Author: WTX Business Team

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Thames Water boss quits after sewage spills The boss of Thames Water Sarah Bentley has quit after two years in the role, weeks after giving up her bonus, following the sewage spills.  Thames Water said she leave her role with immediate effect. Chief financial officer Alistair Cochran will now take over as interim co-chief executive. He will now run the company along with Cathryn Ross.  Last month, Bentley said she would forgo her bonus due to the company’s poor performance. The backlash comes after news that raw sewage was being dumped into rivers around the UK.  Thames Water is the…

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CITY AM – Parties set for battle over rates Labour now 25 points clear of Tories as mortgage rates batter Rishi Sunak’s party CITY AM SAYS Labour has posted its biggest lead over the Conservatives since March, new polling data has revealed, as the public grows increasingly tired of the government’s perceived mismanagement of the economy. Labour’s vote share jumped four points to 47 per cent, giving the opposition party a 25 point lead over the Tories, according to fresh polling data by YouGov. The Conservative Party’s vote share dipped two points to 22 per cent, according to the data,…

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Cineworld screens stay open despite administration Cineworld has said its screens will remain open despite the company planning to file for administration in the UK.  The company is planning to restructure the world’s second-largest cinema chain which will see its shares being suspended.  The company filed for bankruptcy protection in the US last year as it struggled with debts of $5bn. Despite this, cinemas will remain open for business. “Cineworld continues to operate its global business and cinemas as usual without interruption and this will not be affected by the entry of Cineworld Group plc into administration,” it said. “The…

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WH Smith, M&S and Argos failed to pay minimum wage More than 200 firms – including WH Smiths, Marks & Spencer and Argos have been named for failing to pay the minimum wage and could face penalties of nearly £7m, and must reimburse workers for breaches dating back to over a decade. WH Smith, Marks & Spencer and Argos all said the breaches were unintentional and had been swiftly remedied. It’s not been revealed how much they paid in fines, but the government said penalties amounted to up to 200% of the arrears owed. “Paying the legal minimum wage is…

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Cryptocurrency $40bn collapse boss Do Kwon jailed for forging documents The cryptocurrency boss Do Kwon, responsible for the $40 billion (£31.3 billion) downfall of terraUSD and Luna tokens, has been sentenced to four months behind bars in Montenegro after being found guilty of forging official documents. Kwon was arrested in March at Podgorica Airport in Montenegro’s capital, where he was apprehended while attempting to board a flight to Dubai. In addition to his four months in jail in Montenegro, Kwon is facing further charges in the US and South Korea in connection with the collapse of the two digital tokens…

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The Economist – BritGPT How Britain can become an AI superpower THE ECONOMIST SAYS Get ready for some big British celebrations in 2030. By then, if Rishi Sunak is to be believed, the country will be “a science and technology superpower”. The prime minister’s aim is for Britain to prosper from the booming opportunities offered by supercomputing and artificial intelligence. Generative ai has stoked a frenzy of excitement (and some fear) among techies and investors; now politicians have started to acclaim its potential, and British ones are in the vanguard. Britain, says Mr Sunak, will harness ai and thus spur…

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CITY AM – Bank set to hike rate yet again Bank of England to raise interest rates for 13th time in a row this week to tame persistent inflation CITYAM SAYS The Bank of England is nailed on to raise interest rates for the thirteenth meeting in a row this Thursday, but markets think there’s an outside chance Governor Andrew Bailey and co will revert to an outsized rise to tame what is emerging as the worst inflation problem in the rich world. Markets reckon the nine-strong monetary policy committee (MPC) – the group of people who set official interest…

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Financial Times – Johnson’s repeated lies to MPs condemned in searing report Summary of the front page The report into the partygate scandal that concluded Boris Johnson repeatedly lied to the House of Commons makes the splash on the Financial Times. The FT picks out the line from the report which sums up its core finding: “He [deliberately] misled the House on an issue of the greatest importance… and did so repeatedly.” While the judgement casts doubt on whether he can ever stage a political comeback, the paper reports, it notes that some Tory MPs have publicly defended the ex-PM.…

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Tesco sees early signs inflation is starting to ease Tesco’s CEO, Ken Murphy, has expressed optimism regarding a potential slowdown in price rises, as the supermarket reported an increase in sales. Tesco’s said that UK sales for the three months leading up to May rose by 9% compared to the previous year, amounting to £10.8 billion. Households have been grappling with rising prices, with food inflation reaching 19.1% in the year ending April. Murphy acknowledged the financial strains faced by shoppers due to the cost of living but refuted claims of profiteering by Tesco. He stated, “There are encouraging early…

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UK economy grows in April but house market weakens Newly released official figures show the UK economy experienced marginal growth in April. The expansion was aided by robust trade in bars and pubs, although the same period saw was a challenging month for housebuilders and estate agents. The Office of National Statistics (ONS) reported a 0.2% growth in the economy during April, following a contraction in March. However, the construction sector struggled as rising interest rates and increased mortgage costs made potential homebuyers more cautious. The Bank of England has been gradually increasing interest rates in order to control inflation,…

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Financial Times – MPs to grill City watchdog over Odey investigation Summary of the front page The Financial Times reports that MPs will quiz executives from the Financial Conduct Authority next month over the watchdog’s handling of misconduct allegations against hedge fund manager Crispin Odey. Leaders from the Financial Conduct Authority will be quizzed about sexual misconduct allegations against Crispin Odey, a prominent financier. Mr Odey has strenuously denied the claims made against him. The front page features an image of former Italian PM Silvio Berlusconi who died yesterday. Today’s top stories Like this article? Leave a comment UK National…

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US moves to block Microsoft’s Activision takeover Regulators in the US have requested a judge blocks Microsoft from completing its $69bn purchase of Activision Blizzard – the publisher of video games such as Call of Duty. The US Federal Trade Commission (FTC) said the deal, which would be the largest in the history of the video games industry, could “substantially lessen competition” in the sector. The UK has already blocked the deal over concerns it would hurt competition, but the EU has approved it. A trial in the US will begin in August. Microsoft’s president Brad Smith said, in response…

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The Economist – Ukraine strikes back THE ECONOMIST SAYS Trailed ten days early with a blood-stirring video in which Ukrainian troops asked God to bless their “sacred revenge”, Ukraine’s counter-offensive is under way. For weeks its armed forces have conducted probing and shaping operations along the 1,000km front line, looking for weaknesses and confusing the Russians. Now Ukraine is testing enemy defences with an intensity not seen for months, with attacks against the occupiers in a series of positions in the east and south. The apparent demolition of the Kakhovka dam on June 6th, if it was indeed Russian sabotage…

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CITY AM – Banks must adapt in tech battle CITY AM SAYS Ex-Barclays boss Antony Jenkins has warned established banks that they could be in a “world of very slow decline” if they failed to adapt to new technologies. Speaking to City A.M., Jenkins said “this industry is really on the brink of having to undergo radical transformation if it’s going to remain relevant to its customers.” Jenkins highlighted how the explosion of user-friendly fintech firms had transformed the banking landscape. He also predicted that the entry of big tech firms into the market, such as Apple and Amazon, would…

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