MONEY

‘Having my identity stolen cost me £10,000’

‘Having my identity stolen cost me £10,000’

“It just seemed to go on and on, it’s just been really upsetting.” Gemma Combellack, 30, is talking about her six month fight to reclaim her identity after it was stolen by criminals last year. She discovered she’d become a victim of ID theft when she was refused a mortgage over a payday loan in […]

‘I’m having to survive on a third of what I had’

‘I’m having to survive on a third of what I had’

Kenya Williams doesn’t know what to do. For 22 years, she’s worked as a nanny in New York. But when coronavirus swept through the city in March, her employers asked her to stay home. At the start, they covered the majority of her salary. In June, they cut her wages to just $200 (£159) a […]

Sunak urges US to back digital services tax

Sunak urges US to back digital services tax

The coronavirus crisis has made tech firms “more powerful and more profitable”, the chancellor said in a letter signed by European counterparts. The letter from Rishi Sunak and finance ministers in France, Italy and Spain says tech giants, like Google, Amazon and Facebook, need “to pay their fair share of tax”. International talks are taking […]

DIY spending splurge helps May sales recover

DIY spending splurge helps May sales recover

UK retail sales partly recovered in May, driven by DIY stores and garden centres reopening amid the lockdown. The amount of goods sold last month increased by 12%, in comparison with record falls seen in April, according to the Office for National Statistics. Sales were boosted by a 42% rise at household goods stores, such as […]

Colgate reviews China’s Darlie brand amid race debate

Colgate reviews China’s Darlie brand amid race debate

Colgate-Palmolive is reviewing Chinese toothpaste brand Darlie as firms reassess race stereotypes in products. The popular Chinese brand features a caricature of a man with blackface make-up and the name translates as “black person toothpaste”. It is owned by Colgate and its joint venture partner Hawley & Hazel and sold widely across Asia. A string […]

Have we become too reliant on Big Tech firms?

Have we become too reliant on Big Tech firms?

“We wouldn’t have survived without Amazon,” says Keith Ingram, owner of vinyl records shop Assai Records. When lockdown hit on 23 March in the UK, Mr Ingram had to shut his shops in Edinburgh and Dundee, and sell his stock through Amazon Marketplace. Now, his sales are 40% higher than last year. “Without Amazon, we […]

UK debt now larger than size of whole economy

UK debt now larger than size of whole economy

The UK’s debt is now worth more than its economy after the government borrowed a record amount in May. The £55.2bn figure was nine times higher than in May last year and the highest since records began in 1993. The borrowing splurge sent total government debt surging to £1.95trn, exceeding the size of the economy […]

China’s JD.com raises almost $4bn in Hong Kong share sale

China’s JD.com raises almost $4bn in Hong Kong share sale

China’s second largest online retailer JD.com has raised almost $4bn (£3.2bn) after making its Hong Kong Stock Exchange debut on Thursday. Its shares jumped by more than 5% after listing, marking the second-largest share sale this year. The move comes as pressure grows in the US on Chinese companies amid escalating tensions between the two […]

Tesco sells Polish supermarket business

Tesco sells Polish supermarket business

Tesco has agreed to sell its business in Poland as it continues to scale back its international operations. The UK supermarket giant is selling its 301-store Polish business to Danish retail group Salling Group for £181m. It said the sale would allow it to focus on its central European markets of Czech Republic, Hungary and […]