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News giant Reach reports falling profits amid ‘unprecedented’ printing costs
Reach has reported print revenue down 3.9% to £223.4m, with circulation and advertising down 5.1% and 9.9% respectively. However, half year results for the media group – which owns The Mirror, OK magazine and Manchester Evening News among many others – also showed digital revenue up 5.4% from £68.8m to £72.5m year-on-year. Overall revenue was …
Business
Sky News
IMF demands interest rate rises as UK set for weakest growth among G7 economies next year
The world’s lender of last resort has appealed for central banks to raise interest rates and for governments to take a responsible stance with public finances while warning of a harder impact from the global inflation shock.The International Monetary Fund (IMF) used its updated World Economic Outlook to take another red pen to growth forecasts …
Business
Business Live
ADVERTORIAL: Meet the new senior leader at Karbon Homes who has made a commitment to improve the lives of 30,000 customers
It’s not everyday you get a windfall of £95,000 but that is what happened for one Karbon Homes customer after their Money Matters team looked into their finances and discovered they were owed thousands of pounds in unpaid benefits. And in March this year there were 250 calls to the same support service and every …
Business
Evening Standard
OneWeb takes on Elon Musk’s Starlink in £2.8 billion Eutelsat merger
British satellite firm OneWeb has agreed a merger with French firm Eutelsat in a £2.8 billion deal as the pair look to take on rival Elon Musk to provide global internet connectivity from space.Under the terms of the deal OneWeb would be wholly owned by Eutelsat, with OneWeb shareholders trading their stakes for Eutelsat shares.OneWeb, …
Business
Evening Standard
Shares in DIY chain Wickes drop 20% on “softening” market
Shares in DIY and trade retailer Wickes have fallen more than 20% in early trading after the company issued a warning that it had seen “signs of softening” in its key markets in recent weeks as its customers become more “price conscious”. Core sales, including DIY and local trade, were minus 0.2% for the second quarter up …
Business
Business Live
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 …

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