Author: WTX Business Team

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…

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…

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…

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…

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…

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…

Every square inch has value.

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…

Tax jumps on wine and spirits but falls on fizz Drinks could start to cost more from Tuesday after the Treasury announced a major shake-up of the way alcohol is taxed.  Under the Treasury’s “common-sense” principles, tax is being levied according to a drink’s strength. Duty will increase overall, with most wines and spirits seeing rises, but will fall on lower-alcohol drinks and most sparkling wine. Taxes on draught pints will not change, an additional…

The UK’s Civil Aviation Authority (CAA) has said it is taking enforcement action against Wizz Air.

Financial Times – Britain makes it cheaper to pollute by watering down carbon market scheme Summary of the front page The government has made it cheaper for industry to pollute in Britain compared with the EU by watering down carbon reforms, in a sign the Tories are backsliding on their climate agenda, writes the Financial Times. The front page also reports on the Moscow drone attack. The paper’s lead image shows workers dismantling debris on…

Financial Times – Flavel resigns as Coutts chief after accepting blame for Farage furore Summary of the front page Coutts chief executive Peter Flavel has become the “latest finance head to roll” following the controversy over Nigel Farage’s bank account, the Financial Times reports. The front page also looks at how British Gas’s first-half profits have surged nearly 10-fold to almost £1bn, which could threaten to reignite anger at the energy sector’s large gains while…

NatWest chair Sir Howard Davies says he won’t quit over Farage row Sir Howard Davies, the chair of NatWest, has said he will not quit after initially backing former boss Dame Alison Rose in the Nigel Farage banking scandal. Sir Howard said on Friday he would continue at the bank to ensure “stability” after the resignations of Dame Alison and boss of Coutts. NatWest is 39% owned by the taxpayer. Sir Howard said: “We do…

Netflix touts $900k AI jobs amid Hollywood strikes Striking Hollywood actors and writers have expressed their anger at Netflix after the company posted a job advert for an artificial intelligence (AI) expert. One of the key areas of concern for those striking is the future use of AI within the Hollywood industry. The new position would see the successful applicant working within the Machine Learning Platform team – which drives the Netflix algorithm helping users…

British Gas: Anger as energy bill change leads to record profits Anger erupts as British Gas announces record half-year profits while many households struggle to afford energy costs. With profits reaching £969m, price cap increases contributed significantly to their financial gains. Ofgem claims the profits are a “one-off” due to regulatory changes. However, poverty campaigners view these profits as evidence of a broken energy system in the UK. Approximately half of the profit came from…

No sooner has one court case ended than Activision is embroiled in another, with a TikTok star trying to sue them for a ‘six figure sum.’

The NatWest Group to drop down the FTSE 100 Index and suffer a 3.5% decline.

Financial Times – Sunak ready to overhaul green targets for landlords as general election nears Summary of the front page The Financial Times reports Algeria is battling killer wildfires as the heatwave in Europe appears to be wreaking havoc in North Africa too. On the front page, Prime Minister Rishi Sunak’s government plans to overhaul green targets for landlords as the UK’s general election nears. The paper’s lead image is of the damage the wildfires…

I’m calling for the government to align minimum care worker pay to NHS Band 3, currently £11.67 per hour.

The FT – Credit Suisse hit with $388m fines for failures in Archegos crash Summary of the front page The Financial Times leads on Credit Suisse being hit with $388 million fines for “significant failures” related to the collapse of Archegos Capital, which caused a $5.5 billion trading loss and helped bring about the demise of the Swiss lender. Elsewhere on the front page, Adidas is enjoying successful sales of Yeezy shoes after cutting ties…

Virgin Media O2 to cut up to 2,000 UK jobs Up to 2,000 Virgin Media O2 jobs in the UK are to be cut – that’s around 12% of its total workforce, by the end of this year. However, the figure includes the 800 role reductions that had already been announced, according to the BBC. And it’s not the only company to start cutting jobs. Virgin Media O2 rivals BT and Vodafone both announced in…

Spotify raises premium subscription price for millions Streaming giant Spotify is set to raise its prices for more than 200 million ad-free subscribers for the first time in a decade. In the US, the cost will increase from $9.99 to $10.99 for those with an individual plan. Similar price hikes will follow in the UK, Canada, Australia and 49 other territories. The streaming service said there will be a price hike “so that we can…

Elon Musk: Twitter unveils X logo to replace Larry the bird Twitter’s top boss Linda Yaccarino has unveiled the company’s new logo – a white X on a black background. In a tweet on Monday, Yaccarino said “X is here! Let’s do this.” Twitter owner Elon Musk also changed his profile picture to the new logo and added “X.com” to his Twitter bio – Musk had stated on Sunday he wanted to get rid of…

Financial Times – Vattenfall halts offshore wind project in setback for renewable energy plans Summary of the front page UK efforts to boost renewable energy have suffered a significant setback after one of the country’s biggest offshore wind farm projects was halted due to surging costs, the Financial Times reports. The paper says the Swedish energy giant Vattenfall is to shut down development of the Norfolk Boreas site, off the Norfolk coast. Market conditions deteriorated…

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