BUSINESS LIVE: Inflation erodes Britons’ pay; Glencore sets aside £1.1bn for litigation; BHP profits soar
Workers in Britain saw their earnings shrink when adjusted for inflation in late 2021, data from the Office for National Statistics shows, adding to signs of a growing squeeze on living standards in the country.
Regular earnings fell by 0.8 per cent in real terms, based on the CPIH inflation measure, in the three months to December.
Glencore has set aside $1.5billion (£1.1billion) to resolve a number of investigations by global authorities into allegations of bribery and market manipulation.
The company, one of the world’s biggest miners and commodity traders, is facing probes from US, UK and Brazilian regulators and enforcement authorities.
Mining giant BHP released record half-year earnings Tuesday, with profits up 77 per cent, as it posted a record interim dividend of $1.50 (£1.11).
BHP’s Western Australia iron ore business drove the miner’s $9.4billion (£7billion) attributable profit, helped along by strong prices for coking coal and copper.
Employment was down by 38,000 in the October-to-December period, the biggest fall since the three months to February last year when Britain under was under a tough coronavirus lockdown.