Covid cases triple and hospital cases double as hyper-infectious Omicron variants drive new Coronavirus wave July 19, 2022 The World Health Organisation said this afternoon that Coronavirus cases have tripled across Europe in the past six weeks, accounting for nearly half of infections globally. Hospital admission rates have also doubled, although intensive care admissions remain low. In a statement on Tuesday, the WHO’s Europe director Dr Hans Kluge described Covid-19 as “a nasty [...]
TikTok lays off staff while Apple and Goldman Sachs plan hiring slowdown as economic outlook dims July 19, 2022 TikTok has cut staff while Apple and Goldman Sachs will slow hiring as economic downturn concerns dampen confidence. TikTok laid off US staff and told European employees their jobs were at risk as part of a global restructuring move, the Wired reported. Some UK employees were informed that job losses will occur in several departments [...]
Clifford Chance partners see pay packets surge to record highs of more than £2m July 19, 2022 Partners at Clifford Chance are set to see their pay packets surge to £2m for the first time in the law firm’s history after the Magic Circle law firm revenues surged by 8 per cent to highs of £1.97bn. Clifford Chance’s equity partners will take home a record £2.04m this year after the law firm’s [...]
Steaming inflation cuts Brits’ spending power at fastest pace on record July 19, 2022 The number of Brits in full time work reached record highs in the three months to May as unemployment rates held at 3.8 per cent, official figures have revealed today.
Virgin Money to give out £1,000 bonuses to help staff deal with cost-of-living crunch July 19, 2022 Virgin Money today told staff it will be giving out £1,000 bonuses to all workers on salaries of less than £50,000 a year to help them deal with the UK’s cost-of-living crisis. In an internal memo seen by City A.M., Virgin Money chief executive David Duffy told staff earning less than £50,000 that they will [...]
Yü Group anticipates sharp rise in revenues as it prepares smart meter rollout July 19, 2022 Yü Group has posted a bullish trading update, with the challenger supplier expecting a 90 per cent boost to half-year revenues.
Rail network unable to cope with extreme heat as track hits 62C: ‘Just not built to withstand this temperature’ July 19, 2022 The hottest railway track reached a scorching 62C on Monday, as the Transport Secretary admitted it will take decades to upgrade existing lines to be more resilient. Grant Shapps conceded the UK’s transport network cannot cope with the extreme heat, saying that the Victorian-era infrastructure “just wasn’t built to withstand this type of temperature”. On [...]
Joules: Margins continue to be under pressure as shoppers seek out sale items July 19, 2022 Prestige retailer Joules has said discount-hungry consumers have intensified pressures on margins while expecting yearly profit to surpass expectations. The clothing and lifestyle brand admitted gross margins had “remained under significant pressure” after “consumer appetite” was focused on marked down products. Shoppers have been hunting for reductions amid monster hikes in energy and fuel bills, [...]
Mordaunt supporter Tobias Ellwood loses Tory whip for vote no-show July 19, 2022 Penny Mordaunt supporter Tobias Ellwood has lost the Conservative party whip today for not showing up to support the government in yesterday’s confidence vote. Ellwood, a perennial critic of Boris Johnson, will now be unable to participate in the final two MP votes for the Tory leadership contest. The Defence Committee chair was in Moldova [...]
Hotel Chocolat boss warns of melting profits next year amid cost of living crisis July 19, 2022 Hotel Chocolat revenue has risen more than a third over the past year, as it braces for a spending slow down amid the cost of living crisis in the UK. Revenue hit £226m in the 12-month period, up from £165m a year prior and ahead of market forecasts. However, co-founder and CEO Angus Thirlwell said [...]