Leeds Bradford Airport reopens after Storm Babet plane incident.

Creative Media NewsSunday, 22 October 2023, 12:000

Airport Reopens After Recovery Effort Following a “huge team effort” to recover an aircraft that skidded off a runway during Storm Babet, Leeds Bradford Airport (LBA) has reopened. Flight Incident Amid Severe Weather The TUI flight from Corfu deviated from the runway during touchdown on Friday afternoon due to strong winds and precipitation. After evacuating...

British chip champion Pragmatic gets £200m.

Creative Media NewsSunday, 22 October 2023, 10:000

Investment Infusion from Saudi Arabia and M&G Next month, funds from Saudi Arabia and M&G’s Catalyst fund will be disclosed as part of a capital-raising effort that values Pragmatic Semiconductor at approximately £500 million. Strategic Funding for Pragmatic Semiconductor A rapidly expanding British semiconductor manufacturer is in negotiations with blue-chip investors, including asset management behemoth...

10-year British gilts are approaching a 15-year peak.

Creative Media NewsSunday, 22 October 2023, 0:000

Escalation in Borrowing Costs As indications suggest prolonged high interest rates, the cost of government borrowing in the United Kingdom has escalated. Unprecedented Yield Levels Approaching a 15-year high, the cost of government borrowing in the United Kingdom has occurred only twice since the global financial crisis. Recent Yield Peaks On Thursday, the yield, which...

Consumer confidence and retail sales fall as Brits feel the pinch.

Creative Media NewsSaturday, 21 October 2023, 22:000

This month, consumer confidence in the United Kingdom has declined as persistently high inflation strains household finances. October saw a reading of -30 on GfK’s long-running Consumer Confidence Barometer, which measures how Britons perceive their own finances and the economy as a whole. This is a nine-point decline from September’s reading of -09. This was...

September government borrowing is lower than predicted.

Creative Media NewsSaturday, 21 October 2023, 6:000

Surprise Drop in September Government Borrowing September government borrowing was lower than the majority of economists had anticipated, but remains elevated, according to data. Economic Data and Expectations The difference between spending and tax revenue, or borrowing, amounted to £14.3 billion in the previous month. This was £1.6 billion lower than the same month last...

Netflix hikes prices despite password crackdown success

Creative Media NewsFriday, 20 October 2023, 18:000

Netflix’s Subscription Price Hike Even though its password sharing crackdown has been successful, Netflix is raising subscription prices. Netflix’s Robust Subscriber Growth The streaming giant boosted its UK basic membership by £1 to £7.99 and its premium service by £2 to £17.99. It signifies the increasing self-assurance of the organisation, which gained 8.8 million subscribers...

AJ Bell’s assets rise, Hargreaves Lansdown affected.

Creative Media NewsFriday, 20 October 2023, 16:000

Two of the largest online trading platforms in the United Kingdom reported robust customer and asset growth in defiance of volatile markets and sluggish investor sentiment. AJ Bell’s Strong Customer and Asset Growth For the twelve-month period ending in September, AJ Bell registered 476,532 new customers, an increase of more than 50,000. Approximately two-thirds of...

Think group predicts government debt will reach 140% of GDP.

Creative Media NewsFriday, 20 October 2023, 4:000

Soaring National Debt In the past fifteen years, the ratio of national debt to gross domestic product (GDP) has tripled, and further growth is anticipated, per the Resolution Foundation. Impact on Public Services A think tank has predicted that high levels of national debt will hinder the United Kingdom’s ability to finance public services and...

Kurt Geiger shines with £400m sale proposal

Creative Media NewsThursday, 19 October 2023, 4:000

Bank of America is collaborating with Cinven, which has owned the luxury footwear brand since 2015, regarding a potential auction. Private equity investors are circling to sell the upscale footwear retailer Kurt Geiger for £400 million. Cinven is collaborating with Bank of America advisors regarding the potential sale of the brand. On Tuesday, city sources...

Another decline in sales causes a turbulent period at THG.

Creative Media NewsWednesday, 18 October 2023, 20:000

Challenging Times for THG THG’s revenues continued to decline, causing investors to experience a turbulent journey despite the insistence of under-pressure CEO Matt Moulding that “progress had been made on multiple fronts.” The Formerly Known Hut Group Formerly referred to as The Hut Group, the troubled lifestyle and technology brand reported a 4.4% decline in...

AirAsia CEO Tony Fernandes criticised for half-naked photo

Creative Media NewsWednesday, 18 October 2023, 16:000

Image Sparks Controversy Tony Fernandes, the CEO of AirAsia, has been criticised for posting an image of himself attending a management meeting while receiving a massage without a shirt. Fernandes’ Statement The entrepreneur stated in a LinkedIn post, which has since been removed, that the previous week had been “stressful.” “Got to love Indonesia and...

Rolls-Royce chief to remove 2,500 positions to cut costs

Creative Media NewsTuesday, 17 October 2023, 22:000

CEO’s Restructuring Strategy Tufan Erginbilgic has devised strategies to significantly reduce the number of non-engineering positions as part of a reorganization that is expected to be disclosed on Tuesday. Mass Layoffs Announcement The aircraft engine manufacturer Rolls-Royce Holdings will eliminate over 2,000 positions as part of a cost-cutting initiative led by its new CEO. Global...

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