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Finance

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Finance

Primark brings forward home deliveries plan by two years as profits slide

Retailer acquires robot-assisted warehouse and intends to have UK service up and running before end of 2027 Primark is to begin making home deliveries by the end of next year as it aims to win new shoppers after a slide in profits. George Weston, the boss of the cut-price fashion chain’s owner Associated British Foods (ABF), said it had brought forward the launch of Primark’s home delivery plans by about two years. Continue reading...

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Finance

Snap and crackle but no pop: Rice Krispies reformulated due to lack of rice

Kellogg’s substitutes ingredient with rice flour, as climate crisis affects availability of some grains They will snap and they will crackle, but they may no longer pop, as Kellogg’s has removed rice from its Rice Krispies and Coco Pops cereals due to “changing weather conditions”. Rice Krispies has been reformulated to use rice flour instead of rice, while Coco Pops now contain a blend of rice flour and corn flour instead of rice in order to maintain consistent quality. Kelloggs’ said the shift reflected how the climate crisis had affected the quality and availability of some rice and grains

The Guardian
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Finance

Brent crude slides 3% after Trump says US will stop military funding to Israel ‘by end of this year’ – as it happened

US president tells Fox News he made deal with Netanyahu ‘months ago’ Dearden responded to Snell’s question: It is deeply concerning to see the uncertainty about Poundland’s future. That’s why I, the Secretary of State and the Prime Minister, have been keeping a close eye on what is an extremely worrying situation for the staff, their families and communities up and down the country. We’ve been demanding to know what is happening, particularly for Gordon Brothers to explain why they haven’t accepted any offer to keep the company going. We continue to establish the facts. Continue reading...

The Guardian
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Finance

Guaranteed pension income ‘resurrected’ for 17m private sector workers

Ministers propose new guided retirement scheme to help give savers protection for life Millions of private sector workers will be offered a guaranteed pension income for life under new rules designed to help them get the most out of their retirement savings. Over the past 30 years, the majority of final salary pension schemes offering a set payout for life have closed. Workers have instead saved into a scheme and arrived at retirement with a pot of money they have to decide what to do with. Continue reading...

The Guardian
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Finance

Car finance: Barclays becomes first big lender to offer payouts for mis-selling of loans

Bank to make ‘early settlement’ offers before outcome of legal battle, with those who accept likely to get money before Christmas Barclays will this month start offering compensation to tens of thousands of people who claim they were mis-sold car loans, with some of those who accept likely to see the money land in their account before Christmas. Amid an ongoing legal battle over an industry-wide compensation scheme for victims of the UK’s car finance scandal, Barclays has become the first big UK lender to break cover and begin offering payouts to some customers who have complained. Continue re

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Finance

Virgin Media O2 to cut thousands of jobs as it plans £800m cost savings

Up to 25% of 16,000 workforce could go as telecoms group says it will increase use of AI in areas including customer service Business live – latest updates Virgin Media O2 is to cut thousands of jobs in an £800m cost-cutting drive as the telecommunications company aims to tackle its £22bn debt pile. VMO2, which is jointly owned by Liberty Global and Telefónica, said £300m of the savings target will come from job cuts that will reduce the company’s employee wage bill by 30% over the next two years. Continue reading...

The Guardian
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Finance

UK’s most polluting power plant could power country’s largest AI datacentre

Drax’s FTSE 250 owner strikes £20bn deal to build infrastructure in what it says is site’s ‘next chapter’ Britain’s most polluting power plant could soon power the country’s largest datacentre under a £20bn deal to build AI infrastructure on the site of the Drax power plant in North Yorkshire. The power plant’s FTSE 250 owner has struck a deal with the infrastructure investor Brookfield and ⁠and the AI infrastructure platform Radiant to develop a datacentre with an eventual capacity of more than 1 gigawatt that could begin operations by early 2028. Continue reading...

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Finance

Asda appoints former Morrisons boss as chief executive as sales struggle

David Potts to take over immediately as executive chair Allan Leighton steps back to non-executive strategic role Business live – latest updates Asda has appointed David Potts, the 69-year-old former boss of Morrisons, as its chief executive with immediate effect as it continues to struggle to lift sales. The UK’s third largest supermarket said its 73-year-old executive chair, Allan Leighton, who has been running the business since 2024, would now step back to a non-executive role focusing on “the long-term strategic agenda for the business”. Continue reading...

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Finance

Apple warns of ‘unprecedented’ rise in memory chip prices

iPhone maker says decision to raise prices has offset some of impact, as revenues are stronger than expected Business live – latest updates Apple has warned of an “unprecedented” rise in memory chip prices, as it battles with datacentres to lay its hands on supplies. The iPhone maker’s shares fell in after-hours trading after it told investors that the higher prices will eat into its profit margins. Continue reading...

The Guardian
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