🏢 Business Brief

Wise investigated in Belgium over money-laundering control concerns

Wise confirmed it is cooperating with Belgian prosecutors investigating money laundering, causing its shares to fall nearly 20% before closing down 8%. The investigation reportedly concerns whether Wise accounts were used to launder proceeds of fraud, corruption, and drug trafficking.

↓ Bearish

Royal Mail investigated again as almost a quarter of first-class post arrives late

Ofcom launched an investigation into Royal Mail after it missed annual delivery targets, with 24.3% of first-class mail arriving late. The company has been fined £37m since 2023 for similar failures.

Adani’s little-known infra arm amasses ₹50,000-cr orderbook, eyes acquisitions

Adani Group's private infrastructure arm has accumulated an order book of ₹50,000 crore and is considering acquisitions.

Arm boss in line for billion-dollar payday if chipmaker hits targets

Arm CEO Rene Haas could receive up to $800 million in shares if the company reaches $1 trillion market cap by 2029. The compensation plan ties pay to ambitious growth targets.

Supplier of housing for homeless linked to faith group tax avoidance scheme

A property investor supplying temporary housing to councils is linked to a family accused of tax avoidance via bogus prayer sessions. Records show overlap between the housing firm and the family's investment vehicle.

Sky ends controversial news joint venture in United Arab Emirates

Sky is exiting its TV news joint venture Sky News Arabia, transferring ownership to UAE partner IMI while retaining a brand licensing deal.

Recruiter who was allowed to buy back his insolvent firm falls behind on payments after offering staff Vegas trip

A recruitment executive who bought back his insolvent company's assets has missed payments after offering staff a Las Vegas trip, raising questions about phoenixism.

What’s gone wrong at Everyman and can the luxury cinema chain regain its magic?

Everyman, a luxury cinema chain, issued a profit warning and saw its CEO resign after a challenging year, with shares down nearly 80% over five years.

Inflation won Trump the presidency, but could cost him the midterms

Trump's handling of inflation is underwater by 42 points in a recent poll, potentially threatening Republican chances in the midterms despite his 2024 victory.

Gluten-free basics ‘now a luxury’ as price of a small branded loaf nears £4

Gluten-free bread prices have risen sharply, with a small branded loaf costing nearly £4, while standard bread remains under £1. The war in Iran may further increase food costs.

‘How can you have a Ferrari without any vroom?’: electric model shocks owners’ club

Ferrari's first electric car, the Luce, has drawn criticism from enthusiasts for its design, which some compare to a Nissan or Fiat Multipla. Owners' club president says the design has shaken the brand's foundations.

Oil prices on track for steepest monthly fall since 2020

Oil prices are heading for their steepest monthly drop since 2020 amid hopes for an end to the US-Israel war on Iran, with Brent crude down 19% in May.

Nationwide customer seeking election to board hits out at lender for ‘unfair’ treatment

A Nationwide customer seeking board election criticized the lender for unfair treatment after it said it would recommend members vote against him.

Bank of England’s Bailey says no rush to raise interest rates amid Iran war uncertainty

Bank of England Governor Andrew Bailey said the central bank is in no rush to raise interest rates due to uncertainty from the Iran war and weak UK growth, tolerating above-target inflation temporarily.

→ Neutral

Global stocks rise and oil price slips amid hopes of US-Iran peace deal - as it happened

Global stocks rose and oil prices fell on hopes of a US-Iran peace deal, with Brent crude nearing a 17% monthly decline.

↑ Bullish

Asda strikes deal to use Ocado software for home deliveries from next year

Asda will use Ocado's software for online grocery deliveries from early 2027, joining Ocado's existing partnerships with Morrisons and M&S.

CBS News shakes up 60 Minutes as ousted correspondents ‘fear what comes next’

CBS News has announced major changes for 60 Minutes, including appointing Nick Bilton as executive producer and ousting several correspondents and producers. The changes come amid questions about the show's editorial integrity.

Labour poised for fresh welfare changes after scale of youth jobs crisis revealed

A government-backed report reveals youth unemployment costs Britain over £125bn annually, with over a million young people not working or studying. Labour is considering fresh welfare changes in response.