Money blog: Most expensive place to live in the world revealed - and it's not London or New York (2024)

Barclays has become the latest bank to lift its cap on top bonuses in the UK.

The lender's senior bankers will now be able to earn payouts of up to 10 times their base salary, up from a two-to-one ratio previously imposed by the EU in 2014 when the UK was a member, according to an internal memo seen by news agency Reuters.

A spokesperson for the bank said: "The revised bonus cap will not alter the way Barclays sets its incentive pool, which is based on overall Group performance.

"It will allow us greater flexibility to differentiate individual bonuses within a small and defined group of colleagues."

Banks including Goldman Sachs and JPMorgan have already taken similar action, in moves that were first revealed by Sky News.

You can read more on this below...

Cruise ships which could be eight times the size of the Titanic will be in service from 2050 amidbooming demand for holidays afloat, according to a study.

The campaign group Transport & Environment (T&E) foundtheworld's biggest cruise ships were now twice as big as they were in 2000.

If the current growth rate were to continue, the biggest vessels in 2050 would be almost eight times bigger than the Titanic and carry nearly 11,000 passengers, the study said.

The company also found the number of ships has increased more than twenty-fold from only 21 ships in 1970 to 515 vessels today.

As a result of such rapid growth, T&E warned these floating cities "will emit more greenhouse gases and pollutants than ever before".

It has therefore made a number of policy recommendations it believes will help, including a €50 tax on a typical cruise journey ticket which would bring in €1.6bn globally (cruise ships are currently exempt from fuel duties as well as most corporate and consumer taxes).

In its study, the campaign group also found Southampton is the busiest cruise ship port in the UK and ranks seventh for the most sulfur oxide air pollution coming from cruise ships in Europe.

In May, T&E found that Southampton suffers the highest levels of ship-produced emissions of nitrogen oxides and fine particulate matter of any port in the UK - more than half of this was produced by just 46 cruise ships calling at the port.

Jonathan Hood, UK sustainable shipping manager at T&E, said: "With today's cruise ships making the Titanic look like somebody's private yacht, the question is - how much bigger can these giants get? The cruise business is the fastest growing tourism sector and its emissions are spiralling out of control."

Currently, theworld's largest cruise ship is Royal Caribbean Group'sIcon of the Seas, which is 1,197ft- long and boasts 20 decks.

The ship can house a maximum of 7,600 passengers.

April Mortgages has announced it is cutting interest rates on its range of fixed rate mortgages.

Rates across the mortgage lender's range of five, 10 and 15-year fixed rate mortgages have been cut by up to 0.10 basis points.

As a result, rates start at 4.80% for the five-year fix, at 4.85% for the 10-year fix and at 4.95% for the 15-year fixed rate product.

"These really are worthy of strong consideration now," Simon Bridland, director at the mortgage broker Release Freedom, told Newspage.

"The security of a longer term deal certainly isn't for everyone, especially those used to being offered the standard two to five year terms with the ability to regularly shop around. But perhaps they should take a look at April, given the flexibility they have on redemption penalties."

James Pagan, director of product and portfolio management at April Mortgages, said the lender was "determined to bring true peace of mind to the nation's mortgage borrowers and brokers", and these "rate reductions make the prospect of securing a longer-term fixed rate even more attractive".

He said: "We know that these products can make a real difference to borrowers, and are committed to reaching as many as possible by working closely with brokers."

April Mortgages is a UK subsidiary of the Dutch asset manager DMFCO.

Deliveroo has made its first ever profit of £1m over the first half of this year.

The food delivery app was launched in 2013 - meaning it has gone more than 10 years without making a profit.

The company said it had seen encouraging signs in terms of consumer behaviour as food price rises continued to ease.

It posted a profit of £1.3m for the first half of the year, swinging from a loss of £82.9m this time last year.

The number of orders placed over the period increased by 2% to a total of 147 million.

Gross transaction value per order - which means the average cost of people's food baskets plus delivery fees - was £25, up from £24.20 the prior year.

This was primarily driven by higher item prices, which are set by restaurants and shops, even though the rate that prices are rising continues to slow.

In the UK and Ireland, total spending jumped by 7% at constant currency, partly driven by customers placing orders more frequently.

Deliveroo said it benefited from new restaurants on the platform, such as Pizza Pilgrims and Wingstop, as well as more grocery options and brands such as Ann Summers and B&Q selling products through the app.

Walkers and Heinz have launched three new crisp flavours.

The crisps - Sausage Sarnie and Heinz Ketchup, Roast Chicken and Heinz Mayo, and Cheese Toastie with Heinz Beans - are inspired by classic sandwiches.

The limited-edition snacks are available at supermarkets from today in both 45g grab bags for £1 each and multipacks of five 25g bags for £1.65.

Ocado has startedselling products in refillable packaging as part of a trial.

The new initiative sees products such as pasta, rice and washing liquid placed in reusable containers when customers purchase products online.

The empty containers are then returned to drivers when another order is made and then washed and refilled for a new customer.

It will come at no extra cost to shoppers.

Simon Hinks, product director at Ocado retail, told Retail Gazette: "Our customers are already used to giving their bags back to our drivers for recycling – so this is a really sensible next step for us to help our customers reduce single-use plastic on products they buy frequently."

Octopus Energy will extend an energy bills support scheme for pensioners after the government removed winter fuel payments for millions of elderly people.

The energy supplier said it will continue its £30m assistance fund into this winter, and that pensioners who do not meet the new criteria for receiving state support will be eligible.

Labour said in July it is changing the rules around the government's winter fuel payments scheme so that it will no longer be universal for all pensioners in England and Wales.

Now, only pensioners on means-tested benefits will qualify for the help, which is estimated to take the payments away from about 10 million people.

Chancellor Rachel Reeves has said making the scheme more targeted was a "difficult decision".

You can read about the changes to the winter fuel payments here...

The British airline has said it is dropping its daily flight to Beijing.

The flight has been removed from its schedule from 27 October, and the airline told Sky News it is "pausing" its route to the Chinese city.

"We're contacting any affected customers with rebooking options or to offer them a full refund. We continue to operate daily flights to Shanghai and Hong Kong," it said.

It did not say why the suspension was being put in place.

British Airways had been operating four weekly flights to Beijing's new Daxing airport on Mondays, Tuesdays, Thursdays and Saturdays.

Customers will still be able to purchase China Southern flights to Beijing on the British Airways website due to an existing joint business agreement.

The news comes weeks after Virgin Atlantic scrapped its UK flights to Shanghai, saying it was a "commercial decision" due to "significant challenges and complexities on this route".

Flight times to some Asian countries in particular are taking much longer due to having to avoid Russian airspace during its invasion of Ukraine, and it's thought this could be partly behind the decision.

Geneva is the most expensive city to live in, according to new data.

Internet database Numbeo found in its cost of living index, which it publishes every six months, that the Swiss city had the highest overall cost of living score.

In second place was the Swiss city of Zurich while New York came in at third.

Perhaps surprisingly for anyone who lives in London, the capital city was not featured in the top 10 (it came in 13th).

As for other UK cities, Edinburgh came in 30th - just above Amsterdam - while Manchester and Glasgow were 53rd and 54th.

US cities made up much of the top of the list.

The database company looked at factors such as the cost of groceries, eating in restaurants, rental costs and how far local currency goes to formulate its results.

Where are the 10 most expensive cities in the world?

1. Geneva

2. Zurich

3. New York

4. San Francisco

5. Boston

6. Reykjavik

7.Washington DC

8. Seattle

9. Los Angeles

10. Chicago

By Daniel Binns, business reporter

The Footsie is down again this morning as stock markets wobble over the state of the US economy - with JP Morgan predicting there is a 45% chance of a recession there next year.

The finance giant also upped its forecast for the chances of one happening this year in the world's largest economy to 35%.

Markets around the world had been gradually recovering in recent days following Monday's sharp falls, but the situation appears to be on the downward trend again on Thursday.

Asian markets also slumped earlier, with Japan's Nikkei 225 Index - which was among the biggest losers on Monday - down 0.7% at the close.

This morning the FTSE 100 is down more than 1%, while the FTSE 250 has fallen 1.4%.

The top gainer is insurance company Beazley, which is up more than 14% after it upgraded its outlook for the year.

The firm, which commands almost a tenth of the global cyber insurance market, also reported a doubling of its pre-tax profits for the first half of 2024.

Another riser is Ladbrokes owner Entain, which has gained 7.5%.

It comes after the gambling firm, which also owns Coral, upped its annual forecast after receiving a boost from betting on the Euros and Premier League.

The worst-performing companies on the index on Thursday include manufacturing firm Spirax Group, which has slipped 9%, and BT Group, which has fallen 5%.

However, in contrast to the stock market, the price of oil is continuing to recover this week.

A barrel of the benchmark Brent crude is currently priced at $78 (£61), up from $76.5 (£60) this time yesterday.

On the currency markets, £1 buys $1.27 US or €1.16 this morning, similar to Wednesday's rates.