Raising taxes on working people is ‘bananas’, economists warn March 30, 2022 Raising taxes on working people while shielding other forms of income from levies is “bananas,” according to a top wonk’s analysis of chancellor Rishi Sunak’s spring statement. Hiking employers and employees national insurance contributions 1.25 percentage points in April instead of using income tax to raise revenue is the “opposite of what everybody thinks we [...]
Randox delays release of audited results amid concerns over Covid procurement process March 30, 2022 Covid test maker Randox has delayed release of its audited results amid mounting scrutiny over the government’s decision to award it contracts worth almost £777m. The delay to publication comes after the UK’s public spending watchdog said the government failed to document the procurement process that led to Randox being awarded 22 government contracts for [...]
Competition watchdog ‘raids’ Mitie Group’s London HQ over immigration centre contract investigation March 30, 2022 The Competition and Markets Authority (CMA) ‘raided’ the offices of outsource company Mitie, over concerns about alleged anti-competitive behaviour. The firm’s London premises were reportedly looked according to the Guardian, regarding its reported relationship with US company PAE, in trying to get contracts for immigration removal centres (IRC). This comes after the CMA launched an [...]
BlackRock President: Entitled generation should prepare to sacrifice amid surging inflation March 30, 2022 BlackRock’s Rob Kapito said an entire generation should “put on seat belts” as the economy feels the impact of high inflation. “For the first time, this generation is going to go into a store and not be able to get what they want,” the president of the $10 trillion asset manager said of shortages, Bloomberg [...]
BA flights face massive disruption as IT systems down at Heathrow’s terminal 5 March 30, 2022 Thousands of travellers face disruption today as British Airways’ (BA) IT systems crashed at Heathrow’s terminal 5, causing other flights to be delayed due to a backlog. “We’re live at Heathrow and hearing British Airways IT systems are down globally,” tweeted Big Jet TV. The claims made by the aviation streaming channel were backed by [...]
Air France-KLM loses appeal over EU cartel fine March 30, 2022 Aviation powerhouse Air France-KLM announced today it lost an appeal against a million-euro fine imposed by EU antitrust regulators for participating in an air cargo cartel more than two decades ago. The second-highest court in the EU, the General Court rejected the group’s appeals as well as those brough by Lufthansa, Singapore Airlines and Cargolux. [...]
Avocado price skyrockets to highest in two decades as Mexican drug gangs feud March 30, 2022 The price of avocados has skyrocketed to its highest for two decades, in part due to feuding drug gangs in Mexico which is one of the main global suppliers. The cost of the crop rose after a United States safety inspector in the country was threatened, leading to an import ban from the state of [...]
Gopuff: Hundreds of job cuts to come as delivery firm looks to slash costs $40m March 30, 2022 Rapid delivery firm Gopuff is readying to lay off hundreds of employees after a $15bn valuation last year. Some three per cent of the start-up’s workforce could be hit by job losses, according to The Information. Job cuts are included in a bid to slash annual costs by some $40m, the news website said, citing [...]
Hackers pilfer $600m from Ronin Network in massive crypto attack March 30, 2022 Hackers have stolen almost $600m from a blockchain network connected to the Axie Infinity online game in one of the largest crypto attacks ever.
Oxford St still feeling side effects of Covid as footfall recovery lags behind March 30, 2022 Oxford St has struggled to return to its pre-pandemic glory with football down 46 per cent on pre-Covid levels. Overall, high street footfall levels were down 23 per cent in February, according to an RSM analysis of data from Datscha. International travel restrictions have dampened the numbers of shoppers in central London hubs. Northern shopping [...]
