Royal Mail still missing delivery targets after sale to Czech tycoon Křetínský

Royal Mail missed its targets by delivering nearly a quarter of first class mail late in the first update since its parent company was bought by a Czech billionaire, figures show.The company said on Friday it had delivered 75.9% of first class mail within one working day of collection in the three months to 29 June, up from 74.2% the previous quarter but well behind the 93% target set by the regulator, Ofcom.Its performance on second class was “broadly stable”, with 89

Fed chair Jerome Powell signals interest rate cuts amid Trump attacks

The Federal Reserve is gearing up to resume cuts to interest rates, its chair, Jerome Powell, has signaled, as he warned that Donald Trump’s tariffs and immigration crackdown had roiled the global economy and hit the US workforce.For months, Powell has ignored demands from the president to cut interest rates and defied Trump’s calls to resign. But as the president ramps up his extraordinary attack on the Fed’s independence, Powell suggested on Friday that central bank officials are considering a rate cut.“With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” Powell said in a closely scrutinized speech at a Jackson Hole symposium in Wyoming on Friday, highlighting a “challenging” dichotomy of risks: that Trump’s tariffs might increase inflation, while his immigration policies knock the US labor market.Wall Street rose sharply after the address, with the benchmark S&P 500 gaining 1

Wes Streeting’s row with pharma firms grows as they reject NHS drug pricing offer

A row between Wes Streeting and pharmaceutical companies has intensified after drugmakers rejected the health secretary’s latest offer on NHS drug pricing.The two sides failed to reach agreement by a midday deadline on Friday, meaning the mechanism under which the health service claws back some of the money it pays for medicines will continue at a rate the industry said was “unsustainable” and could ultimately disadvantage patients.At the heart of the dispute is the voluntary scheme for branded medicines pricing, access and growth (VPAG), under which pharma companies agree the amount of revenues from drug sales to the NHS they have to pay back.The two sides have been in acrimonious negotiations for months after the government raised the rate last December unexpectedly to almost 23% for 2025 for newer medicines.It is understood that Streeting had made an ultimatum that if the industry did not accept his latest “generous” offer on pricing then the arrangement would continue unamended and on Friday that scenario came to pass

‘Hopelessly insolvent’: how ‘saviour of steel’ Sanjeev Gupta’s global empire unravelled

A disparate collection of steelworks in Australia, the UK, Romania and the Czech Republic at the start of the year had two things in common: they were part of the metals empire of Sanjeev Gupta, and they had fallen silent.The idling plants were emblematic of the tycoon’s struggles. Born in India before starting a commodities trading business at university, Gupta was once nicknamed the “saviour of steel” for his plans to turn around struggling plants. Yet things looked very different this week, as he finally lost control of one of his key UK businesses.London’s high court ruled on Thursday that Speciality Steel UK (SSUK), a key operating subsidiary, should enter compulsory liquidation as it was “hopelessly insolvent”, with debts of several hundred million pounds but only £650,000 in its account

Government to cover pay and pensions at collapsed South Yorkshire steelworks

Workers at the UK’s third-largest steelworks, in South Yorkshire, have been assured that they will receive their pay for August as well as unpaid pension contributions after a government-appointed special manager took over the collapsed company.Liberty Steel’s main British business, Speciality Steel UK (SSUK), was put into administration on Thursday afternoon after a high court judge ruled that it was insolvent and that its owner, the metals tycoon Sanjeev Gupta, had no prospects of repaying debts of several hundred million pounds.The judge approved an application by the government’s official receiver, a representative tasked with winding up insolvent companies, to appoint special managers from the advisory company Teneo. A Teneo senior managing director was in court on Thursday, and made contact with Liberty Steel executives immediately after the hearing.Concerned union leaders representing SSUK’s 1,450 workers met the special managers last night, seeking assurances particularly on pay and pensions, as well as on when operations could restart at sites including Rotherham and Stocksbridge in South Yorkshire, after a year without work

OnlyFans owner paid $701m in dividends as platform readies for potential sale

The owner of OnlyFans was paid $701m (£523m) in dividends last year as the subscription service best known for offering adult content positions itself for a potential multibillion-dollar sale.The payment to Leonid Radvinsky, the Ukrainian-American entrepreneur behind the streaming platform, adds to the more than $1bn in dividends he has already received from the business as he profits from connecting porn stars and celebrities more directly with their audiences.OnlyFans accounts show it paid $497m in dividends to its parent, Fenix International, which is owned by Radvinsky, in 2024, up from $472m in its 2023 financial year. The business paid a further $204m to its owner in five tranches over the course of December to April.The UK-based company reported revenue of $1