Amazon cutting 18,000 jobs as it battles to save costs The online shopping giant Amazon has announced it plans to cut more than 18,000 jobs – the largest number in the company’s history. Globally, Amazon employs around 1.5 million people, and the announcement failed to identify which country the cuts would be in but said they would include Europe. Most of the job losses will come from its shops including Amazon Fresh and Go and…
The UK is set to face one of the worst recessions and have one of the weakest recoveries in the entire G7 this year, economists warn in the FT’s lead story. It is the price for “government policy failings”, they say.
The forecast is looking bleak for the year ahead.
The UK Government is enabling individual fashion owners to cream off huge sums from retail and harm workers overseas.
Demand for heating in UK and elsewhere falls but concerns remain over supplies this winter A spell of mild weather in the UK and Europe has sent wholesale gas prices tumbling in a respite from the high prices that have led to soaring energy bills. European prices for delivery in February fell by 4.3% to €73.7 a megawatt hour while UK prices fell by 3.8% to 179p a therm. Continue reading… Demand for heating in…
Tesla delivers record 1.3 million cars in 2022 Elon Musk’s Tesla car company says it delivered a record 1.3 million vehicles last year – that’s 40% more than in 2021. It comes after the company delivered more than 405,000 vehicles in the last three months of 2022. But the figure was short of the Wall Street forecasts of around 430,000 deliveries for the period. The motor industry is set for a difficult year ahead as many…
One million energy vouchers unclaimed in cold snap BBC News says More than one million households with pre-payment meters did not redeem their monthly energy support vouchers during the cold weather snap in December. Firms, where prepayment customers can cash vouchers, said postal strikes may have delayed some voucher deliveries. The Energy Support Scheme provides £400 to all households in Britain and those on pre-payment meters are sent vouchers each month. The government said energy…
Elon Musk says he’ll step down as Twitter CEO when he finds someone ‘foolish enough to take the job’ FOX News says Elon Musk on Tuesday revealed what it would take for him to formally step down as the head of Twitter. “I will resign as CEO as soon as I find someone foolish enough to take the job!” Musk tweeted. “After that, I will just run the software & servers team.” The tweet followed…
King Charles banknotes revealed – when it will be released The first images of new banknotes featuring King Charles have been unveiled by the Bank of England. The portrait of the King is the only change to the existing designs of the notes – which will enter circulation in mid-2024. The notes will feature the King’s portrait on the front and in the see-through security window. Existing notes with the late Queen’s image will still…
Elon Musk asks if he should step down in Twitter poll Billionaire Elon Musk – the new owner of Twitter – is asking users of the social media site to vote, via a Twitter poll, on whether he should stay the boss of Twitter. He tweeted the poll to his 122 million followers, saying: “Should I step down as head … I will abide by the results …” Musk has faced controversy and backlash since…
Black Friday fails to deliver expected retail sales boost Official figures show retail sales fell last month after a poor Black Friday – which failed to give the expected boost to online trade. Sales volumes dropped 0.4% in November, much weaker than what was expected, as shoppers struggle with rising costs of living. There are some positives however, the figures show signs people had started to buy Christmas food early. The Office for National Statistics…
Elon Musk no longer world’s richest man Twitter’s new owner Elon Musk has lost his title of world’s richest man after a sharp drop in the value of his shares in the car company Tesla. Both Forbes and Bloomberg says Mr Musk has lost the top spot to Bernard Arnault, the chief executive of luxury goods group LVMH. Musk has the largest shareholder in Tesla, with a reported 14% stake. His controversial takeover of Twitter…
FTX crypto boss Sam Bankman-Fried denied bail in Bahamas The founder of failed cryptocurrency exchange FTX Sam Bankman-Fried has been denied bail by a judge in the Bahamas. Bankman-Fried was arrested in the Bahamas and US authorities charged him with “one of the biggest financial frauds in US history” on Tuesday. He built a “house of cards on a foundation of deception,” Security and Exchange Commission (SEC) said. The ex-FTX boss has indicated that he…
American FTX founder Sam Bankman-Fried arrested in Bahamas The American founder of the collapse cryptocurrency exchange FTX has been arrested in The Bahamas, the country’s attorney general has said. Sam Bankman-Fried is set to appear in a magistrates’ court in the Caribbean country’s captial, Nassau on Tuesday. He was arrested on “financial offences” against laws in the US and The Bahamas. Last month FTX filed for bankruptcy in the US, leaving many users unable to…
RMT union rejects offer to stop Christmas walkouts The latest round of strikes by RMT members will go ahead after the RMT union rejected an offer, that had hoped to stop the strikes in the run-up to Christmas. The strikes at Network Rail and 14 train firms is due to begin in eight days. The Rail Delivery Group (RDG) said its offer included a pay increase for staff of up to 8 per cent over…
Oil prices rise as cap on price of Russian oil Oil prices have risen after major producers agreed to continue to cut output and the G7 and allies said they will cap the price of Russian oil. Brent crude rose about 0.6 per cent to above $86 a barrel on Monday morning. Last week the G7 agreed to cap Russian oil at $60 a barrel to add pressure on Russia following the invasion of Ukraine. …
UK house prices see biggest fall for two years – Nationwide According to Nationwide, rising interest rates discouraged buyers, leading to the largest monthly decline in house prices in the UK in more than two years in November. The largest month-over-month decrease in prices since June 2020 was 1.4 per cent in comparison to October. Nationwide says annual house price growth experienced a “sharp slowdown,” falling to 4.4% from 7.2% in October. The lender also…
The hack – known as split ticketing – saves him £359.50 every time he travels.
‘We are looking at energy difficulties this winter,’ MoneySavingExpert founder says
Apple and Musk are at odds over advertising on Twitter Elon Musk has said Apple has ended the vast majority of its advertising on Twitter and accused the company of threatening to remove the social media platform from its app store. Due to concerns over Musk’s plans for the social media platform’s content moderation, numerous businesses have stopped spending money on Twitter. Musk blames activists for massive drop in revenue Elon Musk, the world’s richest…
Number of homes at high risk likely to almost double by 2055, warns report by infrastructure commission In England more than 600,000 properties face flooding in the future without investment in drainage, a report from the National Infrastructure Commission (NIC) has found. At the moment, 325,000 English properties have a 60% risk of flooding in the next decade, according to calculations by the NIC, due to a lack of investment in infrastructure. Continue reading… Number…
‘We are looking at energy difficulties this winter,’ MoneySavingExpert founder says
Black Friday: Cost of living crisis may hit sales rush The cost of living crisis is set to dampen this year’s Black Friday sales rush, according to retail experts. The number of people heading out to the shops is set to be up on 2021 – the first festive season without Covid rules in place in three years. But due to the cost of living crisis prices are rising at their fastest rate in 41…
Elon Musk says Twitter will offer ‘amnesty’ to suspended accounts Billionaire and Twitter boss Elon Musk says the social media platform will provide a “general amnesty” to some suspended accounts from next week. Musk had started a poll on Wednesday on Twitter – asking user whether accounts that had “not broken the law or engaged in egregious spam” should be let back on the social media platform. Several accounts, such as Donald Trump’s, have already…
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