Rachel Reeves is expected to accept pay review body recommendations in move that could cost up to £10bnMillions of public sector workers are set for an above-inflation pay rise due to be announced by Rachel Reeves next week after more than a decade of austerity.The chancellor is expected to accept the recommendations of public sector pay bodies for pay increases on Monday – a move economists believe could cost up to £10bn. Continue reading...
Questions over whether plan to spend billions on weapons will work as a tool to spur economic growthEven in a room full of generals from around the world decked in military braid, the arrival of the prime minister causes a stir. At the Farnborough international airshow this week, knots of advisers and armed police surrounded Keir Starmer as he walked through the stalls, occasionally allowing a favoured chief executive or a nervous apprentice into the inner circle.A few words with the prime minister will always be valuable for bosses of big business. But at this year’s version of the biennial a[...]
Fonthill Road has almost 100 clothes shop and a huge ethnic mix but rent rises and restaurant chain expansion mean change is on the wayThere is oodles of lace, glinting diamante and enough sequins for several series of Strictly Come Dancing: no, it’s not the Met Gala but an unassuming street in north London where a quiet battle is under way to protect a hidden fashion treasure.Almost 100 fashion stores, with names such as Bien Avenue, Cinderella and the sadly now defunct FFUK (short for Fashion Fashion UK) are crammed into about 250m of Fonthill Road, tucked behind Finsbury Park station.Amir S[...]
Officials insist China-based owner ByteDance must separate from its short video app in the US because it is a threat to national security and citizens’ dataThe US justice department has asked an appeals court to reject legal challenges to a law requiring China-based ByteDance to divest itself of TikTok’s US assets by 19 January or face a ban.TikTok, parent company ByteDance and a group of TikTok creators have filed suits seeking to block the law, which could ban the app used by 170 million Americans. Continue reading...
Hundreds of staff at the fashion chain reportedly told they will lose their jobs Ted Baker could disappear from British high streets as the struggling fashion chain plans to shut all its stores within weeks.The business behind the fashion brand’s UK shops, No Ordinary Designer Label Limited (NODL), entered administration in March. Continue reading...
Stories from ‘ripped off’ customers lead Which? to call for ‘meaningful action’ against firms that fall shortInsurance costs are soaring – here’s how my family cut themThe consumer group Which? this week called on the regulator to clamp down on insurers that have been “ripping off” consumers with “abysmal” claims handling.Having surveyed how customers have fared at the hands of insurers over the past three years – and unearthed some shocking stories – the consumer body has demanded that the Financial Conduct Authority take tough action against companies that fall short of the regulator’s requi[...]
Bank left with costs from Sir Trevor McDonald-fronted campaign after early election halted rolloutBusiness live – latest updatesNatWest was forced to spend £24m on the former Conservative government’s aborted “Tell Sid”-style campaign featuring Sir Trevor McDonald, which would have resulted in a chunk of the bank’s state-owned shares being sold to the general public in a highly anticipated privatisation drive.The price tag emerged when the bank released its second-quarter results and announced that it was snapping up a number of mortgages from the smaller rival Metro Bank for £2.4bn. Continue [...]
Disruption to continue all weekend and long diversions in place as passengers asked to postpone if possibleEurostar passengers travelling from London to Paris on Friday were asked to postpone trips if possible as the rail operator cancelled one in four trains over the weekend after arson attacks caused widespread disruption to France’s high-speed rail network hours before the start of the Olympics.Most cross-Channel services were leaving St Pancras International station on time but journeys were expected to be prolonged by at least an hour in France. Continue reading...
Communities affected by construction of renewable energy infrastructure ‘have the right to see the benefits’UK politics live – latest updatesLabour will seek to persuade people living near proposed pylon routes and other renewable energy infrastructure that the developments are critical to bring down bills and tackle carbon emissions, the energy secretary said.Ed Miliband promised to consider new benefits for communities affected by the construction of renewable energy infrastructure, and community ownership of the assets, which could include onshore windfarms and solar farms. Continue reading[...]
Owner of North Yorkshire power station earned £393m in government subsidies for biomassThe owner of the Drax power plant in North Yorkshire will give shareholders a £300m windfall after a sharp rise in taxpayer subsidies boosted its profits for the first half of the year to more than £500m.The power station, which receives hefty subsidies from burning biomass wood chips, mainly shipped from North America, generated almost a third more electricity over the first half of this year compared with the same months last year. Continue reading...
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Sale part of CEO’s plan to simplify telecoms group’s sprawling business and reduce debt
UK telecoms group ‘fell woefully short of its responsibilities’ in incident last year, says Ofcom
Heavy borrowing raises questions over whether the stake can be maintained in the long term
UK regulator says providers must ‘transparently’ tell customers upfront about any increase included in their contract
US telecoms group delayed disclosure under public safety exemption to SEC rules
German telecoms groups to remove Huawei and ZTE components by 2029
The CMA’s chief concern will be the merged company’s impact on consumer tariffs and on its wholesale customers
Disclosure puts further pressure on telecoms group and former Conservative party donor
Deal is latest example of consolidation in fast-growing sector providing alternative full-fibre networks
Less affluent shareholders in the telco might take heart from Carlos Slim’s interest
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Community knowledge is helping sites such as Grindr and Feeld reel in users, while Tinder and Bumble lose lustre
Department of Justice alleges sensitive American user data was stored in China
Double-digit falls in Nvidia, Tesla, Meta and Alphabet highlight questions on AI investment returns
Social media company’s move to automatically allow user data to train chatbot could breach European privacy rules
Web publishers say developer is swarming their sites, collecting content to train models and ignoring orders to stop
Google, OpenAI and Tesla race start-ups to develop AI robotic systems in effort to transform healthcare and manufacturing
Huawei and Xiaomi gain ground in second quarter as Apple’s share of critical market falls
US tracks Europe and Asia lower as investors punish companies for missing earnings targets
Move would see questions resurface over conflicts of interest as EV maker seeks to recast itself as robotics and AI group
State’s supreme court says ride-hailing services can treat workers as contractors rather than employees
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