Deliveroo CEO Will Shu’s recent sale of shares sparks discussions, following the company’s first reported profit.Between September 12 and 16, Shu sold 9.4 million shares worth £14.8 million, aiming to fund personal property investments.Shu retains a significant stake with 95.8 million shares and does not engage in the company’s annual bonuses or long-term share award schemes.Deliveroo, founded in London in 2013, celebrated its first profit since going public, with a £150 million share buyback announced.Despite the share sale, Deliveroo’s stock remains stable, indicating steady investor confidence.Between September 12 and 16, Deliveroo CEO Will Shu sold 9.4 million shares amounting to…
Author: Dave Antrobus
Kingfisher has reported a slight increase in profits despite a drop in sales performance, particularly in large-scale purchases.Big ticket sales at B&Q fell sharply by 11.6% during the first half of the year.Overall group sales saw a slight decline by 1.8%, yet pre-tax profit increased by 2.3% to £324 million.The company witnessed a notable recovery in seasonal sales since early July, notwithstanding the continued weakness in big ticket sales.Strong ecommerce and trade sales led to a market share gain in the UK for Kingfisher.Kingfisher, the parent company of B&Q, announced a modest profit increase in the face of declining sales,…
BT Group has appointed Sir Alex Chisholm as a new non-executive director, enhancing its board with his regulatory expertise.Sir Alex Chisholm, formerly of the UK Civil Service, will help navigate BT’s interactions with Ofcom.The appointment comes as part of a broader strategic initiative following the recent leadership change in the company.Sir Alex’s extensive background in public service and regulatory roles is anticipated to benefit BT significantly.He joins a distinguished group of directors, including Ruth Cairnie and Maggie Chan Jones, bringing valuable experience to the table.BT Group has announced a strategic enhancement of its board with the appointment of Sir Alex…
Google and Amazon have criticised Microsoft’s cloud practices, raising concerns over market competition.Google accused Microsoft of restricting customer choice and called for urgent action.Amazon supported Google’s stance, citing historical dissatisfaction with Microsoft’s conduct.The UK competition watchdog is investigating these claims within the cloud market.Microsoft denies the allegations, asserting strong competition dynamics.Google and Amazon have joined forces to criticise Microsoft for what they describe as restrictive cloud practices that limit customer choice in the United Kingdom. Google has accused Microsoft of imposing software licensing restrictions that could “irreversibly tilt the market in Microsoft’s favour,” especially at a crucial moment for the…
The UK government’s decision to classify data centres as critical infrastructure marks a pivotal moment for the industry.In recent months, the role of cybersecurity in shaping our society and economy has become increasingly apparent.The new classification signifies a commitment to safeguarding against cyber threats with government support.A forthcoming £3.75 billion data centre in Hertfordshire highlights the sector’s growing importance.However, the industry must address a critical shortage of skilled professionals to keep pace with demand.The recent announcement by the UK government to designate data centres as critical infrastructure is a significant development for the industry. This decision reflects a broader understanding…
Harland & Wolff, a historic shipyard in Belfast, faces imminent administration, threatening a key Royal Navy contract.A £1.6 billion contract for three Royal Navy warships is at risk as the shipyard nears financial collapse.Industry experts warn that the Ministry of Defence may have to turn to Spanish contractor Navantia.There are fears of significant job losses at Harland & Wolff’s Belfast yard and other UK sites.The government is urged to preserve shipbuilding jobs and maintain national defence capabilities.Harland & Wolff, the Belfast shipyard famous for building the Titanic, is on the brink of administration, potentially jeopardising a £1.6 billion contract to…
The OECD warns the UK about urgent actions necessary to stabilise its public finances, signalling reforms in taxation and spending.The proposed changes include abolishing stamp duty and adjusting the pension triple lock to manage rising fiscal pressures.Rising costs in health, pensions, and climate change intensify the UK’s financial challenges, contributing to escalating borrowing costs.Projected UK debt could reach 270% of GDP within 50 years, stressing the need for immediate fiscal measures.Upcoming budget planning by Reeves will address overspending, with potential tax increases on the horizon.The Organisation for Economic Co-operation and Development (OECD) has issued a stark warning to the UK…
A groundbreaking collaboration emerges between two tech firms, Revector and 4D Products, at Sci-Tech Daresbury.The teams have designed a bespoke backpack for search and rescue operations in Vietnam’s dense vegetation.Revector’s phone tracking device narrows the location of a missing person to a 20-metre radius.4D Products developed a cradle for the tracking unit, enabling streamlined search operations.This technology is set to significantly enhance the efficiency of rescue missions in challenging terrains.In a promising development, two technology firms based at Sci-Tech Daresbury, Revector and 4D Products, have joined forces to create a groundbreaking search and rescue backpack. The collaboration was sparked during…
The proposed merger between Vodafone and Three has drawn significant attention amidst concerns from the Competition and Markets Authority (CMA).CMA warns the merger may lead to price increases and service reductions, particularly affecting vulnerable consumers.Vodafone’s CEO counters the CMA’s concerns, asserting the merger will not alter current pricing strategies.Analysts perceive the CMA’s findings as unexpectedly positive, suggesting potential for completion through behavioural remedies.Vodafone pledges a £11bn post-merger UK investment to assure sustainability amidst competition and job concerns.The proposed merger between Vodafone and Three, aiming to create the UK’s largest mobile network, has been met with caution by the Competition and…
A Cardiff-based fintech, Menna, has secured a significant investment to enhance its AI platform.The company attracted £500,000 through a combination of angel investment and support from the Development Bank of Wales.The funding aims to propel Menna’s platform into the market, targeting small businesses for improved financial decision-making.Founders Nick Carlton and Dan Mines leverage their extensive industry experience to drive Menna’s growth.Menna is poised to launch its innovative product across the UK by early 2025.Menna, a Cardiff fintech start-up, recently clinched a £500,000 investment as it prepares to commercialise its AI-driven financial platform for small businesses. The investment signifies a key…