Deal complaints are on the rise due to rising interest rates and cost of living. Complaints about auto finance deals have doubled in the past year due to drivers having difficulty paying their monthly bills. Abby Thomas, the chief ombudsman for financial disputes, said that she was “increasingly receiving complaints from people who are worried […]

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Campaigners warn that stricter rules are required to ensure that imported “used” palm oil is not virgin palm oil. Airlines hope that this oil will help them power cleaner flights. Despite increasing demand in aviation, about 80% of the waste oil imported is used to produce biofuels. Around 60% of these imports are from China. […]

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A plan to use hydrogen to heat homes in a village in North-East England has been canceled after months of opposition. Insufficient hydrogen production in the area will prevent the government from implementing the “hydrogen villages” in Redcar, which was expected to begin in 2025. The decision ends months of protests against the scheme. Locals […]

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Net zero would shrink Britain’s economy by £60bn and cause the global economy to be $3.6 trillion (£2.8 trillion) smaller, according to the Organisation for Economic Cooperation and Development. Eliminating coal and reducing reliance on oil and gas will slightly decrease global GDP growth in the next few years, according to economists from the Paris-based […]

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Demand for home espresso machines has increased due to the rising cost of coffee taken away. Alex Baldock said that shoppers are increasingly making their own coffee at home due to higher prices in chains. He said: “Many customers say that the £3.75 flat-whiteis not something they are up for this year. “They want to […]

The post Coffee machine sales surge as prices of takeaway latte rise appeared first on Stockmark.IT.

Opec+ controls only half of the global oil production, as demand growth has slowed “dramatically” and US output is at new highs. According to the International Energy Agency, recent production cuts made to support the oil price have reduced Opec+’s market share to only 51 percent — the lowest level since the expanded cartel formed […]

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Campari will buy Courvoisier Cognac, a US-Japanese spirit group Beam Suntory. The deal is valued at $1.32bn. Global sales of this drink are stuttering. The deal will be the largest acquisition for the Italian spirits group. Leading cognac producers reported a decline in sales due to a slowdown in consumer demand. Courvoisier, owned by LVMH, […]

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Carbon prices dropped to their lowest level in 14 months because traders were not convinced by the COP28 Summit agreement for meaningful climate action from governments. The carbon futures market in London, which follows the EU’s emissions trading scheme, briefly dropped 4% to €66 per tonne. The drop, from €71 to €71, was the largest […]

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EU leaders agreed to start talks with Ukraine for its accession after Hungary’s Prime Minister changed his mind about opposing this important step for the country. This decision is a significant milestone in Kyiv’s path towards joining the EU once the war with Russia has ended. It also represents an endorsement of the western direction […]

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Workspace Group, a corporate landlord, has made an agreement with Europe’s largest renewable energy generator to provide solar power for their offices in London. Workspace, a flexible office provider, has agreed directly to purchase power from a new solar farm in Devon. Statkraft, which is behind the project, has signed a Corporate Power Purchase Agreement […]

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Germany’s largest news publisher, Axel Springer, has made a groundbreaking agreement with OpenAI, granting them permission to utilize their articles for the purpose of training ChatGPT. OpenAI will pay the publisher to use content from titles like Politico and Business Insider for its AI chatbot’s development. Axel Springer will allow the use of selected news […]

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Cohort is facing a backlog of orders worth £353.9m after a surge in demand The rising tensions between China, its neighbours and the United States has boosted orders for British developers of hypersonic missile defenses and submarine equipment. Cohort, a company that supplies military hardware to UK allies and the Ministry of Defence, reported that […]

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According to a cross-party group, the UK government was unable to prove that taxpayers received value for money on the £259bn it spent in public procurement between 2021-22. In a damning report published on Wednesday by the House of Commons Public Accounts Committee, it was alleged that ministers were unable to demonstrate they spent public […]

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According to data released just before the Bank of England’s final rate setting meeting of the year, the UK economy contracted unexpectedly in October. All three major sectors reported declines in production. According to Office for National Statistics data released on Wednesday, the gross domestic product (GDP) fell by 0.3 percent between September and October. […]

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The French media conglomerate Vivendi has proposed splitting into three separate businesses, which would be listed separately. This would be a major revamp led by Vincent Bollore. The Paris-based firm said that it had begun working with bankers to assess the feasibility of a similar plan. It said this was intended to maximize its value. […]

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Federal Reserve chair Jay Powell sent his clearest signal yet on Wednesday that the US central bank was done with two years of tightening monetary policy and would begin cutting rates in 2024, sending Wall Street’s benchmark index closer to a record high as investors celebrated the prospects of lower borrowing costs. The Fed held […]

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The contract for the 190km superhighway will cost £1.8bn. It is designed to transport renewable energy from Scotland up to the north of England. National Grid and Scottish Power will begin construction of a “transformative”, £2.5bn, high-voltage electricity line along the East Coast of the UK from East Lothian County Durham in 2025. The Eastern […]

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AstraZeneca has acquired its first vaccine company for $1.1bn. This will allow the company to expand its vaccine and immunotherapy business, which it established during the Covid pandemic. The largest drugmaker in Britain has agreed to buy Seattle-based Icosavax. Icosavax is working on a vaccine that could treat two common respiratory illnesses. The US company’s […]

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The bond markets are getting ahead of themselves by anticipating a sharp fall in the Bank Rate for next year. CPI inflation is down from double-digit levels last year. At 4.6pc, the CPI inflation rate is still more than double what it should be. Although the economy is barely growing as a result, consumers are […]

The post Why high interest rates can be a blessing for certain British businesses appeared first on Stockmark.IT.

A broker in the City stated that the UK’s biggest rail operator could suffer a £1bn loss in revenue due to Labour’s proposal to bring train networks back under public control. Peel Hunt analysts have reduced FirstGroup’s projected rail revenues for 2026, as recent polling indicates that Labour will win the next general elections. FirstGroup […]

The post FirstGroup, the UK’s largest train operator, faces a £1bn loss under Labour’s renationalisation appeared first on Stockmark.IT.

The boss of Thames Water, a struggling utility company, has admitted that the company does not have the money to repay its debts before a deadline looms. The UK’s biggest water supplier has £1.4bn in external debt due in the next few years, including £190m by April 2024. When asked by MPs whether Thames Water’s […]

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Boots, the US-owned high street pharmacy chain, is considering a £7bn UK IPO. This could give London’s struggling stock market a needed boost. Walgreens Boots Alliance, which abandoned its plan to sell Boots two years ago, is believed to be considering options for the 174-year old UK company. Boots management is pushing Walgreens towards an […]

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The head of a British business lobby group warned that a lack of workers had contributed to ‘anti-growth situations’ in the UK. Shevaun haviland, the director-general of British Chambers of Commerce said in an article that the immigration reforms announced last week by the government — including raising the salary thresholds for skilled worker visas […]

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The British Chamber of Commerce stated on Tuesday that UK businesses in China view 2024 as “a pivotal year” where Beijing will address the growing concerns about its faltering economy and investment climate. Beijing-based Chamber of Commerce said that a survey of UK firms in China revealed that sentiment has improved since record levels of […]

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US core inflation increased last month. This supports the argument of the US Federal Reserve, that interest rates could need to be held for several months. The US core price index rose by 0.3 percent in November. However, the core rate for the entire year remained at 4 percent. The annual core measure is a […]

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Netflix, which has long been criticised for its lack of transparency regarding how films and shows perform on their platform, will start publishing an “in-depth” analysis of what its subscribers watch twice a year. Netflix released its first report on Tuesday. It contained viewer data for more than 18,000 titles. This represents a total of […]

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Macy’s, a department store chain in the US, is the subject of an offer of $5.8bn. (£4.6bn). This would mean that one of the most recognizable names in US retail would disappear from the stock exchange. The Wall Street Journal reported that two existing investors, Arkhouse Management, and Brigade Capital, had banded together for a […]

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It has been revealed that in most cases, police and national security agencies in the EU are not allowed to use real-time data generated by artificial intelligence without a judicial authorization. This measure is part of an historic agreement that was reached on Friday between the European Parliament and EU member countries after three days’ […]

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A senior International Monetary Fund representative has warned that the world economy is at the brink a second Cold War, which could “annihilate”, the progress made since collapse of the Soviet Union. Gita Gopinath is the first deputy managing director of the IMF. She said that the fragmentation of world economies into regional power blocks […]

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Analysts believe that the mining company Anglo American may become a target for a takeover after it warned of lower than expected production. After a brutal week, the shares of the London-listed firm rose by nearly 1% on Monday to £18.17, valuing it at £24.3bn. Anglo’s shares are down almost 45% in this year. On […]

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For the first time since at least a decade the use of physical cash is increasing, as households are returning to coins or banknotes for managing their finances during the cost-of living crisis. According to the British Retail Consortium, 19% of transactions will be made in cash in the UK in 2022. This is up […]

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Investors have warned that the Bank of England is facing a stubborn inflation problem which may prevent it from reducing interest rates as dramatically as its peers next year. The central bank is preparing for its final policy session of 2023. The Monetary Policy Committee will likely announce on Thursday that its critical rate is […]

The post Investors warn that the Bank of England is lagging behind its peers in combating inflation. appeared first on Stockmark.IT.

Cevian Capital, one of Europe’s biggest activist investors, has seen gains of nearly 20 percent this year. This is due to the performance of building materials company CRH which switched its primary listing from London to New York this year. Investors in the fund said that the Stockholm-based investor managing $12 billion in assets has […]

The post Activist investor Cevian gains 20% thanks to CRH relisting appeared first on Stockmark.IT.

Nvidia is the most valuable chipmaker in the world. It has invested heavily in AI start-ups to capitalize on its dominant position as a processor provider. Nvidia, based in Silicon Valley, announced on Monday that it had invested “more than twenty” companies this year. These ranged from large AI platforms worth billions to smaller start-ups […]

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Scientists have developed a system that combines brain-like tissue with electronic hardware for speech recognition and calculation. This system advances research on powerful biological computers. This work is a boost to efforts to develop so-called Neuromorphic Computing Devices powered with human brain cells, which have the potential to be faster at learning and more energy […]

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The UK government offered Northern Irish political groups a package of financial stabilization measures totaling more than £2.5bn for five years, contingent on the return to Stormont of the Stormont executive. Party leaders met with Chris Heaton Harris, Northern Ireland Secretary, on Monday at Hillsborough. They stated that his efforts were insufficient. Heaton-Harris said that […]

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Western world’s biggest central banks will likely keep interest rates at the same level this week, amid concerns about stubbornly high inflation. This is despite expectations of sharp reductions in borrowing costs for next year. In a crucial week for the world economy, it is expected that the US Federal Reserve and Bank of England […]

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Hein Schumacher’s charm offensive and change in tone masks corporate uncertainty Hein Schumacher, the new Unilever CEO, has been at his desk for only about 100 days. But already he’s under pressure. Unilever shareholders are losing patience after years of slow growth. The 52-year-old Dutchman is under pressure to prove he can turn the trend […]

The post Unilever faces break-up battle after ‘virtue signalling’ retreat appeared first on Stockmark.IT.

Ocado has added almost 600 M&S items to its website as it tries to reduce tensions with the retail giant. Ocado Retail bosses have strengthened their M&S offer after recent concerns raised about a lack in integrated thinking. Archie Norman, M&S Chairman, , previously stated that he was “not satisfied” with performance of the joint-venture, […]

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According to a new study, the NHS budget in England will be worth £3.5bn lower this year due to inflation than it was last year. This comes at a time when the service is preparing for one of its toughest winters ever. The Health Foundation discovered that a larger-than-anticipated price increase resulted in a significant […]

The post Think-tank says that inflation has reduced the NHS England budget’s £3.5bn. appeared first on Stockmark.IT.

Federal Reserve Chair Jay Powell is facing a difficult balancing act to maintain flexibility within the US central banks policy plans, despite intense pressure from the US government to reveal the date and amount of interest rate cuts planned for next year. Powell faces a mixed economic outlook as the Federal Open Market Committee (FOMC) […]

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Analysts say that the value of India’s National Stock Exchange is set to surpass Hong Kong as the largest trading venue in the world. This rise is a testament to the optimism of investors about India’s economic prospects. According to the World Federation of Exchanges (a trade association of publicly-regulated stock markets), the total market […]

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Javier Milei is a libertarian economist who has been sworn in to be the president of Argentina. He promised to make deep cuts in expenditures after he was sworn in, saying only radical changes could pull South America out of its worst crisis for decades. After being sworn in as president, 53-year-old Milei addressed the […]

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According to sources familiar with the situation, US health insurer Cigna abandoned plans to merge Humana. This would have created an insurance giant worth $140bn. The merger would have been largest deal of the year. Cigna’s decision was based on disagreements over financial arrangements and regulatory concerns, as well as falling stock prices after reports […]

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The UK small business group has asked the country’s main financial regulator to help stop “unfair” banking practices that are making entrepreneurs risk their homes unnecessarily. The Federation of Small Businesses told it had filed a “super-complaint” — the first to be made to the Financial Conduct Authority — focused on “banks that excessively demand […]

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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 […]

The post Michael Gove’s reforms on ground rents could lead to a backlash from UK investors appeared first on Stockmark.IT.

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. […]

The post Thames Water investigated for financial stability and dividends appeared first on Stockmark.IT.

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 […]

The post Sunak is preparing to block a licence fee increase, which could lead to further cuts at BBC appeared first on Stockmark.IT.

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 […]

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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 […]

The post Chinese borrowers default in record numbers as economic crisis deepens appeared first on Stockmark.IT.

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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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. […]

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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 […]

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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 […]

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