PROMOTION: The rate of growth is fast; Britvic takeover canceled; The Captain has to cut staff

Outsourcing boss Capita has increased its cost-savings target from £160million to £250million, with the group’s AI push expected to increase job losses.

The London-listed company, which employs 41,000 people around the world, said the increasing use of artificial intelligence has helped reduce costs.

Capita said staff reductions – meaning employees choose to leave the company – will contribute around 21 per cent to the savings target and reduce the need for salaries.

Capita also said it expects to make up to £20million a year from the national insurer’s rate hike next year.

A £4billion Greek investment firm has confirmed plans to seek an initial listing in London as a new boost for the City.

Metlen Energy & Metals, based in Athens, said yesterday that it has submitted a document to the watchdog, the Financial Conduct Authority (FCA).

This is the first step in the legal process that will see the company list in London in 2025, the company said.

Thomas Pugh, economist at RSM UK:

‘The increase in inflation, excluding funds to 5.2% will put another nail in the coffin of the interest rate cut on Thursday. What’s more, there is little evidence that firms have reduced pre-financing practices. Our case is that the MPC will cut rates once a quarter next year, but strong inflation and a second Trump presidency increase the likelihood of a lower rate cut. of lowering rates.

‘There is little evidence that pre-financial concerns have caused firms to change their business plans. The workforce increased by 173,000 in the three months to October, and the unemployment rate remained at 4.3%. Admittedly, the employment figures are not reliable at this time because the jump was driven by changes in the data rather than true inflation. It is also likely that most of the impact on the labor market will come after the budget. In fact, the number of workers on payrolls fell by 35,000 in November, but this measure is highly volatile and we don’t really believe the numbers for one month since so this is one to watch.

‘If the inflation figures are more realistic, though, the MPC is worried. With the previous bank rate rising to 5.4%, it is likely that inflation will grow faster in Q4 than the 5.1% recorded by the MPC. The MPC will therefore have a strong case for keeping rates at 4.75% on Thursday and will be more cautious about cutting interest rates next year.’

Britain’s competition regulator has rejected Carlsberg’s takeover of soft drinks maker Britvic, saying the £3.2 billion sale does not warrant a deeper investigation.

Carlsberg made a deal to buy the British brewer in July, with the aim of setting up a British brewery.

The deal, which is expected to close on January 16, will see the Danish conglomerate take over Britvic’s bottling agreement with PepsiCo. Carlsberg has released PepsiCo drinks in many markets and sees the potential to expand into other countries in the future.

Carlsberg and Britvic said in a separate statement that all legal requirements have been met, including approvals from the European Commission and the UK’s Competition and Markets Authority.

UK wages rose by a stronger than expected 5.2 per cent in the three months to October, according to the latest data from the Office for National Statistics.

The data, which exceeded forecasts of 5 percent growth in pre-tax weekly earnings, further weighed on expectations of the speed and scale of the rate cut. Bank of England interest.