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UK facing 2023 recession; oil higher after Opec+ sticks with output cuts – business live

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Many pubs and breweries across the UK will be forced to shut their doors for good as they face rocketing losses without further energy support, industry bosses have warned.

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Calculations in a report by the consultancy Frontier Economics, produced for the British Beer and Pub Association (BBPA), showed that energy bills returning to their regular rate from April would put pubs and brewers at a loss of 20% on average.

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Businesses have benefited from the energy bill relief scheme but face uncertainty when the scheme finishes at the end of March. The report showed that energy costs were the biggest threat to their viability and “would be even more lethal” when the relief scheme ends.

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The copper price has touched a three-week high this morning, after some Chinese cities relaxed their tough Covid-19 restrictions.

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The three-month London copper price gained 0.6% to $8,504 per tonne, the highest since mid-November.

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Other industrial metals prices also rose, after several cities including the financial hub of Shanghai relaxed some of their pandemic restrictions.

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An expert on China’s state media has claimed that coronavirus is weakening and management protocols could be downgraded, days after mass protests broke out in several cities against the zero-Covid policies.

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Telecommunications company Vodafone has announced the departure of its CEO, Nick Read.

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Read has “agreed with the Board” that he will step down as CEO on 31st December, with CFO Margherita Della Valle stepping up to become interim CEO on top of her current job.

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Vodafone told shareholders:

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She will accelerate the execution of the Company’s strategy to improve operational performance and deliver shareholder value.

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Read’s departure comes three weeks after Vodafone cut its earnings guidance and announced a €1bn-plus (£879m) cost-cutting plan to cope with soaring energy bills and inflation.

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The company’s share price has languished on Read’s watch. It was around 150p when he was appointed CEO on 1 October 2018, but ended last week around 91p.

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