Business News
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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.
Pub major Stonegate warns of £2bn debt ‘material uncertainty’
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
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
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
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.
Food prices, empty shelves due to post-Brexit border fees
Trade associations have warned of increased food costs and bare supermarket shelves because new post-Brexit border fees were introduced this month. Beginning on April 30, imports of plant and animal products, including salmon and cheese, that pass through the Port of Dover and Eurotunnel and enter the United Kingdom will be subject to a maximum charge of £145.
Drug developer BenevolentAI faces founder-led board mutiny
After witnessing its shares fall by more than 90%, Ken Mulvany, who established BenevolentAI in 2013, desires to return as executive chairman and remove most of the current board. BenevolentAI, a pharmaceutical developer headquartered in the United Kingdom, is grappling with a boardroom revolt spearheaded by its founder after a decline in its shares since its initial public offering approximately two years ago.
China’s Country Garden halts Hong Kong share trading
A crisis-stricken Country Garden, a Chinese real estate developer, has halted trading on the Hong Kong Stock Exchange after postponing the disclosure of its annual financial results. The company announced last week that it required additional time to gather data to restructure its debts. The company defaulted on its foreign obligations the previous year and faced a winding-up petition.