Money Moves

The Trump administration has intensified its calls for the removal of Federal Reserve Governor Lisa Cook after she stated she would not resign under pressure. Cook, appointed by President Joe Biden, faces unverified allegations of committing mortgage fraud. These accusations have been made by officials from Donald Trump’s team amidst ongoing tensions regarding the independence […]

WH Smith has acknowledged a significant overstatement of profits in its North American division, attributing it largely to the premature recognition of income from suppliers. This mirrors similar financial missteps in the retail sector, including a noteworthy incident involving Tesco a decade ago, highlighting the sensitivity and importance of accurate accounting practices in retail. Retailers

WH Smith experienced a significant decline in market value, losing nearly £600 million after the retailer revised its financial forecasts due to an accounting error in its North American division. The company’s shares fell by 42% following the revelation that profits for this division had been overstated by £30 million. WH Smith identified the error

Tube workers, represented by the Rail, Maritime and Transport (RMT) union, are set to strike for seven days starting on September 5, amid a dispute concerning pay and working conditions. The RMT has cited issues related to workload and inadequate management response as key points of contention. In a related situation, RMT members of the

The UK’s third-largest steelworks, Speciality Steels UK (SSUK), has been placed under government control following a compulsory winding-up order authorized by insolvency courts. This decision affects nearly 1,500 employees located in Rotherham and Sheffield. The order was sought by creditors owed substantial debts, totaling hundreds of millions of pounds, and SSUK is part of the

The UK government has assumed control of Speciality Steel UK (SSUK), the nation’s third-largest steelworks, as it seeks to safeguard approximately 1,450 jobs following the company’s recent administration. The High Court in London ruled on Thursday to wind up SSUK, which operates plants in Rotherham and Stocksbridge, despite the company’s plea for additional time to

Rolling strike action will commence on the London Underground (LU) starting on Friday, September 5, for a duration of seven days, as announced by the RMT union. The union asserts that management has not adequately addressed issues related to pay, fatigue management, extreme shift patterns, and requests for a reduced working week. RMT General Secretary

The average rate for a five-year fixed mortgage in the UK has fallen below 5% for the first time since May 2023, now standing at 4.99% as of Thursday, according to financial services firm Moneyfacts. The reduction from 5% the previous day may represent a minor financial saving, but it is viewed by Moneyfacts as

Tesco has raised the price of its meal deal by 25 pence, marking the third increase since 2022. The meal deal now costs £3.85 for Clubcard holders, while non-members will be charged £4.25. This price adjustment comes amid rising food prices in the UK, which saw a year-on-year increase of 4.9% in July, up from

US President Donald Trump has decided against imposing high tariffs on pharmaceuticals and semiconductors imported from the European Union (EU). Last month, he indicated that these sectors were not included in the US-EU trade agreement, which could have resulted in tariffs of 250% for pharmaceuticals and 100% for semiconductors. Recent updates from the US-EU agreement