Payouts rose by 5% after operating profits increased to £756m and pension advisory business was soldThe average income of Deloitte’s more than 640 equity partners in the UK rose to £1.1m this year, despite a recent slowdown in spending and company deals.Deloitte UK said revenue grew 14% to £5.6bn in the year to May, as buoyant markets in the first six months of its financial year bolstered demand for audit and advisory work. It helped offset the “increased caution” among more cash-strapped clients and a slowdown in merger and acquisition activity in the months that followed. Continue reading..[...]
Martin Lewis and Citizens Advice among those telling PM poorer Britons must get help, as industry source calls idea ‘unworkable’More than 140 organisations and individuals, including the consumer champion Martin Lewis, have told Rishi Sunak to make good on a promise to help Britain’s least well-off households with a social tariff for their gas and electricity.The group has written to the prime minister reiterating calls to fulfil a government pledge to help vulnerable households with a discounted rate for energy bills before the last remaining support schemes come to an end in April. Continue [...]
Green campaigners relieved after last week’s decision to delay ban on petrol and diesel carsThe government has confirmed the majority of new cars sold in Britain will have to be electric by 2030 despite Rishi Sunak’s decision last week to delay a ban on petrol and diesel cars by five years.Under the long-awaited zero emissions vehicle (ZEV) mandate, 80% of sales must be fully electric, or another alternative, within seven years. Carmakers would have to pay £15,000 for each petrol or diesel engine above that threshold, the Department for Transport said on Thursday. Continue reading...
Retail chain hopes to raise £150m to fund store updates and invest in online operationsJohn Lewis is looking into raising £150m from the sale and leaseback of a dozen Waitrose supermarkets to fund investment in updating the business.The staff-owned retailer, which this month announced a half-year loss of £59m, wants cash to update stores, improve prices and invest in online operations, including expanding online grocery deliveries. Continue reading...
Heatwaves around Mediterranean have damaged harvests and forced producers to import from South AmericaEurope has almost run out of local olive oil supplies and is set for more shortages, after extreme weather damaged harvests for a second year.The world’s largest producer has said it is having to import supplies from South America to keep up with demand. Continue reading...
Chinese group’s statement about chair Hui Ka Yan piles on the woe for once top-selling property developerThe founder of China’s Evergrande is being investigated over suspected “illegal crimes”, the group has said, as creditors become increasingly concerned about the prospects of the world’s most indebted property developer.Evergrande Group, which has more than $300bn (£245bn) in total liabilities, did not say whether Hui Ka Yan was still in a position to run the company, or what crimes he was being investigated for. Continue reading...
GSK-controlled company works on developing patient-administered treatment by end of the decade One of the world’s largest commercial developers of HIV drugs is working on a treatment that can be injected by patients at home every two to three months by the end of the decade, saving them frequent visits to the clinic.ViiV Healthcare, a GlaxoSmithKline-controlled joint venture, makes 17 prescription HIV medicines, including the long-acting treatment cabotegravir, which was first approved in the US in January 2021. Continue reading...
Lloyd’s of London, Zurich and Swiss Re among top 10 insurers of largest US coalmines, study findsLloyd’s of London and other big European insurers are underwriting almost a third of US coal production despite their net zero pledges, according to research, with the Lloyd’s insurance market emerging as the second-biggest player.A report from the Insure Our Future campaign group found that Lloyd’s, Zurich and Swiss Re are among the top 10 insurers of the 25 biggest US coalmines, which produced more than 60% of the country’s output last year. They underwrite 13 mines producing 30.7% of US coal. Co[...]
PM remains tight-lipped about rail project’s Manchester leg and says his focus is on potholes and local busesUK politics live – latest updatesRishi Sunak has refused more than a dozen times to provide clarity over HS2’s future, but denied that scrapping the Birmingham to Manchester leg would be a betrayal of the north of England.Despite two weeks of uncertainty over the remainder of the project, the prime minister remained tight-lipped on whether HS2 would be pared back in a series of BBC local radio interviews spanning stations from Shropshire to Teesside. Continue reading...
First time since early July that average rate has been below 6%, with some deals now under 5%The average new five-year fixed mortgage rate has fallen back below 6% for the first time since early July, according to the sector’s leading data provider.Across all deposit sizes, the typical five-year fixed residential mortgage rate on sale is now priced at 5.99%, Moneyfacts said, down from 6.03% on Wednesday. Continue reading...
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Industry executives have warned for years about disruption for consumers
The French telecoms tycoon’s motives remain as opaque as ever
Empire built by Franco-Israeli billionaire Patrick Drahi is seeking €500mn from investors
Saudi telecoms group follows in footsteps of Gulf rivals as it seeks to spread its wings internationally
STC’s move on Spanish company marks latest foray by state-owned Gulf groups into Europe
Investment company LetterOne was forced to sell the business on national security grounds
Little-known Israeli groups emerge as key providers of tracking equipment installed at subsea cable stations
Industry defend price rises as Britons face highest tariff hikes in Europe
Privatisation wave makes country of 120mn people a tempting target for digital services
Agreement gives Chinese group a boost after being subject to bans in Europe and the US
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Industry executives have warned for years about disruption for consumers
Government officials keen to understand fast-evolving technology ahead of a global summit
Social media CEO will meet seven lenders on October 5
Are markets finally making their peace with a new interest rate reality?
Companies are throwing whatever new ideas they can think of at the wall to see what sticks for the new technology
Complaints come a week after iPhone 15 debuted with ‘game-changing’ chips
This technology is readily accessible and usable at extraordinary speed and scale
Turning around the group’s financial unit will be a full-time job for interim chief Hiroki Totoki
ChatGPT creator in early discussions to create the ‘iPhone of artificial intelligence’
Plus, growth stocks, rates and pricing power
© Copyright The Financial Times Ltd 2023. "FT" and "Financial Times" are trademarks of the Financial Times. See http://www.ft.com/servicestools/help/terms#legal1 for the terms and conditions of reuse.