Tuesday newspaper round-up: Heathrow, Virgin Media, Credit Suisse

by | Jul 25, 2023

(Sharecast News) – Big pay increases for highly paid workers in London and the south-east have masked real wage cuts across large swathes of the economy and led to a widening in the UK’s geographical earnings gap, a leading thinktank has said. A study from the Institute for Fiscal Studies (IFS) found that while workers in some sectors – such as manufacturing, education and hospitality – had fallen in inflation-adjusted terms, there had been significant rises for those employed in the business services sector, the City and IT. – Guardian
Airlines flying to Heathrow have been told to carry as much fuel as possible in their tanks because of supply problems at Britain’s largest airport, in a controversial practice that can increase carbon emissions. The airport asked airlines to carry excess fuel on the way to London and to avoid carrying too much when departing, citing supply issues, in a notice sent on Sunday. The notice covered nine days from Sunday 23 July to Monday 31 July. – Guardian

The Silicon Valley entrepreneur behind ChatGPT has unveiled a plan to scan the iris of every person in the world to help distinguish real people from sophisticated machines. Sam Altman, the founder of OpenAI, the company behind ChatGPT, on Monday launched his project Worldcoin in Britain and 34 other countries. – Telegraph

Virgin Media O2 is cutting 2,000 jobs as it battles to reduce costs under the burden of billions of pounds of borrowing. Redundancy notices were issued to some staff on Monday night. Unions were notified in June that between 800 and 2,000 jobs were at risk and the company is understood to have opted to cut the maximum number of roles.- Telegraph

Credit Suisse has been hit with a record fine by the Bank of England as part of $388 million of penalties levied on the lender for risk management failures exposed by the implosion of Archegos. The Bank’s Prudential Regulation Authority said its £87 million fine was for “extremely serious” faults at the Swiss lender – now owned by UBS, its national rival – that were “symptomatic of an unsound risk culture”. – The Times

Related articles

Wednesday newspaper round-up: Thames Water, BYD, BT Group

Wednesday newspaper round-up: Thames Water, BYD, BT Group

(Sharecast News) - The amount of electricity generated by the UK's gas and coal power plants fell by 20% last year, with consumption of fossil fuels at its lowest level since 1957. Not since Harold Macmillan was the UK prime minister and the Beatles' John Lennon and...

Sunday share tips: Top picks to consider for 2024

Sunday share tips: Top picks to consider for 2024

(Sharecast News) - The Sunday Times and Mail on Sunday have offered their top investment tips for 2024, which includes stocks from a variety of sectors such cruises and market research to metals and real estate. Business writers from The Sunday Times each gave their...

Sunday newspaper round-up: Three, Royal Mail, Google…

Sunday newspaper round-up: Three, Royal Mail, Google…

(Sharecast News) - Telecoms giant Three has paid out a record £2 billion dividend to the Hong Kong-listed conglomerate of billionaire Li Ka-shing, as it cashes in on the sale of mobile phone masts across Europe. Hutchison 3G, which trades as Three and has ten million...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!