6 d. ago Interest rates cut to 4% but Rachel Reeves’ hopes of easing cost

The reduction is the fifth over the past year and brings borrowing costs down to their lowest since March 2023

Politics

6 d. ago Interest rates LIVE: Bank of England set to make major cut as economy struggles

Interest rates are set to be slashed to 4% this afternoon, marking the fifth cut since last August - and taking the cost of borrowing to its lowest level in more than two years

Economics

7 d. ago China’s overcapacity is creating instability at home and abroad | George Magnus

From high-speed rail to housing, the focus on Leninist industrial policies is destroying profits as well as GDPChina’s astounding technological success in mass-producing quality electric vehicles (EVs) sits alongside a serious flaw in its industrial model: overcapacity.It has the capacity to produce about three times as many units as it can sell at home. The consequences so far have included widespread price cutting, large losses, misallocation of capital, and surging low-cost EV exports leading to trade conflict. Continue reading...

Politics

7 d. ago China’s Leninist industrial policy is creating instability at home and abroad | George Magnus

Overcapacity – from electric vehicles to high-speed rail to housing – is destroying profits as well as GDP China’s astounding technological success in mass-producing quality electric vehicles (EVs) sits alongside a serious flaw in its industrial model: overcapacity.It has the capacity to produce about three times as many units as it can sell at home. The consequences so far have included widespread price cutting, large losses, misallocation of capital, and surging low-cost EV exports leading to trade conflict. Continue reading...

Events

7 d. ago Ozempic and Wegovy maker ramps up cost cuts to fend off rival jabs

The outgoing chief executive of Novo Nordisk has revealed plans to ramp-up cost cutting 'efficiencies' across the business, as the drugmaker battles to fend off rivals.

Politics

7 d. ago Ozempic and Wegovy maker ramps up cost cuts to fend off rival jabs

The outgoing chief executive of Novo Nordisk has revealed plans to ramp-up cost cutting 'efficiencies' across the business, as the drugmaker battles to fend off rivals.

Politics

7 d. ago Glencore to stay in London after shelving plans for New York listing

Swiss miner confirms $1bn cost-cutting programme to boost profitability and share price

Politics

7 d. ago 'I spent £3.50 on Costa surprise food bag and couldn't believe what was inside'

The Too Good To Go is helping a lot of people buy food from their favourite companies at a reduced cost, all while cutting back on food waste. One Costa customer recently shared what was inside their £3.50 bag

Economics

8 d. ago UK aid cuts will cause untold damage, wildlife charities warn – as they fear for future of key programmes

Nick Ferris talks to groups around Britain and Africa about the cost-cutting that is already taking place, and the difficult few years ahead

Events

8 d. ago BP begins costs review as quarterly profits of £1.77bn beat forecast

Oil and gas group trying to fend off activist investors says it ‘can and will do better’ for its shareholdersBusiness live – latest updatesThe oil and gas group BP is launching a fresh cost-cutting scheme, despite reporting better-than-expected profits, as it tries to do more for its shareholders to fend off pressure from activist investors.It said it would begin a fresh review of its business when its new chair joins in September. Continue reading...

Economics

8 d. ago Tesla’s UK sales fall almost 60% in July as BYD surges; Neil Woodford fined and banned over fund collapse – business live

Rolling coverage of the latest economic and financial newsBritain’s service sector companies were hit by a drop in orders last month, as demand at home and abroad remained sluggish.Service sector growth slowed last month amid a decline in new work, according to the latest survey of purchasing managers from data firm S&P Global.“UK service providers recorded a third consecutive monthly rise in business activity, but they were unable to maintain the growth rate achieved in June.Moreover, new business intakes swung back into contraction during July, with the downturn in order books the fastest for just over two-and-a-half years. Risk aversion and low confidence among clients were the main reasons provided for sluggish sales pipelines, alongside an unfavourable global economic backdrop. Continue reading...

Economics

8 d. ago Tesla’s UK sales fall almost 60% in July; Neil Woodford fined and banned over fund collapse – business live

Rolling coverage of the latest economic and financial newsBritain’s service sector companies were hit by a drop in orders last month, as demand at home and abroad remained sluggish.Service sector growth slowed last month amid a decline in new work, according to the latest survey of purchasing managers from data firm S&P Global.“UK service providers recorded a third consecutive monthly rise in business activity, but they were unable to maintain the growth rate achieved in June.Moreover, new business intakes swung back into contraction during July, with the downturn in order books the fastest for just over two-and-a-half years. Risk aversion and low confidence among clients were the main reasons provided for sluggish sales pipelines, alongside an unfavourable global economic backdrop. Continue reading...

Economics

8 d. ago Tesla’s UK sales fall almost 60% in July; Trump attacks ‘woke’ JLR as it announces new boss – business live

Rolling coverage of the latest economic and financial newsNewsflash: The UK’s financial regulator has decided to fine former star fund manager Neil Woodford and his investment management company nearly £46m, over the collapse of his popular equity fund.The Financial Conduct Authority says it has decided to fine Woodford £5,888,800 and ban him from holding senior manager roles and managing funds for retail investors.‘Being a leader in financial services comes with responsibilities as well as profile. Mr Woodford simply doesn’t accept he had any role in managing the liquidity of the fund.The very minimum investors should expect is those managing their money make sensible decisions and take their senior role seriously. Neither Neil Woodford nor Woodford Investment Management did so, putting at risk the money people had entrusted them with.’ Continue reading...

Economics

8 d. ago Morrisons cuts 3,600 jobs and closes 17 supermarket stores in major shake

Earlier this year, the supermarket chain shuttered over 50 of its Morrisons cafes as part of its cost-cutting measures, putting an additional 365 jobs in jeopardy

Politics

8 d. ago BP launches fresh costs review; Trump attacks ‘woke’ JLR as it announces new boss – business live

Rolling coverage of the latest economic and financial newsOvernight, UK luxury-car maker Jaguar Land Rover has named a new CEO – winning a blast from Donald Trump.JLR named P B Balaji, the finance boss of parent company Tata Motors, as its new chief executive, increasing the Indian owner’s influence over the company.The CEO just resigned in disgrace, and the company is in absolute turmoil. Who wants to buy a Jaguar after looking at that disgraceful ad.Shouldn’t they have learned a lesson from Bud Lite, which went Woke and essentially destroyed, in a short campaign, the Company. Continue reading...

Economics

9 d. ago BP to report on cost cuts as activist investor Elliott steps up pressure

Status update on plan to save $5bn comes as US hedge fund pushes energy major to go even further

Economics

3 w. ago Google Pixel 9 Pro hits low prices as hundreds cut off the cost

Now is a great time to snap up a discounted Google Pixel phone

Economics

4 w. ago Manchester United executives axed by Sir Jim Ratcliffe hired by Premier League rivals

Tottenham have agreed a deal with an agency that was set up by former Manchester United executives who were axed earlier this year as part of Sir Jim Ratcliffe's cost-cutting measures

Politics