Global oil markets experienced a continued downturn, with prices falling for the sixth consecutive day, marking the longest losing streak in over a year. The decline has been driven by reports that Saudi Arabia is planning to restart its east-west pipeline, alongside growing optimism regarding potential progress in diplomatic talks between the United States and Iran.
In the UK retail sector, The Co-operative Society has appealed to Andy Burnham’s government to establish a stable environment conducive to business investment. The mutual emphasized the necessity of such certainty to sustain its “lifeline stores” located in both urban and rural communities across the country.
Kate Allum, who currently serves as interim chief executive following the sudden departure of Shirine Khoury-Haq last year, reaffirmed the organization’s commitment to its service network. “We have no intention of closing any lifeline stores,” Allum stated, noting that while the Co-op aims to continue expanding its substantial estate, it requires a predictable policy landscape to avoid unintended consequences from government decisions.
Highlighting the challenges facing the broader economy, Allum pointed out that consumer confidence remains fragile. She observed that cost-of-living pressures continue to be the primary concern for members, a trend that has persisted for a significant period.
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