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

Related articles

Sunday share tips: GB Group, Keystone Law

Sunday share tips: GB Group, Keystone Law

(Sharecast News) - The Sunday Times's Lucy Tobin recommended shares of fraud prevention software manufacturer GB Group to readers. She conceded that the share price had been hammered over the part year, as the wave of interest in cryptocurrency and online retailing...

Sunday newspaper round-up: HS2, Babcock, Airbus

Sunday newspaper round-up: HS2, Babcock, Airbus

(Sharecast News) - The Prime Minister is facing enormous push back from senior Tories and captains of industry due to signs that he may walk back on plans for the northern section of the HS2 high speed rail service before the party conference next weekend. Rishi Sunak...

Latest Articles

US open: Stocks open flat as bond yields continue to rise

US open: Stocks open flat as bond yields continue to rise

(Sharecast News) - US stocks were swinging between gains and losses early on with little newsflow to drive the direction either way, with the S&P 500 taking a breather after hitting a three-month low last week. By 1000 in New York, the Dow Jones Industrial Average was...

UP Global Sourcing opens new Paris showroom

UP Global Sourcing opens new Paris showroom

(Sharecast News) - UP Global Sourcing announced the opening of a new showroom in Paris on Monday as part of its drive into the continental European market. The London-listed company, which trades as Ultimate Products and oversees a brand portfolio including Salter and...

Japan’s long-term value is getting unlocked 

Japan’s long-term value is getting unlocked 

Written by Junichi Takayama, Japan Equity Investment Director, Nikko Asset Management  Japan has experienced quite a year so far. One of the highlights occurred in April, with a visit by Warren Buffett of Berkshire Hathaway. The timing of this visit, ahead of Japan’s...

HgCapital agrees sale of stake in Silverfin

HgCapital agrees sale of stake in Silverfin

(Sharecast News) - HgCapital Trust has agreed to sell Silverfin, a leading cloud platform designed for accountants, to cloud software specialist Visma, it announced on Monday. The FTSE 250 firm said that while specific terms of this deal were confidential, completion...

Join our mailing list

Subscribe to our mailing list to receive regular updates!

No Fields Found.
x