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…
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‘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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The double standards of Western morality are on show at the World Cup Telegraph says When it comes to rank hypocrisy, the Cop climate jamboree is always hard to beat. Last year, it was Jeff Bezos who set a high bar with the news that he had realised that “the world is finite and fragile” albeit only after spending an estimated $5.5bn (£4.7bn) on an 11-minute trip to space with a squadron of other super-rich…
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…
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