Business News
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Premier League announces £40m Guinness partnership
Twenty premier clubs have been informed of a proposed four-year agreement with FTSE-100 beverages behemoth Diageo that would cost more than £41 million. The Premier League of English football is celebrating a £40 million sponsorship agreement with Guinness, which the Diageo-owned brand secured after Heineken withdrew its competition.
Lloyds’ profits plummet after a record-breaking year
According to the largest mortgage lender in Britain, pre-tax earnings decreased by 28% in the first quarter of 2024. Nevertheless, it maintained that the decline was consistent with anticipated outcomes. Profits at Lloyds Banking Group have decreased since the company posted record-breaking results the previous year.
Sales stopped as shoppers avoided expensive department stores
Last month, retail sales came to a halt as consumers abandoned department stores in response to price increases. However, the lackluster performance follows a more robust start to the year, so the sector should still contribute to the United Kingdom's recovery from the recession. According to the Office for National Statistics (ONS), March retail sales volumes were unchanged from the previous month.
Blackstone bids £1.2bn for Hipgnosis, Blondie owner
Blackstone, a behemoth in private equity, has already presented the owner of compositions performed by Shakira and the Red Hot Chilli Peppers with multiple offers. This weekend, the Blackstone investment behemoth is formulating plans for a £1.2 billion takeover of the proprietor of the music company that Blondie, the Kaiser Chiefs, and the Red Hot Chilli Peppers perform on. Blackstone has previously presented multiple acquisition proposals for Hipgnosis Songs Fund (HSF), a music rights investment company listed in London.
App for grocery delivery Getir leaving UK market
Getir, whose commercial agreement with Spurs is worth millions of pounds, will threaten over a thousand jobs with its withdrawal from the United Kingdom. Previously valued at nearly $12 billion (£9.7 billion), the grocery delivery app Getir is on the verge of ceasing operations in the United Kingdom, a decision that would threaten more than a thousand jobs.
Tesla to cut 10% of global workforce due to sales drop
The global personnel of electric vehicle manufacturer Tesla is expected to be reduced by more than 10 per cent, according to a memo distributed to staff members by CEO Elon Musk. Due to the "duplication of roles and job functions in certain areas" that resulted from the company's rapid global expansion, Musk informed employees via email on Monday that the reductions were essential.
Bank of England worried as real earnings surge
Although the wage figures appear to be positive for households, the Bank of England may continue to anticipate stubbornly high core wage growth. According to the most recent official data, real earnings growth, including inflation, has reached its greatest level in nearly two and a half years due to a slower deceleration in wage increases than initially anticipated.
Unemployment soars as the British labour market stagnates
As the number of unemployed in the United Kingdom increases, the labour market appears to be stagnating, according to new data. During the period from December to February, the unemployment rate rose to 4.2%, the highest level in six months. In contrast, the percentage of employed individuals experienced a decline, while the economically inactive, referring to those who are neither employed nor actively seeking employment, experienced a marginal increase.
Standard Chartered invests in British fintech Algbra
SC Ventures is acquiring a stake in Algbra and intends to utilise the technology developed by the British firm to construct Shoal, an emerging digital banking enterprise. The FTSE-100 bank Standard Chartered, through one of its subsidiaries, is acquiring a stake in a British firm founded to offer consumers ethical financial products.
Forecaster calls early BoE base rate drop hopes a ‘mistake’
Expectations regarding an imminent reduction in the base rate of the Bank of England are diminishing due to the resurgence of inflationary pressures and enhanced global economic growth. As a result of the Monetary Policy Committee's unexpectedly dovish vote in March, markets had been placing a greater emphasis on the first base rate reduction by the Bank of England (BoE) occurring in June. However, more recent data has caused expectations to be pushed back to later in the year.