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May 27th - British household energy bills are set to see their biggest increase since 2023 due to the war with Iran pushing up wholesale gas and electricity prices, further exacerbating inflationary pressures already weighing on the UK economy. The UK energy regulator, Ofgem, announced on Wednesday that the energy price cap will be raised by 13% to £1862 from July 1st. This price cap is updated quarterly, and the previous pricing used market data prior to the escalation of the Middle East conflict; therefore, this adjustment is the first to fully reflect the impact of the recent turmoil in the Middle East. Since the start of the conflict, UK near-month gas futures prices have risen by over 40%, while electricity contract prices have risen by nearly a third over the same period. Energy consultancy Cornwall Insight predicts that UK energy bills will rise again in October, warning that even if the conflict ends quickly, prices will struggle to return to April levels due to damaged infrastructure and prolonged energy supply disruptions.Both WTI and Brent crude oil prices fell by more than 2.00% intraday, currently trading at $94.27 per barrel and $94.57 per barrel, respectively.Euro Stoxx 50 futures rose 0.35%, German DAX 30 futures rose 0.31%, French CAC 40 futures rose 0.47%, and UK FTSE 100 futures fell 0.11%.Ofgem (UKs Office for the Gas and Electricity Markets) says that from July onwards, electricity price increases will be lower than gas price increases – a situation different from that during the energy crisis.Ofgem (UKs Office for Gas and Electricity Markets) stated that the price increase was due to rising wholesale gas prices caused by ongoing conflict in the Middle East.

Fidelity to Allow Retirement Savings Allocation to Bitcoin In 401(k) Accounts

Cameron Murphy

Apr 27, 2022 10:05

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The Wall Street Journal reported on Tuesday that Fidelity Investments will allow investors to establish a bitcoin account to their 401(k) retirement savings and investment programs.


Fidelity Investments, the first large retirement plan provider to do so, announced on Tuesday that individuals will be able to invest a portion of their retirement savings in bitcoin through their 401(k) investing plans.


MicroStrategy Inc, a prominent bitcoin corporate sponsor, will be the first company to use the new product, which will be offered to other companies by the middle of the year, according to the family-controlled asset manager.


Employees will be able to invest in bitcoin through a Digital Assets Account (DAA) within the basic lineup of their 401(k) plans as part of the new offering, according to Fidelity.


Newfront, a retirement consulting services provider, has also suggested that the DAA will help fulfill a rising need among their client base, according to Fidelity.


Plan sponsors will be able to decide on employee contributions to the DAA and set restrictions on how much of that money can be exchanged for bitcoin, according to Fidelity, who also stated that further information about the new product will be available in the coming months.


According to the Wall Street Journal, which was the first to publish the news, Dave Gray, president of Fidelity's workplace retirement solutions and platforms, said the scheme will initially be restricted to bitcoin, but that other digital assets will be made available in the future.


The news comes after US President Joe Biden signed an executive order in March mandating that the government study the dangers and benefits of developing a central bank digital currency, as well as other cryptocurrency concerns.

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