China’s electric vehicle champion BYD is on course to overtake Tesla as the world’s biggest seller of battery-electric cars, marking a symbolic shift in the global EV race. The Shenzhen-based group said annual sales of its battery-powered vehicles jumped by almost 28 per cent last year to more than 2.25 million units. By contrast, Tesla is expected to report full-year sales of around 1.65 million vehicles when it releases its 2025 figures later on Friday,...
London taxi fares are set to rise after the government moved to close a long-standing VAT loophole used by ride-hailing platforms, a decision expected to raise around £700 million a year for the Exchequer. The change, announced by Chancellor Rachel Reeves in November’s Budget, will hit companies such as Uber and Bolt, which have previously used a tax scheme intended for tour operators to reduce their VAT bills. Ministers argue the move will level the...
Ikea is accelerating its shift towards smaller city-centre stores in Britain, as rising property taxes and changing shopping habits blunt the appeal of traditional out-of-town megastores. Peter Jelkeby, the outgoing chief executive of Ikea UK and Ireland, said the Swedish retailer would focus future expansion on compact urban formats after strong trading at its new Oxford Street flagship and central Brighton store. The strategy represents a clear move away from Ikea’s historic “big box” warehouse...
The ambition to turn the Oxford–Cambridge corridor into “Europe’s Silicon Valley” is in danger of stalling unless the government accelerates delivery of long-promised infrastructure, business leaders have warned. A coalition of major companies, universities and investors has written to Rachel Reeves urging faster progress on transport and planning commitments for the so-called OxCam supercluster, amid growing concern that delays to the East West Rail project are undermining investor confidence. The warning comes in a report...
Beyoncé has officially become a billionaire, according to Forbes, cementing her status as one of the most commercially successful musicians of all time. The American superstar is now the fifth musician to be recognised by Forbes as having amassed a ten-figure fortune, joining an elite group that includes Taylor Swift, Rihanna, Bruce Springsteen, and her husband Jay-Z, whose net worth Forbes estimates at $2.5bn (£1.85bn). Earlier this month, Forbes valued Beyoncé at $800m (£593m), but...
The upmarket fashion retailer LK Bennett is on the brink of collapse for the second time in six years after filing an application to appoint administrators. Court filings show the business submitted papers to the High Court on Tuesday, signalling that efforts to secure fresh funding or a buyer may have failed. The move puts around 280 jobs at risk across the group. Founded in 1990 by Linda Bennett, LK Bennett became synonymous with polished British...
The UK motor finance arm of Mercedes-Benz has plunged into a £365 million loss after setting aside hundreds of millions of pounds to cover potential compensation linked to the mis-selling of car loans. Accounts filed for Mercedes-Benz Financial Services UK, based in Milton Keynes, show the business swung to a £364.6 million loss in 2024, compared with a £69.6 million profit the previous year, after booking additional charges related to improperly disclosed commission arrangements. The...
UK ministers are facing renewed pressure to tighten restrictions on gambling advertising, after new polling revealed strong public support for a far tougher approach to promotions and sponsorship. Gambling regulation has been the subject of increasingly heated debate in recent years, with governments introducing tighter controls on online slots, higher industry taxes and a statutory levy to fund addiction treatment. However, advertising rules have remained largely untouched, despite the scale of promotional activity rising sharply...
President Donald Trump spent the first year of his second White House term signing a torrent of executive orders aimed at delivering on several major policy priorities, including slashing federal agency budgets and staffing, implementing a hard-line immigration crackdown and invoking emergency authority to impose steep tariffs on nearly every U.S. trading partner. The pace of Trump’s executive actions has far outstripped that of his predecessors, allowing the administration to move quickly on campaign promises....
As 2025 ends, tensions between China and Taiwan are higher — and more overt — than at any point in recent years, fueled by expanded U.S. military support for Taipei, increasingly bold warnings from regional allies, and Chinese military drills that look less like symbolism and more like rehearsal. Beijing has spent the year steadily increasing pressure on Taiwan through large-scale military exercises, air and naval incursions, and pointed political messaging, while Washington and its...
