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Cornwall Council-owned property firm buys first commercial assets
Cornwall Council-owned property firm Treveth has acquired a portfolio of commercial assets previously owned by the local authority for an undisclosed sum. Treveth, the Cornish word for ‘Homestead’, is a partnership business set up by Cornwall Council in April 2019 to create new homes and commercial development to benefit people who live and work in …
Business
Business Live
Mark Stott’s property giant continues €350m European expansion with Madrid development
The property giant run by well-known businessman Mark Stott has revealed plans for a major student development in Madrid. Alderley Edge-headquartered Vita Group has signed a joint venture agreement with real estate developer Metrovacesa to create a 588-apartment scheme. The building will rise to 14 storeys and include lounges, study spaces, terraces as well as …
Business
Business Live
THG and SoftBank abandon $1.6bn deal over ‘global macroeconomic conditions’
A $1.6bn deal that would have seen Japanese investment giant SoftBank take a near 20% stake in a major division of THG has been abandoned. It was announced in May 2021 that SB Management (SBM), a division of SoftBank, had bought an option to acquire a 19.9% holding in THG Ingenuity that valued it at …
Business
Sky News
JD Sports lines up former B&Q executive Schultz as next CEO
A former executive at the DIY retailer B&Q is being lined up to take the helm at JD Sports Fashion, Britain’s biggest sportswear retailer by market value.Sky News has learnt that the Lancashire-based company is close to finalising the appointment of Regis Schultz as its new chief executive. City sources said on Tuesday that the …
Business
Evening Standard
Time for a clampdown on big tech overlords
A WARM welcome to Sarah Cardell, who starts as interim CEO at the Competition and Markets Authority today.What should be top of her inbox, but almost certainly isn’t, is a proper crackdown on our big tech overlords.As General Counsel, Cardell did launch a probe into Amazon earlier this month, looking at if the way it …
Business
Evening Standard
Amazon hikes Prime subscription for first time since 2014
Amazon is to hike the cost of its Prime packages despite global cost of living squeeze citing “inflation” and “operating costs” for the first rise in the service since 2014.The e-commerce giant will raise the subscription that offers free next day delivery, entertainment and live sport events by £1 from £7.99 a month to £8.99 …
Business
Evening Standard
Unilever braced for drop in efficiency as inflation hits company profits
Maker of Ben & Jerry’s ice cream and Hellmann’s mayonnaise, Unilever, posted a drop in operational efficiency as inflation takes a bite out of corporate profits.The consumer goods company saw revenue grow 8.1% in the first half of 2022 to top £25 billion, ahead of previous guidance, while profit margins dropped 180 basis points to …
Business
Sky News
What uses the most water in our homes, where does our water come from and what happens during a drought?
With the UK bracing itself for another heatwave, there are warnings parts of the country could experience droughts this month.The first heatwave and the driest July on record in parts of the country have already seen England’s drought level increased to the ‘prolonged dry weather stage’. Further periods of no rain could see this pushed …
Business
Sky News
Consumer goods giant thanks raising prices for profits boost
Unilever, the consumer goods giant behind brands including Marmite and Magnum ice creams, has reported a leap in underlying sales thanks to price rises.The company said it was raising its full-year sales guidance after recording an increase of 8.1% during the first six months of the year. The growth was achieved thanks to average price …
Business
Sky News
Heathrow and easyJet reveal huge financial hits after flight chaos
Heathrow Airport and easyJet, two of the air industry players affected by this year’s flight chaos, have revealed large financial hits while outlining how they are coping during the summer rush.The low-cost carrier said cancellations and delays caused by staff shortages at airports and in the air had cost it £133m over its latest quarter …
Business
Sky News
Fibre broadband player Gigaclear digs deep in hunt for new funding
Gigaclear, the fibre broadband network provider, is plotting to raise hundreds of millions of pounds of further funding amid an industry-wide race to modernise Britain’s communications infrastructure.Sky News has learnt that Gigaclear is working with bankers at Rothschild to raise between £200m and £300m of additional capital for its rollout. The capital-raise, which could comprise …
Business
Sky News
Zimbabwe launches gold coins as legal tender to tackle hyperinflation
Zimbabwe has launched new gold coins to be sold to the public in a bid to tackle chronic hyperinflation.The gold coins – called Mosi-oa-Tunya – will have “liquid asset status”, meaning they can be converted to cash, traded locally and internationally, and used for transactions, the Reserve Bank of Zimbabwe said. People can only trade …

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