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Sky News
Pound falls to two-year low as political uncertainty adds to gloomy economy
The pound has fallen to a two-year low as the political landscape adds to uncertainty in an economy already under strain.On Monday afternoon the pound fell to US$1.1867 – its lowest level since March 2020. Just before 5pm, it had strengthened slightly to US$1.19. It comes days after Boris Johnson’s resignation as prime minister and …
Business
Sky News
Ex-ASOS chief Beighton to take reins at Matchesfashion
Nick Beighton, the former ASOS chief, is being parachuted in to run Matchesfashion, the global online premium fashion site, as its private equity backers try to revive its performance.Sky News has learnt that the appointment of Mr Beighton, who left ASOS last year, will be announced on Tuesday. It represents an effort by Apax Partners, …
Business
Evening Standard
Pound falls amid political turmoil and economic gloom
The pound fell heavily on Monday amid market concerns over political uncertainty and the gloomy economic outlook.As the race to become the next Tory leader gathered pace with nearly all candidates pledging to cut taxes and boost growth, sterling dropped by more than a cent against the US dollar to fall below $1.19.It came after …
Business
Evening Standard
Klarna wipes off 85% of value in latest funding round
The value of Swedish Buy Now, Pay Later business Klarna has plummeted 85% from its 2021 peak after a fresh funding round, in the latest sign of dwindling fortunes for short-term lenders amid rising inflation and fears of a looming recession. The $800 million (£672 million) funding round valued the fintech business at $6.7 billion, a …
Business
Sky News
EU’re not alone: Hungary’s stance on corporation tax causing angst beyond Brussels
It was hailed as a huge breakthrough at the time.In October last year, in a measure co-ordinated by the Organisation for Economic Co-operation and Development (OECD), 136 countries and jurisdictions around the world agreed to set a minimum global rate of 15% for corporation tax. Even a number of countries previously opposed to the idea …
Business
Sky News
How will the £400 energy payment work if you’re on a prepay meter?
Households are set to receive a £400 energy discount by October to help out with rising bills.Back in May, then-chancellor Rishi Sunak had announced he was doubling his planned energy bills rebate and offering a discount to homes with an electricity supply contract. For people who pay by direct debit, this will be credited to …
Business
Evening Standard
London is ‘fintech capital of the world,’ Deputy Mayor says
The Deputy Mayor for Business has hailed London as the “fintech capital of the world” but warned the capital must “remain open” to continue to thrive as tech investors gather in the Square Mile for a two-day conference to mark Fintech Week London.“London is truly the fintech capital of the world – we’ve got over …
Business
Evening Standard
Twitter takes Musk to task as $44bn takeover row escalates
Social media giant Twitter has fought back against Tesla founder Elon Musk over his decision to abandon his $44 billion takeover deal, saying it would take legal action to close the deal.In a letter to Musk filed last night, Twitter representatives said Musk’s decision was “invalid and wrongful.”“Twitter demands that Mr. Musk and the other …
Business
Business Live
Wizz Air reducing capacity at its Cardiff Airport base
Wizz Air is reducing summer flights to the Greek resort of Heraklion from Cardiff Airport as part of a reduction in its overall capacity. The Hungarian airline, which is listed on the London Stock Exchange, said it is trimming capacity by another 5% as part of efforts to avoid flight cancellations and delays. Mounting disruption …
Business
Business Live
Gleeson on recruitment drive in £1.2m Birmingham expansion
A recruitment agency has invested £1.2 million into its Birmingham operation which is creating 60 new jobs in the city. Gleeson Recruitment Group has expanded its head office in Newhall Street by 6,310 sq ft and launched the fresh recruitment drive to add to its 100-strong team in the city centre. The new office space …
Business
Business Live
Connexin swoops for fellow Hull broadband firm Wisper
Hull-based digital infrastructure specialist Connexin has bought out fellow city firm Wisper Broadband. The undisclosed deal comes as the heavily invested business continues to grow its fibre offering in the region. It will see Connexin welcome thousands of new customers to its network, with the acquisition bolstering its challenger status in the city. Read more:Navigation …
Business
Business Live
Manchester City net ‘more than $20m’ with new kit deal
Manchester City have named a cryptocurrency platform as their new training kit partner in a deal said to be worth more than $20m. OKX has signed up for the season after previously been announced as the Premier League champion’s cryptocurrency exchange partner in March. The agreement will see OKX featured across the training kit of …

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