Business

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 …

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 …

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 …

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 …

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 …

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 …

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. …

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 …

Karachi: Neem Paymenow is proud to announce a landmark partnership with K-Electric (KE), Pakistan’s only vertically integrated power utility, to provide Shariah-compliant earned-wage access to K-Electric employees. K-Electric serves more than 3.8 million customers across a vast network. These individuals are not only skilled professionals but essential community heroes who repair faults, maintain complex systems, and respond to urgent issues …

One pub a day closed permanently across England and Wales during 2025, underlining the mounting pressure facing Britain’s hospitality sector as rising costs continue to bite. Analysis of government data shows that 366 pubs were either demolished or converted for alternative uses in the year to December, equating to an average of one irreversible closure every 24 hours. The figures, …