Business News
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Water business may pay £3.5m as compensation
The proprietor of South West Water (SWW) has declared that it will provide approximately £3.5 million in compensation to customers who a parasite outbreak in Devon has impacted. The Pennon group also disclosed its financial results on Tuesday, which encompassed dividends that would be paid to shareholders. Devon MP Anthony Mangnall dubbed the announcement "tin-eared" and urged the group to either suspend its dividend offering or resign from its leadership.
Superdry plans emergency sale if creditors block rescue
If creditors refuse to approve a restructuring plan, the fashion chain would likely conduct a four-week auction, which would likely lead to a pre-pack administration. In the event that creditors obstruct its founder's intention to inject up to £10m of his own money into the fashion chain in order to prevent insolvency, Superdry is preparing to conduct an emergency four-week sale process. If creditors do not approve a restructuring plan in the upcoming weeks, the accelerated M&A process will be initiated.
Ryanair sees record profits despite rising costs
The low-cost carrier stated that Boeing will provide "modest compensation" for delayed aircraft deliveries. Ryanair has disclosed yet another year of unprecedented passenger and profit growth. According to its annual results, the airline, which has the most passengers in Europe, increased the average fare by 21% compared to the previous year.
Revolut employees profit from $500m share sale
Revolut, the most valuable fintech company in the United Kingdom, has arranged for Morgan Stanley to facilitate the sale of shares valued at up to £400 million. The highest-ranking fintech company in the United Kingdom, Revolut, is currently formulating strategies to permit its employees to profit from the transfer of stock worth hundreds of millions of pounds.
Members get £350m loyalty bonus nationwide
Nationwide is prepared to award millions of members a loyalty incentive totaling at least £350 million. The building society gave £100 to approximately 3.3 million consumers the previous year. However, the recent payout could have been even greater because higher interest rates have bolstered the mutual fund's profits. Nationwide has expressed its intention to leverage this situation to maintain the provision of 'Fairer Share' compensation to qualified members.
Water boil warning after parasite identified
People throughout south Devon have been advised to boil their tap water in light of the confirmation of 22 cases of a diarrhoea-like illness. Seventy additional suspected cases are also under investigation. According to the UK Health Security Agency (UKHSA), cryptosporidium, the parasite, is "predominantly a waterborne disease."
Buy now pay later Klarna moves again toward $20bn US float
Early next year, Klarna, which is establishing a new holding company in the United Kingdom, is focusing on a listing in New York. Buy now, pay later (BNPL) finance behemoth Klarna has successfully surmounted a significant obstacle in its pursuit of a stock market listing, which could potentially fetch it $20 billion (£15.9 billion) in value.
Biden imposes 100% tariff on Chinese EVs
President Joe Biden of the United States has announced a 100 percent tariff on electric vehicles manufactured in China as part of a series of measures intended to protect American manufacturers from cheap imports. In a move that is likely to escalate trade tensions between the two largest economies in the world, the White House announced that it would impose stricter restrictions on $18 billion worth of Chinese products.
TSB announces 36 branch closures and hundreds of job cuts
According to the trade union Unite, the high street lender's decision is a "grave error" and "certainly results in a deterioration of service for customers due to these layoffs." The TSB, a bank on the high street, has declared the closure of 36 branches and the loss of 250 jobs. The bank will implement workforce reductions in the fraud operations department, central operations, and personnel working at the branches designated for closure.
Data shows Chinese state aid hampers Western business competition
As of now, the analysis conducted by the OECD Club of Nations represents the most exhaustive endeavour to quantify the various forms of state aid and to compare regions. In comparison to their Western counterparts, Chinese manufacturers receive nine times more government support, according to calculations by the Organisation for Economic Co-operation and Development (OECD). These figures help to explain China's overwhelming dominance in so many industries, including steel, solar panels, and batteries.