Author: WTX Business Team

Mercedes Unveils Fastest Accelerating AMG Model Yet: The GT 63 S Coupe Mercedes has just revealed the highly anticipated GT 63 S Coupe, which is set to be the fastest accelerating AMG series model to date. This powerhouse of a car is equipped with a 4.0-litre biturbo engine paired with an electric motor, producing an impressive 804bhp and 1,420Nm of torque. With a 0-60mph time of just 2.6 seconds and a top speed of 198mph,…

Electric car company Tesla has cut its prices in a number of major markets – including the US, China and Germany – as it faces falling sales. The move comes after it reported a sharp fall in its global vehicle deliveries in the first three months of this year.

Adidas has announced it is set to make profits of €700m (£598m) in 2024. The announcement comes after the German sportswear giant’s messy situation with Kanye West and his Yeezy shoes. In February, Adidas announced it would sell its remaining Yeezy trainers from its partnership with West for at least cost price. 

China’s economy has grown faster in the first quarter than expected, even as the property sector crisis deepens. Official data show GDP expanded by 5.3% in the first three months of 2024, compared to a year earlier. That beat expectations the world’s second-largest economy could see growth slow to 4.6% in the next first quarter.

Early in Asian trading, oil prices experienced a decline following Iran’s retaliatory strike on Israel during the weekend. Despite this, Brent crude, a crucial global oil price benchmark, remained lower but hovered around $90 per barrel on Monday morning.

After 20 years of providing discount shoppers with a treasure trove of bargains, Bargains in a Box is closing its doors for good. The retailer, known for selling everything from toothpaste to electronics out of large cardboard bins, will be shutting down its last store this Sunday. The decision to close Bargains in a Box comes from the family-owned parent company, The Bazaar Inc., which plans to focus on its wholesale overstock business. CEO Bradley…

ECB keeps interest rates unchanged but edges closer to potential rate cuts but is monitoring wage inflation

UK economy: No overall improvement for business in Q1 The UK’s economy hasn’t gotten better for businesses in the first part of this year. A recent survey by the British Chamber of Commerce found that things like investments, sales, and cash flow didn’t really improve. Even though some companies expected their sales and profits to go up in the next year, overall, business conditions stayed the same. Many businesses, especially smaller ones, didn’t invest much…

US airline regulators have opened an investigation after an engine cowling on a Boeing 737-800 fell off during take-off and struck a wing flap. The flight returned safely to Denver International Airport at about 08:15 local time after originally departing to Houston.

Disney+ plans Netflix-style password sharing crackdown Disney+ is preparing to follow in the footsteps of its streaming rival Netflix and will begin cracking down on password sharing from June. CEO Bob Iger made the pledge on Thursday, as the entertainment conglomerate looks to boost subscriber growth and make the business profitable. Netflix made the move last year and added almost 22 million subscribers in the second half of 2023. However, it is bad news for…

Profits for Samsung Electronics are expected to jump by more than 10-fold compared to a year earlier. The news comes as prices of chips have recovered from a post-pandemic slump and demand for artificial intelligence (AI) related products booms.

McDonald’s is to buy back all its Israeli restaurants after a boycott of the fast-food chain in response to the Israel-Hamas war. The company said it had reached an agreement with Alonyal for the return of 225 outlets across the country employing 5,000 people.

Amazon has announced layoffs affecting hundreds of employees in its cloud computing division.According to its latest financial report, Amazon Web Services (AWS) has experienced significant growth, now contributing 14% to Amazon’s overall revenue.

Shares in Donald Trump’s media firm have soared on their stock market debut in New York, leaving his majority holding worth almost $6bn (£4.8bn) on paper at one stage.

Dave Calhoun is to leave his role as head of Boeing at the end of this year, as the crisis over the company’s safety record continues to dominate. 

The London business paper CITY AM leads with a revealed rich list of Met Police personnel. Elsewhere, Chancellor Jeremy Hunt has confirmed the Tories will back the pensions triple lock – a key policy for the party.

China is the focus in the Financial Times, which leads with reports the US and Japan are planning to bolster their security alliance in a bid to counter what they view as a growing threat from Beijing. A striking image of Moscow’s destroyed Crocus City Hall venue following Friday’s attack also features prominently.

According to the beneficiary, Rolls-Royce, Aukus funding will help create more than 1,000 new jobs in Derby. The project will see the construction of new office space as well as manufacturing facilities.

The lead for the London business newspaper CITY AM reports consumer goods giant Unilever topped the FTSE 100 leaderboard on Tuesday as news of job cuts and a spin-off of its ice cream business appealed to investors. Online, the paper leads with the latest UK inflation rates.

The Financial Times leads on Rachel Reeves’s pledge to borrow only for investment, echoing fiscal rules set out under the last Labour government. The shadow chancellor said on Tuesday that Labour would follow fiscal rules set by the current Conservative chancellor, Jeremy Hunt. 

Ted Baker calls in administrators putting 86 stores at risk of closure Hundreds of jobs at high street store Ted Baker are at risk as it plans to appoint administrators. No Ordinary Designer Label, owned by Authentic Brands Group (ABG), filed a notice of intention to appoint administrators today. While the scale of closures is currently unclear, there are 86 Ted Baker stores across the UK. Ted Baker was bought by ABG for about £…

Software firm Bytes Technology Group, who has appointed an independent committee to investigate secret trades of former boss Neil Murphy, sending shares down as much as 14 per cent.

The Financial Times reports on the news that Deloitte, one of the “big four” global accountancy firms, is poised to overhaul its business structure.

Evergrande, the struggling Chinese property giant, along with its founder Hui Ka Yan, faces allegations of inflating revenues by $78 billion (£61.6 billion) in the two years preceding the company’s default on its debt.

Japan’s central bank has raised the cost of borrowing for the first time in 17 years. The Bank of Japan (BOJ) increased its key interest rate from -0.1% to a range of 0%-0.1%. It comes as wages have jumped after consumer prices rose.