3 d. ago Cake shop loses £1k in Just Eat refunds as customers complain of cold ice cream

Andrea Blow says she feels 'betrayed' by the 'theft and fraud' of dishonest customers who she claims are putting small businesses at risk as JustEat vow to investigate

Economics

4 d. ago Phoenix Suns' minority owners sue Mat Ishbia, alleging mismanagement and lack of transparency

Two minority owners of the Phoenix Suns have sued the team and controlling owner Mat Ishbia to access records to investigate the team’s business and financial status

Politics

4 d. ago Drax’s shares plunge as City watchdog investigates sourcing of wood pellets

FCA inquiry into biomass power station relates to disclosures and transparency over two-year periodAnalysis: Latest Drax inquiry will raise fresh questions about its billions in subsidiesBusiness live – latest updatesThe power generator Drax has revealed it is under investigation by the City watchdog over “historical statements” made about the sourcing of wood pellets for its biomass power station.The Financial Conduct Authority confirmed the investigation on Thursday, which will cover a period of more than two years between January 2022 to March 2024 and examine whether the company complied with disclosure and transparency rules, including in three annual reports. Continue reading...

Events

4 d. ago Liz Truss warns there is ‘a reckoning coming’ for central banks, and backs Trump in Fed battle; US growth revised higher amid AI boom – business live

Rolling coverage of the latest economic and financial news, as former PM criticises Bank of England and claims UK faces ‘economic doom loop’People in the UK: how have you been affected by the rise in food prices?The FCA’s investigation into Drax comes five months after the company’s former top lobbyist accused it of “misleading the public, government and its regulator” over its sourcing of wood for biomass pellets.In a claim for unfair dismissal, Rowaa Ahmar, Drax’s former head of public affairs, said evidence suggested Drax was “unable to prove that it only sourced sustainable wood for its biomass, and that it was in fact using unsustainable wood”. Continue reading...

Events

4 d. ago Tesla sales in Europe slump 40% as BYD new car registrations more than triple

Electric car business run by Elon Musk continues to lose ground to Chinese rival despite recent revamp of Model YBusiness live – latest updatesTesla sales slumped 40% across Europe in July compared with a year earlier, as the electric car company run by Elon Musk faces increasingly tough competition from its Chinese rival BYD.There were 8,837 sales of Tesla cars last month across the EU, the European Free Trade Association and the UK, according to figures from the European Automobile Manufacturers’ Association (ACEA). That compared with 14,769 at the same point last year. Continue reading...

Politics

4 d. ago Blow for Elon Musk as Tesla sales fall 40% in Europe despite rise in customers buying EVs

The company continues to lose market share, now selling fewer than 1 per cent of EVs in the region

Economics

4 d. ago Liz Truss warns there is ‘a reckoning coming’ for central banks, and backs Trump in battle with Fed – business live

Rolling coverage of the latest economic and financial news, as former PM criticises Bank of England and claims UK faces ‘economic doom loop’People in the UK: how have you been affected by the rise in food prices?The FCA’s investigation into Drax comes five months after the company’s former top lobbyist accused it of “misleading the public, government and its regulator” over its sourcing of wood for biomass pellets.In a claim for unfair dismissal, Rowaa Ahmar, Drax’s former head of public affairs, said evidence suggested Drax was “unable to prove that it only sourced sustainable wood for its biomass, and that it was in fact using unsustainable wood”. Continue reading...

Events

5 d. ago UK power company Drax’s shares plunge amid investigation over source of ‘renewable’ fuel

Investigation by UK watchdog relates to historical statements on wood pellets for power station from January 2022 to March 2024Business live – latest updatesThe power generator Drax has revealed it is under investigation by the City watchdog over “historical statements” made about the sourcing of wood pellets for its biomass power station.The Financial Conduct Authority (FCA) confirmed the investigation on Thursday, which will cover a period of more than two years between January 2022 to March 2024, and examine whether the company complied with disclosure and transparency rules, including in three annual reports. Continue reading...

Events

5 d. ago Tesla sales fell 40% across Europe in July; Drax shares tumble 10% after FCA launches investigation – business live

Rolling coverage of the latest economic and financial newsShares in power generator Drax have tumbled by 10% after it revealed this morning it is being investigated by the City watchdog.Traders drove Drax’s share price down to 630p in early London trading, down from 703.5p last night, following the news that the FCA is probing whether its recent annual reports comply with UK Listing Rules.Meanwhile, possible electricity rate adjustments and higher rice tariffs could raise inflationary pressures over the policy horizon. The Monetary Board observed that domestic demand has held firm. However, the impact of US policies on global trade and investment continue to weigh on global economic activity. This could temper the outlook for the Philippine economy. Continue reading...

Economics

5 d. ago Ontario premier Doug Ford’s party spent nearly $300,000 on novelty ‘Canada is not for sale’ hats

The Progressive Conservative party of Ontario reportedly paid C$278,910.71 on the viral hats during the province’s election campaignDealing with the unprecedented threats from Donald Trump’s threats to Canada’s economy and sovereignty have required unconventional strategies from federal and provincial leaders, including barring liquor sales and cancelling contracts with Tesla.But among the more unorthodox strategies to hit back against the US is spending hundreds of thousands of dollars on novelty hats. Continue reading...

Economics

5 d. ago Nvidia sets fresh sales record amid fears of an AI bubble and Trump’s trade wars

Despite surpassing Wall Street expectations for its AI chips, company shares drop 2.3% in after hours tradingChipmaker Nvidia set a fresh sales record in the second quarter, surpassing Wall Street expectations for its artificial intelligence chips. But shares of the chip giant still dropped 2.3% in after hours trading, in a sign that investors’ worries of an AI bubble and the repercussions of Donald Trump’s trade wars are not quelled.Nvidia’s financial report was the first test of investor appetite since last week’s mass AI-stock selloff, when several tech stocks saw shares tumble last week amid growing questions over whether AI-driven companies are being overvalued. Continue reading...

Politics

5 d. ago Nvidia set to report second quarter earnings in test of AI boom

All eyes will be on chipmaker’s latest financials as company sets tone for the rest of the artificial intelligence industryNvidia is set to report its second-quarter earnings on Wednesday, in a first test of investor appetite since last week’s mass AI-stock selloff.All eyes will be on the chipmaker’s latest financials as the company sets the tone for the rest of the AI industry after a turbulent week in the sector. Several tech stocks saw shares tumble last week amid growing questions over whether AI-driven companies are being overvalued, including an MIT report that said 95% of AI pilots fail to grow company’s revenues and statements from the OpenAI chief executive, Sam Altman, who said investors were possibly overhyping several companies. Continue reading...

Politics

1 week ago WHSmith shares tumble 42% after North America accounting error

Retailer calls in Deloitte and slashes forecast after ‘overstatement’ of profits

Politics

1 week ago WHSmith shares tumble 40% after accounting error in North American arm

Retailer calls in Deloitte and slashes forecast after ‘overstatement’ of profits

Politics

1 week ago WHSmith shares tumble 40% after accounting error at North American arm

Retailer calls in Deloitte and slashes forecast after ‘overstatement’ of profits

Politics

1 week ago WHSmith shares tumble 40% after North America accounting error

Retailer calls in Deloitte and slashes forecast after ‘overstatement’ of profits

Politics

1 week ago WH Smith shares tumble after lowering profit outlook on US accounting error

Shares in the London-listed travel retailer were down by about a third on Thursday morning.

Economics

1 week ago WHSmith shares tumble 30% after accounting error in North American arm

Retailer calls in Deloitte and slashes forecast after ‘overstatement’ of profits

Politics

2 w. ago Europe’s finest could not stop PSG. What chance do Ligue 1 clubs have?

Marseille, Monaco, Nice, Lille and Lyon face economic realities that do not concern the European championsBy Get French Football NewsIf Europe’s elite could not contain Paris Saint-Germain last season, what chance is there for Ligue 1’s impoverished chasing pack? Before the season has even started, their rivals seem to have already submitted to this logic. Never have PSG felt more untouchable than they do now. Chelsea found the recipe for dismantling Luis Enrique’s machine but the rest of Europe floundered last season. Manchester City, Liverpool, Aston Villa, Arsenal and Milan all fell by the wayside as PSG were crowned European champions.That success came at a time when PSG had never looked more vulnerable under Qatar Sports Investments ownership. Despite their prodigious talents, Zlatan Ibrahimovic, Neymar, Kylian Mbappé and Lionel Messi were symptoms of the wider ills of the club’s management. But they ensured one thing: that PSG were unshakeable favourites in every domestic game...

Politics

3 w. ago Wind generator Ørsted’s shares sink as it makes $9bn cash call

Danish company blames Donald Trump for derailing its business model after market value drops by a thirdEurope’s largest wind power company has blamed Donald Trump for derailing its business model, after it unveiled a $9bn (£6.7bn) fundraising and its market value plunged by almost a third.The share price for Denmark’s Ørsted tumbled to an all-time low after it told investors on Monday that the “extraordinary situation” facing the industry meant it would need to tap shareholders to cover the costs of its plans. Continue reading...

Economics