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India’s belated oil rush

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The head of KPMG US says the industry urgently needs to make it easier to become an accountant, and the EU is suing Hungary’s government over a new security law it says is in breach of citizens’ fundamental rights. Plus, India races to extract as much oil as possible while there remains a market for crude.

Mentioned in this podcast:

KPMG US head says the industry urgently needs to make it easier to become an accountant

India in rush to boost oil production before energy transition

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EU sues Hungary over new security law

The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Michela Tindera, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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Regional English airport announces direct flights to one of Europe’s ‘last real hidden gems’ – with fares from £19

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Moldova is best known for its wine, beautiful scenery and historic attractions

MANCHESTER Airport is launching its first direct flights to one of Europe’s least visited countries, that’s been dubbed a “hidden gem”.

FlyOne will be operating twice-weekly direct flights to Moldova – the home of an award-winning wine scene, picturesque landscapes, and some of the world’s most friendly hospitality.

Moldova is best known for its wine, beautiful scenery and historic attractions

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Moldova is best known for its wine, beautiful scenery and historic attractionsCredit: Alamy
The European hidden gem has a history of wine growing that dates back thousands of years

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The European hidden gem has a history of wine growing that dates back thousands of yearsCredit: Alamy

From Tuesday 17th December, the flights will depart on Tuesdays and Saturdays to the capital Chisinau.

Flight prices will start from £19 per person for one way.

Moldova, officially known as the Republic of Moldova, has remained a hidden gem destination in Eastern Europe, despite having many reasons for people to visit.

It’s known for its wine, with a history of wine-growing that dates back thousands of years. 

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The country has over 120 wineries, and the Codru region is home to some of the oldest. 

Cricova is the country’s largest wine cellar, and was the first to produce traditional method sparkling wines in the 1950s.

Moldova also has a rich history and many historic landmarks can still be visited today.

Căpriana Monastery is known for being one of the oldest monasteries in the country and for being a centre of Moldavian music, architecture, and written language.

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There’s also Old Orhei, a natural and historical complex located on a bend of the Răut River, which is popular with nature lovers and people looking to enjoy a quiet spot.

Discover Urla: Turkey’s Hidden Gem for Wine and Cuisine

Chisinau itself is ideal for a city break as it is packed with museums, galleries, bars and restaurants, and it’s also known for its Soviet-era architecture.

Ruslan Bolbocean, Ambassador of the Republic of Moldova to the UK, said: “The Embassy of the Republic of Moldova is pleased to welcome the launch of the direct flight between Chisinau and Manchester.

“This new connection is an important development for the Moldovan diaspora in the North West of England and enhances cooperation between the Republic of Moldova and the UK.

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“This is the result of productive meetings with Manchester Airport earlier this year, and we are grateful for the strong partnership established. We encourage all airlines to explore similar opportunities to boost connectivity and look forward to the positive impact this will have on both business and tourism.”

Stephen Turner, chief commercial officer at Manchester Airport added: “We are proud to connect the North to the world through our route network of more than 200 destinations, more than any UK airport outside London. A key part of that is connecting people to friends and family in other countries.

“The North is home to lots of people from Moldova and we’re really pleased to be able to help them visit their homeland from an airport right on their doorstep.

“This new route also gives people from the North the opportunity to take the road less travelled and visit one of Europe’s last real hidden gems, with fantastic wine and beautiful scenery.”

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New routes from Manchester Airport this winter

  • easyJet to Oslo: Twice-weekly flights to Oslo, Norway, starting November 15
  • TUI to Luxor: The only direct flight to Luxor from the UK
  • EGYPTAIR to Cairo: Direct flights to Cairo
  • Ryanair to Belfast, Plovdiv, Tirana, Venice, and Warsaw
Căpriana Monastery is known for being one of the oldest monasteries in the country

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Căpriana Monastery is known for being one of the oldest monasteries in the countryCredit: Alamy
Old Orhei is a natural and historical complex located on a bend of the Răut River

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Old Orhei is a natural and historical complex located on a bend of the Răut RiverCredit: Alamy

FlyOne was launched in 2016 and has become the largest airline in Moldova.

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The company currently operates flights to 60 destinations.

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Martin Lewis’ MSE reveals five best Amazon Prime Day deals including Ninja kitchen gadget – and GHD ‘bargain’ to avoid

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Handy tool every Amazon shopper should use that reveals if a Prime Day deal is REALLY worth buying

MARTIN Lewis’ MoneySavingExpert has revealed the best deals on Amazon Prime Day – and the ones unlikely worth your time.

Amazon massive deal day is running for a second day and offers reductions on thousands of items.

The annual Amazon Prime Big Deal Day is today, October 9

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The annual Amazon Prime Big Deal Day is today, October 9

In his popular weekly newsletter from MoneySavingExpert, Mr Lewis highlighted his top five deals.

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At the top of the list is the Shark Corded Upright Vacuum Cleaner, which is tailored for pet hair pick up and has anti-odour technology.

The item is selling today for £189.99 and was previously £264.93 on Amazon Prime – meaning a £74.94 save.

The recommended retail price for the item is also £299.99, meaning a whopping £110 save compared buying directly from the Shark online store.

The next item on the list is the Ninja Speedi 10-in-1 air fryer – a multipurpose item which can air fry, grill, steam, bake, slow-cook, and more.

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The product was originally £219.99, but is now selling for £129.99, meaning a £89.01 save.

Argos is currently selling the air fryer for £169, meaning at least a 20% saving compared to buying elsewhere.

Not only this, but due to the multipurpose design of the product, buyers could potentially be saving cash on additional products such as a slow cooker, which are selling on ProCook for £49 alone.

Martin Lewis explains how to slash your energy bills

Next up on the best deals list is the Apple Pencil (USB-C), which is selling for £64 instead of £79 – almost a 20% reduction.

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Mr Lewis’ MSE team said: “This is the cheapest we’ve seen, and it’s the same price as on the July Prime Day.”

They said the next cheapest elsewhere is John Lewis, Argos and Currys where the pen can be bought for £79 – making today’s deal the best around.

Another impressive deal on the MoneySavingExpert list is the Fitbit Versa 4 which was £164 and is now £126.65.

The smart watch is made for keeping up to track with your physical well being, with a built in GPS, heart-rate monitor, and up to 6 days of battery life.

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The same Versa 4 model is selling on Argos for £179, and the Google Store for £179.99, meaning at least a 30% save.

MSE said: “This is is the cheapest ever at Amazon. The previous cheapest price was £69.”

The final item on the list is the Ring Intercom, which can send you alerts via your phone or Alexa when a person visits your home.

You can also use it to unlock your home with voice demands.

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It was originally selling for £99.99, but can now be bought for almost 60% less at £39.99.

Mr Lewis said the next cheapest offer can be purchased from ScrewFix, at £44.99.

Are Amazon deals all they’re cracked up to be?

However, his newsletter also warned that some deals aren’t as impressive as they seem, with some having sold cheaper in last year’s Prime Deal Day event.

For example, the Amazon Prime GHD original hair straightener seems like a good deal as is cheaper than elsewhere, selling today for £95.99 compared to £111.20 at John Lewis.

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However, last July’s Prime Day it was reduced down to £90.24, making it £5.75 more expensive than it has been previously.

The same goes for the Blink outdoor cameras three-pack, a home surveillance kit, which is selling for £85.99 but was £11 cheaper last year.

The Ring Alarm pack, which comes with the Ring Alarm as well as an additional keypad and motion detection software, has generally stayed the same price at £179, and was £20.01 cheaper in May at £159.99.

While the £18.95 Calvin Klein For Him 150ml Eau de Toilette, which has been reduced from £24, was actually the same price in September.

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It is, however, currently the cheapest around, with the next cheapest price being £24 from Lookfantastic.

And finally the Logitech High Performance Wired Gaming Mouse was £24.48 last August is now selling for £26.59 as a Brand Day Deal – making it £2.11 more expensive than it was previously.

This is again the cheapest around, however, with the second lowest option being £27.99 at Currys.

Overall, the MoneySavingExpert analysis shows that while a Prime membership can pay off, a deal isn’t always as impressive as it seems.

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MSE also noted the disadvantages for non-Prime members, saying: “We’ve noticed numerous cases of Amazon being very cheeky, by raising the price higher than the RRP [recommended retail price] for those who aren’t Prime members.

“When you click on the “non-deal price” it hides the RRP.

“The RRP of this Lenovo IdeaPad is £219.99, but Amazon has raised the price to £250.35 for those who aren’t Prime members, effectively penalising you.”

What is Amazon Prime Day?

Amazon Prime Day is a 48-hour sale event that is taking place this year on October 8 and 9.

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The last event was in July 2023, and this October marks the second ever annual event.

It’s exclusively available for Prime members, offering discounts on everything from the latest technology to sought after beauty items and top toys.

Bargain hunters look to score big savings on thousands of items, but it’s important to make sure that the publicised discount is as good as it seems.

How to compare prices

As usual we recommend readers shop around before taking reduced prices as face value.

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Harry Rose, Editor of Which? magazine, said: “Amazon Prime Day may seem like the best time to snap up a good deal if you are a Prime member but don’t feel panicked into buying things you don’t need or haven’t budgeted for.

“When looking to buy something new, always do your research first by checking price comparison sites like PriceRunner and CamelCamelCamel, which not only show current prices at multiple retailers but also reveal a product’s pricing history.

Top Amazon Prime Day picks

SUN Savers Editor Lana Clements share her top picks and tips for saving on Amazon Prime Day.

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  • Electricals: Major discounts on tech, such as Beats Studio3 Wireless Headphones (£139 from £349.95) and Samsung 55″ Smart TV (£339 from £505).
  • Kitchen Gadgets: Deals on popular items like the Tower Dual Basket Air Fryer (£78 from £139.99) and Ninja Temperature Kettle (£67.99 from £99.99).
  • Lego: Great savings on sets for all ages, including Harry Potter Hogwarts Castle (£104.49 from £149.99) and LEGO Minecraft Skeleton Dungeon (£18.97 from £24.99).
  • Beauty: Stock up on skincare and makeup with deals on INKEY List Hyaluronic Acid Serum (£5.94 from £7.99) and Maybelline Sky High Mascara (£7.19 from £12.99).
  • Kids’ Toys: Perfect for early Christmas shopping, with Crayola SuperTips Markers (£2.99 from £9.25) and Melissa & Doug Ice Cream Toy Shop (£29.99 from £49.99).
  • Christmas Gifts for Adults: Up to 30% off brands like Pepe Jeans and Levi, and luxury kitchenware from Le Creuset (£199.99 from £339).
  • Everyday Essentials: Discounts on essentials such as Amazon Toilet Roll (£6.49 for 18 rolls) and Whiskas Tasty Mix Pouches (£11.19 for 40).

Three ways to save:

  • Set deal alerts for specific items to receive notifications on price changes.
  • Use price comparison sites like Idealo.co.uk to ensure you’re getting the best value.
  • Check price history on Amazon-specific tracking websites like bobalob.com and camelcamelcamel.com.

“This allows you to work out whether the sale price genuinely represents good value.”

CamelCamelCamel is one of the key tools Mr Lewis references in the MoneySavingExpert article.

The website is exclusive to Amazon and allows shoppers to enter an item’s URL to reveal its price history, and see if it has previously been sold at a lower price.

You can also set up price alerts to let you know when it drops in price again.

That way you can be first in line for the lowest deals.

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Other key ways to compare prices include searching for your specific product on a website and toggling in “Sort By” the cheapest items first.

You can then compare website-to-website which retailers are offering the cheapest products on specific products to help you secure the best deal.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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Heartbreak leave can help employees recover from shattered relationships

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Unlock the Editor’s Digest for free

In recognition of the “negative emotional baggage” that can come after a relationship break-up, Ricardo Dublado, chief executive of Cebu Century Plaza Hotel in the Philippines, last year unveiled an unusual new staff policy: five paid days of heartbreak leave.

The time off, which can be taken annually provided the break-up is with a different person each year, was inspired by Dublado’s own experience. In the Philippines the idea is catching on: a parliamentary bill in February proposed that any worker going through a romantic break-up should be eligible for up to three days of unpaid leave. “Studies reveal the substantial toll break-ups take on individuals, affecting their emotional and mental wellbeing, leading to decreased productivity, absenteeism and higher healthcare costs,” said Congressman Lordan Suan.

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Employers across the world have increasingly sought to make concessions for their workers’ personal lives, offering wellbeing days, flexible work and, in some cases, counselling services.

Some global companies may already encourage heartbreak leave under a different name. In the pandemic, employers introduced time off for wellbeing to differentiate themselves from competitors or give staff a discreet chance to look after their mental health or care for their families. Many continued, including software group Adobe, which offers six wellbeing days a year. Virgin Money gives five.

In the Philippines, Effel Santillan, human resources manager at Harbor Star Shipping Services, said employees suffering from lost love were generally allowed to take time off on a discretionary basis. “At the end of the day, the manager takes responsibility.”

UK employers including Tesco, the supermarket chain, and Metro Bank have targeted break-up support to families, signing up to the Parents Promise, created by Positive Parenting Alliance, an advocacy group. Employers make commitments to help parents who are separating from each other, including giving them a chance to work flexibly and helping them access counselling. In return, they receive support from the alliance.

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Positive Parenting Alliance founder James Hayhurst wants “employers to recognise [separation] as a life event. If you’re going to separate, the employer can help you do it well.”

PwC, a signatory, said that while it did not have a specific divorce policy, working arrangements were designed to support big life events. “Everyone’s situation is unique, so we actively listen to our people to understand their needs,” Anne Hurst, the firm’s inclusion lead, said. “Our goal is to create a supportive environment that helps our people balance their personal and professional lives.”

In one 2023 study by researchers from the University of Minnesota, 44 per cent of respondents said going through divorce had a negative effect on work. People whose marriages ended reported an inability to focus or sleep and a tendency to break down in tears. “Crippling depression is slowing down my ability to socialise with my co-workers and supervisor,” said one.

However, a sizeable minority — 39 per cent — had a different experience, saying divorce was positive, freeing “up time and energy” and providing an opportunity for renewal.

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The study suggested offering some help to people struggling with separation. Flexible scheduling or remote work, it said, may help employees manage “divorce-related appointments and also provide space to work . . . without placing an undue and unnecessary strain on emotional regulatory capacities”.

In the Philippines, meanwhile, Suan’s bill could face a tough hearing. Laws in the country do not guarantee time off for mental health problems on top of a statutory minimum of five days’ leave. The People Management Association of the Philippines, a professional body for human resources, has said that wellness leave is an “additional expense and additional interruption to business operations”.

Another question is whether heartbroken employees would take leave at all. Customer services worker Abigail Marquez, 27, said that in the event of a break-up she would not take advantage of the benefit as proposed in the bill, because it was unpaid. For some workers, protecting their income still takes priority over their heartache — or, as Marquez put it, “no money, no honey”.

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Pinebridge makes reported £565m bid for PRS REIT

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PRS REIT chairman to step down after pressure from activist investors

Pinebridge has offered the group’s board 103p per share, Sky News reported.

The post Pinebridge makes reported £565m bid for PRS REIT appeared first on Property Week.

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Should James Cleverly try to choose his opponent in final round?

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This article is an on-site version of our Inside Politics newsletter. Subscribers can sign up here to get the newsletter delivered every weekday. If you’re not a subscriber, you can still receive the newsletter free for 30 days

Good morning. James Cleverly took a giant leap towards the final stage of the Conservative leadership contest yesterday. But who will join him, and should he try and game the outcome?

Inside Politics is edited by Georgina Quach. Read the previous edition of the newsletter here. Please send gossip, thoughts and feedback to insidepolitics@ft.com

Pick your battles

James Cleverly won the third ballot of the Conservative leadership contest. The former home secretary secured 39 votes, pulling ahead of Robert Jenrick, who shed two votes between the second and third ballots, ending up with 31 votes, while Kemi Badenoch picked up two votes to reach 30. Tom Tugendhat, who got 20 votes, has been eliminated. Only two contestants will go through to a final vote by the party membership.

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The vast majority of Tugendhat’s supporters will, if my contact book is remotely representative, swing behind Cleverly in the next round, while Jenrick and Badenoch are now in a close fight for the other members’ slot. Cleverly will have more than enough votes going spare tomorrow to choose his opponent. Which one should he pick?

On the one hand, according to both the ConservativeHome members survey and YouGov’s party members poll, Cleverly would beat Robert Jenrick but lose to Badenoch. One argument is that he should make sure he faces Jenrick because he is, on paper, much more likely to beat him.

Bar chart of ConservativeHome's post-conference Tory member preferences, % of respondents showing There Chagos

I’m dubious about this one, though. In the past, both ConservativeHome and YouGov have overestimated the strength of the Tory right. I see no compelling reason to believe either survey has fixed that problem, and if Cleverly’s strength is being underestimated to anything like the degree that Jeremy Hunt and Rishi Sunak were in 2019 and 2022, he will comfortably beat either Jenrick or Badenoch.

On the other hand, Jenrick’s campaign team has shown itself to be more aggressive, more effective and more willing to go into the gutter. Cleverly may well have more to fear from a month in which the former immigration minister’s slick campaign machine attacks him, than one in which Badenoch wonders out loud about which part of the British state she thinks is too flabby and too generous.

Cleverly’s leadership prospects will be better served if he defeats his more formidable rival, which, according to the polls is Badenoch.

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I’m also dubious about this one, because it may be that YouGov and ConservativeHome have fixed their over-representation problem and that by picking Badenoch he is starting a fight he can’t win.

My general view: life is too short to play silly tactical games. Given the parliamentary party is not large, at 121 MPs, you can always end up in a situation where the campaign tries to lend votes to a preferred opponent, some individual MPs freelance and you end up finishing third in embarrassing circumstances. (In 1990, the organisers of John Major, Michael Heseltine and Douglas Hurd’s campaigns for the Tory leadership met up for dinner afterwards to compare the size of their various promises: they discovered that about a third of their colleagues had lied through their teeth.) When you only have 121 votes to play with, you’re better off just maximising your own authority, because if you win, you will need it.

Now try this

(Georgina) Yesterday Stephen and I saw the play The Other Place, which comes with the subtitle After Antigone. It grapples with death and the aftermath. In a taut 80 minutes, the reinvented tragedy excels at ramping up the tension as the characters move within a newly renovated, sorrow ridden house, but the pace partly leaves some of the more problematic family dynamics feeling a little forced and under-developed.

Runs to November 9 at the National Theatre.

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Top stories today

  • Crowd source | Immigration has driven the fastest UK population growth for half a century, according to official statistics that highlight the country’s demographic challenges. The ONS noted that deaths outnumbered births for the first time in 50 years, other than during the pandemic.

  • Diving out | Abu Dhabi’s sovereign wealth fund has written off its investment in Thames Water in a blow to the government as it gears up to host a summit designed to attract big institutional investors to the UK.

  • ‘MI5 has one hell of a job on its hands’ | Russian spies are on a “mission to generate mayhem” on Britain’s streets as Iran foments lethal plots at “an unprecedented pace and scale”, the head of the UK’s domestic intelligence service has warned.

  • Reeves presses ahead on borrowing | Rachel Reeves is pushing ahead with plans to borrow billions of pounds extra for infrastructure investment, despite concerns about the rising cost of UK government debt, the Guardian’s Kiran Stacey was first to report.

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FCA consolidation review is too little too late

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Nic Cicutti
Nic Cicutti
Nic Cicutti – Illustration by Dan Murrell

What are we to make of the news the Financial Conduct Authority is to review consolidation in the advice market?

The regulator has written to advice and investment firm bosses noting an increase in the acquisition of firms or their assets over the past two years.

It warned that, while industry consolidation can provide benefits, various types of harm can occur where this is not done in a ‘prudent manner’ with effective controls to promote good outcomes.

The FCA says: “Where we receive notifications from individuals or firms to acquire or increase control in regulated firms, we will assess and challenge their suitability and the financial soundness of the acquisition.”

For the FCA to step in now seems a spectacular example of shutting the stable door after multiple horses have bolted

I think it’s a case of too little too late.

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Back in November 2021, Money Marketing’s Lois Vallely penned a useful guide to consolidation in which she noted how its origins date back to the 1980s and 1990s heyday of DBS and M&E Network, which then bought Interdependence in 1999 to bring it under the Tenet umbrella.

In the early noughties, we also had Millfield, Berkeley Berry Birch and Inter-Alliance, several of them engaging in failed mergers with each other. None of these firms now exist in their present form, with shareholders – both individual and corporate – having taken a massive loss on their investments.

Undeterred by these exercises in value destruction, in 2005 Standard Life bought a 20% stake in the Tenet Group network. Tenet’s other shareholders – Norwich Union, Friends Provident and Aegon – each increased their stakes to around 20% in light of the deal.

Quite how anyone could have been remotely surprised by what had been screamingly obvious for years is anyone’s guess. Hundreds of ARs had exited Tenet in the years before it went under

As we know, earlier this year, Tenet went into administration. Its remaining 170-odd advice firms, numbering barely 350 authorised representatives (ARs), were offered the option of transferring to Openwork.

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News that Tenet had called in the administrators was described in one story I read at the time as “shocking” – although quite how anyone could have been remotely surprised by what had been screamingly obvious for years is anyone’s guess. Hundreds of ARs had exited Tenet in the five years before it went under.

Even Tenet’s own review found the AR sector was subject to “significant change” from “external forces such as consolidation, increased regulation, digitisation, new technology expense and the broader inflationary environment”.

ARs themselves, meanwhile, will continue to be treated as disposable pawns on the financial advice chessboard

What these stories tell us is that providers and consolidators will always seek to buy or control product distribution or assets under management. Providers will repeatedly invest in the endlessly-failing dreams of senior executives at consolidators who tell them, yet again, things will be different this time round.

ARs themselves, meanwhile, will continue to be treated as disposable pawns on the financial advice chessboard. They either survive yet another round of takeovers or drop out, missed by no one but their clients – who receive a letter to say the business name has changed, or their adviser has left, or both.

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We’re then offered an appointment with someone we didn’t choose to go to in the first place, providing a different service we didn’t ask for.

We put up with it because that’s just how it works

It happened to me 20 years ago. It’s happened to several of my friends, who are among many hundreds of thousands of clients with the same experience. And we put up with it because that’s just how it works.

For the FCA to step in now seems a spectacular example of shutting the stable door after multiple horses have bolted.

At this rate, I’m expecting the regulator to send out stern letters to chief executives saying it is determined to stamp out misselling of mortgage endowments and personal pensions. I can’t wait.

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Nic Cicutti can be contacted at nic@inspiredmoney.co.uk

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