Business
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Big Four firms cut graduate roles due to AI automation. Deloitte, EY, KPMG, and PwC have reduced graduate recruitment by up to a third, driven by AI adoption and cost-cutting measures, impacting the traditional entry-level job market.
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Tesla’s European sales decline as consumers favour cheaper rivals. Tesla’s sales in Europe dropped for the fifth consecutive month, with a 40.5% decrease in May. The carmaker’s market share fell to 0.9%, as buyers turn to cost-effective alternatives and controversies around Elon Musk impact sentiment.
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UK executives face record stress levels. New Icertis research shows tariffs, regulatory shifts, and the scramble to keep pace with AI are placing UK C-suites under mounting pressure — with nearly 90% expecting tariffs to dent the bottom line, and four in five struggling to assess AI investment impact.
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UK Government unveils new £380m investment in creative sector support. The funding targets film, music, video games, and regional creative clusters — aiming to double private investment, support innovation and jobs, and anchor the creative economy within the forthcoming ten‑year industrial strategy.
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Sam Laidlaw in talks for chairmanship amid strategic shifts. The former Centrica CEO’s discussions to succeed Helge Lund as BP chairman come at a tense time as BP faces shareholder pressure to accelerate its strategic transformation. Activist investor Elliott Management has urged BP to abandon renewable commitments, sparking shareholder dissent.
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UK job adverts rise slightly in May. The Recruitment and Employment Confederation reported a 0.3% increase in new job adverts, while active postings fell by 1.8%, indicating a sluggish market amid economic challenges and rising employer costs.
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UK retail sales fell sharply in May. Retail volumes dropped by 2.7% amid reduced spending on food and clothing, marking the steepest decline in 18 months. Analysts attribute the fall to weaker supermarket performance and persistent inflationary pressures.
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Government borrowing rose to £17.7bn in May. This marked the second-highest May figure in over three decades, exceeding expectations and reigniting debate over the UK’s fiscal path. While tax receipts continue to climb, the persistent deficit and pressure to fund public services suggest the Chancellor may soon face difficult decisions on taxation.
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Raspberry Pi executives reduce stakes after IPO. Founder Eben Upton and CFO Richard Boult have sold shares worth £1.8m and £455,000 respectively, following the end of the company’s lock-up period. Despite a recent dip in share price, Raspberry Pi maintains profitability and FTSE 250 status.
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Ten thousand companies removed from UK register. Companies House has launched a sweeping purge of suspected shell firms and fraudulent entities, with new powers allowing it to challenge, reject, and dissolve non-compliant organisations. The action forms part of a broader campaign to restore corporate transparency and tackle organised crime.