Business News
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Investigation targets eight homebuilders for housing shortfall
Private developers, who construct the majority of newly constructed homes in the United Kingdom, do not diversify the types and quantities of housing they construct to satisfy the needs of various communities, including affordable housing.
Next considers cosmetics chain rescue The Body Shop
Administrators have been approached by the FTSE-100 fashion retailer and prolific acquirer of troubled high street chains about a potential transaction involving a portion of The Body Shop's assets. Subsequently, administrators of The Body Shop have been approached about a possible transaction to acquire components of the troubled cosmetics chain.
Former Post Office CEO Paula Vennells stripped of CBE
In 2019, Ms Vennells was bestowed with the honour, but it was met with considerable censure in the wake of the Post Office scandal. Former Post Office chief executive Paula Vennells has had her CBE formally revoked by the King on the grounds that she "tarnished the reputation of the honours system." In 2019, Ms Vennells was bestowed with the honour, but it was met with considerable censure in the wake of the Post Office scandal.
Reddit users call share plans ‘beginning of the end’
Reddit's announcement of a public share sale has met with backlash from users fearing it may alter the site's ethos. Despite the site's successful "ask me anything" threads and significant daily visitor numbers, Redditors are worried about prioritizing revenue over user experience post-IPO. Reddit has faced similar user dissent in the past, and though it struggled to convert online appeal into profits, valuations reached $10 billion in 2021. The CEO sees growth potential in advertising, platform commerce, and AI content licensing. This IPO would be the first for a social media firm since Pinterest in 2019.
Boss of the Boeing 737 Max declares an explosion
Departing is the commander of Boeing's 737 Max programme, which has been in a state of turmoil since January, when a component of one of its aircraft burst during a passenger flight. Ed Clark's departure from the company on Wednesday, following nearly 18 years of service, is part of a broader reorganisation of the commercial aircraft division. Boeing stated that the modifications were made to enhance the product's quality and safety.
Premier League hurries club meeting to reach New Deal
On 29 February, the elite clubs of English football will reconvene with the intention of reaching a final financial agreement with their counterparts in the lower leagues prior to the introduction of legislation in parliament. Before the government publishes legislation establishing an independent football regulator, the Premier League has convened an urgent meeting of its twenty "shareholders" to attempt to finalize a significant financial settlement.
US bank Capital One will buy Discover Financial for $35.3bn
Richard Fairbank, founder and chief executive officer of Capital One, described the transaction as an "extraordinary opportunity to unite two exceptional companies." Fairbank said in a video statement published on the company's website on Monday, "This deal accelerates our long-standing journey to work directly with merchants, to leverage our customer base, our technology, and our data to drive more sales for the merchants and great deals for consumers and small businesses."
Bank of England sees upturn signs in economy
The Governor of the Bank of England stated that, despite the country entering a recession in late 2018, there are "clear indications of a recovery" in the UK economy. Andrew Bailey explained to the committee of Members of Parliament that he believed the recession would be one of the shallowest of any in modern history, while justifying the Bank's efforts to reduce inflationary pressures by curbing economic demand.
Investigation of baby formula milk costs due to cost issues
An investigation has been initiated into the infant formula market in the United Kingdom following regulatory statements suggesting that parents could save £500 during the first year of their child's life. According to an initial report published in November, the cost of formula has increased by 25% over the past two years.
Waterstones owner Elliott plans £700m Currys purchase
Currys, a London-listed electrical products store with approximately 15,000 employees, is being pursued by Elliott Advisors. Elliott Advisors, the owner of Waterstones, is developing a £700 million acquisition plan for Currys. Elliott, known for its activist campaigns against the boards of major global corporations, is preparing a proposal for this prominent British high street brand.
Deliveroo, Just Eat, Uber Eats drivers strike warning
Stuart and other delivery drivers for Just Eat, Uber Eats, and Deliveroo claim that despite significant increases in the cost of living, their earnings for up to 72-hour workweeks have decreased by as much as £300. In light of this, the drivers are demanding measures such as a minimum delivery fee of £5.
Inflation at 4% as food prices drop, surprising
Inflation at 4% as food prices drop, surprising