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Business

The latest published reporting in this category.

Finance

Guaranteed pension income ‘resurrected’ for 17m private sector workers

Ministers propose new guided retirement scheme to help give savers protection for life Business live – latest updates Millions of private sector workers will be offered a guaranteed pension income for life under new rules designed to help them get the most out of their retirement savings. Over the past 30 years, the majority of final salary pension schemes offering a set payout for life have closed. Workers have instead saved into a scheme and arrived at retirement with a pot of money they have to decide what to do with. Continue reading...

The Guardian
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Finance

Car finance: Barclays becomes first big lender to offer payouts for mis-selling of loans

Bank to make ‘early settlement’ offers before outcome of legal battle, with those who accept likely to get money before Christmas Business live – latest updates Barclays will this month start offering compensation to tens of thousands of people who claim they were mis-sold car loans, with some of those who accept likely to see the money land in their account before Christmas. Amid an ongoing legal battle over an industry-wide compensation scheme for victims of the UK’s car finance scandal, Barclays has become the first big UK lender to break cover and begin offering payouts to some customers w

The Guardian
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Finance

Virgin Media O2 to cut thousands of jobs as it plans £800m cost savings

Up to 25% of 16,000 workforce could go as telecoms group says it will increase use of AI in areas including customer service Business live – latest updates Virgin Media O2 is to cut thousands of jobs in an £800m cost-cutting drive as the telecommunications company aims to tackle its £22bn debt pile. VMO2, which is jointly owned by Liberty Global and Telefónica, said £300m of the savings target will come from job cuts that will reduce the company’s employee wage bill by 30% over the next two years. Continue reading...

The Guardian
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Finance

UK’s most polluting power plant could power country’s largest AI datacentre

Drax’s FTSE 250 owner strikes £20bn deal to build infrastructure in what it says is site’s ‘next chapter’ Business live – latest updates Britain’s most polluting power plant could soon power the country’s largest datacentre under a £20bn deal to build AI infrastructure on the site of the Drax power plant in North Yorkshire. The power plant’s FTSE 250 owner has struck a deal with the infrastructure investor Brookfield and ⁠and the AI infrastructure platform Radiant to develop a datacentre with an eventual capacity of more than 1 gigawatt that could begin operations by early 2028. Continue readi

The Guardian
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