Thursday newspaper round-up: Wilko, Virgin Media, Ofgem, John Lewis

by | Aug 24, 2023

(Sharecast News) – The majority of Wilko stores are expected to shut with the loss of thousands of jobs after a white knight failed to step forward to rescue the collapsed retailer. The family-owned household and garden products retailer, which has about 400 stores and employs almost 12,500 people, will leave big gaps on high streets after the failure of talks with interested parties forced it to call in administrators this month. – Guardian
Virgin Media is facing calls for the telecoms watchdog to urgently investigate the legality of its broadband contracts, under which it can increase bills at any time and by unlimited amounts. The consumer champion Which? has concluded that Virgin Media’s terms and conditions may amount to unfair contract terms and could be in breach of the Consumer Rights Act. It has written to Ofcom calling on it to intervene. – Guardian

The Silicon Valley chipmaker at the heart of the new artificial intelligence (AI) boom has seen its profits surge 843pc as the world rushes to buy its technology. Nvidia increased net profit to $6.2bn (£4.9bn) in the three months to July 30, up from $656m recorded during the same period last year. The world’s largest chipmaker continues to benefit from the surging demand for processors able to fuel AI-powered bots, such as ChatGPT. – Telegraph

Ofgem has been accused of allowing energy companies to ramp up “unfair” charges after analysts warned that more than seven million households face higher heating bills this winter. Increases in standing charges and the loss of government subsidies compared to last year mean that millions of households that use relatively little gas and electricity will be worse off this year than last, the Resolution Foundation said. – Telegraph

John Lewis has finally submitted a planning application – eight months later than planned – for its biggest build-to-rent project, but has immediately run into fresh opposition from local residents. The retail group has been accused of underhand tactics and “rapacious” behaviour over its trailblazing plan to build 430 homes in towers up to 20 storeys high above its Waitrose supermarket in the west London suburb of Ealing. – The Times

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