Author: WTX Business Team

Netflix touts $900k AI jobs amid Hollywood strikes Striking Hollywood actors and writers have expressed their anger at Netflix after the company posted a job advert for an artificial intelligence (AI) expert. One of the key areas of concern for those striking is the future use of AI within the Hollywood industry. The new position would see the successful applicant working within the Machine Learning Platform team – which drives the Netflix algorithm helping users pick new programs to watch. Adding to the outrage is the role pays up to $900,000 (£700,000) per year. Hollywood unions are striking over pay…

British Gas: Anger as energy bill change leads to record profits Anger erupts as British Gas announces record half-year profits while many households struggle to afford energy costs. With profits reaching £969m, price cap increases contributed significantly to their financial gains. Ofgem claims the profits are a “one-off” due to regulatory changes. However, poverty campaigners view these profits as evidence of a broken energy system in the UK. Approximately half of the profit came from adjustments made to the price cap by the energy regulator. During the pandemic, Ofgem raised the allowance for suppliers to cover their incurred costs from…

No sooner has one court case ended than Activision is embroiled in another, with a TikTok star trying to sue them for a ‘six figure sum.’

The NatWest Group to drop down the FTSE 100 Index and suffer a 3.5% decline.

Financial Times – Sunak ready to overhaul green targets for landlords as general election nears Summary of the front page The Financial Times reports Algeria is battling killer wildfires as the heatwave in Europe appears to be wreaking havoc in North Africa too. On the front page, Prime Minister Rishi Sunak’s government plans to overhaul green targets for landlords as the UK’s general election nears. The paper’s lead image is of the damage the wildfires have caused in Algeria. Today’s top stories Like this article? Leave a comment UK National newspapers

I’m calling for the government to align minimum care worker pay to NHS Band 3, currently £11.67 per hour.

The FT – Credit Suisse hit with $388m fines for failures in Archegos crash Summary of the front page The Financial Times leads on Credit Suisse being hit with $388 million fines for “significant failures” related to the collapse of Archegos Capital, which caused a $5.5 billion trading loss and helped bring about the demise of the Swiss lender. Elsewhere on the front page, Adidas is enjoying successful sales of Yeezy shoes after cutting ties with US rapper Kanye West. Today’s top stories Like this article? Leave a comment UK National newspapers

Virgin Media O2 to cut up to 2,000 UK jobs Up to 2,000 Virgin Media O2 jobs in the UK are to be cut – that’s around 12% of its total workforce, by the end of this year. However, the figure includes the 800 role reductions that had already been announced, according to the BBC. And it’s not the only company to start cutting jobs. Virgin Media O2 rivals BT and Vodafone both announced in May that they would be cutting jobs. A Virgin Media O2 spokesperson said: “As we continue to integrate and transform as a company, we are…

Spotify raises premium subscription price for millions Streaming giant Spotify is set to raise its prices for more than 200 million ad-free subscribers for the first time in a decade. In the US, the cost will increase from $9.99 to $10.99 for those with an individual plan. Similar price hikes will follow in the UK, Canada, Australia and 49 other territories. The streaming service said there will be a price hike “so that we can keep innovating, we are changing our Premium prices across a number of markets around the world.” “These updates will help us continue to deliver value…

Elon Musk: Twitter unveils X logo to replace Larry the bird Twitter’s top boss Linda Yaccarino has unveiled the company’s new logo – a white X on a black background. In a tweet on Monday, Yaccarino said “X is here! Let’s do this.” Twitter owner Elon Musk also changed his profile picture to the new logo and added “X.com” to his Twitter bio – Musk had stated on Sunday he wanted to get rid of the blue bird logo. Reports are suggesting he wants to create a “super app” called “X.” Musk has already changed the name of the Twitter…

Financial Times – Vattenfall halts offshore wind project in setback for renewable energy plans Summary of the front page UK efforts to boost renewable energy have suffered a significant setback after one of the country’s biggest offshore wind farm projects was halted due to surging costs, the Financial Times reports. The paper says the Swedish energy giant Vattenfall is to shut down development of the Norfolk Boreas site, off the Norfolk coast. Market conditions deteriorated since it signed a contract to fix the price of electricity it sells for 15 years, the company said. Today’s top stories Like this article?…

They vividly demonstrate how the blend of tenacity, adaptability, and perseverance can turn adversities into triumphs. Jaspreet “Jas” Mathur’s life is exemplifies this transformative journey.

And will they be clean when they come out?

Financial Times – Inflation falls further than expected to shift base rates Summary of the front page Today’s bigger than expected fall in inflation, to a 15-month low of 7.9%, is the main story in the Financial Times. James Smith, of the Resolution Foundation think-tank, tells the paper the UK is now “less of an outlier in the battle to tame inflation”. The front page reports on Prime Minister Rishi Sunak’s pledge to crack down on banks denying services to customers over “lawful free speech” in response to the Nigel Farage banking crisis. Today’s top stories Like this article? Leave…

Netflix password crackdown fuels jump in subscribers Netflix has experienced a rise in subscribers following measures the company introduced to crackdown on password sharing. The company ended June with more than 238 million subscribers, adding 5.9 million members since March. The rise was far bigger than expected and comes after subscriber losses last spring. The streaming service also faces challenges from ongoing writers and actors strikes in the US. Netflix said it would spend less on content this year than expected due to the strikes – the biggest Hollywood have faced in six decades. Netflix boss Ted Sarandos said “we…

Food price growth slows for fourth month, say Kantar New figures show food price inflation has slowed for the fourth month in a row but still remains “incredibly high.” Grocery prices rose by 14.9% in the four weeks to 9 July compared with a year ago, down from 16.5% in June, according to market research firm Kantar. It says Britons were spending more on supermarket promotions to save money. Food prices are one of the biggest contributors to the UK’s overall rate of inflation which remains high. New figures, due on Wednesday, are expected to show that the overall pace…

CITY AM – No end to London rail strike chaos Rail strikes: Lynch says government hasn’t spoken to RMT since January CITY AM SAYS Rail strike misery looks set to continue for commuters after Mick Lynch, the RMT’s general secretary, said the government had not spoken to him about finding a resolution since the start of the year. Speaking on Sky News’ Sophy Ridge on Sunday Programme, Lynch said that there has been “no contact. They seem to pick out the RMT as a special category where they can’t negotiate on a reasonable basis.” “We’re available to talk to them…

The Economist – Preparing the way Preparing the way: The alarming plans for Trump’s second term THE ECONOMIST SAYS the overwhelming memory of Donald Trump’s time in office is of chaos and resentment. It was summed up by the shameful end to his presidency when his whipped-up supporters sacked the Capitol in a bid to keep him in power. Mr Trump has since lurched from an ignominious post-electoral impeachment to two criminal indictments, with perhaps more in the offing. The former president seems obsessed with relitigating his election loss in 2020: “I am your justice,” he thundered to a crowd…

Brussels’ economy chief has warned that Europe will need to step up its response to Washington’s Inflation Reduction Act as the US programme to finance the industrial green transition is set to be larger than expected, the Financial Times reports. The paper reports a story about Microsoft’s slated $75bn (£57.3bn) purchase of Activision Blizzard, something which has involved a long-running battle with Sony over the Call of Duty video game title. It reports Microsoft has made regulatory breakthroughs in the deal, and is “on the brink of clinching victory”. Brussels’ economy chief has warned that Europe will need to step…

Twitter loses nearly half advertising revenue since Elon Musk takeover Twitter boss Elon Musk has revealed his social media site has lost almost half of its advertising revenue since the billionaire bought the company for $44bn (£33.6bn) last October. He said Twitter had not seen the increase in sales that had been expected in June, but that July was a “bit more promising.” Musk took over the company in 2022 and in an effort to cut costs he sacked around half of Twitter’s staff. Rival app Threads – from Mark Zuckerberg’s Meta, has around 150 million users, according to some…

CITY AM – Sorry seems to be the hardest word Thames Water crisis: Ofwat boss refuses to apologise for water industry debt crisis CITY AM SAYS Ofwat’s former boss yesterday refused to apologise for allowing the water industry to rack up an eye-watering £65bn debt mountain, which has led to Thames Water’s desperate scramble to secure funds and avoid collapse. “I won’t apologise for my role at Ofwat, no,” Cathryn Ross said, during yesterday’s grilling with MPs when Labour MP Darren Jones scrutinised her record. As chief executive of Ofwat for four years between 2013 and 2017, Ross signed off…

Financial Times – Microsoft bears down on Activision as judge rebuffs regulator’s challenge Summary of the front page Microsoft’s push to acquire Activision Blizzard is on the front of the Financial Times, which reports a judge in the US has rejected attempts by the Federal Trade Commission to halt the deal. The front page also leads on the Ukrainian president’s frustrations over Ukraine’s wait for Nato membership. Zelensky said the lack of a clear timeline meant Russia had “motivation to continue its terror”. Today’s top stories Like this article? Leave a comment UK National newspapers

CITY AM – ‘Turning point’ for square mile Can Jeremy Hunt’s Mansion House reforms cure London markets’ malaise? CITY AM SAYS Jeremy Hunt’s package of City reform has been hailed by top figures across the Square Mile today – even as one top money manager cast doubt on whether it would prove the right elixir for London’s market woes. The Chancellor last night announced that some of the country’s top pension providers, including Aviva, Aegon, Phoenix and Scottish Widows, have committed to channelling at least five per cent of defined contribution (DC) pension cash into unlisted British companies by 2030. …

Financial Times – Bailey and Hunt urge wage restraint in joint pledge to conquer inflation Summary of the front page The Financial Times reports the Bank of England Governor Andrew Bailey and Chancellor Jeremy Hunt have called for restraint over wage rises, saying it contributes to “sticky inflation”. Hunt and Bailey made the argument at the Mansion House dinner, an annual event to which senior financiers, business leaders and government officials are invited. The front page features an image of Joe Biden on a UK visit. Today’s top stories Like this article? Leave a comment UK National newspapers

Record wage growth fuels fresh inflation fears Official figures show UK wages have risen at a record annual pace fuelling fears that inflation will stay higher for longer. Regular pay grew by 7.3% in the March to May period from year earlier, equalling the highest growth rate last month. But despite the increase, pay rises still lag behind inflation. The speed of wage rises has come under focus by the Bank of England as it tries to control inflation. The Bank has raised interest rates 13 times in a row in an attempt to reduce the rate of inflation but…