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Evening Standard
JD Sports says shoppers ‘motivated by desire, not economics’
JD Sports has said its customers are “motivated by desire rather than economics”, despite cautioning over inflation affecting trading during the rest of the year.The sportswear giant, which sells popular brands such as Adidas and Nike, said its main consumers are a younger demographic than most other retailers.Neil Greenhaulgh, JD’s chief financial officer, told the …
Business
Evening Standard
Google, Amazon and Microsoft under pressure as Ofcom probes cloud computing market
Tech giants Google, Amazon and Microsoft could face enforcement action under a new probe into the cloud services market by communications regulator Ofcom.The market study, which will involve close engagement with the Competition and Markets Authority, will examine whether regulatory steps are needed to protect new innovations against the dominance of global software firms, which …
Business
Business Live
Tech-driven sporting and social venue to open in Hull’s Old Town
A new sports and entertainment venue is set to open in Hull Integrated Sports Experience – a technology-driven centre that will bring coaching, competition and socialising together – has taken a 10 year lease at King William House. Brought forward by York businessmen Guy Kilner and Matthew Bennett, it will focus on cricket, darts and …
Business
Evening Standard
Goldminer Polymetal considers leaving Russia
The former FTSE 100 Russian gold and silver miner Polymetal has said it is considering moving its main corporate base out of the sanctions-hit country.The company, which also operates in Kazakhstan, said a “a potential re-domiciliation” to a “friendly jusrisdiction” was under consideration. It announced the potential sale of its Russian mines in July. They …
Business
Evening Standard
PZ Cussons says inflation added £40m to prices this year
Imperial Leather and Carex maker PZ Cussons has reported a drop in annual profits as it said cost inflation and the impact of consumer cutbacks impacted its performance.The business posted pre-tax profits of £66.6 million for the year to May 31, a 2.9% drop from £68.6 million a year ago. However, profits were ahead of …
Business
Evening Standard
Silicon Valley Bank creates UK subsidiary in boost for London’s tech sector
London’s status as Europe’s pre-eminent tech hub was given a boost today after one of the world’s biggest commercial banks for tech announced it was turning its UK operations into a full-scale subsidiary.California-based Silicon Valley Bank, which has over £180 billion in assets under management, said the move reflects the strong growth of the UK’s …
Business
Sky News
Fracking for shale gas ban lifted by government
The government has lifted a ban on fracking for shale gas in England, imposed in 2019 after a series of tremors, even though a review concluded that forecasting related earthquakes “remains a scientific challenge”.Business and energy secretary Jacob Rees-Mogg said strengthening the UK’s energy security is “an absolute priority” in light of “Putin’s illegal invasion …
Business
Sky News
Interest rate raised by half a point to 2.25%, the highest level since 2008
The interest rate has been raised to 2.25% – the highest level since the 2008 financial crisis. The Bank of England’s half a point hike followed a three-way split in the voting. Financial markets had widely expected the Bank to follow the US Federal Reserve last night with a 0.75 percentage points rise but economists …
Business
Sky News
Real living wage increased early so workers don’t have to choose between ‘heating or eating’
The voluntary real living wage has been raised earlier than usual to provide more financial support to hundreds of thousands of workers during the cost of living crisis.The Living Wage Foundation, which sets the hourly rates that employers can opt in to, said that they would go up by £1 to £10.90 across the UK …
Business
Sky News
US interest rates hiked again to tackle soaring inflation
The US central bank has imposed its fourth major interest rate rise in a row.The Federal Reserve, the central bank known as the Fed, has once again hiked rates by 0.75 percentage points in an effort to curb soaring inflation. The widely-expected rise will mean more expensive borrowing for the likes of mortgage holders and …
Business
Business Live
Holiday home demand and high oil prices see Rix revenues rise 42 per cent
Growing demand for holiday homes combined with the high oil price saw Hull family-owned business JR Rix & Sons Ltd increase turnover by 42 per cent last year. Group revenues increased by £129 million, to reach £525.4 million. Operating profit was also up, from £7 million to £11.2 million. Victory Leisure Homes, Rix’s holiday home …
Business
Business Live
Cornwall firm raises £1m for washing machine tech to combat ocean plastic
A Cornish business has raised almost £1m to develop a washing machine filter which could help tackle harmful levels of microplastic pollution in the world’s oceans. The Cleaner Seas Group (CSG) said it had designed a self-generated device, which can be fitted or built into every type of washing machine, and can stop up to …

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