Sterling came under further pressure at the end of a torrid week for the British currency, falling to a new 14-month low against the dollar. Sterling lost almost a cent, to just above $1.22 at one point, on higher support for the greenback after US jobs data -United States turned out to be much stronger … Read more
The company that owns Britain’s Vauxhall car plants fulfilled the UK government’s electric vehicle (EV) sales mandate last year, despite public criticism of the target and an announcement that its Luton factory would close. Stellantis, which also owns the Peugeot, Citroën and Fiat brands, as well as several others, was the UK’s best-selling electric van … Read more
Mick Lynch, one of the UK’s most influential union leaders in recent history, has announced his retirement. Mr Lynch is stepping down as head of the RMT (Rail Maritime and Transport Workers) union at the age of 63. He has been its general secretary since 2021. Money blog: Major mobile phone company increases bills next … Read more
How concerned should Rachel Reeves be that interest rates on government bonds have reached their highest levels in more than a quarter of a century? More to the point, how worried should we be about this? After all, the interest rate on 30-year government bonds (“Gilts,” as they are called) reached 5.37% today – the … Read more
Bim Afolami, the former city minister, will return to HSBC – the bank he worked for before embarking on a political career – in a board role. Sky News has learned that Mr Afolami, who lost his Hitchin seat in last year’s general election, is to become a non-executive director of the UK entity of … Read more
Britain’s electricity grid manager has appealed to electricity suppliers to increase production this evening to avoid the risk of power outages. The National Energy System Manager (NESO) issued an alert “to encourage market actions aimed at increasing system margins”. It is the first precautionary measure of its kind for winter to date and has been … Read more
Representing one of the world’s largest fast fashion retailers, Shein was unable to answer MPs’ questions about where its cotton comes from. Yinan Zhu, Shein’s general counsel for Europe, Middle East and Africa (EMEA), was asked if the company sells products containing cotton from China, mainly from the Xinjiang region , where China has been … Read more
A consortium of Silicon Valley financiers and executives is mounting a late bid to block England’s Hundred cricket tournament auction by submitting bids for the two London-based franchises. Sky News has learned that Nikesh Arora, the chief executive of Palo Alto Networks, is leading a syndicate of wealthy executives to buy a major stake in … Read more
There is growing evidence that consumers are facing bill hikes on many fronts after Next became the latest to warn of upcoming price rises. The homewares and fashion retailer said it would implement an “unwelcome” 1% price rise this year to help cover a planned £67 million increase in its turnover. salary. He attributed the … Read more
Prices in stores will rise in 2025 as the key Christmas period failed to meet retailers’ expectations, industry data shows. According to the British Retail Consortium (BRC) and big four accounting firm KPMG, in-store sales rose just 0.4% during the ‘golden quarter’, the three critical months for October shopping. to December. Many retailers rely on … Read more