Author: WTX Business Team

Elementor #546007 August 29, 20231 Min Read Financial Times – Travellers braced for more delays after air traffic fault brings holiday turmoil Summary of the Top 6 headlines today The Financial Times reports thousands of airline passengers faced long delays and flight cancellations after a failure in the UK’s air traffic control system grounded hundreds of planes. “Windrush remembered” is how the front page sums up this year’s Notting Hill festivities. Writing about the annual carnival’s history, the paper says it was members of the Windrush generation who started it in 1958 – “in a defiant show of cultural celebration…

The Economist – XI’s failing model: Why he won’t fix China’s economy The Economist says Whatever has gone wrong? After China rejoined the world economy in 1978, it became the most spectacular growth story in history. Farm reform, industrialisation and rising incomes lifted nearly 800m people out of extreme poverty. Having produced just a tenth as much as America in 1980, China’s economy is now about three-quarters the size. Yet instead of roaring back after the government abandoned its “zero-covid” policy at the end of 2022, it is lurching from one ditch to the next. The economy grew at an…

Wilko: New bid emerges for stricken retail chain Private equity firm M2 Capital has confirmed it has made a £90m bid for Wilko – in the latest attempt to save the retail chain. M2 Captial has bid £90m for the business and pledged to retain all employees’ jobs for two years. The Guardian newspaper first reported the M2 bid, and says it is one of several offers being considered by administrators. Wilko fell into administration earlier this month, putting 12,500 jobs and 400 stores at risk. The administrators for Wilko set a deadline of Friday last week for bids for…

Elementor #545671 August 28, 20231 Min Read Financial Times – China’s sluggish economy will weigh on global trade, western groups warn Summary of the Top 6 headlines today The Financial Times leads on Western companies’ warnings that the slowdown in China’s economy will weigh heavily on global trade. The paper says the country has for years been a booming market for all kinds of goods and services, but that it is failing to rebound from Covid lockdowns in the way many had expected. It quotes the head of one travel company saying he doesn’t expect business in China to pick…

Bag a bargain on filling up your fridge.

The changes will cut the average household’s energy bills by around £150

City AM – You could open a Coutts account with that CITY AM says Former NatWest boss Dame Alison Rose’s pay package – reportedly £2.4m – has been branded a “sick joke” by Nigel Farage. Dame Alison quit her high-profile role as boss of NatWest, which also owns private bank Coutts over her handling of Farage’s account closure – which sparked a ‘debanking’ scandal. NatWest Group issued an RNS this morning stating that Dame Alison was currently serving out her 12-month notice period and that, per her contract, she would receive her fixed pay. This amounts to: a salary of…

Elementor #544657 August 24, 20231 Min Read Financial Times – Wagner boss Prigozhin was aboard crashed plane Summary of the Top 6 headlines today Developments in Russia also dominate the front page of the Financial Times – it reports that the aircraft Prigozhin was on appears to have been shot down, and US officials had believed he was likely to face retribution after June’s failed revolt. The front page reports Russian officials saying Prigozhin was aboard a plane from Moscow to St. Petersburg that crashed. The FT writes all 10 people on board died, according to Russia’s emergency ministry. Today’s…

Wilko: Jobs to go as attempts to find a buyer fail Jobs at Wilko are set to go and stores will close after the company failed to find a buyer for the whole business. The PwC has said parts of the group could still be bought. Wilko announced earlier this month that it was going into administration, putting 12,500 jobs and its 400 stores at risk. PwC had tried to look for a buyer for all or part of the business. In a statement, PwC said: “While discussions continue with those interested in buying parts of the business, it’s clear…

The company’s specialised chips are key components that help power different forms of artificial intelligence (AI).

Elementor #543571 August 18, 20231 Min Read Financial Times – Labour waters down pledges to strengthen workers’ rights Summary of the Top 6 headlines today The Financial Times leads with Labour’s “watered down” plans to strengthen workers’ rights in a bid to impress corporate leaders and discredit Conservative claims the party is “anti-business” ahead of the next general election. It says a pledge to boost the protection of gig economy workers was “diluted”, according to a text seen by the paper. The front page also reports Sir Jonathan Van-Tam, who as England’s deputy chief medical officer became a household name…

Wet weather dampens retail sales in Great Britain The Guardian says Wet weather has been blamed for a worse-than-expected fall in retail sales last month, with households in Great Britain shunning the high street and pulling back on clothes purchases. Official figures showed that the quantity of goods bought fell 1.2% month on month in July, worse than average analyst forecasts of a 0.5% drop in sales volumes. It follows a 0.6% rise in June. Non-food retailers reported a 1.7% drop, after a 0.6% rise in June. “Retailers reported that the fall over the month was because of poor weather…

The change is likely to affect the amount of points shopper gain

Elementor #543257 August 17, 20231 Min Read Financial Times – Underlying inflation pressures keep heat on Bank of England rate-setters Summary of the Top 6 headlines today The FT reports underlying pressures remain on the Bank of England despite a drop in headline inflation. Borrowing costs are still set to rise which will prove a further pinch on people’s earnings, the paper writes. The news will put pressure on the Bank of England as it decides whether a further interest rate rise is needed to dampen inflation, the paper says. Today’s top stories Like this article? why don’t you share…

City AM – Pay growth will force rates higher Wage growth has ‘passed its peak’ as Andrew Bailey prepares to address City on interest rates CITY AM says Workers returning to the jobs markets and boosting the volume of candidates available to businesses are poised to put a lid on wage growth, analysts are predicting official numbers this week will show. Pay growth is said to have “passed its peak” after raging for more than a year, fuelled by staff demanding wage increases to compensate for inflation whittling away their finances. Regular pay – which strips out bonuses and other…

It will mark the the device’s 10th anniversary.

One product is up 129%.

Financial Times – Saudi Arabia and UAE buy Nvidia chips Summary of the front page The news that Saudi Arabia and the United Arab Emirates are buying up thousands of Nvidia chips as the join the global AI arms race is the splash in the Financial Times, with the paper reporting that there are fears the autocratic regimes in the countries could misuse artificial intelligence. The paper writes that the countries are “choking” the supply of the chips, crucial for building artificial intelligence, and that their aim is to be leaders in the field and to “turbocharge” their respective economies.…

Price of milk and sunflower oil starting to fall Food prices are finally “edging down” even though shopping bills remain high, new data suggests. Research firm Kantar said shoppers paid on average £1.50 for four pints of milk in July, down from £1.69 in March.  Other food staples also dropped, including the average cost of a litre of sunflower oil, which is 22p less than in the spring. It comes as grocery inflation – the rate at which overall food prices rise – remains high but is starting to ease. Prices increased by 12.7% on an annual basis in the…

Japan economy gets major boost from weak currency Japan’s economy – the world’s third-largest – grew much faster than expected in the three months to the end of June. Experts say the country’s weak currency has boosted exports, with its GDP rising by an annualised 6% in the period. The rate of growth is about 2x more than what economists had forecast and marks the biggest rise in almost three years. The fall in the value of the yen helped exporters as Japanese-made goods became cheaper for consumers around the world. Japan’s currency has fallen sharply against major currencies in…

‘I’ve felt incredibly stupid and ashamed. I live in fear. They have my address. They have all my contact details.’

Pub takeaway drinks rules to be continued for 18 months Covid licensing rules that allowed pubs in England and Wales to sell takeaway drinks have been extended until March 2025.  The government decided to keep the licensing rules that allow customers to be severed alcohol through hatches when pubs were forced to close under pandemic rules in 2020. The rules allow pubs without an off-premises licence to see takeaway alcohol without needing to apply to their local council for permission. The rules were set to expire on 30 September, having already been extended twice during the pandemic. The move was…

Financial Times – Chinese tech giants in race for $5bn of Nvidia chips to drive AI ambitions Summary of the front page The Financial Times says China’s internet giants are rushing to acquire high-performance chips vital for building generative artificial intelligence systems, making orders worth $5bn in a buying frenzy fuelled by fears of new US export controls. The paper says the tech firms are rushing to acquire Nvidia chips following a series of measures unveiled by the Biden administration designed to limit Chinese access to advanced technology. Today’s top stories Like this article? Leave a comment UK National newspapers

Halifax joins rivals in cutting mortgage rates Halifax is poised to make significant reductions to interest rates on select fixed mortgage options, potentially alleviating financial strain for some homeowners. The largest mortgage provider in the UK will implement rate cuts of up to 0.71 percentage points starting Friday. Notably, a five-year fixed mortgage package will now be priced at 5.39%, down from its previous rate of 6.10%. Similar moves have been made by other lenders such as HSBC, Nationwide, and TSB, who have also adjusted their rates. The recent uptick in mortgage rates can be attributed to the Bank of…

The Economist – The Overstretched CEO How to run a business in a dangerous and disorderly world THE ECONOMIST says chief executives have long had to be contortionists, balancing the needs of employees, suppliers and above all shareholders while staying within the limits set by governments. But the twisting and stretching is now more fiendish than ever. The world is becoming dangerous and disorderly as governments try to manipulate corporate behaviour. Global companies and their bosses find themselves being pulled in all directions. Few multinationals are unscathed. As tensions between China and America ratchet up, chipmakers from Micron to Nvidia…