Tesla lowers prices by up to 20% to increase demand.

Creative Media NewsSunday, 15 January 2023, 0:000

To increase customer demand, Tesla has reduced the price of some of its most popular electric vehicles by thousands of pounds in Europe and the United States. The company faces a challenging global economic environment and rising competition from other automobile manufacturers. In the United Kingdom, the price reductions range between 10% and 13%, although...

World Cup-driven November growth raises concerns about recession.

Creative Media NewsSaturday, 14 January 2023, 1:000

Director of economic statistics at the Office for National Statistics (ONS), Darren Morgan, stated, “The economy increased somewhat in November, with growth in telecommunications and computer programming helping to propel it forward.” The economy increased by 0.1% in November, buoyed in part by the World Cup, according to official data, contradicting predictions that the United...

UK economy outperforms in November

Creative Media NewsFriday, 13 January 2023, 16:000

The UK economy surprisingly expanded in November, aided by the World Cup, according to official data. Despite households being squeezed by rising prices, the economy expanded by 0.1%, aided by demand for services in the technology industry. The Office for National Statistics (ONS) reported that pubs and restaurants also contributed to economic expansion as people...

FTX: Collapsed crypto behemoth recovers $5bn.

Creative Media NewsFriday, 13 January 2023, 6:000

A lawyer for the defunct cryptocurrency exchange FTX believes that more than $5 billion (£4.1 billion) in assets have been located. Wednesday, a US bankruptcy court was informed that the degree of consumer damages is yet unknown. Former FTX CEO Sam Bankman-Fried is charged by prosecutors with perpetrating an “epic” fraud that may have cost...

Tesco CEO predicts food inflation as big retailers report Christmas advances.

Creative Media NewsFriday, 13 January 2023, 2:000

Asos and Halfords are among the retailers who experienced a difficult holiday season due to a decline in discretionary spending, whilst Tesco and M&S gained market share due to robust sales growth. The CEO of Tesco believes that food inflation, which reached a record high in December, will begin to decline in the second half...

Liberty Steel blames “unviable” market as restructuring threatens hundreds of jobs.

Creative Media NewsFriday, 13 January 2023, 0:000

Instead of laying off employees, the corporation proposes to retain them, but under new conditions. Liberty Steel UK has put 440 jobs in jeopardy by implementing several measures to ensure its survival despite “unviable” market conditions. High energy prices mixed with other uncompetitive issues, such as inexpensive imports, necessitated refocusing the company’s activities. Liberty, a...

Goldman Sachs cuts 3200 positions, including UK personnel, to decrease costs.

Creative Media NewsThursday, 12 January 2023, 9:000

Employees of the international financial services corporation based in the United States await their fate as the investment bank launches its largest cost-cutting campaign since the global financial crisis. Goldman Sachs will eliminate up to 3,200 positions as part of its largest reorganization since the 2008 global financial crisis. The international financial services corporation and...

World Bank warns of global recession

Creative Media NewsThursday, 12 January 2023, 8:000

The world economy is perilously close to entering a recession, according to the World Bank’s most recent projection. It predicts that the global economy will grow by only 1.7% this year. A significant reduction from the 3.0% anticipated in June. The paper attributes a variety of causes to Russia’s invasion of Ukraine and the pandemic’s...

Unions say pay settlements to avoid rail strikes are “far way off.”

Creative Media NewsThursday, 12 January 2023, 6:000

If more national strikes are to be prevented, according to union officials, there is still plenty to negotiate. Mick Lynch, leader of the RMT, said before the transport committee that they were “a long way” off on the salary problem. After years of salary freezes, he stated that Network Rail and train operating companies were...

Cost of living: Uniqlo will increase Japanese wages by 40%.

Creative Media NewsThursday, 12 January 2023, 4:000

The owner of the Japanese fashion brand Uniqlo has announced a wage increase of up to 40 percent for employees in Japan. Beginning in March, Fast Retailing will implement its new compensation policy for full-time employees at its headquarters and company locations in Japan. Last week, Japan’s prime minister urged businesses to raise pay in...

Goldman Sachs begins major layoffs.

Creative Media NewsWednesday, 11 January 2023, 21:000

In response to decreasing profitability, investment behemoth Goldman Sachs has initiated a large round of layoffs across the globe. The layoffs will impact up to 3,200 employees, or around 6.5% of the bank’s workforce, including employees in the United Kingdom. The reductions are among the most significant made by banks this year, as sluggish economic...

Consumer expenditure numbers confirm the UK’s recession.

Creative Media NewsTuesday, 10 January 2023, 21:220

The value of December spending fell short of the pace of inflation, according to two highly followed surveys on the performance of merchants and others during the crucial Christmas month. In December, consumer spending failed to keep pace with inflation, supporting experts’ conviction that the United Kingdom is in recession. In December, the British Retail...

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