The Guardian says UK inflation soared to 9% in April – its highest level for more than 40 years – as the rising cost of gas and electricity pushed household energy bills to record levels.
Author: WTX Business Team
A leading story in the UK this morning has been comments from the Bank of England’s governor about “apocalyptic” food prices
BBC News says some of the poorest households in England and Wales are struggling to access council tax rebates to help offset their soaring energy bills, a charity has warned.
Fast food giant McDonald’s has announced it will permanently leave Russia after more than 30 years and has already started selling its restaurants there.
Elon Musk has said his billion dollar deal to but Twitter is currently on hold after he queried the number of fake or spam accounts on the platform.
The Guardian says shockwaves swept through cryptocurrency markets on Thursday as tether, the largest “stablecoin” and a foundational part of the digital asset ecosystem, broke its peg to the dollar in the latest blow to the struggling sector.
The Independent says the price of the Terra (LUNA) cryptocurrency has fallen by more than 99 per cent, wiping out the fortunes of crypto investors.
The Independent says the UK economy shrank in March, as soaring living costs and the war in Ukraine hindered recovery from the pandemic.
The Guardian says more than 250,000 households will “slide into destitution” next year, taking the total number in extreme poverty to around 1.2m, unless the government acts now.
The Guardian says Elon Musk has said he will reverse Twitter’s ban on the former US president Donald Trump if the Tesla boss completes a takeover of the social media platform.
Sky News says the soaring cost of living has seen consumers “put the brakes” on their shopping habits, new figures show.
BBC Business says the boss of Scottish Power has warned that millions of customers face an horrific winter unless there is a major government intervention in energy firms.
The Metro says BP has revealed record underlying profits – as the living cost crisis continues across the UK.
The Guardian says the cost of household goods such as toys, furniture and clothing is rising by the fastest rate in more than 15 years as the impact of the war in Ukraine combines with Covid lockdowns in China.
BBC News says Business and government users on Twitter may need to pay a “slight” fee to stay on the social media platform, Tesla boss Elon Musk has said.
TRT World says investors speculating over whether Elon Musk will complete his $44 billion acquisition of Twitter Inc have sent company shares to their lowest level.
The Metro says Twitter and Elon Musk have reached an agreement for him to buy the social media platform in a $44 billion (£34.5 billion) deal.
The Guardian says Elon Musk has reached a $44bn deal to buy Twitter in a takeover that will give the world’s richest man control of a social network with more than 200 million users.
The Metro says a billionaire investor has dramatically pulled his cash out of Netflix following a plunge in the streaming service’s share price.
TRT World says Netflix has said inflation, the Russian offensive in Ukraine, and fierce competition contributed to a loss of subscribers for the first time in more than a decade.
The Independent says the average rental asking price in the UK has jumped to a new record as demand continues to outstrip properties on the market, according to a report.
The Metro says Brits face a further squeeze on their household incomes after the rate of inflation rose to another 30-year high.
The Independent says household saving is expected to fall by 71% on last year to an average of £26 a week as inflationary pressures drastically reduce families’ ability to put money away, figures suggest.
The Sun says MILLIONS of families and pensioners will get a pay rise from today as benefit rates go up.
The Guardian says Ukraine’s economy is on course to contract by almost half this year as the Russian invasion and the impact of a “deep humanitarian crisis” takes its toll, the World Bank has said.