Author: WTX Business Team

Company says cryptocurrency allegedly stolen in collapse being transferred to other exchanges The collapsed cryptocurrency exchange FTX owes its 50 biggest creditors nearly $3.1bn (£2.6bn), according to a filing in a US bankruptcy court. The exchange owes about $1.45bn to its top 10 creditors, it said in a court filing over the weekend, without naming them. The largest creditor is owed $226m. Continue reading… ​Company says cryptocurrency allegedly stolen in collapse being transferred to other…

Solve worker shortages with immigration – CBI boss Tony Danker, boss of the UK’s biggest business group, will call on politicians on Monday to use immigration to solve worker shortages and boost economic growth. He is expected to tell politicians to be “practical” about immigration at the CBI’s conference in Birmingham. Many firms are struggling to recruit staff and job vacancies are near record levels. Immigration Minister Robert Jenrick said bosses should turn to the…

Spending watchdog confirms UK now in recession with worst fall in living standards since records began Business live – autumn statement updates and analysisAutumn statement – key points at a glance£6bn to insulate UK’s homes and a green light for Sizewell CElectric car owners to pay road tax from 2025Chancellor extends energy windfall tax to ‘low carbon’ generators The UK has fallen into a recession which will last more than a year and push half…

Made.com customers given 25 November delivery deadline The furniture retailer Made.com – which has fallen into administration, have told customers that unless an outstanding order arrives by 25 November, they should submit a claim to get their money back. Administrators PwC says nearly 4,500 orders in the UK and Europe are ready with carriers. But a large proportion of orders will not be fulfilled as they are still in production in Asia or are not…

Elon Musk not above the law – US regulator A US regular has said Twitter boss Elon Musk is “not above the law” and is watching events at the social media company unfold with “deep concern.”  The comments from The Federal Trade Commission (FTC) come after Twitter’s top privacy and compliance officers reportedly quit.  It has also been reported that Mr Musk told employees bankruptcy is not out of the question for Twitter. The company…

Brexit-backing fashion boss says UK needs more foreign workers Lord Wolfson, a prominent backer of Brexit and chief executive of the High Street chain Next, is urging the government to let more foreign workers into the UK to ease the labour shortages. He says the UK’s current immigration policy was crippling economic growth. Speaking to the BBC, he said firms should pay a tax to employ foreign workers, to encourage them to recruit from the…

Breaking – Facebook, Instagram, WhatsApp owner Meta to cut 13% of its workforce  Meta – the company that owns Facebook, Instagram and WhatsApp, will cut 13% of its workforce – the company has announced.  That’s around 11,000 jobs about to be axed from its worldwide headcount of 87,000 people. In a statement, Meta chief executive Mark Zuckerberg said the cuts were “some of the most difficult changes we’ve made in Meta’s history”. The shocking announcement…

Made goes bust, no information on customer refunds Made.com – the online furniture retailer has gone into administration, leading to hundreds of job losses and no communication over refunds for customers. There will be 399 job losses, most of which are redundancies. 79 employees who had resigned and were working their notice have also been let go. Next has spent £3.4 million on buying Made’s brand name, website and intellectual property. The furniture company had…

Millions to receive latest cost-of-living payment Millions of people on low incomes who receive certain benefits will start getting the second instalment of a targeted cost-of-living payment.  The £324 payment would be made directly into bank accounts between now and 23 November, the Department for Work and Pensions said, Anyone who qualifies via tax credits will receive it by the end of the month. The first grant of £326 was paid earlier in the year…

Interest rates are now 3 per cent – the highest level since 2008 – in a bid to tackle soaring inflation Interest rates are now 3 per cent – the highest level since 2008 – in a bid to tackle soaring inflation

Elon Musk faces lawsuit as Twitter is sued for mass layoffs over his plan to get rid of about half of its workforce The Sun says TWITTER has been sued over Elon Musk’s plans to axe around half of its workforce. The lawsuit was filed in a San Francisco court – just days after the Tesla mogul completed the $44billion takeover. Twitter employs around 7,500 workers, so it’s feared that up to 3,700 could be…

Elon Musk denies reports he plans to fire workers to avoid payouts Billionaire Elon Musk – who recently bought Twitter – has denied a report that he plans to lay off Twitter workers before the start of next month to avoid having to make payouts. Replying to a Twitter user asking about the report, he said: “This is false.” Mr Musk – the world’s richest man, completed his $44bn Twitter takeover after months of back…

US throws out charges against interest rate ‘rigger’ The US has thrown out criminal charges against former UBS trader Tom Hayes – the first trader to be jailed for “rigging” interest rates. Hayes was the first of 38 people to be prosecuted. He was charged in both the US and UK, tried in London in 2015 and sentenced to 14 years. It was reduced on appeal to 11 and he severed a total of five…

  Mortgage rates soared after the mini-Budget, with many lenders pulling products from the market Mortgage rates soared after the mini-Budget, with many lenders pulling products from the market 

Last year, Spotify hiked its Premium Family plan from £14.99 a month to £16.99. 

Prices of everyday grocery items soar The prices of some everyday grocery items such as pasta, tea, chips and cooking oil, according to new data – with vegetable oil soaring by 65% in a year. Overall the price of budget food items rose by 17% in the year to September, according to the Office for National Statistics (ONS). The figures come as inflation is at a 40-year high, with prices up 10.1% in a year. …

Industry associations for sectors from oil to agriculture in the US and Europe found resisting wildlife-friendly laws, say researchers Industry groups representing some of the world’s largest companies are “opposed to almost all major biodiversity-relevant policies” and are lobbying to block them, according to a new report. Researchers found that 89% of engagement by leading industry associations in Europe and the US is designed to delay, dilute and block progress on tackling the biodiversity crisis,…

  Britain’s economy is still one of the world’s largest despite soaring inflation, looming recession and recent market turmoil. ​Britain’s economy is still one of the world’s largest despite soaring inflation, looming recession and recent market turmoil. 

Sterling stood at $1.136 against the dollar on Monday morning Sterling stood at $1.136 against the dollar on Monday morning

The public is planning for a smaller Christmas this year amid the cost of living crisis. A BBC survey uncovered concerns about the rising prices.

The pound has moved higher after the government announced a series of U-turns.

Official data shows the UK economy unexpectedly shrank in August for the first time in two months. 

The Bank of England has once again been forced to step in again to boost its emergency bond-buying scheme.

New measures have been announced by the Bank of England aimed at ensuring an “orderly end” to its emergency bond-buying scheme.

Adidas has said it is reviewing its Yeezy partnership with American rapper Kanye West just days after he stirred up controversy with a “White Lives Matter” T-shirt design at Paris Fashion Week.