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 [...]
WH Smith, M&S and Argos among hundreds fined for failing to pay minimum wage June 21, 2023 Hundreds of businesses including high-street heavyweights WH Smith, M&S and Argos have been named and shamed after being fined for failing to pay workers the minimum wage. Firms from sole traders to household names were ordered to repay 63,000 staff lost wages totalling close to £5m, after breaching National Minimum Wage (NMW) law. WH Smith [...]
EP: 209 Royal Ascot – Thursday June 20, 2023 It’s Gold Cup Day at Royal Ascot when the best of the stayers line up to run over the famous two and a half mile trip. The Group 2 Ribblesdale Stakes for fillies is another feature on Thursday’s Royal Ascot card. Jockey Oisín Murphy rides the well supported Coltrane in the Group 1 and joins [...]
The Punter Summary Podcast 22 June June 20, 2023 Here’s your chance to discover all of City AM racing editor Bill Esdaile’s best tips for Gold Cup Day on Thursday at Royal Ascot in a short summary episode of ‘The Punter Podcast’ alongside Chris Barnett. The full preview is also available on the City AM website. The Punter ‘The Punter’ has been City AM’s [...]
Iran supply glut could weigh down oil prices, predict experts June 20, 2023 An unexpected influx of oil supplies from Iran could help further weigh down prices, amid a market downturn from China.
Peloton: Wheels come off for bike maker as UK losses widen to £210m June 20, 2023 Peloton’s UK arm has struggled to keep up the momentum of its pandemic success, with the group posting widening losses as sales of the luxury exercise bike fall significantly from their lockdown peak. In its most recent financial results in the year to June 2022, the American brand’s British division said sales contracted 13 per [...]
Westfield’s bailed on San Francisco, but it won’t in London, say experts June 20, 2023 Westfield will hand back the keys to its flagship San Francisco mall following nearly two decades of ownership after it was battered by crime and the exit of its 350,000 ft flagship Nordstrom site. In recent years, the shopping centre’s occupancy level plummeted dramatically to around 55 per cent, with a host of household-name retailers [...]