UK ministers are to cut about £90mn from the BBC’s annual budget after announcing a smaller than expected increase in the corporation’s licence fee next year given the cost of living crisis. The government’s move came on Thursday alongside a review into the future of the licence fee and alternative funding options, including advertising and […]

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Venezuelan President Nicolas Maduro raised the stakes dramatically in his country’s dispute over its border with Guyana. He ordered state companies to exploit contested mineral and oil deposits, and redrawn official maps following a “overwhelming mandate” in a Sunday referendum. Guyana is concerned about Maduro’s aggressive speech and worries that Venezuela might invade Essequibo, which […]

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Somerset Capital Management is closing after large redemptions from clients made it unsustainable. This move represents a dramatic turnaround in fortunes for Somerset. A specialist in investing in emerging markets at its height in 2018, it had $10bn of assets under management. It rejected an offer of up to £90mn four years ago from its […]

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Ofwat questioned Thames Water about how it could justify paying a dividend of £37.5 million to its parent company without breaking rules meant to safeguard consumers and the environment. The water regulator announced that it was investigating if the dividend, announced on Tuesday, was consistent with the licence requirements of the company. The water regulator […]

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Oil prices are at their lowest levels in five months, as investors become increasingly skeptical that the production cuts announced last week by Opec+ will be sufficient to offset rising supplies from outside of the cartel. Brent, the benchmark for international crude , dropped 3.8 percent to $74.30 per barrel on Wednesday. This is the […]

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AMD, a chip designer, is now selling a product that aims to challenge Nvidia’s stronghold in the market for artificial intelligence processors.It estimates this market to be worth 400bn dollars by 2027. Lisa Su, AMD’s chief executive, said that AMD’s MI300X is the “most advanced AI accelerator” in the industry. She made this claim at […]

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The Bank of England has warned that private credit and leveraged loan markets are vulnerable to “sharp” revaluations. This is its latest warning about the risks in non-bank financing. The BOE Financial Policy Committee warned about challenges facing two sectors due to high interest rates, persistent inflation, and increased uncertainties about the long-term outlook. Andrew […]

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A trade group has cautioned that Michael Gove’s proposal to limit ground rentals in England and Wales may expose the government to multi-billion pound compensation claims from institutional investors. The UK’s levelling up minister has stated that he is “immovable”, in his determination to change the leasehold system, which he called “feudal”. Investor groups and […]

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The billionaire Issa Brothers, who own Asda, agreed to sell more than 200 KFC restaurants as part of their plan to reduce their large debt. EG Group has announced that it will sell its 218 KFC franchises located in the UK and Ireland, to Yum Brands of Kentucky. The proceeds of the sale , which […]

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BlackRock, world’s biggest asset manager, says that the world has entered a new age of low growth rates and high interest rate. The report warned that will be more volatile in coming years, and that economies cannot grow as fast as they did in the past. Alex Brazier is the deputy head of BlackRock Investment […]

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Muddy Waters, a hedge fund, is warning that Blackstone’s New York-listed Mortgage Trust could run out of cash. Carson Block, , chief executive officer of Muddy Waters, revealed on Wednesday the company had started shorting its stock. He said that soured commercial loans might trigger a liquid crisis. Block, a powerful investor, is now in […]

The post Blackstone Mortgage Trust is at risk of “liquidity crisis”, says hedge fund manager appeared first on Stockmark.IT.

Years ago, Brexiteers referred to the UK as “a treasure island” that brought Berlin billions of dollars in revenue each year. It was prophesied that one day, the German Chancellor will convince Brussels to give in to British demands and protect these sales. This prediction, which was made more than seven-years ago by Britons who […]

The post How Britain and Germany worked together to defeat France over electric car tariffs appeared first on Stockmark.IT.

The United Arab Emirates purchased a 49% stake in a major British wind farm, even though increasing costs have raised concerns about the industry’s future. Masdar, the company owned by the Gulf State and presided over by the Cop28 president, has purchased a minority stake from Spanish developer Iberdrola in the East Anglia Three off-shore […]

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German automakers are accused of providing Vladimir Putin’s Russia by the backdoor as Central Asia exports boom. Exports of vehicles and parts to Kyrgyzstan have increased by 5,500% compared to 2019, according to the Institute of International Finance. German auto parts to Kazakhstan and Armenia were up 720pc each, while Georgia and Georgia was up […]

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Junior doctors in England will continue their strike for nine days in December and January because they couldn’t agree with the government on a better pay offer. Junior doctors in the UK will go on strike from December 20 to 23, as well as from January 3 to 9. The health sector will be negatively […]

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Thames Water faces new scrutiny by lawmakers and regulators regarding its financial state. Ofwat said on Tuesday that it is investigating the £37.5mn in dividends paid by Britain’s largest water company in October. MPs want to talk to Thames Water managers about the £500mn invested by the utility’s investors in order to understand it better. […]

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Downing Street’s plan to increase the income threshold for visas will apply to both new and renewal applications. The Home Office has provided unclear information about how this new approach will work, leaving households unsure. The changes in migration rules announced by the home secretary James Cleverly this week included a dramatic increase in the […]

The post Families of UK migrants are left in the lurch over new income rules appeared first on Stockmark.IT.

Elon Musk is seeking to raise $1bn for his artificial intelligence startup xAI, according to a US Securities regulator filing. The billionaire is racing to compete with rivals like OpenAI in the rapidly growing field of generative AI. The company has raised $135mn in investments, according to a filing with the Securities and Exchange Commission. […]

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The European carmakers got a boost when Brussels proposed to delay by three years the tariffs which were to be applied to electric vehicle sales in the UK and EU starting January 1. Officials confirmed that the European Commission will support the deferral of the introduction of the 10 percent levy for cars with batteries […]

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New figures show that mortgage holders are the most affected by the cost of living crisis. Homeowners are the most affected by the cost-of-living crisis, as mortgage interest rates have risen by 56% over the last year, according to the Office for National Statistics (ONS). The ONS has released new figures on the cost-of-living crisis. […]

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Lidl was forced to rebrand a loaf after a dispute over whether it was sourdough or not. The German supermarket rebranded its crusty blossoms after campaigners claimed that it was “sour faux”. The Real Bread Campaign accused Lidl of misleading customers with its “Sourdough Crusty Rye Bloomer” bread. The bread is marketed as a sourdough […]

The post Lidl forced into renaming bread after a ‘fake sourdough’ row appeared first on Stockmark.IT.

The government agency responsible for cleaning Sellafield nuclear waste in Cambria was put under “special measures” due to not meeting cyber-security standards. The Office for Nuclear Regulation is investigating Sellafield Ltd’s computer security. The regulator denied that the site was hacked by individuals connected to Russia and China. Criminals supported by the government infiltrated the […]

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Broadcasters on the verge of a drastic decline, as annual shortfalls could rise above £500m.Tim Davie, BBC boss for three years now, is used to the ups and downs of a pre-crisis organization. The threat of further funding cuts will be a sour surprise for anyone, but even he may not have expected it. The […]

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Spotify is cutting around 20% of its staff because the economy has slowed down, and they need to save money in order to make consistent profits. CEO Daniel Ek announced on Monday that Spotify will be reducing its global workforce by approximately 17%. That’s about 1,500 workers. More than 9,000 people are employed by Spotify […]

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The Barclay Family has legal ownership of the Telegraph until the end of this year. The potential buyer supported by Abu Dhabi is waiting for the UK Government investigation results on the takeover of the paper. After six months, the media group was no longer controlled by Lloyds Banking Group. The family paid off their […]

The post Barclay family takes back Telegraph title after UK probe appeared first on Stockmark.IT.

Sky acquired the largest package of games from the Premier League since its inception. The English top flight sold its domestic broadcasting rights to Comcast’s broadcaster, TNT Sports, for more than £1.6bn per year. The deal was worth £6.7bn (including highlights) over four seasons and was a test of Premier League bargaining power. It locked […]

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Qatar’s sovereign fund has reduced its stake in Barclays. The UK bank is under pressure to revamp its strategy and improve performance by investors. Qatar Holding, a subsidiary of Qatar Investment Authority, sold nearly 362 million shares worth about £510 million on Monday. Bloomberg’s data shows that the QIA is Barclays second-largest shareholder. The stock […]

The post Qatar sells shares worth £510mn to Barclays, reducing its stake by 5% appeared first on Stockmark.IT.

IBM researchers say quantum computing is beginning to live up to its promise as an important scientific research tool. The US tech group wants to dispel fears that this technology won’t meet the high expectations for it. Dario Gil announced that the company will reveal 10 projects on Monday, showing the strength of combining quantum […]

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Britain’s National Health Service is outsourcing an increasing number of eye and hip operations in order to cope with the growing demand for surgeries. The National Joint Registry reports that the NHS has performed more routine surgeries in its hospitals until 2014. However, the increase in the last decade is barely noticeable as the private […]

The post NHS pays private sector to perform more medical procedures appeared first on Stockmark.IT.

Venture capitalists in Silicon Valley are hurrying to establish private equity-style structures in order to safeguard their portfolios and provide returns to investors. The VC funds which invest in start-up tech companies typically last 10 years, with the option of an additional two years. Their investors now want to see a profit. They have the […]

The post Tech funds adopt private-equity strategies to compete for cash returns to investors appeared first on Stockmark.IT.

Since the coronavirus outbreak, defaults by Chinese borrowers are at a record-high. This highlights the severity of China’s economic crisis and the challenges to full recovery. Local courts report that 8.54mn people are on the blacklist of authorities, with most between 18 and 59 years old. They have missed payments for everything from business loans […]

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The International Monetary Fund has warned that central banks need to keep interest rates at high levels for another 12 months in order to defeat inflation. The Fund has called on central bankers “to pay the most attention” in order to learn from history. It is believed that it can take “years” to “resolve” inflation, […]

The post IMF: Keep interest rates high to avoid a repeat of the inflation crisis from 1970s appeared first on Stockmark.IT.

OPEC+ will reduce oil production in 2024 to help improve the market.However, crude prices have fallen due to ongoing tensions within the group. Saudi Arabia has pledged to extend its voluntary cut of one million barrels per day until the first quarter of 2019. Russia, meanwhile, said that it would increase the voluntary reduction of […]

The post Opec+ cuts oil production, leaving the market skeptical appeared first on Stockmark.IT.

Vail Resorts agreed to purchase the Crans-Montana resort in the Swiss Alps for SFr118.5mn (US$136mn). This deal will give Colorado-based Vail Resorts ownership of a legendary European holiday destination. Crans-Montana, located in the Swiss canton of Valais, is known for its gourmet cuisine, glitzy shopping and golf courses. It also hosts winter sports. It is […]

The post Vail buys Crans-Montana in a $136mn deal appeared first on Stockmark.IT.

According to the prosecution, a former Goldman Sachs lawyer and his brother (an ex-Clifford Chance attorney) committed insider trading using confidential information obtained by the elite Wall Street Bank. Mohammed Zina and his brother Suhail Zina appeared before a jury on Thursday at Southwark Crown Court to begin their trial. The men have been charged […]

The post Trial of ex-Goldman analyst and his lawyer brother for insider trading appeared first on Stockmark.IT.

Investors are dumping risky assets as they believe that the Federal Reserve, and other central banks, is close to achieving its goal of fighting inflation. The MSCI All-Country World Index rose by 9 percent in November. This was the best month for the global equity benchmark since November 2020, when the news of a breakthrough […]

The post Interest rate cuts lead to global stock market’s best month in 3 years appeared first on Stockmark.IT.

According to sources familiar with the situation, the United Arab Emirates will launch a $30bn fund to invest in climate change with BlackRock TPG and Brookfield. The UAE is launching the campaign to boost its credentials as the host of COP28 during the first days UN summit. Three people involved in the discussions confirmed that […]

The post UAE launches $30bn Investment Fund at COP28 appeared first on Stockmark.IT.

Signa Holding filed for bankruptcy on Wednesday. It is the central company of the vast property group, which owns the Chrysler Building in New York, most of the German department stores, and a part of Selfridges London. Due to the rapid collapse of the group, lenders from across Europe are racing to determine their exposure […]

The post Signa, a European luxury property group, files for bankruptcy appeared first on Stockmark.IT.

Google agreed to pay C$100mn per year to a fund that supports news organizations in Canada, as part of an agreement with the Canadian government. This ended a dispute which led Google to threaten to remove links to news on its services. The C$100mn ($73.6mn), six-month standoff ended with the agreement. This was after the […]

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Farfetch shares fell as much as 50% on Wednesday despite reports its founder may take the luxury online retailer to private after its value plummeted. Farfetch was due to announce quarterly results on Wednesday, but has postponed it, saying that “it will not be providing any forecasts, or guidance, at this time. Any prior forecasts, […]

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Google DeepMind researchers discovered 2.2mn new crystal structures, which could lead to advancements in renewable energy and advanced computation. They also show how artificial intelligence can be used to discover new materials. According to a Nature paper published on Wednesday, the number of theoretically stable combinations that have not been experimentally realized using the AI […]

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Halfords warned that profits would be lower this Christmas as fewer people bought new bicycles. The retailer’s shares fell as much as 22% after it cut its profit forecasts. It said it would not be able to achieve a profit of £58m for the entire year. Halfords chief executive Graham Stapleton said that customers are […]

The post Halfords warns that profits will fall amid a slump in sales of new bikes appeared first on Stockmark.IT.

Deliveroo plans to sell everything from hammers, drills and makeup to boost its lagging growth rate. Soon, customers will be able order DIY equipment and electronics, as well as toys, beauty products, and other items through the Takeaway App. Boots and Screwfix will be introducing a range of Christmas gifts as well as a 500-piece […]

The post Deliveroo plans to expand into DIY and beauty products appeared first on Stockmark.IT.

Economists warn that office landlords in Europe are going to face a cash crunch of £34bn as more staff work from home. According to S&P Global, the commercial real estate industry in Europe will face a funding shortage between 2023-2026 due to high interest rates and the decline in office values following pandemic. Analysts predict […]

The post Office landlords in Europe are facing a cash crunch of £34bn as a result of home working appeared first on Stockmark.IT.

Yotam Ottolenghi has had to reduce the opening hours of his restaurants due to a lack of chefs. Emilio Foa is the chief executive officer of Ottolenghi’s restaurant group, which includes Nopi, Rovi and other restaurants in London’s West End. He said that the company had difficulty in hiring talented chefs as a result of […]

The post Ottolenghi is forced to reduce restaurant opening hours due to chef shortage appeared first on Stockmark.IT.

A week after Sam Altman was victorious in a power battle with ChatGPT maker OpenAI, the chief executive of another artificial intelligence (AI), start-up faces pressure to resign. One of the shareholders of Stability AI has urged Emad Mostaque to resign as its founder and CEO. In October, the New York-based Coatue Management fund, which […]

The post Second AI company in “civil war” over leadership appeared first on Stockmark.IT.

A new UK government report found that management consultants and City of London financial workers were among the most affected by workplace changes brought about by artificial intelligence. The report called for changes to schools and training programs in order to mitigate this impact. The UK Department for Education’s Unit for Future Skills found that […]

The post Adobe’s Figma deal worth $20 billion could harm UK competition appeared first on Stockmark.IT.

Lloyds Bank’s chief executive has asked Labour and the Government not to impose a windfall tax in his industry, citing “nervousness”. Charlie Nunn is the chief executive officer of Britain’s biggest lender. He said that politicians need to state clearly their banking policies ahead of an upcoming election in 2013. Mr. Nunn said that international […]

The post Lloyds boss warns of bank windfall tax in the wake of Labour’s election victory appeared first on Stockmark.IT.

According to a major supplier of supermarket lunch deals, office workers are switching from sushi to sandwiches due to the rising cost of fish. Dalton Philips said that the increasing cost of fish made many sushi products prohibitively expensive. He said: “The prices are so high because of inflationary forces.” It has moved to a […]

The post M&S supplier: Office workers are switching from sushi to sandwiches due to rising prices appeared first on Stockmark.IT.

Rolls-Royce has launched a sales program worth £1.5bn to sell its electric plane and flying taxi businesses. Mr. Erginbilgic plans to increase the profits of the jet engine manufacturer by four times. He aims to achieve this by saving £500m in costs annually. Analysts call Mr Erginbilgic “Turbo Tufan” and he revealed Tuesday that he […]

The post Rolls-Royce sells its flying taxi business appeared first on Stockmark.IT.

According to a government report published on Tuesday, high-flying professionals from the City of London are likely to be at the centre of a storm when generative artificial intelligent transforms the UK labour market. The report was billed as the first attempt to quantify the impact AI will have on the UK job market. It […]

The post UK study finds that AI will have the greatest impact on high-flying city workers appeared first on Stockmark.IT.

Barclays is considering dropping many investment bank clients to increase profits and reduce costs by £1bn. Barclays’ executives met more than once this year to discuss the restructuring. The codename for the project is Minerva, after the Roman goddess who represents wisdom. Chief executive CS Venkatakrishnan is being pressured to return more capital to Barclays […]

The post Barclays is exploring a plan to drop thousands investment banking clients appeared first on Stockmark.IT.

The head of Amazon’s cloud division used the recent turmoil at OpenAI as a way to launch a thinly-veiled attack against Microsoft, OpenAI’s largest investor. Adam Selipsky took aim at Microsoft, his main rival in cloud computing. Amazon Web Services had announced custom processors for servers and AI two weeks before Microsoft unveiled its own. […]

The post Amazon Cloud boss hits back at Microsoft for OpenAI troubles appeared first on Stockmark.IT.

Investors are increasingly confident that US Federal Reserve will begin cutting interest rates in mid-2024. The dollar has hit a low of three months on Tuesday. US currency fell 0.5 percent against a basket containing six currencies to reach its lowest trading level since mid August. The decline was accelerated when Christopher Waller, a hawkish […]

The post Dollar at 3-month low after Fed official signals rate fall appeared first on Stockmark.IT.

Amazon’s proposed $1.45bn purchase of iRobot drew a formal opposition from the EU’s Antitrust regulator. The regulator said that the deal would allow Amazon to use its dominant position to punish competitors of the Roomba manufacturer. In a Monday statement of opposition, the EU, which has been conducting an in-depth investigation into the acquisition announced […]

The post EU regulator warns that Amazon’s acquisition of iRobot may restrict competition appeared first on Stockmark.IT.

The CBI’s Distributive Trades Survey found that British retailers are bracing themselves for a disappointing holiday after they registered a decline in sales of 7.4% year-on-year in November. In the year up to November, sales volumes declined less than in the month before. This is a sign of a bottoming-out in trading. Retailers expect another […]

The post CBI warns UK retailers to prepare for disappointing Christmas sales appeared first on Stockmark.IT.

The UK has struck a proposed pay deal with unions representing senior doctors, potentially ending six months of strikes that have worsened waiting times in the National Health Service. While the British Medical Association said Monday that doctors would see their pay increase by a minimum of 6%, many would see an additional raise of […]

The post UK Reaches tentative pay deal to stop senior doctor strikes appeared first on Stockmark.IT.

Saudi Arabia has asked other members of the OPEC+ alliance to reduce their oil production quotas to stabilize global markets, but some are refusing to comply. OPEC+’s leader, who asked not to be named because this information is confidential, has cut back on supply by 1 million barrels a week since July. He is now […]

The post Saudi Arabia seeks OPEC+ oil production quota cuts while some members resist appeared first on Stockmark.IT.

After manufacturing costs skyrocketed, Branston Pickle was forced to increase prices in an “unprecedented way”. Mizkan Euro which sells Sarson’s Vinegar and the staple of Ploughman’s Lunch, has said that in its newly filed accounts, the business is affected by the rising cost for energy, as well as packaging. The price of Branson pickle has […]

The post Branston Pickle Maker Forced to Make ‘Unprecedented Price Increases’ appeared first on Stockmark.IT.

Andrew Bailey said that the economic outlook is the worst of all times, and Britain is struggling to increase low levels in growth. The Bank of England Governor expressed concern over UK future prospects, just days after the Office for Budget Responsibility slashed their predictions for growth in the next two-year period. Mr Bailey, in […]

The post Andrew Bailey says that Britain’s outlook for growth is the ‘worst’ he’s ever seen. appeared first on Stockmark.IT.

Novo Nordisk wants to help more people get Wegovy jabs, including those who are currently unable to access them. Novo Nordisk, a maker of obesity drugs, said that it would offer countries the option to “buy now and pay later” for its treatments. It is planning a push in order to reach more people, who […]

The post Weight loss drug manufacturer plots a ‘buy Now, Pay Later’ offer appeared first on Stockmark.IT.

Metro Bank will soon sell a significant portion of its mortgage portfolio to Barclays, after shareholders approved a £925m bailout deal. The troubled lender has been in discussions with potential buyers to offload about £3bn of homeowner loans, as part of the funding package announced last October. Sky News reported that Lloyds, Natwest, and HSBC […]

The post Barclays and Metro Bank are in discussions to sell a £3bn book of mortgages appeared first on Stockmark.IT.

Volkswagen in Germany has warned its employees that they will be facing a wave of job cuts. The company is fighting the same high costs, low productivity and other problems that plague the German economy. It is believed that the carmaker has plans to cut thousands of jobs as part of its program to reduce […]

The post Volkswagen Germany to Cut Thousands of Jobs appeared first on Stockmark.IT.

The CEO of the largest bank in the world compared the $9 trillion of cash released during the pandemic with heroin. He also suggested that the US Economy was addicted to debt. Jamie Dimon warned that the global economy could be impacted by a “dangerous mix” of risks. Dimon said that the largest economy in […]

The post Jamie Dimon says central bank spending is similar to heroin for the average household. appeared first on Stockmark.IT.

Fund managers who focus on environmental, social, and governance (ESG) investing have turned to big technology companies as a way to make low carbon investments with high returns. However, they are now growing worried about the technology sector’s use of artificial intelligence. According to Marcel Stotzel of Fidelity, a portfolio manager based in London, AI […]

The post ESG investors who bet big on tech are gripped by a ‘AI blowback’ anxiety appeared first on Stockmark.IT.

Rishi Sunak has denied that his economic plans will lead to a new round of UK austerity. However, the official fiscal watchdog has warned that his tax-cutting strategies assume a significant squeeze on overstretched public services. The British Prime Minister said in a recent interview that any comment or accusation like this is not true.The […]

The post UK Waste Water Firm Lanes Group is reportedly weighing stake sale appeared first on Stockmark.IT.

Emirates is the only airline in the world to have made the Airbus SE jumbo A380 jet an integral part of its fleet. Dubai Airlines still has more than 100 double-deckers in its fleet, while rivals have given up or only fly a few. Airbus also halted production in 2019, after a little over ten […]

The post Emirates’ $2 billion A380 jet retrofit includes new seats that look like sneakers. appeared first on Stockmark.IT.

Jeremy Hunt’s Autumn Statement aimed to increase benefits, but landlords still face a £1,700 shortfall in new rentals to social tenants. Economists warn that the increase announced in housing benefit payments last week only covers a third the increase in rents over the past four years. Rents will be below market rate or tenants may […]

The post The shortfall for landlords is 1,700 pounds per annum on social tenants appeared first on Stockmark.IT.

As hard-pressed farmers are facing a reduction in subsidies, supermarkets may face shortages of British lamb and beef. Some farmers have reduced the number of cows or lambs that they own due to a fall in subsidies post Brexit, combined with increased cost pressures. They say this could lead to a shortage in high-quality meat […]

The post British Beef and Lamb Shortages Threaten Supermarkets appeared first on Stockmark.IT.

There is increasing pressure on the Scottish government to save its only oil refinery Owners of Scotland’s only remaining oil refinery Grangemouth have lost more than £1bn over the past 12 years. The looming shutdown, combined with mounting problems in technical terms could lead to further financial hardship. Analysts claim that the “hydrocracker”, which generates […]

The post How Sir Jim Ratcliffe dealt a crushing blow to the SNP in Grangemouth appeared first on Stockmark.IT.

Lloyds Banking Group is preparing to restructure their business in order to focus more on digital services. A person with knowledge of the situation says that the bank will be reviewing thousands of middle management positions. This includes analyst and product manager jobs. Lloyds has 60,000 employees and said that it is “evolving” to better […]

The post Lloyds digital shift threatens thousands of jobs appeared first on Stockmark.IT.

The EU is planning to charge ships entering their waters for emissions. However, major European shipping nations oppose the plan. They say the policy will divert maritime traffic away from the EU. Seven EU member states, such as Spain and Italy, have written a letter to the European Commission. They want the option to delay […]

The post EU states ask Brussels to reconsider shipping emissions charges appeared first on Stockmark.IT.

Zero-day options are now being traded on various markets, including the Treasury and Commodity markets, as exchanges like Nasdaq aim to replicate the success of US stock index trading. Nasdaq listed this week a series of new option contracts that track some of the most popular ETFs investing in gold and silver, natural gas, oil, […]

The post Nasdaq Bets on Boom in “Zero Day” Options with New Contracts appeared first on Stockmark.IT.

The demand for private medical insurance has soared. Unprecedented waiting lists in the UK NHS, and a crisis within primary care in the country have pushed it to its highest level in many years. The surge in demand poses problems for both health insurers and their customers. Private patients are faced with insurers who are […]

The post The boom in private health insurance exposes its own flaws appeared first on Stockmark.IT.

The recent collapse of the well-known retailer Wilko has led to a significant development as key figures of the former management team are set to face a parliamentary inquiry. The call for questioning comes from MPs belonging to the business and trade committee, who are seeking insights into the decisions that were made while the company was reportedly struggling with substantial debts.

The post Wilko Leadership Summoned by MPs for Inquiry into Retailer’s Collapse appeared first on Stockmark.IT.

Germany will suspend its constitutional cap on new borrowings for the fourth consecutive year as it rushes in order to deal with fallout following a ruling from the country’s highest court, which has left the spending plans of the nation in chaos. Christian Lindner, the finance minister, announced that the government will present a 2023 […]

The post Germany suspends borrowing limits for a fourth year following debt brake ruling appeared first on Stockmark.IT.

Elon Musk has branded the escalating Swedish strike against Tesla as “insane”, as it threatens to disrupt Tesla’s operations across Europe. Last month, about 130 mechanics from Sweden who are members of the IF Metall trade union and work on electric cars went on strike after Tesla refused their request for collective negotiations. Since then, dockworkers and […]

The post Elon Musk says Tesla strikes in Sweden were ‘insane.’ appeared first on Stockmark.IT.

Shell and BP could need US$945 Billion to become net-zero energy major Investors who are proactive – Shell PLC or BP PLC may need to spend US$35billion every year to stay a’major energy company’ until 2050. In order to achieve net zero compliance in 2050, any one of the seven majors would need to increase […]

The post Shell and BP could need US$ 945 billion in order to achieve net zero energy major appeared first on Stockmark.IT.

The US holiday on Thursday offered little direction for Asian shares. The dollar edged down. Futures on Japanese shares were stable, but the gains made in the previous session suggest benchmarks are likely to catch up after a long holiday. Contracts for Australian stocks edged up, while those for Hong Kong share fell after Thursday’s rally. Cash […]

The post Stock Market Today: Dow and S&P live updates for November 23 appeared first on Stockmark.IT.

AstraZeneca has contested accusations that the Covid-19 vaccine was “defective”, after a vaccine patient sued for damages, claiming to have suffered a severe side-effect. The Anglo-Swedish pharmaceutical company, which developed the vaccination with the University of Oxford has filed its defense in a lawsuit brought by Jamie Scott. Scott claimed that he had suffered from […]

The post AstraZeneca defends its Covid-19 injection against accusations that it was defective appeared first on Stockmark.IT.

The German government has suspended indefinitely a vote about the country’s 2024 budget as the crisis in fiscal policy, which is the largest economy in the eurozone, worsens. The three coalition parties representing Olaf Scholz, the Chancellor of Austria, said that a vote to approve the budget for next year had been cancelled on Thursday […]

The post German Parliament cancels vote on budget 2024 amid political crisis appeared first on Stockmark.IT.

Chancellor Jeremy Hunt cut personal and business taxes by £20bn as part of his Autumn Statement aimed to boost growth. However, the UK’s Budget Watchdog warned that taxes in general are still increasing at a high post-war level. The independent Office for Budget Responsibility slammed Hunt’s fiscal plans, saying they would only provide a “modest” […]

The post Jeremy Hunt reduces national insurance, but taxes are at postwar highs appeared first on Stockmark.IT.

Kingfisher, the owner of B&Q, has issued its second profit alert in just six months following a drop in sales in France. The DIY retailer has cut its profit expectations for the year again by £30m , now expecting adjusted earnings of £560m. This was a downgrade from September, when Kingfisher had forecast profits adjusted […]

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The European Central Bank warned that bank losses in the Eurozone will continue to rise as high rates of interest hit households, businesses and companies. ECB Vice-President Luis de Guindos stated that lenders are beginning to notice “early strains” on their balance sheets. This is due to an increase in defaults and late payments. He said […]

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Official data shows that for the first 12 years, more businesses are closing than opening. The number of companies closing their doors increased by 5pc on an annual basis to 345,000 in the last year. This is a record high for “business death rates”. According to the Office for National Statistics, 11.8pc (of all active […]

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The Federal Reserve minutes reaffirmed its cautious approach. Traders were focused on Nvidia Corporation after this year’s massive rally in large tech. Shares of the world’s largest chipmaker fell in late trading after its latest projection failed to meet investors’ high expectations. The revenue for the current period is expected to be around 20 billion. Although this was higher than the average analyst’s […]

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According to sources with knowledge of this matter, Sam Altman and members of the OpenAI Board, as well as the interim CEO of the company, have begun negotiations in order to reinstate the ousted CEO of the artificial intelligence startup that he cofounded. The people who spoke to us declined to identify themselves because they were not […]

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Vauxhall’s owner Stellantis has been in discussions with a Chinese manufacturer of batteries to build an European factory for auto cells, despite warnings from its chief executive about the danger of Beijing dominating the automotive industry. Stellantis and CATL are in talks about a joint venture that will produce cheaper power cells. Carlos Tavares hopes […]

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Guy Hands is one of Britain’s most well-known investors. He has admitted that he regrets leaving the UK and becoming a tax exile. However, he warns others to not follow his example , if Labour increases taxes on private equity. The private equity dealmaker who moved to Guernsey to avoid high taxes more than 10 […]

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Security experts are concerned about the vulnerability in the public sector IT infrastructure, especially at a moment when state-sponsored foreign hackers are on the increase. The British Library, which is one of the largest document repositories in the world, confirmed to us this week that they had suffered a major outage due to a malware attack. The British […]

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In a landmark ruling for the gig-economy, the UK Supreme Court ruled that Deliveroo riders could not be recognized as employees and cannot be represented by unions to engage in collective bargaining. The Independent Workers’ Union of Great Britain, which is the largest app-based couriers’ union in the UK and has tens of thousand Deliveroo members as […]

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Northvolt claims to have made a breakthrough with a new battery for energy storage. The Swedish start-up company believes that this could reduce the reliance on China in the green transition. The Swedish group has been backed by Volkswagen BlackRock, and Goldman Sachs. They have developed a Sodium-ion Battery without lithium, cobalt, or nickel – critical metals which […]

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Andrew Bailey warned the markets not to underestimate the UK’s persistent inflation, and emphasized that he expects the Bank of England to keep interest rates at high levels for a long time. The BoE Governor told MPs Tuesday that investors are “putting too much weight” on the recent data which showed a sharp drop in […]

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The NHS England announced Tuesday that US data analytics company Palantir had won a contract worth £330mn for the development of a new platform to store patient data. NHS England stated that the software called Federated Data Platform would “make it easier for staff to get key information in order to provide better and more […]

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France has indicated that it would like to delay the introduction tariffs for electric vehicle sales in the UK and EU. This will remove a major obstacle to the creation of a new agreement over the tax due to be implemented in January. In an interview, Olivier Becht said that France wanted to solve the […]

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Alex Chesterman, , the founder of Cazoo, will see his shareholdings in the company nearly wiped out when bondholders seize control of the online car seller. Cazoo bondholders agreed to swap their debt for shares of the company. Existing shareholders will only own 8pc after the transaction. The dilution reduces Mr Chesterman’s current holding from 24pc […]

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EY is considering abandoning its London headquarters, the latest sign that office life is deteriorating as more people work from home. After launching an office property review at its More London location near London Bridge, the Big Four accountant has been said to be considering its options. The 10 storey building is located between London […]

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In an effort to salvage investments which have failed to perform well on the stock exchanges, private equity firms buy back companies that they recently brought public. In the last few months, firms such as EQT Cinven and Silver Lake either took private or looked at buying back publicly traded companies in which they had […]

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The UK boutique chain’s founding directors received a sweet £280mn payout from Mars’ acquisition of Hotel Chocolat last week. The acquisition also filled in a gap in the brand mix of the US-owned confectionery giant. As governments crackdown on unhealthy foods and consumers demand healthier, more sustainable options, big chocolate companies are reorganizing their portfolios. Some […]

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The US Department of Justice wants more than $4bn to settle with Binance a criminal probe that has caught the world’s largest cryptocurrency exchange, and its cofounder. A person with knowledge of the deal said that it would end a multi-year investigation by prosecutors, which focused on money laundering, sanctions violations, and bank fraud. The […]

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