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Finance

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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 Business live – latest updates 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 w

The Guardian
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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...

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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’ Business live – latest updates 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 readi

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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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Finance

John Lewis Christmas ad stars Kristin Scott Thomas as glamorous granny on a gift hunt

Company tugs at heartstrings with Pickles the talking toy dog as it celebrates 20 years of blockbuster festive ads Review: Kristin Scott Thomas v Pickles the evil AI overlord puppy John Lewis has turned to a celebrity best known for playing aristocrats to put a playful but rather upmarket spin on the countdown to Christmas with this year’s festive ad, which features a toy dog called Pickles and a glamorous granny. Kristin Scott Thomas, known for playing upper-crust characters in films such as Four Weddings and a Funeral and the Apple TV show Slow Horses, is cast as Gloria, a grandmother search

The Guardian
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Finance

RBA interest rates: Bullock says ‘pain now’ will prevent worse later as Reserve Bank hikes rates for fifth time

Reserve Bank of Australia increases official cash rate to 4.85%, bringing it to highest level since 2008 RBA interest rates live updates: Reserve Bank cash rate decision Get our daily political email, free app or daily news podcast The Reserve Bank governor Michele Bullock has said that “some pain now will prevent even worse pain down the track”, after lifting official interest rates to an 18-year high of 4.85% in a bid to combat persistent inflation. The RBA’s decision to hit mortgage holders for a fifth time in 2026 will intensify pressure on indebted households, but there were signs that th

The Guardian
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Finance

Poundland staff could be out of work for years if retailer collapses, founder says

Steve Smith calls on owners to accept proposed buyout as 12,000 staff face uncertain future in run-up to Christmas The founder of Poundland has warned that staff at the retailer could be out of work for “years” if it collapses, as he called on the owners of the troubled chain to accept a proposed buyout deal. Steve Smith, who set up the firm with a store in Burton upon Trent in 1990, said: “Once these jobs are lost, they are lost” from Britain’s struggling high streets. His warning comes as the chain’s 12,000 employees face uncertainty over their future in the run-up to Christmas. Continue rea

The Guardian
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