Category: <span>Business</span>

Norwegian axes long-haul flights and cuts 1,100 Gatwick jobs
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Norwegian axes long-haul flights and cuts 1,100 Gatwick jobs

Norwegian has announced it will no longer fly long-haul routes, even after the pandemic, bringing an end to its low-cost, long-haul vision and spelling the loss of about 1,100 jobs based at Gatwick airport. The airline said it would retrench to a short-haul European network and domestic Norwegian routes for good, as it outlined its...

M&S Christmas sales slide as retailer warns of Brexit red tape’s ‘significant impact’
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M&S Christmas sales slide as retailer warns of Brexit red tape’s ‘significant impact’

Marks & Spencer’s sales fell more than 7 per cent in the run-up to Christmas as the retailer suffered from the November lockdown in England and tightened restrictions across much of the rest of the UK. Clothing and home sales plunged 24.1 per cent while the food division grew 2.6 per cent in the final quarter of the year. During the English...

Elon Musk becomes world’s richest person
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Elon Musk becomes world’s richest person

Elon Musk, the maverick boss of Tesla, has overtaken Amazon’s Jeff Bezos to become the world’s richest person, after shares in the electric car company he co-founded soared on hopes that a Democrat-controlled US Senate would usher in a new green agenda. A 4.8% rise in Tesla’s share price was enough to push Musk into...

Ladbrokes owner’s shares leap after it rejects £8.1bn MGM bid
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Ladbrokes owner’s shares leap after it rejects £8.1bn MGM bid

The gambling company behind Ladbrokes and Coral has rebuffed an £8.1bn takeover proposal from its US partner, MGM Resorts, as the arrival of legal sports betting in the US continues to fuel transatlantic dealmaking. Entain said the offer from MGM, the owner of the Bellagio casino in Las Vegas, significantly undervalued the company and its prospects. Shares...

UK high street lost 177,000 jobs in 2020, study finds
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UK high street lost 177,000 jobs in 2020, study finds

The high street shed 177,000 jobs in 2020 according to a study that predicts an even more devastating toll on retail jobs this year, with a further 200,000 expected to be lost. The job losses in what is the UK’s biggest private employment sector – with particular importance for women – illustrate the dramatic and...

UK shoppers to spend 27% less than last year in Boxing Day sales
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UK shoppers to spend 27% less than last year in Boxing Day sales

Shoppers are expected to spend 27% less than last year in the Boxing Day sales as many high streets around the country remain closed. A total of £3.2bn is still expected to be rung up by retailers in the UK, but more than half of that will go online, according to a report by the...

Shell says assets could be worth $22bn less as Covid hits oil demand
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Shell says assets could be worth $22bn less as Covid hits oil demand

Shell has warned that the value of its oil and gas assets may fall by up to $22bn (£16bn) in 2020 after shaving up to $4.5bn from its portfolio in the final quarter of the year. The oil company ended any hopes for a brighter end to 2020 for shareholders with the announcement of another...

Airlines’ failure to offer Covid cash refunds investigated by UK regulator
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Airlines’ failure to offer Covid cash refunds investigated by UK regulator

The UK competition regulator has launched an investigation into the failure of airlines to offer cash refunds to travellers who have been unable to take their flights because of the coronavirus pandemic. The Competition and Markets Authority (CMA) said its move followed reports that airlines may have breached consumers’ rights by not offering cash refunds in cases...

£14bn Mastercard class action gets green light from court
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£14bn Mastercard class action gets green light from court

A £14bn class action against Mastercard for allegedly overcharging 46 million British consumers during a 15-year period has been given the green light to proceed. Almost every adult in the UK – even if they never had a Mastercard – could receive a payout of up to £300 from the credit card company after a...

Brits to show why local shopkeepers matter with £6.2 billion spend
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Brits to show why local shopkeepers matter with £6.2 billion spend

Seven in 10 say they will visit nearby butchers, greengrocers, hairdressers, florists and cafes, with an average spend of £169, according to research from American Express, principal supporter of Small Business Saturday UK that kicks off on December 5. It found nearly half of those shopping with small businesses will do so because they want...