Global asset manager, Aberdeen-based with a long index of investment services
Sir Ian Wood has died at 84, ending a career that transformed a Aberdeen-based fishing yard into a global energy services group. He founded Wood Group, chaired it until 2012, and established the Wood Foundation to tackle inequality in Scotland and Africa. Tributes praise his enterprise, philanthropy and impact on Aberdeen’s economy.
Central banks have tightened policy in response to a surge in energy prices and persistent inflation. The US Federal Reserve has raised its policy rate to 3.75–4.00% and signalled further hikes; the ECB has lifted its key rate to 2.50%; the Bank of England has held at 3.75% but warned higher energy costs will force future rises. Markets have repriced yields and mortgage costs are rising.