Business

Wessex Water granted its chief executive a pay rise well above inflation despite being prohibited from issuing bonuses due to sewage discharge incidents, newly released accounts show. Ruth Jefferson’s base salary rose by 14% in October, increasing from £590,000 to £670,000, before additional benefits were included. This uplift significantly exceeded the 3.5% awarded to staff and placed her earnings at 18 times the company’s median salary. Executive compensation in the water sector has faced

The co-founder and chief executive of Ocado has said he has “no intention of being a puppet master” overseeing staff decisions, amid signs of tension in the boardroom over succession plans at the grocery technology group. Tim Steiner, who is due to step down as chief executive in 2028, indicated that any incoming leader would be comfortable continuing to work alongside him. Shares in the company fell by almost 15% on Thursday, reaching their lowest level in more than ten years, after Ocado

China’s economic expansion slowed markedly from April to June, as subdued domestic demand and the effects of the Iran conflict on oil prices weighed on the economy, despite robust export performance. Official gross domestic product (GDP) data indicated that the world’s second-largest economy grew by 4.3% in the second quarter, falling short of Beijing’s yearly target and down from the 5% growth recorded in the first quarter. The figures were released a day after separate statistics showed that

Apple on Friday accused OpenAI of misappropriating trade secrets as the artificial intelligence company moves forward with plans to develop its own hardware for ChatGPT, marking a significant breakdown in relations between the longtime partners. In a lawsuit filed in federal court in California, Apple alleges that OpenAI encouraged Apple employees it was attempting to hire to share confidential company information, and even advised them on how to avoid detection during the transition. “This

Budget carrier EasyJet has announced that it has reached an agreement in principle on a £5.7bn takeover approach from US private equity group Apollo Global Management, only days after backing a proposal from a competing bidder. The airline stated that Apollo’s proposal offered “a superior outcome” for shareholders compared with the earlier bid from US investment firm Castlelake, which EasyJet had provisionally supported over the weekend. EasyJet ranks among Europe’s biggest airlines. It employs

ITV has agreed to sell its media and entertainment operations to Sky in a £1.6bn transaction that the companies say will establish a powerful competitor to international streaming platforms. The agreement covers ITV’s traditional broadcast channels as well as its ITVX streaming platform, with Sky chief executive Dana Strong describing the move as “a landmark moment for British media”. The acquisition ranks among the largest deals ever seen in the UK media sector. Talks began in November last

Warning: This story contains descriptions of abuse An investigation by BBC Eye has found that Instagram has been displaying paid advertisements in India that promote child sexual abuse material. The adverts, reviewed by the BBC World Service, included phrases such as “rape video” and “child video” and directed users to channels on the messaging platform Telegram, where the illegal material was offered for sale for as little as 99 rupees (around 80p). Within hours of the investigation being

King Charles’s property management company has surpassed £1bn in annual earnings for the third year in a row, driven largely by the rapid expansion of offshore wind projects funded through consumer energy bills. The Crown Estate, which oversees the royal family’s land and property holdings, posted profits of £1.2bn for the most recent financial year—nearly triple the figure reported three years ago. Around two-thirds of this total was generated by offshore wind activities. Last year alone, wind

June 12 (Reuters) - Anthropic announced on Friday that it will "immediately disable" its most advanced artificial intelligence models for all users after the U.S. government instructed the company to suspend access for foreign nationals, citing national security concerns. According to a company statement, Anthropic received an export control order requiring it to halt access to its Fable 5 and Mythos 5 models for all foreign nationals. The directive did not include detailed

Chief executive pay climbed by almost 6% in 2025, reaching an average of $17.7 million, as corporate boards rewarded leaders for increasing profits and delivering stronger returns to shareholders. Compensation packages were also designed to encourage executives to remain in their roles and sustain company performance in the coming years. Among the companies reviewed in the AP’s analysis, a worker earning the median salary would need 200 years to match what a CEO earned in a single year. In the

June 8 (Reuters) - ChatGPT creator OpenAI has confidentially submitted paperwork for a U.S. initial public offering, the company confirmed on Monday, aligning with rival Anthropic in moving toward the public markets as investors look for greater access to the artificial intelligence surge. OpenAI did not reveal the size or pricing details of the proposed offering and said no specific timeline has been set. “It may take some time because certain initiatives are easier to pursue as a private

A former chief executive of Marks & Spencer has been named as a government adviser on employment, marking the latest effort to confront the escalating crisis of youth unemployment. Marc Bolland, who led the high street retailer between 2010 and 2016, is set to chair a summit bringing together senior business figures, as concerns grow that the UK could face a “lost generation” without swift and decisive action. Roughly 1 million young people aged 16 to 24 — around one in eight — are

WASHINGTON (AP) — Each morning, Anna Gomez reaches for her phone with a single question in mind: Has President Donald Trump dismissed her yet? For the moment, she remains the only Democrat serving on the Federal Communications Commission. From that position, she has taken on what she views as an urgent responsibility — urging media organizations to resist what she describes as an administration determined to restrict free expression. Her most immediate concern is Disney, the parent company of

Drivers scaling back their petrol and fuel spending at the sharpest pace since the Covid lockdowns of 2020 pushed retail sales in Great Britain to their steepest monthly fall in a year. The Office for National Statistics (ONS) reported that total retail sales volumes dropped by 1.3% in April compared with March. This marked the largest monthly decline since May of the previous year and was significantly worse than the -0.6% decrease analysts had anticipated. Fuel sales tumbled by more than 10%

Cambridge South station, whose opening was postponed, is now set to welcome passengers in late June – and it will make history as the first station to carry full Great British Railways branding, according to the government. Located next to the city’s Biomedical Campus, recognised as Europe’s largest centre for medical research, the new station will provide direct rail connections to London, Brighton and Stansted Airport. It will also offer as many as nine services per hour into central

A US trade court ruled on Thursday against Donald Trump’s recent 10% global tariffs, determining that the sweeping measures were not warranted under a trade statute from the 1970s. The US Court of International Trade sided with a group of small businesses that had challenged the tariffs, which came into force on 24 February. The decision was issued in a 2-1 vote, with one judge dissenting on the grounds that it was too early to grant judgment in favor of the plaintiffs. The small businesses

The robotics entrepreneur who helped bring the Roomba vacuum into millions of homes is now pursuing a new idea: a plush robotic companion that could one day stand in for a cherished dog or cat, trailing behind you and adjusting to your everyday routines. On Monday, Colin Angle introduced a four-legged prototype of this artificial pet, known as the Familiar. About the size of a bulldog, it features wide, gentle eyes and rounded ears and paws reminiscent of a bear cub. The creature can stretch

Heathrow’s newly appointed chair has begun discussions with airlines and billionaire property developer Surinder Arora in an effort to calm a dispute that risks causing further delays to the £49bn proposal for a third runway at Europe’s busiest airport. Philip Jansen, who took up the role earlier this year, is believed to have met with major carriers and with Arora, who is promoting a rival £25bn expansion blueprint, to explore compromise solutions in an ongoing disagreement over costs and

WASHINGTON, May 2 - Bankrupt low-cost airline Spirit Airlines ceased operations on Saturday, becoming the first airline failure tied to the ongoing Iran war, after it was unable to win creditor backing for a proposed U.S. government rescue package. The shutdown marks the first airline collapse linked to the sharp rise in jet fuel prices during the two-month conflict, a development that will eliminate thousands of jobs. The failure also represents a setback for President Donald Trump, who had