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Evening Standard
BT to ‘leave no stone unturned’ after upping cost cuts to tackle inflation
The boss of telecoms giant BT has warned over further job cuts and price hikes as the group leaves “no stone unturned” to save an extra £500 million in the face of soaring inflation and energy costs.Chief executive Philip Jansen said “inevitably” some roles would be cut, while it will also increase prices for consumers …
Business
Business Live
Rolls-Royce on ‘path to investment’ after repaying £2bn debt
Rolls-Royce has said it is now on a “clear path” back to investment as it continues with its recovery following the pandemic. In a trading update on Thursday (November 3), the aerospace giant reported large engine flying hours were at 65% of 2019 levels in the four months to the end of October – and …
Business
Evening Standard
‘Life is tough for millions,’ warns Sainsbury’s boss amid inflation
The boss of Sainsbury’s has cautioned that life is tough for “millions of households” as the supermarket chain witnessed increased demand for own-label products.It came as the retail group revealed a dip in profits as it swallowed some of the impact of soaring costs.Nevertheless, the firm said it is well placed for the key Christmas …
Business
Evening Standard
Trainline expects busy London Christmas season as tourist traffic helps it return to profit
Hopes for strong London-bound Christmas tourist traffic and demand for new digital season tickets helped Trainline keep its annual guidance on track today as it returned to profit for the first half.Jody Ford, chief executive, told The Standard that demand for travel in the festive season was “good” and “healthy”, with some routes already “north …
Business
Evening Standard
Mortgages could spike again as interest rates set for biggest rise since 1980s
The Bank of England is expected to unveil the biggest interest rate rise since the 1980s on Thursday as it tries to control the runaway inflation which is battering British households.In a crunch meeting, the nine members of the Monetary Policy Committee will make a decision that could push up the amount that millions of …
Business
Sky News
BT warns of job cuts as it dials in £500m of additional cost savings
BT has warned that jobs are likely to be lost after raising its cost savings target from £2.5bn to £3bn by the end of 2025.The company confirmed a story by Sky News on Thursday morning when it revealed that the additional £500m would be needed to maintain the cash flow required to support its network …
Business
Business Live
Shares spike at Russell Hobbs seller Ultimate Products after sales and profits surge
Shares in Ultimate Products, which sells Russell Hobbs cookware and laundry products under licence, have spiked after it reported a surge in its full-year sales and profits. The group has posted a revenue of £154.1m for the 12 months to July 31, 2022, up from the £136.3m it achieved in the prior year. Its statutory …
Business
Evening Standard
BT ups cost cut plans as profits tumble
BT today upped its cost savings target by £500 million to £3 billion, raising the prospect of more job cuts and increasing the chances of another fight with unions.The telecom giant has already seen the CWU, which represents 40,000 out of 100,000 staff, lead workers on strikes over pay.Today chief executive Philip Jansen said the …
Business
Business Live
Bisley owner gifts staff over half of company shares in succession move
Newport-based office furniture manufacturer Bisley has gifted its employees over half of shares in the company as part of succession plans. Company owner and chairman Anthony Brown has established an Employee Ownership Trust (EOT) allowing 51% of company shares to be indirectly owned by Bisley’s 500 employees based in its global offices in Newport, Dubai, …
Business
Business Live
Wholesaler Kitwave hints at further acquisitions with expectations of strong full-year results
Wholesale group Kitwave says it has enjoyed a strong second half of the year and its next set of results are on course to meet upgraded expectations. The Tyneside-based group also hinted at future acquisitions as it talked of “considerable growth opportunities” in its market. In a trading update to the London Stock Exchange, Kitwave …
Business
Sky News
Sainsbury’s profits dip as it tries to keep prices low
Sainsbury’s has claimed to be passing on rising costs to shoppers at a slower rate than its competitors, saying its decision is partly responsible for a dip in first-half profits.The UK’s second-biggest supermarket chain by market share, which also owns Argos, updated on its progress as the “big four”, also including Tesco, Morrisons and Asda, …
Business
Sky News
Bank of England unveils biggest interest hike for three decades
The Bank of England has raised the base rate of interest by 0.75 percentage points to 3% – the single biggest increase in more than three decades – and said that the UK is already in recession.The Bank warned that the UK could face a protracted contraction in the coming years, with high inflation and …

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