TikTok plans to lay off a large proportion of its 1,000 global employees, focusing on user operations and marketing teams, following US pressure for ByteDance to sell the platform.
Category: News
The latest news affecting small and medium sized (SME) businesses in the UK
IMF Predicts Three Interest Rate Cuts for UK in 2024 Amidst Economic “Soft Landing”
The IMF has upgraded the UK’s growth forecast and suggests the Bank of England could cut interest rates three times this year, as inflation drops and the economy achieves a “soft landing” without significant unemployment rise.
Cazoo Collapses After $8 Billion Valuation Debacle
Cazoo, the used car business founded by Zoopla’s Alex Chesterman, has gone into administration three years after its $8 billion New York listing. Restructuring advisers at Teneo have been appointed to handle the insolvency.
UK Inflation Drops to 2.3%: Prompting Potential August Interest Rate Cut
UK inflation fell to 2.3% in April, its lowest since 2021, driven by slower energy and food price growth. The Bank of England may consider cutting interest rates in August as the cost-of-living crisis eases.
KERB Hospitality Group Unveils 2024 Impact Report, Showcasing Success in Supporting Food Entrepreneurs
KERB Hospitality Group’s 2024 Impact Report reveals a 93% success rate for new street food businesses, generating £23.5 million in revenue. Discover how KERB supports food entrepreneurs with free coaching and trading opportunities.
UK Government Plans Training ‘Bootcamps’ to Address Worker Shortages Amid Immigration Cuts
The UK government is set to introduce skills “bootcamps” to train unemployed individuals for jobs in sectors such as hospitality, social care, and logistics.
Food Price Rises Returning to Normal, Says Kantar
Food price inflation falls to 2.4% as shoppers continue to seek cheaper own-brand goods. Bank of England interest rate cuts are anticipated amid easing price rises.
UK Interest Rate Cut Possible This Summer, Says Bank of England Deputy
Bank of England deputy governor Ben Broadbent suggests a potential interest rate cut this summer due to declining inflation, with the first reduction possibly coming as early as next month.
ChatGPT Suspends Scarlett Johansson-Like Voice Amid Actor’s Outcry
OpenAI suspends the Scarlett Johansson-like voice ‘Sky’ from ChatGPT after the actor objects. Johansson claims the voice was used without her consent and closely mimics her character in “Her.”
Trump’s Truth Social Media Company Reports $327 Million First-Quarter Loss
Trump Media and Technology Group, the owner of Truth Social, reports a $327.6 million loss in Q1, focusing on long-term product development over immediate revenue gains.
British AI pioneers share £1 million in prizes as government unveils inaugural Manchester Prize finalists
Ten teams across the country have been chosen as finalists of the inaugural Manchester Prize, a prestigious challenge prize rewarding breakthroughs in AI for public good.
UK Business Flight Demand Drops by Nearly a Third Since 2019
Business travel to and from the UK has fallen by nearly a third since 2019, driven by increased home working and environmental concerns, according to the New Economics Foundation.
Virgin Aims to Reignite West Coast Rail Competition with New Service Proposal
Richard Branson’s Virgin Group plans a return to UK railways with a proposal to run new West Coast services, challenging Avanti West Coast and offering more travel options.
Ryanair Reports Record €1.9bn Profit as Amber Rudd Joins Board
Ryanair announces record €1.9bn profit and appoints Amber Rudd to its board. The budget airline expects summer ticket prices to be lower than anticipated.
NAO Warns Post-Brexit Border Checks to Cost UK £4.7bn
The NAO reports that post-Brexit border controls will cost the UK at least £4.7bn due to delays and insufficient planning, with a lack of inspectors and unclear timelines posing significant challenges.
