Serco takes UK government to court over prison contract October 29, 2024 British outsourcing giant Serco has launched legal proceedings against the UK government over a prison services contract, City AM can reveal.
Convenience stores issued £634m warning ahead of Budget October 29, 2024 A lobby group has warned convenience stores could be set for a huge bill next year as tax hikes are expected to be included in the Autumn Budget. The Association of Convenience Stores has said the sector will face a potential bill of £634m due to wage increases, plus changes to National Insurance contributions and [...]
Legal watchdog slammed for failing to handle Axiom Ince collapse October 29, 2024 The UK's legal regulator has been slammed for mishandling the collapse of Axiom Ince, which resulted in over 1,000 job losses.
Insolvencies at fashion manufacturers jump on cocktail of cost pressures October 29, 2024 Insolvencies at UK fashion manufacturers have risen by nearly a quarter in the past year as a combination of supply and demand pressures has driven firms under while customers switch to pre-loved clothing. According to Forvis Mazars, the international tax and advisory firm, over 100 companies went bust in the year to July 2024, up [...]
JD Sports sells its majority stake in Rebecca Adlington-founded company October 29, 2024 JD Sports has sold its majority stake in a company founded by former Olympic swimmers Steve Parry, Rebecca Adlington and Adrian Turner. The Greater Manchester-headquartered retail giant, through its subsidiary JD Gyms, has held a 60 per cent stake in Bolton-based Total Swimming Group since a deal in 2022. At the time, the initial cash [...]
Bosses scramble to sell shares amid fears of Budget capital gains tax raid October 29, 2024 UK executives have been “racing to sell shares” at a record rate as fears mount that Chancellor Rachel Reeves will raise capital gains tax at tomorrow’s Budget. Last week, directors sold £29.8m of their companies shares, while only buying £4.1m, leaving a net £25.7m of stocks sold. Meanwhile, over the last month, investors have sold [...]
Competition intensifies in Saudi’s surging insurance industry October 29, 2024 In recent years, Saudi Arabia has been building an insurance industry from scratch. In the process, the country has generated home-grown companies and attracted international giants such as Bupa to help cater to rising demand. So far, the expansion of insurance in the Kingdom has been dizzying. According to Saudi Arabia’s central bank (SAMA), in [...]
Keeping a check on AI Oliver Wyman’s CEO highlights the pitfalls of regulating AI October 29, 2024 AI leaders gathered in Riyadh in September for the Global AI Summit (GAIN). Hosted by the Saudi Data & Artificial Intelligence Authority, GAIN 2024 explored themes such as generative AI, AI in urban life and the ethical governance of AI. Nick Studer, president and CEO of Oliver Wyman, who spoke on ‘AI governance in an interconnected [...]
Adidas predicts profit of nearly £1bn after sales surge October 29, 2024 Adidas is now predicting its operating profit to swell to almost £1bn for 2024 as it upped its forecasts following a better-than-expected performance in recent months. The sportswear giant is now eyeing an operating profit of around €1.2bn (£997m) for its current financial year, a rise from its previous guidance of around €1bn. The increase [...]
Robot artist makes history as the first humanoid to sell at Sotheby’s October 29, 2024 The first ever ultra-realistic humanoid artist, Ai-Da, will have its art auctioned by Sotheby’s this week – a milestone for the art world. The robot’s work, ‘A.I. God’, portrays three paintings of Alan Turing, the so-called father of modern computer science, and will be featured in Sotheby’s Digital Art sale from 31 October to 7 [...]