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Profits slump for custom sofa seller DFS despite market share gains
Sofa retailer DFS saw half year pre-tax profits fall 16% amid a slowdown in consumer spending brought on by cost-of-living pressures. The Doncaster-based retailer has downgraded expectations for full year profits to between £30-£35m, at the lower end of its forecasts. Investors were told the furniture seller made underlying pre-tax profits of £7.1m in the …
Business
Business Live
Wales has huge potential to be a world-leading science nation
This week, we’re marking British Science Week 2023, a 10-day celebration of science. We’re raising awareness of the importance of science and its impact on our daily lives, showcasing the diversity of science, technology, engineering, and mathematics (STEM), and engaging people in hands-on activities, events, and discussions. There is a shortage of scientists and engineers …
Business
Sky News
TikTok banned from UK government phones
TikTok will be banned from UK government phones amid security concerns around the Chinese-owned video app, Cabinet Office minister Oliver Dowden has announced. In a statement to parliament, Mr Dowden said there “could” be a risk to how government data and information is used by the app. He said that that while TikTok use is …
Business
Evening Standard
Currys appoints new chief to warm up its troubled Nordics business
The UK’s biggest electronics retailer has appointed a new regional chief for its troubled Nordic business as it moves to turn the unit around amid heavy competition from rivals there.Currys said Fredrik Tønnesen will step up from chief operating officer to take over from Erik Sønsterud, who is stepping down as regional CEO “with immediate …
Business
Evening Standard
Banking fears ramp up after Credit Suisse £45 billion emergency loan
Fears over a banking crisis remained at the fore on Thursday after Credit Suisse said it would borrow up to 50 billion Swiss francs (£45 billion) from Switzerland’s central bank to bolster its finances, sparking hefty falls in Asian trading.The Hang Seng Index in China tumbled nearly 2% and Japan’s Nikkei 225 was almost 1% …
Business
Sky News
Job cuts loom at John Lewis as it makes loss of £234m
Job losses are on the horizon at the John Lewis Partnership, which includes Waitrose and John Lewis shops, as the company posted an annual loss of £234m.No detail was given on the location or number of job cuts that will be made. “As we need to become more efficient and productive, that will have an …
Business
Sky News
Hunt defends speed of his childcare budget giveaway as ‘biggest transformation in my lifetime’
Chancellor Jeremy Hunt has defended the speed of the rollout for his budget offer of free childcare for working parents, describing it as the “biggest transformation in childcare in my lifetime”.The new childcare package will see working families in England having access to 30 hours of free childcare per week for children aged between nine …
Business
Sky News
Silicon Valley Bank UK chief abandons exit plan after £1 HSBC rescue deal
The chief executive of Silicon Valley Bank’s UK (SVB UK) arm has abandoned plans to leave the role following its £1 rescue takeover by HSBC.Sky News understands that Erin Platts, who has worked in the lender’s British operations since 2007, is to stay in her job following talks in the last 48 hours with Ian …
Business
Sky News
Lifetime tax-free pensions allowance scrapped and free childcare boost in ‘back to work’ budget
Jeremy Hunt has abolished the lifetime tax-free pensions allowance and introduced free childcare for youngsters under three in a budget aimed at getting people back to work.The chancellor announced his plans on Wednesday to get older people back in work and to help parents, mainly women, who cannot afford to go back to work due …
Business
Sky News
Stocks plunge again over Credit Suisse and rate rise worries putting focus back on health of European banks
Banking stocks are enduring fresh, steep losses on Wednesday as concern over the health of US banks crosses the Atlantic.Credit Suisse shares plunged to new record lows following comments by its largest investor that it could not provide the Swiss bank with more financial assistance. Switzerland’s second-largest bank, no stranger to crisis over the past …
Business
Sky News
Bank stocks plunge further with Credit Suisse and rate rises in sharp focus
Banking stocks are enduring fresh, steep losses on Wednesday as concern over the health of US banks crosses the Atlantic.Credit Suisse shares plunged to new record lows – dropping by almost a third at one stage – following comments by its largest investor that it could not provide the Swiss bank with more financial assistance. …
Business
Business Live
A low cost investment zone earmarked for Wales
The Welsh Government said it is progressing talks with the UK Government over creating a new low tax investment zone in Wales. In his Budget Chancellor Jeremy Hunt will confirm that 12 investment zones – each receiving funding of £80m over five years and nearly £1bn in total – will be established aimed at boosting …

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