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Evening Standard
Shoppers face “unprecedented” cost of living pressures, warns Tesco
Tesco said customers are facing “unprecedented” inflation pressures and are trading down to cheaper items as it pledged to do everything it could to support those struggling most.One day after the Bank of England said inflation will hit 11% in October and with charities warning that more people are skipping meals or relying on food …
Business
Sky News
Tesco sales fall amid ‘incredibly challenging’ cost of living crisis
Tesco said sales at the supermarket giant have fallen as “unprecedented increases in the cost of living” are felt across the country.Pointing to an “incredibly challenging” trading environment, the company saw sales in the UK fall by 1.5% between March and May when compared with the same period last year. As the Bank of England …
Business
Sky News
Government ‘can’t solve every problem’, says minister as fuel prices hit record high
The government cannot solve every problem or save every business amid the cost of living “storm”, a business minister has said as fuel prices hit record high.Paul Scully played down the immediate likelihood of tax cuts to help struggling households as he stressed the “tight” public finances and burgeoning national debt after the pandemic. In …
Business
Sky News
Elon Musk sued for $258bn over claims he ran a pyramid scheme to promote Dogecoin
Elon Musk is being sued for $258bn (£209bn) over accusations he ran a pyramid scheme to promote a cryptocurrency called Dogecoin.The digital asset was launched as a joke in 2013 and was designed to mock Bitcoin. But the cryptocurrency – also known as DOGE – hit the headlines after surging dramatically last year.In a little …
Business
Sky News
More summer flights cut – as airport boss warns it could take 18 months to fix staff shortages
Passengers at Heathrow will not face major disruption this summer despite an industry-wide international labour crisis that could take 18 months to resolve, the airport’s chief executive has said.It comes as Gatwick Airport announced it is limiting its number of daily flights to 825 in July and 850 in August to help passengers “experience a …
Business
Evening Standard
‘I kept a hammer under the bed’ – one journalist’s 6-year battle with Wirecard
Journalist Dan McCrum’s life was turned upside down on a trip to Caffe Nero by Mansion House tube in 2014.“I walked in and this hedge fund manager Leo Perry was sitting there,” McCrum said.“He laid out this theory that this weird company Wirecard was cooking its books. And it started the most bizarre story I’d …
Business
Sky News
Gen-Z super-app Cleo hits $500m valuation despite tech downturn
A British finance app aimed at Gen-Z consumers has hit a $500m valuation despite the turbulent backdrop which has afflicted technology companies since Russia’s invasion of Ukraine three months ago.Sky News has learnt that Cleo, which was founded by Barney Hussey-Yeo in 2016, has raised $80m in new capital from investors including Sofina, a listed …
Business
Sky News
Bank of England’s interest rate rise may cause more harm than good
What a strange world we’re living with where increasing interest rates could be construed as not being tough enough on inflation. Yet that is the world we seem to be living in.On Thursday, the Bank of England lifted the cost of borrowing by another quarter percentage point to 1.25 per cent. It was the fifth …
Business
Sky News
Raising interest rate is like pushing the brakes, but Bank of England may regret it
What a strange world we’re living with where increasing interest rates could be construed as not being tough enough on inflation. Yet that is the world we seem to be living in.On Thursday, the Bank of England lifted the cost of borrowing by another quarter percentage point to 1.25 per cent. It was the fifth …
Business
Sky News
Punch-owners drink to £200m bid for pub chain Amber Taverns
The owners of Punch Pubs are exploring a potential takeover of smaller rival Amber Taverns, a deal that would create a leisure group operating from nearly 1500 sites.Sky News understands that Punch Pubs, which is owned by US-based Fortress Investment Group, is among a number of parties which has requested information on Amber from advisers …
Business
Business Live
£15m funding bid for maritime research hub at Devon’s Appledore docks
A £15m funding bid has been launched to establish a “global-leading” maritime research hub at Appledore dockyards in North Devon. A partnership involving local authorities, businesses and education providers are behind the bid to create the facility at a site neighbouring the Harland & Wolff shipyard, called Middle Dock. It is hoped that the proposed …
Business
Business Live
Nick Candy pulls out of THG takeover bid as shares slump
Nick Candy, the property tycoon who was recently involved in a bid to buy Chelsea FC, has pulled out of a move to takeover THG. Candy Ventures first revealed it was weighing up a £1.4bn move for the Manchester-headquartered online retail and software giant last month. Now, in a statement issued to the London Stock …

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