Thursday newspaper round-up: Windfall profits, London properties, Asda

by | Jul 6, 2023

(Sharecast News) – The world’s 722 biggest companies collectively are making more than $1tn a year (£780bn) in windfall profits on the back of soaring energy prices and rising interest rates, according to research by development charities. The companies made $1.08tn this way in 2021 and $1.09tn last year, according to analysis of Forbes magazine data by the charities Oxfam and ActionAid. The collective profits were 89% higher than the previous four-year average covering 2017-2020. – Guardian
More than 70% of “prime central London” properties sold so far this year have been bought entirely in cash, according to a report by estate agents Savills that fuels concerns that rich overseas buyers are snapping up properties at the expense of working Londoners. A total of 71% of prime central London – an estate agent term for an area that stretches from Chelsea to Camden and Notting Hill to Westminster – have been bought mortgage-free in the seven months from January. That compares with about 35% for the UK as a whole. – Guardian

Britain has suffered the worst house price falls of any major European economy as persistent inflation and rising mortgage rates deter buyers. House prices in the UK fell by 3.1pc on an annual basis in the first three months of 2023, compared with a 1pc fall in Germany and a 2.7pc rise in France during the same period, according to a report from Knight Frank. In Italy, prices grew by 1.1pc, while Spain recorded growth of 3.1pc. – Telegraph

A health technology business co-founded by Daniel Ek, the chief executive of Spotify, has raised €60 million to open clinics throughout Europe and Britain that aim to pick up serious diseases early. Neko Health has developed a body-scanning technology that it is claimed can give patients a full check-up in about ten minutes. Seventy different sensors will search for health issues, monitoring moles, skin changes, body temperature and mapping the cardiovascular system, while a nurse will take blood to look for diseases such as diabetes. Once the scan is completed, underlying problems can be identified and recommendations offered. – The Times

Asda has been summoned to appear before MPs again after “discrepancies” emerged over its fuel pricing strategy and “unclear” fire-and-rehire policy. The Commons’ business and trade committee has written to Mohsin Issa, a co-owner of Asda, about “concerns” regarding comments made by the supermarket chain’s chief commercial officer at an evidence session on fuel and food prices inflation. – The Times

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