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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…
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…
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…
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.…
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…
Vodafone and Three owner CK Hutchison Group have announced an agreement to merge their UK networks.
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…
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…
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…
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…
George Soros gives empire to son Alex American billionaire philanthropist George Soros has announced that he has handed over the management of his $25 billion (£19.9 billion) financial and charitable empire to his son, Alex, stating, via an interview with the Wall Street Journal, that his son had “earned it.” For several decades, the Soros family has dedicated their wealth to promoting democracy in numerous countries. However, in recent years, George Soros, a 92-year-old former hedge fund manager, has been the subject of baseless anti-Semitic conspiracies. George Soros is renowned as one of the largest donors to the US Democratic…
The Economist – The baby-bust economy Global fertility has collapsed, with profound economic consequences THE ECONOMIST SAYS In the roughly 250 years since the Industrial Revolution the world’s population, like its wealth, has exploded. Before the end of this century, however, the number of people on the planet could shrink for the first time since the Black Death. The root cause is not a surge in deaths, but a slump in births. Across much of the world the fertility rate, the average number of births per woman, is collapsing. Although the trend may be familiar, its extent and its consequences…
City AM – There’s a new sheriff in town FCA’s new crypto advertising rules met with mixed industry response CITY AM SAYS The Financial Conduct Authority’s new rules surrounding the marketing of digital assets have been met with a mixture of confusion, enthusiasm and a bit of mild despair by the crypto industry. The FCA’s new set of rules come into force from today, presenting some sweeping changes to the way cryptocurrency companies advertise their products. Some of the new legislation will impose a ‘cooling off’ period that will allow investors up to 24-hours to complete a transaction, thereby allowing…
Windfall tax to be suspended if energy prices drop The government has said it will suspend the windfall tax on oil and gas companies if prices return to normal levels for an extended period. By halting the windfall tax, the overall tax rate on energy firms would decrease from 75% to 40%. A windfall tax is designed to target companies that benefit from factors they are not responsible for. It was initially introduced last year to support a scheme aimed at reducing energy costs for households and businesses. Profits of energy companies have experienced a significant surge recently, initially due…
What will happen to the housing market in 2023? as house prices fall at there fastest rate in 14 years.
Fresh wave of train strikes begin as FA Cup to face disruption Train strikes will cause disruptions and bring rail services to a standstill in certain parts of the country. Members of the train drivers’ union, Aslef, will commence their walkout on Wednesday, with another strike planned for 3 June – the FA Cup final at Wembley. There is a train strike planned for members of the union RMT for Friday 2 June. The strikes are over the long-standing dispute over pay and working conditions. As the cost of living is rising at its fastest rate in nearly 40 years,…
Elon Musk: Tesla boss on first China trip in over three years Tesla boss Elon Musk has made his first trip to China in over three years. He is expected to tour Tesla’s expansive manufacturing facility in Shanghai. China is the world’s second-largest economy and the car makers’ largest market after the US. Musk held a meeting with China’s foreign minister, Qin Gang shortly after he arrived on Tuesday. Despite usually being vocal on his platform Twitter, Musk has not yet made any public statements about his trip and he declined to comment on his plans when approached by reporters…
The Economist – The Haunting: Donald Trump is very likely to be the Republican nominee THE ECONOMIST SAYS A glitch-plagued chat with Elon Musk, live on Twitter, is an unconventional way to launch a presidential campaign. But with the entry of Florida’s governor, Ron DeSantis, the race for the Republican nomination is now properly under way. The first states will not vote until January. Primaries are hard to predict, because it is expensive to conduct enough high-quality polls of primary voters in the key states. But, with that disclaimer over, one candidate has a huge, perhaps insurmountable, lead: Donald Trump.…
Financial Times – Republican chiefs try to quell revolt with debt default deadline looming Summary of the front page Leaders in the US Republican party are attempting to quell a revolt from right-wing lawmakers over a pact with Democrat president Joe Biden to prevent a looming debt default, reports the Financial Times. The front page features an image of Turkey’s Ergodan after the leader claimed victory in the presidential elections. Turkey is facing a bleak economic outlook and the country remains politically divided. Today’s top stories Like this article? Leave a comment UK National newspapers Previous image Next image
