Volkswagen plans audit of Xinjiang plant after human rights complaint June 21, 2023 Volkswagen is planning an external audit of its factory in Xinjiang after a group filed a human rights compliant with regulators in relation to its operations in the Chinese state. Oliver Blume, Volkswagen’s chief executive, said on Wednesday that the German car manufacturer would commission the audit “as soon as possible,” according to a report [...]
Shares in UK housebuilders slump as inflation woes increase prospect of rate hikes June 21, 2023 Shares in some of the UK’s biggest housebuilders closed down today after Berkeley Group warned that its sales could fall by up to 20 per cent as rising mortgage rates rock the housing market. Berkeley’s share price fell around 3 per cent this morning following its announcement, but recovered slightly closing down 1.56 per cent. [...]
Softbank boss says it’s time to ‘shift to offence mode’ in AI push June 21, 2023 Softbank is planning to scale up its investment activity according to boss Masayoshi Son, who said the firm is going on the offensive. At the Japanese company’s annual general meeting today, billionaire Son said it was time to “shift to offence mode” as the group prepares to capitalise on rapidly developing AI technologies. Recently, chief [...]
UK inflation smashes forecasts again raising chances of larger Bank of England interest rate hike June 21, 2023 UK inflation is still outpacing experts’ predictions and is running at a level that could lure the Bank of England into an outsized interest rate hike tomorrow, heaping more pain on families and businesses. Official figures out this morning from the Office for National Statistics (ONS) showed the rate of price hikes held steady at [...]
Private equity firm Elliott joins £500m takeover race for Reiss June 21, 2023 US private equity firm Elliott Advisors has reportedly joined the race to takeover upmarket fashion brand Reiss from its current stakeholders Next and Warburg Pincus. Elliott has expressed interest in buying the fashion brand for upwards of £500m, Sky News has reported. Up to three parties are also keen to buy the brand, which is [...]
Revolution or all-out war? Firm brands ‘hostile’ Boohoo coup ‘self-serving and opportunistic’ June 21, 2023 All eyes turn to the AGM of troubled fashion giant Revolution Beauty as it hit back at “hostile” shareholder Boohoo ,labelling its attempted coup as “opportunistic” and “self-serving”. Boohoo, which holds a 26.6 per cent stake in the Revolution, revealed it would vote against chief executive Bob Holt, chairman Derek Zissman and chief financial officer [...]
Google is ‘killing off industries’ with online ad monopoly, tech bosses tell Westminster committee June 21, 2023 Several small tech companies have accused Google of stifling competition due to its monopoly of the online advertising market – amid calls to increase competition by lawmakers. The House of Lords communications and digital committee heard the tech giant is “killing off industries”, and that its dominance leads to higher prices. In the hearing which [...]
Bank of England to lift interest rates to 23-year high of six per cent to strain roaring inflation June 21, 2023 The Bank of England is on track to kick interest rates up to their highest level in over 23 years in a bid to rein in inflation that is withstanding prior increases to borrowing costs, markets are betting. City traders ratcheted up their bets on peak UK interest rates in response to numbers from the [...]
Wagamama owner waves goodbye to CFO as part of top team shake up June 21, 2023 Wagamama’s owner The Restaurant Group (TRG) is waving goodbye to its chief financial officer, Kirk Davis, as part of a shake up of its top team. The hospitality group, which also owns high street eateries such as Frankie & Bennys, said that Davis will step down after the publication of its interim results in September [...]
Halfords profits tumble by £38.3m but expects ‘strong growth’ June 21, 2023 Halfords reported a £38.3m drop in annual profits as the group was hit by a decline in consumer demand for cycling following its lockdown boom and a tough economic climate. For the year, underlying profit before tax slumped to £51.5m compared to £89.8m the prior year and £56m during the pandemic as the retailer invested [...]