Kremlin approves sale of Volkswagen’s Russian assets for nearly £110m May 16, 2023 Russia’s government has approved a deal for Volkswagen to sell its Russian assets to autodealer group Avilon for up to $137.6m (£108.64), the Interfax news agency reported on Tuesday, citing a source. Should Volkswagen extract money from Russia while exiting, it would buck the trend of other major automakers, most of which have sold their assets [...]
Tesco cuts price on 30 own brand products including pasta and oil as supermarket wars continue May 16, 2023 Tesco has announced another round of price cuts on its own-brand pasta and cooking oil as it sees deflation making its way through to cupboard essentials. The UK’s biggest supermarket is dropping the price of 30 products, with 15p off 500g and 1kg packs of own-brand pasta, 14p off its one litre vegetable oil and [...]
Kyiv wakes up to loud explosions as Russia launches drone and missile attacks – after Zelensky’s whirlwind Europe arms visit May 16, 2023 Loud explosions sounded above Kyiv early on Tuesday as Russia launched an intense air attack on the capital using a combination of drones, cruise missiles and possible ballistic missiles. Russia’s latest attack on Kyiv was “exceptional in its density — the maximum number of attacking missiles in the shortest period of time”, said Serhii Popko, [...]
Vodafone’s new CEO says “We’ve not been good enough” as she plots mass job cuts May 16, 2023 Saying "Vodafone must change," Della Valle has said the company is "too complex" and will need radical simplification to deliver.
Morning in the City: News and market updates May 16, 2023 Good morning and welcome to City A.M.s morning liveblog.
Some meat, yoghurt and vegetables have doubled in price in a year, new data shows May 16, 2023 Some meat, yoghurt and vegetables are among items that have doubled in price compared to a year ago, according to new figures from consumer group Which? The group urged Prime Minister Rishi Sunak to intervene on behalf of struggling consumers as its latest data shows food inflation remaining at “shockingly high levels”. The figures come ahead of Tuesday’s [...]
HSBC aims to grow its Asian business amid pressure from top shareholder Ping An May 15, 2023 HSBC has unveiled plans to bolster revenues in its Asia business amid mounting pressure from its top shareholder to improve performance across the region. The banking giant told investors it is aiming for revenues in Asia’s wealth business to grow by up to 9% in the next three to four years. It also wants to grow [...]
Jacob Rees-Mogg brands Sunak’s Brexit bonfire row back ‘pathetically under-ambitious’ May 15, 2023 Jacob Rees-Mogg has attacked the Government’s decision to scale back post-Brexit plans to scrap EU laws as “pathetically under-ambitious”. The former cabinet minister used a speech at the National Conservatism conference on Monday to criticise Prime Minister Rishi Sunak for breaking his promise to complete a “bonfire” of remaining EU-era laws by the end of [...]
Vice Media files for US bankruptcy protection ahead of sale May 15, 2023 Media company Vice has filed for bankruptcy protection in the US after bosses struggled to find a buyer for the innovative news firm. The Chapter 11 filing at a court in New York is setting the stage for the company’s creditors to take control over the business. It marks a fall from grace for the [...]
Royal Mail delivery target failures to be investigated by Ofcom – and a fine could be dished out May 15, 2023 Regulator Ofcom said it has launched an investigation into Royal Mail’s failure to meet its delivery targets in the past year – and could hand out a fine. The British delivery firm fell short of its performance targets across the 2022 to 2023 financial year for first and second class mail and deliveries. Some 73.7 [...]
