Author: WTX Business Team

Apple makes a blunder and now admits its mistake by ending its in-house buy now, pay later scheme in the US, only a year after it was launched. Apple makes a blunder The decision marks a retreat for Apple from plans to offer traditional financial services, something investors warned against last year. This does not impact any existing borrowers will be able to continue managing payments using Apple’s Wallet app. The American technology giant says it will now offer customers payment plans through third-party credit and debit card lenders. Why did Apple do a U-turn? Apple did a U-turn because…

City AM – Planning the number one growth issue The front page of the London business newspaper City AM reports “A RAFT of campaigners think tanks and former politicos have called on both major political parties to get Britain building.” The calls coincide with our Build Baby Build campaign across City A.M. this week, ahead of the general election on 4 July. Elsewhere, Jude Bellingham is pictured on the front splash after his 13th minute goal won England their opening Euros match against Serbia.

The FT-Defence sector hiring at fastest rate since cold war  The Financial Times lead story reports global defence companies are recruiting workers at the fastest rate since the end of the cold war as the industry seeks to deliver on order books that are near record highs.

FT – Labour throws out proposal to bring back lifetime cap on tax-free pensions The front page of the Finanical Times reports on the Labour Party U-turn which will be welcomed by wealthier savers including hospital consultants.

City AM – TOWER POWER The front page of the London business paper City AM reports on the London office property market. 

Beckham scores Euros deal with China tech giant David Beckham has signed an agreement to serve as a global ambassador for AliExpress, an online retail platform owned by Chinese technology conglomerate Alibaba. The announcement coincides with the upcoming UEFA Euro 2024 football tournament, set to start in Germany next month. The financial details of Beckham’s deal were not disclosed by the company. In March, AliExpress secured an exclusive e-commerce partnership with UEFA, the governing body of European football. As part of this collaboration, Beckham will headline AliExpress’ Score More promotion during the tournament. “AliExpress is helping fans get even closer…

Sunak makes faltering election start after Rwanda and smoking setbacks The prime minister cannot introduce signature policies on asylum and smoking before July 4 Summary Rishi Sunak encountered several challenges on the first full day of the general election campaign. He had to acknowledge that he could not implement key policies on asylum and smoking before the July 4 polling day. On Thursday, the Prime Minister conceded that deportations of asylum seekers to Rwanda, a policy proposed by the Tories over two years ago, would only happen if he wins the election. Sunak emphasised, “The election is about the future.…

This week’s Economist asks: Is America dictator-proof? The many vulnerabilities, and enduring strengths, of America’s Republic.

National Grid taps shareholders to help fund £60bn low-carbon energy switch Infrastructure firm raises £6.8bn to connect homes to renewable energy sources across US and UK National Grid has tapped shareholders for nearly £7bn to fund a £60bn spending spree to upgrade its networks to cope with the switch to low-carbon energy on either side of the Atlantic. The energy infrastructure company announced a £6.8bn rights issue – where existing shareholders are offered new shares – to provide fresh funds for investment in thousands of miles of cables to connect homes with renewable energy projects in the UK and the…

The lawsuit is anticipated to claim that Live Nation’s business practices, which include concert promotion, ticket sales, and venue ownership, have suppressed competition and reduced consumer choice, thereby driving up prices.

The chatbot’s “Sky” voice, described as flirty and conversational, drew parallels to the 2013 film “Her,” where Johansson voices an operating system that becomes the object of affection for Joaquin Phoenix’s character.

The collaboration grants OpenAI access to Reddit’s content, while Reddit will integrate AI-powered features into its platform.

The firm’s reorganisation plan assures that nearly all customers will recover at least the full amount lost during FTX’s collapse in November 2022.

Sales fell 4% to $90.8bn in the first three months of 2024, mainly due to fewer people buying iPhones. The company blamed this on supply chain issues caused by Covid, which boosted sales last year.

This means the Federal Reserve’s main rate stayed at its highest level in over 20 years, between 5.25% and 5.5%, where it’s been since last July.

New rules clamping down on China’s internet giants are now in effect. These rules, part of the expanded State Secrets Law, require companies like Tencent, ByteDance, and Weibo to swiftly act if users share sensitive content.

The U.S. government’s auto safety agency is taking a closer look at Tesla’s Autopilot driving system following a recall last year. The National Highway Traffic Safety Administration (NHTSA) is investigating whether the measures taken by Tesla were sufficient to ensure that drivers remain attentive while using the advanced technology. The recall, which was issued in October 2023, involved a software update that was designed to improve the system’s ability to detect and respond to potential hazards on the road. However, concerns have been raised about whether the update was effective in preventing accidents caused by driver inattention. Tesla’s autopilot system…

Deliveroo users have been left to go hungry this evening, as the food delivery app is reporting thousands of outages throughout the UK and abroad.

From eleven-year-old activists to rural farmers, ordinary people around the world are taking on oil giants – and winning.

X – aka Twitter – goes down for thousands of users across the UK Social media platform X, formerly known as Twitter, suffered a widespread outage this afternoon, with users in the UK and US unable to load posts. Reports of an outage started at 2.30pm BST, mainly affecting the browser version rather than the app according to reports on Down Detector, with the ‘For You’ feed appearing to be causing most issues. Somewhat ironically, many users took to the platform to ask others if X was down as the issue spread. One user, who goes by Pizza Dad, asked:…

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, the GT 63 S Coupe is sure to turn heads on the road. The electric motor, located at the rear axle, adds an extra 201bhp…

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.