Primark owner Associated British Foods ‘dodging most economic bullets’ as outlook improves February 27, 2023 Primark owner Associated British Foods has upped its outlook for the full year after reporting a jump in sales at the budget fashion chain as consumer spending held up better than expected. The group said sales at the retailer, which has 419 stores, are set to rise by 16 per cent at actual exchange rates [...]
Nissan accelerates shift to electric vehicles in Europe to meet strict emission regulations February 27, 2023 Nissan is speeding up its shift toward electric vehicles (EVs), especially in Europe where emissions regulations are most stringent, the company said. The Japanese carmaker said in a statement that it will make practically all its offerings in Europe electric or series-hybrids by fiscal 2026, at 98 per cent. That is up from the previous [...]
Battery start-up Britishvolt bought by Aussie firm Recharge February 27, 2023 Britishvolt, the company which failed to build a battery factory in the north-east of England, has been bought by Australian firm Recharge Industries, Recharge’s boss confirmed. The start-up was founded in 2019 but collapsed just three years later, laying off most of its 200 staff. The company had high ambitions of building a nearly £4 [...]
Boss of Newport Wafer Fab’s Chinese owner convicted for stealing tech secrets February 26, 2023 The boss of the Chinese company that owns Britain’s largest semiconductor factory was handed a jail sentence over allegations he stole trade secrets, it has been revealed. Zhang Xuezheng, the founder of Wingtech, was sentenced to 17 months in jail and fined in 2005 for buying trade secrets from ZTE, his old employer, The Sunday [...]
Fruit and veg shortage will get worse before it gets better, warn farmers February 25, 2023 The National Farmers’ Union (NFU) has warned that shortages of some fruit and vegetables in UK supermarkets could be “the tip of the iceberg”. NFU deputy president Tom Bradshaw said a reliance on imports has left the UK vulnerable to “shock weather events”. Soaring energy bills exacerbated by the war in Ukraine have also put [...]
Modi and India stop G20 calling Putin’s war in Ukraine a ‘war’ February 25, 2023 There is concern amongst rich nations about being unable to call a war started by Vladimir Putin just that, due to splits between global powers G20 finance chiefs have been unable to reach a consensus on describing the war in Ukraine and are likely to end a meeting in India on Saturday without a joint [...]
Warren Buffett turns record profit – despite lashings of global headwinds February 25, 2023 Warren Buffett’s Berkshire Hathaway Inc on Saturday reported its highest-ever annual operating profit, even as foreign currency losses and lower gains from investments caused fourth-quarter profit to fall. Buffett called 2022 a “good year” for Berkshire in his annual shareholder letter after the conglomerate’s dozens of businesses generated $30.8 billion of profit despite rising inflation and [...]
Sunak faces criticism over plans for European Union chief to ‘meet the King’ February 25, 2023 The Prime Minister’s political judgement has been criticised after a meeting between the King and the leader of the European Union was cancelled. European Commission president Ursula von der Leyen had been expected to travel to Britain on Saturday amid speculation a deal to fix issues with the Northern Ireland Protocol is near. The German [...]
Sunak to press on with Brexit deal talks as EU leader’s visit cancelled February 25, 2023 The Prime Minister will keep working towards securing a post-Brexit deal after plans for an in-person meeting with the European Commission president was called off.
Priti Patel calls on Jeremy Hunt to stop planned corporation tax rise February 25, 2023 Former home secretary Priti Patel has urged the Chancellor to use his Budget next month to halt the planned corporation tax rise. The senior Conservative has argued that “now is not the time” for an increase in the tax on big business. In plans agreed while she served in Boris Johnson’s cabinet, corporation tax is [...]
