Explainer: Why are plane tickets so expensive? July 28, 2023 Have you recently found yourself making an Excel spreadsheet of flights prices for a summer holiday, or trying to strategise how to book flights for that international trip like it was a game of chess? If you have, that’s because flying has become more and more expensive over the past year. The owner of British [...]
Insolvencies hit highest level since 2009 as firms feel pressure from rates and inflation July 28, 2023 The number of company insolvencies in the second quarter hit its highest level since 2009, new figures showed, as firms struggled with a cocktail of rising costs and a tightening lending environment. In the three months to June 2023, there were 5,240 seasonally adjusted registered company insolvencies, nine per cent higher than last quarter and [...]
John Lewis revamps marketing approach as it tackles losses July 28, 2023 John Lewis has created a ‘customer planning team’ to make the most out of its marketing budget in stores and online, as it struggles with huge losses. The upmarket British retailer, famed for its annual tearjerker Christmas ad, has appointed Andreas Nicolaides to lead the new team from October. John Lewis, which owns Waitrose, said [...]
Rightmove reports highest first-half revenue since 2018 despite mortgage market woes July 28, 2023 Online real estate company Rightmove clocked up its highest first-half revenue since 2018, it revealed on Friday, despite a troubled mortgage market putting pressure on house prices. The business said revenue was up 10% to £179.5 million in the six months to the end of June. Pre-tax profit rose 7.5% to £130 million. “The strength [...]
Bentley warns of ‘challenging conditions’ ahead as marque levels out following 2022 bonanza July 28, 2023 Bentley posted operating profits of €390m (£335.16m) today, down slightly on the same period in 2022, as the marque levelled out following last year’s earnings bonanza. The luxury carmaker also saw revenues decrease slightly, posting €1.68bn (£1.44bn) against a 2022 figure of €1.71bn (£1.46bn) amid a downturn in global sales of four per cent year-on-year. [...]
Rising mortgage rates sends demand for homes down 18 per cent, new data shows July 28, 2023 Rising mortgage rates has reduced demand for homes by 18 per cent, Zoopla’s latest House Price Index revealed today. This weaker demand, coupled with rising supply, saw UK house price growth shrink to 0.6 per cent for June, down from 9.6 per cent for the same month last year. The estate agent said it expects [...]
Weird Barbie should provide some unlikely inspiration for the Bank of England July 28, 2023 Weird Barbie would break up the groupthink of the Bank of England economists.
Can the supermarkets ever overcome accusations of profiteering? July 28, 2023 Food producers are unwilling to pass on price drops as they battle oscillating and chaotic costs for supplies that they have little control over.
FTSE 100 close: British Gas owner propels to top of London index after record profit July 27, 2023 London’s FTSE 100 bumped higher today after a manic morning of company earnings gave a lift to market sentiment. The capital’s premier index added 0.21 per cent to reach 7,692.77 points, while the domestically-focused mid-cap FTSE 250, which is more aligned with the health of the UK economy, climbed 0.45 per cent to 19,273.37 points. [...]
Nationwide and TSB join HSBC in reducing rates on mortgage deals July 27, 2023 Nationwide and TSB joined HSBC in reducing rates on a range of mortgage products today, as rates on mortgages continued to come down after last week’s inflation reading. Nationwide announced that it would be reducing fixed rates by up to 0.35 per cent while it would reduce rates available on its tracker products by 0.2 [...]