The torrid week for tech continues as Amazon sheds £175bn October 28, 2022 The torrid week for tech continued last night, with Amazon leaving investors bewildered and Apple somehow defying the trend of its Silicon Valley cousins. Amazon shares tumbled as much as 18 per cent on Thursday night, wiping $202bn (£175bn) off its valuation. The major sell-off came after the e-commerce giant warned against weaker consumer spending [...]
British Airways owner IAG’s profits soar as leisure demand booms October 28, 2022 British Airways owner IAG is back in the black with a profit after tax of €853m (£736m), as leisure revenue has recovered to pre-pandemic glory. The London-listed firm swung into profit in its third quarter results – ahead of market expectations – after posting a 2021 loss of €574m. IAG’s overall passenger capacity plans are [...]
CZ confirms Binance is an investor in Elon Musk’s Twitter acquisition October 28, 2022 Cryptocurrency exchange Binance has revealed it is a major investor in Elon Musk's $44 billion takeover of social media platform Twitter.
Britain’s workforce is sick and tired and it’s killing our economic prospects October 28, 2022 Britain’s economy is under the weather and if left unchecked, we risk becoming tarred as the sick man of Europe once again.
Budweiser owner hikes guidance after raking in higher-than-anticipated beer sales October 27, 2022 Brewing giant AB InBev has lifted its yearly earnings guidance after posting higher than anticipated earnings, with punters’ thirst for beer not waning despite high inflation levels. Raising a glass to its best quarterly performance this year, on a volume basis, the Budweiser maker elevated its 2022 guidance. EBITDA is now anticipated to rise between [...]
Made scraps hunt for a buyer as sofa seller nears collapse October 27, 2022 Ailing Made.com has said it has cut short its hunt for a buyer, as the homeware firm teeters on the brink of collapse. In an update to the London Stock Exchange on Thursday morning, the furniture retailer said there was “no reasonable prospect” of an offer. Shoppers have been pulling back from spending on big [...]
Ben & Jerry’s owner Unilever warns of shoppers buying less as inflation bites budgets October 27, 2022 Dove maker Unilever has seen consumers buying less of products after price hikes, as the consumer goods titan has ushered in record price rises. Prices increased by 12.5 per cent in the period, the brand’s highest ever hike, as consumers battle cost increases in every corner of life. The London-listed consumer goods giant admitted price [...]
We must not put a salami slicer to our public services in a bid to balance the books October 27, 2022 Our country is deeply in debt, with a deficit that is viewed by the markets as on an unsustainable path. The mini-budget and the subsequent reaction from the markets have undoubtedly made the situation significantly more challenging. The new prime minister must now seize the opportunity to restore fiscal credibility. Both unfunded tax cuts and [...]
Mercedes to exit Russian market after manufacturing suspension October 26, 2022 Mercedes is set to exit the Russian market once and for all after it suspended manufacturing in March as a result of Moscow’s invasion of Ukraine. The car maker said today that, even though it will sell its shares to Russian car dealership Avtodom, the transaction will not impact the group’s financial position or its [...]
Subsiding pandemic hits revenue for hygiene products from Reckitt Benkiser October 26, 2022 Hygiene products took a hit for producer of health and nutrition products Reckitt Benckiser, as the firm recorded strong revenue growth elsewhere. The UK-Dutch firm based in Slough reported like-foxlike growth of 7.4 per cent in the third quarter of the year, pulled up by a surge in nutrition and health products. Known for producing [...]