The city is also popular due to its safe neighborhoods, highly-rated schools and low property taxes. Houses cost on average $423,603.
Situated on Grapevine Lake, lovers of the great outdoors are able to enjoy scenic views, picnic sites, fishing areas, and hiking and biking trails if they decide to relocate to the city.
Livability scores
- Overall – 872
- Amenities – 64
- Economy – 90
- Education – 78
- Environment – 57
- Health – 85
- Housing – 81
- Safety – 85
- Transportation – 73
3. Carmel, IN
Carmel, a city with a population of 103,628, is situated just north of Indianapolis, and offers residents a slightly slower lifestyle.
The city has one of the list’s highest safety scores and is a relaxed place for people to raise a family.
There are plenty of cultural activities to take part in, with multiple theaters and a world-class performing arts center.
House prices are on average $388,578, and there is terrific access to jobs and healthcare, according to Livability.com.
Livability scores
- Overall – 866
- Amenities – 62
- Economy – 92
- Education – 77
- Environment – 52
- Health – 88
- Housing – 77
- Safety – 88
- Transportation – 81
4. Broomfield, CO
Broomfield, Colarado, is set in the stunning snow-capped Rocky Mountains and has a population of 76,856.
Located between Boulder and Denver, the city’s idyllic backdrop paired with its low cost of living makes it a great place for families to settle.
Homes cost on average $491,306, with housing options ranging from sprawling lots to smaller dwellings in friendly neighborhoods.
Ski-lovers are undoubtedly attracted to the area, which has no shortage of outdoor activities and plenty of amenities – making it a thriving local economy.
Livability scores
- Overall – 855
- Amenities – 64
- Economy – 97
- Education – 86
- Environment – 67
- Health – 68
- Housing – 65
- Safety – 68
- Transportation – 74
5. Sugar Land, TX
Sugar Land residents are sure to enjoy the sweet life as the city of 118,604 residents is said to be well-designed, boasting safe neighbourhoods and a top-tier medical care.
The city’s name, pretty obviously, comes from its history as a major sugar producer, but the town is increasingly moving into other sectors, attracting industries like biotech, insurance and manufacturing to set up shop there.
Communities are said to be highly-educated and diverse, making them welcoming to families.
House prices are, on average, $361,907 – and varied suburbs include waterfront neighborhoods and Italian-Renaissance-style townhouses.
Livability scores
- Overall – 854
- Amenities – 65
- Economy – 86
- Education – 81
- Environment – 42
- Health – 75
- Housing – 82
- Safety – 75
- Transportation – 75
6. Cary, NC
Cary, North Carolina, is flanked by the Western Carolina mountains and the famous East Coast beaches of the Outer Banks.
Its stunning location offers its 180,391 residents a high quality of life, while they also benefit from a thriving economy, excellent schools and a range of outdoor activities.
It is said to have a ‘robust job market’ and houses on average come in at $438,130.
Livability scores
- Overall – 849
- Amenities – 62
- Economy – 86
- Education – 79
- Environment – 69
- Health – 84
- Housing – 72
- Safety – 84
- Transportation – 87
7. Overland Park, KS
Overland Park, home to 200,773 people, has long been considered a gateway to the much larger Kansas City.
It’s tight-knit community with top schools, and is said to be warm and welcoming to new families hoping to settle in the area. Houses cost an average of $353,316.
Cultural activities are easy to come by, with theaters and craft studios, as well as lovely restaurants and a popular Farmers’ Market.
Livability scores
- Overall – 849
- Amenities – 66
- Economy – 88
- Education – 88
- Environment – 58
- Health – 63
- Housing – 61
- Safety – 63
- Transportation – 85
8. Fishers, IN
Fishers, Indiana, which currently has 103,610 residents, is set to see growth over the coming years as the population increases by roughly 2 per cent annually.
The area has an incredibly low crime rate – over five times lower than the national average – as well as a focus on making sure its residents lead healthy lifestyles.
‘I think Fishers is so special because it has such a variety of amenities — a family looking for things to do, a solo adventure, if you are looking for a girls’ night, a guys’ getaway. There is a really diverse amount of attractions and dining,’ Gabriella Blauert, communications manager for Visit Hamilton County, told Livability.com.
House prices are on average $331,594, and the city boasts an entrepreneurial spirit which is encouraged by a strong business community and an abundance of workspaces.
Livability scores
- Overall – 848
- Amenities – 58
- Economy – 90
- Education – 68
- Environment – 55
- Health – 89
- Housing – 87
- Safety – 89
- Transportation – 77
9. Naperville, IL
Naperville, a charming western suburb of Chicago which is home to 149,293 people, was recently named as one of the safest cities in America.
It has top schools, hospitals, and one of the country’s best libraries. Commuting is said to be a breeze and house prices are around $438,434 on average.
Livability scores
- Overall – 841
- Amenities – 72
- Economy – 76
- Education – 83
- Environment – 46
- Health – 88
- Housing – 63
- Safety – 88
- Transportation – 67
10. Troy, MI
Troy, which is home to a population of 87,252 and located just north of Detroit, offers residents high-quality amenities and services.
It has a thriving local economy with dozens of major companies based there (such as J.D. Power & Associates and ThyssenKrupp) and house prices come in at around $352,806.
For outdoorsy types there is a thousand acres of parkland in the city, as well as an abundance of lakes and streams and two golf courses.
Livability scores
- Overall – 837
- Amenities – 71
- Economy – 75
- Education – 75
- Environment – 57
- Health – 83
- Housing – 75
- Safety – 83
- Transportation – 70
A four bedroom bungalow has gone under the hammer with a bargain guide price of £100,000 but the potential new owners will have a big clean up job on their hands.
The detached property in the picturesque village of Pant, Shropshire, comes with a guide price £180,000 cheaper than the average UK house price.
The estate agents described the home as having ‘fantastic potential’ and boasts a gated driveway, a front and back garden, a hallway, lounge, sitting area, kitchen, bathroom and shower room, as well as four bedrooms.
But it’s definitely not ideal for house hunters looking for somewhere move-in ready as the property is cluttered with rubbish.
It will go under the hammer with a guide price tomorrow and viewings are by appointment only.
The bungalow is being sold well below market value, but once potential buyers enter the door they will see why.
Although it seems like an average property at first glance from the roadside, photos show how the interior is filled with overflowing boxes of old possessions.
A bedroom with a TV lying face down on piles of clothes and bedding while another has a filthy armchair and rubbish on the floor.
The home is strewn with piles of rubbish in almost every single room and the interior is filled with overflowing boxes of old possessions.
The messy garage is almost stacked to the ceiling, which has a hole in it, with household items including a lawnmower, chairs and cardboard boxes.
Estate agents Town and Country are advertising the property as being of ‘non standard construction’ in a ‘popular location’ with a ‘large plot’ of a quarter of an acre of land.
The listing states: ‘Town and Country Property Auctions are pleased to offer this detached four bedroom bungalow of non standard construction set on a large plot of approx. 0.25 acre and offering fantastic potential for development.
‘Set in the heart of the pretty village of Pant offering all amenities.’
Realty firm M3M India on Monday said its sales bookings jumped more than two-fold to record Rs 13,000 crore during the last fiscal on better demand for housing and commercial properties.
The Gurugram-based company, in a statement, said it has ”recorded the highest ever sales of Rs 13,000 crore, which is 113 per cent higher when compared to the sales of Rs 6,100 crore in FY22”.
Among listed entities, Macrotech Developers (Lodha Group) and Godrej Properties have already reported sales bookings of over Rs 12,000 crore each in the last fiscal.
DLF’s sales bookings are expected to be around Rs 15,000 crore, while Bengaluru’s Prestige Group is also estimated to clock sales bookings of around Rs 12,000 crore.
Giving further details of its operational performance in 2022-23, M3M said its sales bookings of housing properties increased more than two-fold to Rs 9,307 crore from Rs 4,022 crore in the previous year.
The company’s sales bookings in commercial properties rose 78 per cent to Rs 3,693 crore in the last fiscal from Rs 2,078 crore in the preceding financial year.
In terms of area, the company has sold about 10 million square feet of space in the last fiscal, up 81 per cent from 5.5 million square feet in the previous fiscal.
M3M India sold 6,380 residential and commercial properties in 2022-23 against 4,017 units in the previous year.
The company sold 4,124 residential units in FY23 against 2,646 units in the previous year. It sold 2,257 commercial units in FY23 compared to 1,371 commercial units.
M3M India said that more than 10 projects are under construction, comprising about 20 million square feet of overall space, where the company is investing about Rs 7,600 crore.
”M3M has an ambitious plan lined up in the FY24 with the launching of a combination of about 8-10 ultra-luxury residential and commercial projects in Gurugram, Noida and Panipat, with overall saleable space of about 14-15 million square feet. The company is looking forward to a topline of about Rs 20,000 crore through these projects,” said Pankaj Bansal, director of M3M India.
The projects lined up for the launch include – residential and commercial projects in Noida, plotted development in Panipat on a 350-acre land parcel, residential projects in sector-79 Gurugram, retail project in sector-57 in Gurugram and ultra-luxury residential project on Dwarka Expressway in sector-111, Gurugram.
By the end of FY22, M3M had a debt of Rs 1,873 crore, out of which the company has already paid Rs 1,369 crore, the statement said.
M3M has a land bank of about 3,000 acres. It has about 50 projects with 3 crore square feet of delivered space.
M3M India is one of the leading real estate developers in Delhi-NCR.
Last week, Uttar Pradesh RERA issued a notice to M3M India for allegedly starting promotion and marketing for the sale of units in a project in Noida without registering it with the authority in a direct violation of rules.
M3M India, however, said the particular campaign mentioned by the UP RERA is not publicity of the project NOIDEA but the overall corporate branding campaign.
The company is also engaged in a legal battle with DLF and Shipra Group for 73-acre land in Noida’s Sector 128.
Last week, Ghaziabad police launched a probe after Shipra Group alleged fraud by a finance company and another builder to usurp its land in Noida.
The police have booked 18 people, including current and former officials of Indiabulls Housing Finance and M3M India on charges of cheating, forgery and criminal conspiracy, among others, according to the FIR.
M3M India, however, had rejected the allegations, saying ”M3M is a law-abiding company, and we do our business following best practices with the highest level of integrity and corporate governance”.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
By Stephen M. Lepore For Dailymail.Com
00:25 23 Feb 2023, updated 00:34 23 Feb 2023
- Nearly two-thirds of Sunnyvale residents make at least $100,000 a year
- The city scored a perfect 100 under ‘quality of life’ metrics
- Six California cities made the top ten despite rising crime, homelessness
Sunnyvale, California – a city where nearly two-thirds of residents make $100,000 a year – topped the list of ‘happiest cities in America’ despite the Golden State seeing an exodus and drop in house prices.
In fact, California was home to six of the top 10 cities on the list, which combines 13 different metrics across three categories: personal finance, well-being and quality of life, according to SmartAsset.
Nearby Fremont and San Jose are also on the list at number four and eight, while down south, Santa Clarita and Irvine (ninth and tenth) and further north, Roseville (seventh) rounded out the top ten.
Bellevue, Washington finished third in the metrics, while Frisco and Plano, Texas each finished fifth and sixth.
The only city in the eastern half of the United States to finish in the top ten was Arlington, Virginia, home to the Pentagon and the US Department of Defense.
Sunnyvale topped the list because of its scores on the metrics of ‘well-being’ and ‘quality of life.’
At least 62.5 percent of residents in the city make $100,000 a year or more and it has the third-lowest percentage of residents below the poverty line.
The city also has a fairly low violent crime rate (149 per 100,000 residents) and a high marriage rate.
Arlington, which is home to several United States government workers in nearby Washington, has 48 percent of residents making $100,000 or more per year.
Cost of living makes up less than 35 percent of median household incomes and it resides in the county studied that has the fewest bankruptcy filings.
Bellevue, Washington (61 percent) and Fremont, California (55.4 percent) were second and third, respectively, of percentage of residents making at least $100,000 a year.
Frisco – a suburb of Dallas – has the highest marriage rate (62.6 percent) of any of the cities studied under the metrics.
The city also had a perfect 100 score in the ‘personal finance’ metric. The only other city to score a 100 in any category was Sunnyvale for ‘quality of life.’
Sunnyvale’s population was 155,805 at the 2020 census, making it the second most populous city in the county.
It also has a unique, unified Department of Public Safety in which all public servants are taught skills to be police officers, firefighters and EMTs.
The city has the second highest population in Santa Clara County and the seventh-highest in the San Francisco Bay Area.
Six of the top ten cities being Californian might be a surprise, as the city has gone through a turbulent few years since the pandemic with higher taxes, rising crime and a troubling homeless problem in major cities.
According to new research, there are 20 major cities in America that have seen house prices fall in the past year – four of which are in California.
The median single-family home price rose four percent in the fourth quarter from the same period last year. The average one-family residence now costs about $378,700, according to the National Association of Realtors.
Only 20 of the top 186 markets tracked by NAR saw declines in the fourth quarter, but experts suggest there may be more to come.
The west showed the lowest growth in the country at just 2.6 percent. Los Angeles has seen prices dip just 1.3 percent, but Sunnyvale’s nearby neighbors in San Francisco had the biggest drop in the country at 6.1 percent, with San Jose at 5.8 percent.
San Jose – the biggest city in Santa Clara County – had one of the biggest drops but is still the most expensive place to buy a home in the country at a median price $1,577,500. Prices peaked at $1.9million in early 2022.
Los Angeles, San Francisco and San Jose – all of which have seen huge problems with homelessness and crime in recent years – are three of the markets that have seen dips. Nearby Anaheim also showed a decline of 1.6 percent.
In fact, Bay Area homes are selling for below their listing price for the first time in 10 years, according to the San Jose Mercury News.
Daryl Fairweather, Redfin’s chief economist, told the Mercury News that it represents the larger exodus from the region, driven by remote work, especially in the tech sector.
‘We may see this new normal where the San Francisco Bay Area looks more like the rest of the country,’ she said.
However, according to the NAR, what’s driving the exoduses are massive tax breaks elsewhere, especially as California Governor Gavin Newsom hikes taxes on the rich.
In fact, all of the markets with house price decreases are run by Democratic mayors, with the ones in California and Colorado run by Dem mayors and governors.
An article published by the Los Angeles Times earlier in February found that the droves of residents are moving to northern Nevada and causing issues with pre-settled residents who are seeing rising prices and traffic troubles.
With people packing it in and heading for greener pastures, even more could flee with progressive Democrat assemblyman Alex Lee recently introducing a bill that would impose an extra annual 1.5 percent tax on residents – past and present – with a worldwide net worth above $1 billion, beginning in January 2024.
As early as 2026, the threshold for being taxed would decrease. Those with a worldwide net worth exceeding $50 million would have to pay a 1 percent annual tax on wealth, while billionaires would still be taxed 1.5 percent.
Worldwide wealth includes diverse holdings such as farm assets, arts and other collectibles, as well as stocks and hedge fund interest.
California already taxes the wealthy more than most states, with the top 1 percent of earners accounting for about half of the state’s income tax collections.
According to Forbes’ 2022 World’s Billionaires list, there are 186 billionaires living in California, down from 189 the year before, but far more than any other state.
In 2020, California had the greatest number of millionaire households in the US, with 1.14 million households having one million or more in investible assets.
While some are fleeing Los Angeles for the rise in taxes, others are worried that the homelessness, poverty and crime are on the rise as well.
Homelessness, and especially homelessness with the added facet of severe drug addiction, presents a significant issue for many major metropolitan areas in the US right now.
(Alliance News) – Stock prices in London were higher on Wednesday at midday, as investors hope for slower interest rate hikes by the world’s key central banks.
The FTSE 100 index was up 14.32 points, 0.2%, at 7,786.02. The FTSE 250 was up 160.60 points, 0.8%, at 20,014.05, and the AIM All-Share was up 5.85 points, 0.7%, at 873.67.
The Cboe UK 100 was up 0.1% at 778.45, the Cboe UK 250 was up 0.9% at 17,474.90, whilst the Cboe Small Companies was down 0.1% at 14,070.56.
Investors are hoping for a dialling back of the pace of interest rate rises, with markets now expecting a 25 basis point hike in US interest rates. Should the Fed raise rates as expected on Wednesday, this would take the federal funds rate range to 4.70% to 4.75%.
The Federal Open Market Committee will conclude its two-day policy meeting on Wednesday and announce its decision at 1900 GMT. This will be followed by a press conference with Fed Chair Jerome Powell at 1930 GMT.
“The FTSE 100 moved higher on Wednesday morning, with today’s trading session in London sandwiched by strong gains on Wall Street overnight and the US Federal Reserve’s decision on interest rates later,” says AJ Bell investment director Russ Mould.
“A lot is riding on the Fed dialling back the pace of rate hikes to 25 basis points and there will also be plenty of attention on the surrounding messaging from Chair Jerome Powell and his colleagues. Helping the market’s mood on Tuesday was data that revealed slowing US wage growth, another signal that inflationary pressures have peaked.
“Investors clearly hope we are getting closer to the point at which the Fed pivots away from rate rises and that it does so before too much economic pain has been inflicted.”
In the US on Tuesday, Wall Street ended higher, with the Dow Jones Industrial Average ending up 1.1%, the S&P 500 up 1.5% and the Nasdaq Composite up 1.7%.
New York stocks are called higher ahead of the Fed’s decision, which is made during US market hours. The Dow Jones Industrial Average was called up 1.1%, the S&P 500 index up 1.5%, and the Nasdaq Composite up 1.7%.
On Tuesday, figures from the Bureau of Labor Statistics on Tuesday showed that US wages and salaries increased in the final quarter of 2022.
According to the US Bureau of Labor Statistics, wages and salaries increased 1.0% in the three-month period ended December compared to September 2022. Wages and salaries increased 5.1% for the 12-month period ended December 31.
The European Central Bank and the Bank of England also hold their rate-setting meetings this week, with decisions due on Thursday. Both are expected to hike by 50 basis points.
In European equities on Wednesday, the CAC 40 in Paris and the DAX 40 in Frankfurt were both down 0.1%.
There was some good news for the eurozone, and the ECB, on Wednesday as a flash estimate from Eurostat showed that consumer price inflation slowed in January.
In January, the eurozone annual inflation is estimated at 8.5% last month, down from 9.2% in December. A year earlier, the inflation rate for January was 5.1%.
On a monthly basis, consumer prices in the eurozone fell by 0.4% in January.
The figures, however, do not include German inputs as they have been postponed.
“All in all, the data looks decent as a jump in core inflation has been avoided but uncertainty remains without final German figures. For the ECB, the muddied picture of inflation is annoying, but dont expect it to throw it off course for tomorrow. The jump in core inflation in some key countries will be enough for the central bank to confirm its current hawkish stance and add another 50 basis points to policy rates,” remarked ING Senior Economist Bert Colijn.
Eurostat also said the eurozone unemployment rate for December was 6.6%. This is stable compared with November 2022 and down from 7.0% in December 2021.
Meanwhile, the downturn in the eurozone’s manufacturing sector eased somewhat in January, according to survey results, as cost pressures faded.
The S&P Global eurozone manufacturing purchasing managers’ index rose to a five-month high of 48.8 in January from 47.8 in December.
At below the 50.0 no change mark, the reading shows the sector is still in contraction, though the pace has eased slightly.
The situation is “considerably brighter” than a few months ago, according to Chris Williamson, chief business economist at S&P Global Market Intelligence.
“Not only has the rate of output decline moderated now for three consecutive months, but business optimism about the year ahead has also surged higher over the past three months,” he said.
In the UK, the PMI from S&P Global showed the manufacturing sector continued to contract in January but input inflation eased.
The seasonally adjusted S&P Global-CIPS manufacturing PMI edged up to 47.0 points in January from December’s 31-month low of 45.3 and above the flash estimate of 46.7.
This marks the sixth consecutive month of contraction in UK manufacturing.
S&P noted that average input costs eased to a two-month low in January, however there was a slight uptick in selling price inflation.
Looking ahead, S&P said that manufacturers’ confidence is reviving from recent lows, hitting a nine-month high. However, it noted that the mood continues to be darkened by concerns over price inflation and the possibility of recession.
The pound was quoted at USD1.2327 at midday on Wednesday in London, down compared to USD1.2375 at the equities close on Tuesday. The euro stood at USD1.0895, higher than USD1.0861. Against the yen, the dollar was trading at JPY129.84, down compared to JPY130.17.
In the FTSE 100, Ladbrokes- owner Entain gained 2.0%, making it one of the best performers of the morning.
The London-based gaming and sports betting firm lifted its outlook following a World Cup boost.
Entain said it expects earnings before interest, tax, depreciation and amortisation for 2022 to be in the range of GBP985 million to GBP995 million. It had previously guided for a range of GBP925 million to GBP975 million.
At best, the new guidance represents a 13% rise from 2021’s Ebitda of GBP881.7 million.
For the fourth quarter of 2022, net gaming revenue rose 11% year-on-year and 7% at constant currency. Entain reported “record” online net gaming revenue. It rose 12% year-on-year, reflecting a “successful men’s World Cup, partly offset by weather disruptions to sporting fixtures”, Entain explained.
Looking ahead, Entain said it has started 2023 with “good momentum” across the business.
Telecommunications firm Vodafone was one of the worst FTSE 100 performers at midday.
It shed around 2.1%, after its CEO said “we can do better” as it reported that growth slowed in the third-quarter.
On an organic basis, service revenue rose 1.8% on-year during the quarter ended December 31. It had risen 2.5% yearly in the second quarter.
On a reported basis, service revenue was 1.3% lower on-year at EUR9.52 billion from EUR9.65 billion. Total revenue amounted to EUR11.64 billion, down 0.4% from EUR11.68 billion a year earlier, but up 2.7% on an organic basis.
“Although we’re continuing to target our financial guidance for the year, the recent decline in revenue in Europe shows we can do better. We need to do more for our customers by delivering quality connectivity in an easy way. We’ve already taken action, including simplifying our structure to give local markets full autonomy and accountability to make the best commercial decisions for their customers,” Chief Executive Margherita Della Valle said.
Della Valle became interim chief executive at the start of the year, replacing Nick Read who departed after just over four years in the top job.
interactive investor analyst Richard Hunter said: “[Wednesday’s] share price performance continues to reflect the enormity of the challenges ahead.
“Whether the newly appointed CEO can revitalise fortunes remains to be seen, but there is unquestionably a mountain to climb. As such, the jury remains out on immediate prospects, with the market consensus coming in at a hold, albeit a strong one.”
Vodafone backed its annual guidance, expecting adjusted Ebitda after leases between EUR15.0 billion and EUR15.2 billion. At best, that would be around the EUR15.21 billion achieved in financial 2022.
In the FTSE 250 index, London-based commercial property investor UK Commercial Property REIT lost 4.2%.
In the quarter to December 31, the company’s net asset value fells by 22% to 79.7 pence per share from 101.5p at September 30. NAV total return was negative 21%, compared to negative 7.9% a quarter ago.
However, the company reported a 12% rise in earnings per share to 0.82 pence as at December 31, up from 0.73p on September 30. It also declared a dividend of 0.85 pence per share for the quarter, up from 0.75p a year prior.
Brent oil was quoted at USD85.42 a barrel at midday in London on Wednesday up from USD85.27 late Tuesday. An OPEC meeting is scheduled for Wednesday.
Gold was quoted at USD1,929.43 an ounce up against USD1,927.04.
In addition to the Fed’s interest rate announcement, the economic calendar on Wednesday has a US manufacturing PMI and labour turnover survey.
By Sophie Rose, Alliance News reporter
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