Money
Navigate your finances and money with confidence: investment, savings tips, and economic trends from Creative Media News.
America’s EV boom busts; layoffs and project pauses
As part of a contemporary gold rush, the American public was persuaded that electric vehicles would bring manufacturing companies and a surge in employment opportunities to small communities across the nation. However, due to declining interest in electric vehicles (EVs), lithium and nickel facilities, which produce the metals used in lithium-ion batteries for EVs, are implementing cost-cutting strategies such as massive redundancies and suspensions of operations.
Taylor Wimpey CEO Jennie Daly thinks 4.5m homes are needed
Following World War II, Northern Ireland faced a shortage of municipal housing and protests against anti-Catholic discrimination in housing allocations. Daly, the youngest of four children, recalls her parents living in a third-floor flat with a single water tap on the ground floor before she was born. "At one point, one of my siblings had to move to the countryside to live with my grandmother," she says, highlighting the difficult choices families faced due to inadequate housing.
Asda brothers could dodge £2.5m stamp duty
If one Asda co-owner transfers their shares to the other, they might save millions in stamp duty. Twenty-one percent of the supermarket chain was acquired from Walmart in 2021 by Mohsin and Zuber Issa and the private equity firm TDR Capital. However, speculation has arisen regarding the company's future ownership in light of reports suggesting that Zuber intends to divest his 22.5 percent stake.
What does the UK recession imply for your money?
At the close of 2023, the British economy entered a recession, according to data released by the government on Thursday. The Office for National Statistics reports that the final three months of the year witnessed a 0.3% decline in gross domestic product, which was a greater contraction than initially anticipated.
Tesla Cybertrucks rust after two days in rain
Elon Musk has proven the Cybertruck stainless steel exterior impervious to bullets, yet new owners found it may not be weatherproof. After "two days in the rain," several buyers of the $79,900 vehicle noticed rust on its outer shell. Will, a Tesla truck owner with 381 miles on the odometer, shared his experience on a Cybertruck forum. He bought the vehicle on February 1 and saw rust forming on the metal after 11 days.
Single people need £200,000 more for comfortable retirement
While Valentine's Day may be causing financial strain for couples nationwide at the moment, data indicates that single individuals require an additional £187,000 in their pension fund to ensure a "moderately comfortable" retirement. That amount could rise to £414,000 in forty years, when today's youth retire, according to calculations by Interactive Investor using data from the Pension and Lifetime Savings Association.
British Gas offers deal undercutting Ofgem cap until July
British Gas has introduced a fixed-rate energy plan that guarantees to exceed the Ofgem price cap at least until July. The UK's largest energy supplier has launched its Price Promise tariff, under which the average dual-fuel household will pay £1,699 per year. This is £229 less than the annual price cap set by Ofgem, which is currently £1,928.
Games Workshop hypocrisy regarding Russia ties
The company stopped selling its fantasy figurines in Russia soon after Vladimir Putin launched his invasion of Ukraine in 2022. Yet, it appears Games Workshop has licensed its intellectual property to Owlcat Games, a studio based in Cyprus but funded by Russian investors.
Watchdog bans car ads claiming EVs ‘zero emissions’
Two distinct automakers' advertisements referring to their electric vehicles as having "zero emissions" were banned by the advertising watchdog in the United Kingdom, continuing its crackdown on misleading claims about battery-powered models. The Advertising Standards Authority (ASA) announced today that it had upheld decisions. The decisions were against BMW and MG Motor UK for advertisements that appeared on Google last year.
Pension age rise to 71 hits poor hardest
According to a warning from a prominent think tank, there may be insufficient workers remaining to support pensioners if the state pension age is not drastically increased. Longtime advocate for the rights of the elderly and former pensions minister Ros Altmann, who is now a member of the House of Lords, asserts that the majority of workers would be penalized by the proposal.
A rain-following umbrella is invented by an inventor
Due to the consistently damp climate in Britain, carrying an umbrella frequently results in excruciating arm cramps. However, a YouTuber and inventor might have a solution: a flying umbrella that follows the user through the downpour. An adapted yellow umbrella, purchased from a retailer and modified with 3D-printed components and propellers, forms the basis of the improvised device.
British people with no cash at the end of the month rise
British people with no cash at the end of the month rise