Author: WTX Business Team

Elementor #551037 September 15, 20231 Min Read Summary of the Top 6 headlines today Financial Times – Arm shares leap 20% in biggest US IPO for 2 years Shares in chip designer Arm increased by 20% as it began trading on the Nasdaq exchange on Thursday, the Financial Times’ reports. It is the largest initial public offering on the US stock market in two years. In other news, the front page reports that Housing Secretary Michael Gove’s plans to end “no-fault” evictions in England have been “put back on ice” due to infighting in the Conservative Party. A Whitehall official…

Sainsbury’s and Tesco loyalty card prices not as good as they seem, says Which? A leading consumer rights group says supermarket loyalty schemes may not be as good as they appear. Which? Says Sainsbury’s and Tesco are inflating the regular price advertised for a product so that the promotional prices offered to loyalty scheme members look like a better deal than they really are. But Sainsbury’s and Tesco say it’s not true. They are claiming all prices have gone up due to inflation. The consumer rights group said it had tracked pricing history in stores for six months to see…

Chick-fil-A to try again in UK four years after LGBT backlash Four years after failing to launch Chic-Fil-A in the UK, the American fast food chain will try again. The junk-food restaurant wants to open five restaurants in the UK – no sites have been chosen just yet, but the first will open in early 2025. In 2019, the company attempted to get into the UK market but faced a boycott over its founders’ support for Christian groups opposed to same-sex marriage. The firm is still run by the Cathy family – who founded it, but has made a policy…

Workers start strike at US motor industry giants Three of the biggest US carmakers have seen more than 10,000 staff walkout in the latest industrial action. Work has stopped at three plants owned by General Motors (GM), Ford and Stellantis. Labour contracts expired on Thursday night and the union UAW said the firms had not put forward acceptable offers. The strikes could trigger higher prices for buyers and major disruption for the motor industry giants. The strike started at midnight eastern time at GM’s Wentzille, Missouri mid-size plant, Ford’s Bronco plant in Michigan and the Jeep plant in Toledo, Ohio…

Cash payments rise for first time in 10 years Cash payments rose for the first time in a decade last year amid a devastating cost of living crisis, as the British public struggled with rising prices.  But the number of cash payments is still small in comparison with debit card use which accounted for half of all payments – the highest ever level. It’s quite common for consumers to use cash during financial troubles as many say it’s easier to manage their money. But it’s expected not to last for long, as UK Finance, who compiled the data, says once…

Elementor #550915 September 14, 20231 Min Read Summary of the Top 6 headlines today Financial Times – EU launches subsidy probe into Chinese electric cars  The Financial Times leads with the EU investigating China’s electric cars amid claims the “cheaper” vehicles are “flooding” global markets  – it says the probe “could become one of the world’s biggest trade cases”. The paper also features more women going back to full-time employment given the rise in hybrid working. After a memorable meeting between Russian President Vladimir Putin and North Korea’s Kim Jong Un, the FT reports that Kim has given his “full…

Strikes and wet weather cause UK economy to shrink The latest figures from the Office of National Statistics show the UK economy shrank more than expected in July, with the ONS pointing to strikes and wet weather as factors. The wet weather hit the construction and retail industries, causing the economy to contract by 0.5%. The figures were worse than what had been predicted and continue a trend of weak economic growth in the UK. But the ONS said the “broader picture” for the country looked “more positive”. Darren Morgan, director of economic statistics at the ONS, said that while…

New iPhone 15: Apple forced to ditch lightning charger The new iPhone will not feature its proprietary lightning charging port after the EU forced the change, Apple has confirmed. The tech giant said the iPhone 15 will use a USB-C cable as the “universally accepted standard.” Apple unveiled its newest iPhone at its annual event on Tuesday. An Apple Watch series was also unveiled with a more advanced clip. The updates from Apple have failed to impress some analysts. “It isn’t a surprise given the maturity of the iPhone and Watch,” said Ben Wood from CCS Insight. “It reflects just…

The Money Savings Expert has another top tip to help people with their savings.

First Wilko shop closures begin after rescue fails Tuesday will see the first Wilko shop closures after the collapsed retail chain failed to find a buyer. The first 24 shops – including ones in Liverpool, Cardiff, Acton and Falmouth will close on Tuesday, and a further 28 will close on Thursday. All of Wilko’s 400 shops will close by October. Around 12,500 staff will lose their jobs. Wilko fell into administration in August after struggling with competition from other discount chains and losses.  Rising costs complicated a deal with Doug Putman – the billionaire owner of HMV, who wanted to…

It doesn’t look like Sony is planning a name change for their next console, as they register trademarks for PS6, PS7, PS8, PS9, and PS10.

Elementor #550364 September 12, 20231 Min Read Summary of the Top 6 headlines today Financial Times – Wilko to close remaining 300 stores with 12,500 job losses as rescue mission fails  The Financial Times reports on the fallen retailer Wilko, which is set to close its remaining stores – leading to thousands of redundancies. The paper says Wilko will “disappear from the high street next month” as another rescue deal fell through. Around 300 of the flagship stores are due to close, leading to some 12,500 redundancies. The chain’s collapse is “a further blow to hollowed-out high streets across the…

Wilko rescue deal fails sparking huge job loss fears A Wilko rescue deal has fallen through, leaving the future of thousands of jobs uncertain. The billionaire owner of HMV, Doug Putman, hoped to keep up to 300 Wilko shops open, but his bid failed as rising costs complicated the deal. It means more than 10,000 workers face an uncertain future. Some of Wilko’s remaining stores could be sold to rival retailers, such as Poundland or The Range. Announcements about job losses and store closures are expected in the coming days. Wilko announced in August it had collapsed into administration, raising…

The Economist – The New Middle East The Gulf’s boundless ambition to change the world THE ECONOMIST SAYS If you thought the Middle East was stagnant, think again. The Gulf economies are among the richest and most vibrant on the planet, helped by a Brent crude oil price that rose back to over $90 per barrel this week. A $3.5trn fossil-fuel bonanza is being spent on everything from home-grown artificial intelligence models and shiny new cities in the desert, to filling the coffers of giant sovereign-wealth funds that roam the world’s capital markets looking for deals. As the cash flows…

CITY AM – Retailers urge Hunt to slash tax A case for cutting business rates? Just look at our high streets CITY AM SAYS The pain is doubled thanks to the government’s inability to properly modernise rates for the twenty-first century; warehouse-based retailers continue to have an extraordinary competitive advantage over those with city centre premises. It’s a failure of leadership, and it’s short-sighted too. This isn’t about protecting old industries from new competition; plenty of weak physical operators have gone to the wall in good old fashioned creative destruction. But an uneven playing field is exactly that. High streets…

Apple shares slide after China government iPhone ban reports Shares in the US company Apple have fallen for a second day in a row after reports emerged that Chinese government workers have been banned from using iPhones. Over the past two days, the tech company’s stock market valuation has fallen by more than 6% – almost $200bn.  China is Apple’s third-largest market, accounting for 18% of its total revenue last year. China is also where most of the company’s products are manufactured by its biggest supplier Foxconn. The Wall Street Journal (WSJ) reported on Wednesday that Beijing has told central…

Elementor #549035 September 7, 20231 Min Read Summary of the Top 6 headlines today Financial Times – Bailey’s ‘top of the cycle’ signal casts doubt on more rate rises Governor of the Bank of England, Andrew Bailey, has indicated the UK could avoid further interest rate rises – sinking the pound against the dollar to the lowest rate for three months, the Financial Times says. The front page also reports the world has been put “on alert” after experiencing “its hottest season since records began”. The paper also has space for news the UK is to rejoin the EU’s Horizon…

A drone was spotted dropping green dye into neighborhood pools more than a dozen times this summer.

Wilko shops set to close next week named BBC News The 52 Wilko shops set to close next week due to the chain’s collapse have been named. Administrators PwC said 26 shops would close next Tuesday, with a further 28 to shut on Thursday 14 September due to the “absence of viable offers” for the whole company. More than 1,000 staff are being made redundant as hopes of a rescue deal for the business hang in the balance. Stores closing include branches in Liverpool, Cardiff, Acton and Falmouth. Edward Williams, joint administrator at PwC, said the closures and job losses…

Elementor #548637 September 6, 20231 Min Read Summary of the Top 6 headlines today Financial Times – Birmingham declares itself bankrupt after equal pay deal drains resources  The Financial Times leads on Birmingham City Council declaring itself bankrupt. The council blames its issues on outstanding equal pay claims worth up to £760m. A story on the state of London’s rental market also features on the front page, with the FT reporting London rents have hit a “record high”. The paper also reports on a large increase in visitors from the US causing a boom in European tourism. It says figures…

B&M buys up to 51 stores from collapsed rival Wilko Dozens of shops from the collapsed retailer Wilko are to be bought by discount chain B&M. Talks over a bigger rescue deal remain in the balance. B&M will take on up to 51 of Wilko’s 400 stores in a deal worth £13m. Wilko fell into administration in August as it struggled with sharp losses and a cash shortage. Wilkos became one of Britain’s fastest-growing retailers but has faced strong competition – especially from the likes of Poundland and Home Bargains. With the rising cost of living, many shoppers are seeking…

Elementor #548317 September 5, 20231 Min Read Summary of the Top 6 headlines today Financial Times – Crumbling schools crisis puts Sunak on back foot as two by-elections looms The Financial Times leads on the fallout from the unsafe concrete row, saying the crisis has forced Rishi Sunak onto the back foot as he prepares for two by-elections in the autumn. The paper claims the Tory party’s autumn relaunch has been “derailed” by the crumbling schools crisis, just as two by-elections are approaching Sir Keir Starmer’s shadow cabinet reshuffle also features on the front page. Today’s top stories Like this…

Find out when Martin Lewis believes the payments will be made

CITY AM – Stocks chief: We’ll fight for London CITY AM SAYS the London Stock Exchange is the capital’s financial flagship – and it’s had a tough few years. The bourse’s boss Julia Hoggett tells Charlie Conchie why she’s confident she can turn it around Julia Hoggett likes to think of her career as a series of exam questions. Each stage has been weighed up and approached as a separate and solvable issue. Each has been tackled with all the tools and knowledge she’s built up in advance. And crucially, each has been ticked off in some way before turning…

Elementor #547953 September 4, 20231 Min Read Summary of the Top 6 headlines today Financial Times – Russia’s banks propped up by Chinese cash after sanctions  The Financial Times reports that Chinese lenders extended billions of dollars to Russian banks when Western institutions pulled out of the country after its invasion of Ukraine last February. Sharing the front page is the story the Irish government is reportedly seeking legal advice in an attempt to half the UK’s Northern Ireland legacy bill. The bill would offer a conditional amnesty to those accused of killings during the Troubles. Irish FM Micheál Martin…