FTSE falls as experts warn UK inflation could hit 18% next year

The Market Report with Katie Pilbeam.

FTSE 100 opened lower, losing 20 points to 7,513. London’s blue-chip index mirrored falls in global markets as investors fretted that the battle against inflation may be longer than expected.

British Airways owner, International Consolidated Airlines, cancelled a further 10,000 short-haul flights. The move was prompted by staff shortages at Heathrow airport.

Patrick Drahi’s chances of taking over BT grew today when the government waved away security concerns. The government said it would take “no further action” over his 18% stake.

Elon Musk subpoenaed former Twitter chief executive Jack Dorsey, according to court documents. The Tesla CEO is trying to back out of his US$44bn deal to buy the social media company.

Pantheon Resources uncovered a ‘world-class oil’ discovery on its Theta West acreage in Alaska. Independent consultants Baker Hughes AHS estimates there is a continuous column of oil-bearing cuttings of at least 1,360 feet.

Rainbow Rare Earths unveiled an updated technical report detailing how it will economically extract rare earth elements from the phosphogypsum stacks at its Phalaborwa project in South Africa. It expects to complete the Phalaborwa PEA at the end of September/early October.

Powerhouse Energy agreed terms with Hydrogen Utopia to develop a waste plastic to hydrogen plant in Poland. “This formalises PHE’s position in the Konin project and brings an end to speculation within the market on what PHE’s role will be,” said Keith Riley, PHE’s interim chairman