Sales stopped as shoppers avoided expensive department stores

Creative Media NewsMonday, 22 April 2024, 11:440

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

Creative Media NewsSunday, 21 April 2024, 17:170

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

Creative Media NewsSaturday, 20 April 2024, 22:000

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

Creative Media NewsTuesday, 16 April 2024, 22:000

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

Creative Media NewsTuesday, 16 April 2024, 20:000

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

Creative Media NewsTuesday, 16 April 2024, 18:002

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

Creative Media NewsMonday, 15 April 2024, 8:000

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’

Creative Media NewsSaturday, 13 April 2024, 18:300

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.

Pub major Stonegate warns of £2bn debt ‘material uncertainty’

Creative Media NewsThursday, 11 April 2024, 12:190

The most prominent tavern chain in the United Kingdom has vowed to eliminate its £2.2 billion in debt.Stonegate, which operates the Be At One and Slug & Lettuce chains, warned of "material uncertainty" regarding the obligations in its annual report.The company has until 2025 to refinance its obligations, most of which were incurred in 2020 when it acquired competitor Ei Group.

Santander UK leaves lending standards body

Creative Media NewsTuesday, 9 April 2024, 0:170

The fifth-largest bank in the United Kingdom is withdrawing from the Lending Standards Board, citing the potential for consumer and staff confusion.Santander UK, the fifth-largest high-street bank in the United Kingdom, is terminating its membership in a prominent lending standards organisation due to the duplication of industry-required regulatory standards.

McDonald’s HQ to take over Israel branches post-boycott

Creative Media NewsSaturday, 6 April 2024, 19:080

The intervention of the American company follows a period of controversy surrounding its international sales during the conflict. After donating thousands of complimentary meals to Israeli troops, activists have urged consumers to avoid the chain.McDonald's headquarters will assume ownership of its Israeli locations following consumer boycotts in response to the conflict in Gaza, which negatively impacted global sales.

Bankers bowl cricket bosses over with Hundred sell-off pitch

Creative Media NewsSaturday, 6 April 2024, 17:070

The England and Wales Cricket Board is considering the advice of firms such as Raine and Rothschild regarding its intentions to sell interests in The Hundred's franchises.English cricket executives will advance the sport's ownership structure overhaul by another level next week by announcing plans to sell stakes in The Hundred's eight franchises.

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