Eurostar announced plans to launch direct train services from London to Frankfurt, Germany, and Geneva, Switzerland, with a fleet of up to 50 new trains expected by the early 2030s. However, there is uncertainty over depot space in London, as it might not accommodate both Eurostar's expansion and other companies interested in running services to Europe.
Key Facts
Eurostar plans to introduce direct trains from London to Frankfurt and Geneva.
The travel time from London will be about five hours to Frankfurt and around five hours and 20 minutes to Geneva.
Up to 50 new trains will be added, costing around €2 billion (£1.7 billion).
The company needs more space at its east London depot to handle the additional trains.
The Office of Rail and Road (ORR) is reviewing proposals from Eurostar and other companies for depot space.
Eurostar's existing depot, Temple Mills, is currently exclusively used by them and linked to the cross-Channel line.
If the depot space is limited, Eurostar may seek private investment to build new facilities.
Eurostar reported a 5% increase in passengers for 2024, with a record 19.5 million passengers in the previous year.
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Marks & Spencer (M&S) has restarted online shopping after a cyber attack in April stopped orders through its website. Customers in England, Scotland, and Wales can now order some fashion items for home delivery, and more products will be available soon. The company expects disruptions to continue until July and says the attack will impact profits by about £300 million.
Key Facts
M&S paused online orders in April due to a major cyber attack.
The cyber attack happened during Easter weekend.
M&S has resumed online sales for some fashion items in England, Scotland, and Wales.
More products and services will roll out in the coming days, with Northern Ireland services to restart soon.
The cyber attack may reduce M&S profits by around £300 million this year.
Some customer data was stolen, including phone numbers and home addresses.
Payment details and account passwords were not accessed during the data theft.
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UK companies are hiring less, causing a drop in available jobs and a small rise in unemployment. Official numbers show job vacancies decreased by 63,000 between March and May, while the unemployment rate increased slightly.
Key Facts
UK job vacancies fell by 63,000 from March to May.
The unemployment rate increased from 4.5% to 4.6%.
Fewer people are on payrolls, with a reduction of 55,000 between March and April.
Average wage growth slowed to 5.2% from 5.6%.
Firms may reduce hiring due to increased employment costs, like higher National Insurance Contributions and a rise in the minimum wage.
Inflation was at 3.5% for the year up to April.
The Office for National Statistics noted a noticeable decline in the number of workers on company payrolls.
The data on employment could change with more information from HM Revenue & Customs.
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The UK government has announced a £14.2 billion investment to build the Sizewell C nuclear power plant on the Suffolk coast. Once completed, the plant is expected to create thousands of jobs and provide energy for six million homes. The investment is part of a plan to reduce reliance on fossil fuels, but some groups oppose it due to concerns about costs and environmental impact.
Key Facts
The UK government will invest £14.2 billion in the Sizewell C nuclear plant.
Sizewell C is expected to create 10,000 direct jobs and additional jobs for suppliers.
The plant aims to produce enough energy to power six million homes.
Construction will take at least ten years to complete.
Nuclear power in the UK currently generates about 15% of electricity.
The Sizewell C announcement is part of the government's wider spending plans.
Some people oppose the project over concerns about its cost and environmental effects.
The final investment model decision for Sizewell C is expected later this summer.
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Warner Bros Discovery, which owns CNN and HBO Max, will split into two separate companies by mid-next year. One company will focus on streaming and studios, while the other will manage traditional cable networks like CNN.
Key Facts
Warner Bros Discovery will split into two companies by mid-2024.
One company will handle streaming services and studios, including HBO Max.
The streaming and studios company will include hit shows like Succession and The White Lotus.
The new cable networks company will include CNN, Discovery, and TNT Sports.
The decision aims to address the growing popularity of streaming and the decline in cable TV viewers.
Shares of Warner Bros Discovery fell nearly 3% after the announcement.
The split follows a merger in 2022 that created Warner Bros Discovery.
A similar strategy is being used by Comcast, which is separating its NBCUniversal cable division from other services.
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The UK government is preparing to announce its spending plans for the next four years, affecting public services like the NHS and schools. People with different income levels shared their views on what they hope to see in the Spending Review, including better job opportunities for young people, more childcare support, and increased apprenticeships.
Key Facts
The UK government will announce its financial plans for the next four years this week.
The Spending Review will cover services such as the NHS, schools, and public transport.
Lewis Eager, earning £850 a month, wants more support for young people to find better jobs.
Resheka Senior and her husband, earning over £50,000 a year, seek assistance with childcare costs.
Ollie Vass and Grace Sangster, earning £71,000 together, want more apprenticeships and suggest raising the tax-free allowance.
Leah Daniel, living on £700 a month including Universal Credit, finds benefits insufficient and frequently borrows money due to monthly deductions.
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More than three-quarters of pensioners in England and Wales will receive the winter fuel payment this year due to a change in policy by Chancellor Rachel Reeves. This decision affects nine million pensioners with an income of £35,000 or less. Different pensioners have shared their views on how the payment impacts them, with some needing it for essential expenses and others donating it to charity.
Key Facts
The winter fuel payment is being reinstated for pensioners with an income of £35,000 or less in England and Wales.
This change affects about nine million pensioners.
Some pensioners, like Bob Pritchard, feel the payment is crucial for covering essential costs, especially with health-related travel expenses.
Alice George donates her payment to charity and believes the funds could be better allocated to the NHS or housing issues.
Ian Bryant, who earns more than £35,000, is supportive of the decision despite not receiving the payment himself.
Gail Impey, just over the income limit, feels financial strain and thinks she is missing out due to the cutoff.
Mike Hodges, who doesn’t need the payment, suggests the funds could support younger people instead.
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A series of cost-of-living roadshows is happening in various locations across West Northamptonshire, such as libraries and churches. These events, organized by West Northamptonshire Council, offer advice on financial and mental health support to help residents manage living expenses. The roadshows will run from June 10 to July 10, 2024.
Key Facts
The roadshows are held in libraries, schools, and churches in West Northamptonshire.
West Northamptonshire Council is organizing the events to connect with residents.
The roadshows offer advice on family finances, energy-saving, debt management, and mental health.
The events run from June 10 to July 10, 2024.
King's Heath in Northampton is identified as a "left behind" area due to high poverty.
More than 14,000 people in rural Northamptonshire are considered income-deprived.
The roadshows will visit less affluent areas of Northampton and two villages.
A cost of living support hub is available for those who cannot attend the roadshow.
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Downing Street announced that the government's spending plans have been settled. Chancellor Rachel Reeves will reveal funding increases for public services like the NHS, schools, and defense, as well as investments in infrastructure during the upcoming Spending Review. To fund these projects, Reeves has adjusted borrowing rules to allow more investment but will have to cut budgets elsewhere to maintain her financial policies.
Key Facts
The government has finalized its spending plans, announced by the prime minister's official spokesperson.
Chancellor Rachel Reeves is expected to increase funding for the NHS, schools, and defense.
Reeves aims to fund projects by loosening borrowing rules, allowing an additional £113 billion for investments.
Home Secretary Yvette Cooper was the last to reach a funding agreement, responding to police chiefs' concerns.
Infrastructure projects will receive increased funding as part of the new spending plans.
The government plans to invest £86 billion in science and technology and expand free school meals.
Chancellor Reeves will implement a £14 billion savings plan, which includes welfare cuts.
Discussions are ongoing about potential budget cuts, with some opposing the government's spending priorities.
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A food bank in Guernsey, run by the Guernsey Welfare Service, is experiencing a significant drop in food donations. The shortage is partly due to local supermarket supply issues and an increase in demand, with 68 families being helped weekly.
Key Facts
The Guernsey Welfare Service operates a food bank serving about 68 families each week.
There has been a noticeable decrease in food donations to the food bank.
Seasonal changes often cause small dips in donations, but this year supply issues at supermarkets have added to the problem.
The increased number of families needing assistance has left food bank shelves empty.
The charity is actively seeking more donations through social media.
Some people have donated following social media posts about the urgent need for supplies.
Awareness of the food bank has increased, with some residents learning about it for the first time.
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Tens of thousands of pensioners in Northern Ireland may soon get their winter fuel payments back after the government decided to change its previous plan. Pensioners under 80 will receive £200, while those over 80 will get £300. However, pensioners earning more than £35,000 will not qualify for this payment.
Key Facts
About 250,000 pensioners in Northern Ireland had their winter fuel payments cut last year.
The government has reversed its decision, restoring payments for many pensioners.
Pensioners under 80 will get £200, and those over 80 will receive £300.
Pensioners earning above £35,000 will not be eligible for the payments.
The cuts and changes followed a decision by the Labour government to make payments based on income.
An extra £17 million was found to help provide a one-off £100 payment to affected pensioners.
Winter Fuel Payments were originally created to assist those over state pension age with heating costs during winter.
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The UK government announced a change to its policy on winter fuel payments, increasing the number of pensioners who will receive financial help for energy bills. Now, pensioners in England and Wales with an annual income of up to £35,000 will qualify for payments, expanding eligibility and reversing a previous decision.
Key Facts
UK Chancellor Rachel Reeves confirmed a policy change for winter fuel payments.
Pensioners with incomes up to £35,000 in England and Wales will get the payment.
Payment amounts are up to £300 for energy bills during winter.
Last year, only pensioners on pension credit received this payment.
The change will cover three-quarters of people of state pension age.
The policy adjustment will cost taxpayers approximately £1.25 billion per year.
The previous policy was criticized for leaving many pensioners without the payment.
Pensioners earning above £35,000 will not qualify and can opt-out of the payment.
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More than £1 billion has been paid to over 7,300 former sub-postmasters as compensation for the Post Office Horizon IT scandal. Multiple compensation schemes exist, depending on the victim's circumstances, including those for people wrongly convicted due to system errors.
Key Facts
The government has paid over £1.039 billion in compensation related to the Post Office Horizon IT scandal.
Compensation was awarded to just over 7,300 sub-postmasters across four different schemes.
4,000 people have been informed they can receive compensation, though the process can be complicated.
The Group Litigation Order (GLO) scheme was created for those involved in a specific court case, initially led by Alan Bates.
As of January 2024, those eligible under the GLO scheme can receive at least £75,000 upfront, but some may negotiate for more.
555 sub-postmasters initially part of the legal action received a £42.5 million settlement in 2019.
63 people in the GLO group have criminal convictions, affecting their eligibility for certain schemes.
983 convictions were linked to the faulty Horizon IT, with 111 convictions overturned as of January 31st. Individuals with overturned convictions have different compensation options.
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The United States and China are meeting in London for new trade talks aimed at easing tensions from their ongoing trade conflict. Both countries had previously agreed to temporarily reduce tariffs on each other's goods, but have since accused each other of not following the agreement. The new discussions follow a phone call between US President Donald Trump and Chinese President Xi Jinping.
Key Facts
The US and China are holding new trade talks in London.
US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer will represent the US.
Chinese Vice Premier He Lifeng will attend the talks.
The meeting follows a phone call between Trump and Xi, which Trump described as positive.
A temporary truce in May reduced US tariffs on Chinese goods to 30% and Chinese tariffs on US goods to 10%.
Both countries previously set a 90-day deadline to advance trade agreements.
Relations deteriorated with both sides accusing each other of violating the agreement.
The US criticized China for not resuming shipments of critical minerals crucial to industries like car manufacturing.
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Revenue for Women's Super League (WSL) clubs increased by 34% in the 2023-24 season, reaching £65 million, despite lower match attendances. The growth was mainly due to a rise in commercial revenue, but attendances fell by 10%, resulting in a pre-tax loss of £28 million.
Key Facts
WSL clubs' total revenue for the 2023-24 season was £65 million.
Revenue increased by 34% from the previous season.
Commercial revenue grew by 53% and now makes up 40% of total revenue for WSL clubs.
Arsenal, Chelsea, Manchester United, and Manchester City contributed two-thirds of the league's total revenue.
Despite revenue growth, average attendance dropped by 10% to 6,642 people per match.
The league reported pre-tax losses of £28 million, up from £21 million the previous season.
Deloitte predicts WSL revenues could exceed £100 million by the 2025-26 season.
The future growth is expected to benefit from international tournaments, such as the upcoming Euros in Switzerland.
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The UK government will announce an £86 billion investment in science and technology during the upcoming Spending Review. This package aims to support various projects, including drug research, battery development, and regional technology advancements, with local leaders involved in spending decisions. Some experts caution that additional measures are needed to maintain the UK's standing in scientific research globally.
Key Facts
The UK government plans to invest £86 billion in science and technology.
Local regions will have some control over how their portion of the £500 million is spent.
The package includes funding for drug research, battery technology, and regional tech projects.
By 2029, the yearly funding for science and tech is expected to be over £22.5 billion.
Liverpool will use the funds for faster drug discovery; Northern Ireland will focus on defense equipment; South Wales will design microchips.
Some experts emphasize the need for a long-term plan to train workers in the science and tech sectors.
There are concerns about visa costs for foreign scientists and financial issues at universities affecting the goals.
The UK aims to strengthen its position in global research and stimulate economic growth.
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The UK government is preparing for a Spending Review to outline how it plans to use its resources. This review aims to reassure investors by showing a clear economic vision and includes plans for long-term investment, such as capital spending and infrastructure projects like a high-speed rail line.
Key Facts
A Spending Review shows how the government divides resources between different departments.
This year’s review is seen as an opportunity for the government to demonstrate a confident economic vision to investors.
The focus is on long-term capital spending, with 2.7% of GDP allocated over a five-year average.
This capital spending level is the highest it has been in nearly 50 years.
New borrowing rules allow more spending on long-term investments while keeping regular spending strict.
Investments in research and development are planned to encourage science-led growth.
A significant project mentioned is the plan for a new high-speed rail line between Liverpool and Manchester.
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The Financial Conduct Authority (FCA) has led a global effort to tackle the issue of financial influencers, known as finfluencers, giving unauthorized financial advice online. This operation resulted in three arrests in the UK and the removal of hundreds of related posts and websites.
Key Facts
The FCA is taking down social media content and websites run by unauthorized financial influencers.
Three people were arrested in the UK as part of this international crackdown.
Finfluencers sometimes offer financial advice without proper authorization, often blending it with lifestyle promotion.
The FCA issued 650 requests to delete online content and took down 50 websites in the UK.
Seven cease and desist letters were sent, and four influencers were invited for interviews by the FCA.
The FCA has no power to force social media platforms to comply with takedown requests but urges them to act quickly.
The UK Treasury Committee asked Meta about delayed responses to FCA takedown requests.
The FCA is considering allowing retail investors to invest in crypto exchange traded notes, lifting a ban in place since 2021.
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Baby Basics, a charity in Wollaston, Northamptonshire, is supporting one in 16 newborns in the area by providing essential items like nappies and clothes. The charity is holding its first sale of donated goods to raise funds because of an increase in families needing help, partly due to the rising cost of living.
Key Facts
Baby Basics supports one in 16 newborns in Northamptonshire.
The charity gives out starter packs with essential baby items.
There has been a 51% increase in referrals to the charity over the last two years.
The rise in referrals is partly due to the increased cost of living and reduced benefits.
Many of the families needing help have two working parents.
Baby Basics is holding a sale of donated items for the first time to raise money.
Some donated items can't be given out as they may not be safe for newborns or are for older babies.
The charity expects to help around 500 babies this year.
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Lululemon's stock dropped over 20% after the company reduced its profit forecast for the year. The company cited tariffs and concerns about the US economy as reasons for reduced sales and plans to raise some prices. Other companies, like Adidas and Skechers, also highlighted similar challenges due to US tariffs and economic uncertainty.
Key Facts
Lululemon's shares fell by more than 20% after lowering its profit expectations for the year.
The company faced lower store visits in the Americas, blaming economic worries and less consumer spending.
Lululemon plans to raise prices slightly on some products and cut costs.
Last year, 40% of Lululemon's products were made in Vietnam, and 28% of its materials came from China.
Clothing and footwear companies are struggling with tariffs because many goods are made in Asia.
Adidas warned that tariffs, imposed by the Trump administration, would raise US product prices.
Skechers withdrew its annual financial forecast because of economic uncertainty.
Nike announced price increases for some US products, starting in June, but did not specifically blame tariffs.
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