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HSBC enters the metaverse after striking deal with The Sandbox
HSBC may be shutting down physical branches in the real world but it is on a mission to expand in the virtual one. This week the bank revealed plans to shut 69 branches as it shifts its focus to digital and mobile servicing. Now it has revealed it is entering the metaverse – a virtual-reality …
Business
Sky News
Wetherspoons reveals cost hit – as pub sales start to return to normal
Wetherspoons boss Tim Martin has revealed the chain is facing higher costs for food, drink and energy – as pub sales start to return to normal.His remarks came as Wetherspoons reported a half-year loss of £13m but said sales in the most recent three-week period were just 2.6% below pre-pandemic levels in 2019. The company, …
Business
Business Live
Former company behind Gosforth’s Casa San Lorenzo owed £1.5m as it went into administration
The company behind Gosforth Italian restaurant Casa San Lorenzo went into administration owing £1.5m to creditors, including hundreds of thousands to one shareholder and investor. An administrators’ report shows San Lorenzo North East Ltd – owned by Kevin Pattison and Susan Walker – owed more than £438,000 to HRMC and more than £241,000 to unsecured …
Business
Sky News
Russia Today has UK broadcast licence revoked – but Kremlin calls decision ‘madness’
Russia Today has had its licence to broadcast in the UK revoked with immediate effect after watchdog Ofcom said it did not consider the channel “fit and proper” or a “responsible broadcaster”.The media regulator said that it had taken into account “a number of factors” including the fact that the news channel was funded by …
Business
Sky News
P&O Ferries defends ‘last resort’ decision to sack 800 staff on the spot
P&O Ferries has said the “difficult decision” to sack 800 staff on the spot was made as a “last resort” – and again insisted the business would not have survived otherwise.In a new statement, the travel company said it “understood” the “distress” its decision will have caused and felt that “reaching agreement on the way …
Business
Sky News
The reasons P&O Ferries is cutting jobs again – and there are many
It is barely three years since DP World, the Dubai-based logistics giant, paid £322m for P&O Ferries.At the time of the deal, in February 2019, Sultan Ahmed Bin Sulayem, DP World’s chairman and chief executive, said he was delighted to be acquiring such a “strong, recognisable brand”. “P&O Ferries has delivered a robust performance in …
Business
Sky News
What are the rights of workers and passengers affected by the mass sackings at P&O Ferries?
There is chaos at several UK ports after P&O Ferries halted sailings so it could make 800 crew redundant and replace them with cheaper agency staff.The move has prompted outrage from unions and politicians, with some of the seafarers affected by the dramatic cuts refusing to disembark while others have taken to the streets in …
Business
Sky News
Ships avoiding Russia as sanctions impact revealed
Maritime trade with Russia has more than halved since the invasion of Ukraine began three weeks ago, new data reveals. The dramatic fall in seaborne trade is three and half times greater than at the worst point during the COVID pandemic and follows a series of sanctions imposed on Moscow by Western countries.It could mean …
Business
Sky News
Bank of England signals pause in rate rises as Putin’s war heightens recession risk
When the Bank of England’s monetary policy committee met to consider interest rates last month, Ukraine was not even part of the debate.What a difference six weeks make. At Wednesday’s meeting of the Bank’s decision makers, the Russian invasion was in the first line of the minutes as the Bank took the unprecedented step of …
Business
Business Weekly
Government warned to avoid £50bn Oxford-Cambridge Arc blunder
Government plans to ditch a centrally coordinated  Oxford-Cambridge Arc project will cost the UK economy upwards of £50 billion in the next eight years – equivalent to two per cent of GDP – a new report has warned. Michael Gove’s Department for Levelling Up, Housing and Communities has shelved a strategic plan to create a …
Business
Evening Standard
The laddish culture at Lloyd’s of London is out of date
Business
Sky News
Bank of England hikes interest rate to 0.75% as it sees inflation surging to 8%
The Bank of England has hiked the interest rate by 0.25% to 0.75% as it forecast inflation surging to 8% next month – and even higher in the autumn.It is the third increase in a row in as many policy meetings by the bank’s rate-setters and restores the cost of borrowing to pre-pandemic levels. The …

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