Newsletter Aug 11, 2023

UK retailer Wilko collapses, risking 12,500 jobs

British household goods company Wilko has collapsed owing to big debts, its boss announced Thursday, impacting about 12,500 jobs as high inflation and interest rates hurt consumers and businesses.

Global stocks rise as US inflation inches up

Stock markets rose Thursday as highly anticipated official data showed that US consumer inflation inched up in July but held at a moderate level.

UK grocery shoppers continue to struggle with 'shrinkflation' and 'drinkflation'

Grocery shoppers are feeling the pinch as "shrinkflation" continues to shrink product sizes while costs stay the same or increase, while the added woe of "drinkflation" impacts alcohol purchases.

Lufthansa pilots receive pay hikes to fight inflation

Lufthansa pilots are to receive pay rises totalling 18 percent in the coming years, with the German airline saying Thursday it would bring "stability" after strikes over surging inflation.

Coach owner to acquire Michael Kors, Versace parent in $8.5bn deal

Tapestry, the US owner of lifestyle brands including Coach and Kate Spade, said Thursday it will acquire Michael Kors parent company Capri for $8.5 billion, creating a new global fashion giant to compete with European powerhouses.

British government announces £13 million in funding for healthcare before AI Safety Summit

Ahead of Britain hosting the first AI Safety Summit this year, healthcare is set to be modernised with £13 million in funding handed to research projects.

Number of teen terrorists continues to rise in the UK

Terrorist groups are recruiting young people by posting extreme content online. Since 2022, the number of young people involved in extremism has increased by 11 per cent.

US refuses to declare soldier who crossed into North Korea a 'prisoner of war'

The United States government has refused to classify its soldier Travis King as a prisoner of war (PoW) after he crossed into North Korea last month.

Foreign Secretary announces 25 new sanctions targeting Putin's access to Foreign Military Equipment

Foreign Secretary James Cleverly unveils multi-country sanctions targeting entities aiding Russia's unlawful invasion of Ukraine. Measures aim to disrupt military equipment supply and counter-support nations.

Microsoft, Aptos Labs team up to build new blockchain AI tools

Microsoft predicts that AI will be infused into web3 solutions in a larger scale in the "coming months and years."

X chief Yaccarino claims renamed Twitter 'close' to break-even

Linda Yaccarino, CEO of social media platform X, said Thursday that the company formerly known as Twitter is "close" to breaking even and is hiring to beef up a staff slashed by owner Elon Musk.

Here's why Elon Musk hasn't confirmed date of cage fight with Mark Zuckerberg

Elon Musk claims he might need a surgery ahead of his highly anticipated cage fight with Mark Zuckerberg.

Virgin Galactic rockets its first tourist passengers into space

Virgin Galactic launched its first tourist passengers into the weightlessness of space Thursday, the culmination of a nearly two-decade commercial pursuit, the company said.

Record number of lifesaving essential medicines approval by WHO could make universal health coverage a reality

The World Health Organisation has added over 500 lifesaving essential medicines to its essential list including the first approvals for multiple sclerosis.

New Covid strain dubbed 'variant of interest' by WHO

The World Health Organisation (WHO) on Wednesday declared a new Covid strain called Eris as a variant of interest.

Nigeria receives £10 million to fund sustainable climate infrastructure

A £10 million investment has been announced by a UK-backed funding program to create a Risk Sharing Backdrop Facility for Nigerian sustainable climate infrastructure.

Premier League chief insists Saudi Arabia is not a threat

Several players from Europe have been tempted to move to the Saudi Pro League this summer.