Author: WTX Business Team

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…

CITY AM – Inflation panic: It’ll be over by Christmas CITY AM says Inflation may remain above the Bank of England’s two per cent target for the next few years as price increases have increasingly spilled over into the wider economy, a think tank warned today. According to forecasts from the National Institute of Economic and Social Research (NIESR), inflation is forecast to fall to 5.2 per cent by the end of this year, before falling to 3.9 per cent by the end of 2024. Beyond next year, the think tank forecasts inflation to fall to 2.3 per cent in…

Financial Times – Universal and Google in talks over licensing AI-made music Summary of the front page Google and Universal Music’s talks over licencing AI-generated melodies and voices is the lead story in the Financial Times. The talks are in response to the rise of “deep fake” songs which have managed to convincingly replicate real artists. There’s no imminent “product launch”, says the paper, but the discussions could pave the way for software to be developed allowing users to create tracks using artists’ voices legitimately. Today’s top stories Like this article? Leave a comment UK National newspapers

Public could receive hundreds of millions as water firms face sewage lawsuit The Guardian says The public could receive hundreds of millions of pounds in compensation in the first class action against water companies which are alleged to have failed to reveal the true scale of raw sewage discharges, and abused their position as privatised monopolies. A collective case against six water companies alleges they have failed to properly report sewage spills and pollution of rivers and seas to the Environment Agency and Ofwat, the regulator for England and Wales. The first of six parallel claims is against Severn Trent…

Shops offering discounts to tempt hard-hit customers Shops are trying to tempt customers back by offering up promotions as July’s wet weather has hit businesses. Clothing and shoe sales declined last month – usually, a busy month for fashion, as shoppers held back from buying their summer clothes. But a report on retail sales said there was a “big rise” in offers designed to persuade shoppers back. On top of the wet weather, the cost of living crisis and rising interest rates have also impacted customer spending.  “We are starting to see a big rise in the number of promotions…

Cost of living: Beyond Meat hit as inflation squeezes shoppers The UK’s cost of living crisis has seen vegan food company Beyond Meat take a huge sales knock – almost a third, as the rising cost of living is squeezing shoppers.  The company says net revenues fell by 30.5% for the three months to the end of June, compared to a year earlier. Shares of the company fell by almost 12% in extended trading in New York. The meat-substitute company announced, last year, plans to cut almost a fifth of its workforce to save around £30.6 million. On Monday, the…

Financial Times – European companies’ Russian units suffer E100bn hit from Ukraine war Summary of the front page The Financial Times leads on a report that Europe’s biggest companies have suffered “at least €100bn [£86bn] in direct losses” from the sale, closure or reduction of Russian businesses since the start of the war in Ukraine last year. “Penalty pain” is how the paper describes the woes of the US women’s football team, whose “World Cup dream is over”. The US squad – one of the top contenders to win the World Cup in Australia and New Zealand – lost by…

Budget retailer Wilko set to call in administrators, risking 12,000 jobs The Guardian says Budget retailer Wilko has warned it plans to appoint administrators in a move that could put 12,000 jobs at risk. The household and garden products retailer, which has about 400 stores, said in a notice of intention filed at the high court on Thursday that it had appointed advisory firm PricewaterhouseCoopers to try to find a buyer in recent months in a bid to secure the additional cash to keep trading. The cut-price retailer has struggled amid the tough economic climate and last year borrowed £40m…

Financial Times – Trump team seeks to derail ‘absurd’ push for speedy trial before election Summary of the front page The plan for a post-Brexit rival to the EU’s ‘CE’ product-quality mark has been ditched after business leaders warned ministers that it was tying manufacturers in red tape, that’s according to the Financial Times. Lauren James is mobbed by team-mates in a picture at the top of the paper, as she helped England soar past China to set up a knock-out clash with Nigeria. Today’s top stories Like this article? Leave a comment UK National newspapers

Financial Times – Business ‘breathes sigh of relief’ after post-Brexit goods safety mark ditched Summary of the front page The plan for a post-Brexit rival to the EU’s ‘CE’ product-quality mark has been ditched after business leaders warned ministers that it was tying manufacturers in red tape, that’s according to the Financial Times. Lauren James is mobbed by team-mates in a picture at the top of the paper, as she helped England soar past China to set up a knock-out clash with Nigeria. Today’s top stories Like this article? Leave a comment UK National newspapers

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Financial Times – Approvals for mortgages and consumer credit jump Summary of the front page Mortgage approvals rose in June and consumer credit grew at its fastest for five years, says the Financial Times. The front page carries an image of Stuart Broad – who brought an end to a glittering career at the fifth and final Test of the Ashes – the paper nods to his delivery which clinched victory for England in another dramatic series. Today’s top stories Like this article? Leave a comment UK National newspapers