Shoplifting is on the rise in the UK, with thieves adding an extra 6p to the cost of every basket in corner shops, according to figures from the Association of Convenience Stores. Repeat offenders, who know there is a low chance of prosecution, are responsible for 63% of thefts. Shopkeepers say the situation is getting worse and are struggling to afford essentials as inflation pushes up prices. The corner store sector has lost a staggering £125 million to shoplifting in the past year alone.
Retailers Appeal for Help as Shoplifting Epidemic Hits
The Federation of Independent Retailers and the Independent Retailers Association have written to policing minister Chris Philp, asking for a £1,500 grant per retailer to pay for security systems. The rise in shoplifting is costing retailers significantly, with every transaction now carrying a "6p crime tax." The situation is taking a toll on shopkeepers' lives and is impacting their ability to run their businesses smoothly.
Sterling's Slide Continues as Pound Hits 6-Month Low Against Dollar
The pound has reached a six-month low against the dollar, raising concerns among money markets. Investors fear further interest rate rises, which could lead to a recession, and dent the support for sterling. Analysts at Goldman Sachs predict that the pound could fall to $1.18, causing difficulties for tourists and increasing import costs.
ASOS Profits Take a Hit Due to Soggy Summer Sales
Online retailer ASOS has lowered its profit guidance after a disappointing summer. The company reported a 15% decrease in sales over the past three months. ASOS blames the poor performance on the lack of demand for dresses and holiday outfits due to the wet weather. The company has adjusted its strategy, using more UK suppliers to respond quickly to fashion trends.
Big Tech Exploiting Authors' Work with AI Piracy
A group of prominent authors has launched a class-action lawsuit against OpenAI for pirating their works to train artificial intelligence chatbots. The lawsuit alleges that big tech companies are exploiting authors' work without providing any compensation. Journalist Sathan Sanghera calls out the unethical practices and lack of payment for authors' contributions.
Irn Bru Sales and Profits Soar Despite Price Hike
AG BARR, the maker of Irn Bru, has reported a 12.6% increase in pre-tax profits and a 33% rise in sales over the past six months. The company has raised the price of its popular soft drink since the introduction of the sugar tax, but loyal fans have continued to support the brand. AG BARR has also gained market share across its other soft drinks, including Boost energy drinks and Rubicon juices.
Fixer-Upper Properties in High Demand as Buyers Seek Affordability
Cheaper fixer-upper homes are in high demand as buyers look for more affordable options. A study of property listings on Rightmove reveals that renovated homes are listed with a 19% premium compared to homes in need of renovation. The average price of a fixer-upper home is £29,000 cheaper than the national average, making them an attractive option for buyers looking to save.
Meta Pays £149m to Exit London Office Lease
Meta, the company behind Facebook, has paid £149 million to exit one of its London offices. The decision comes as Meta's CEO, Mark Zuckerberg, has been cutting jobs and surrendering office spaces in the wake of the pandemic. Meta paid the equivalent of seven years' rent to terminate its lease early. Zuckerberg has also recently announced that employees are expected to be in the office three days a week.
