Asda to sell stores only to rent them back as it struggles with debt pile

Ovo, a struggling energy supplier, has announced plans to cut hundreds of jobs as part of a restructuring effort amid ongoing financial difficulties. This decision reflects the company's attempts to navigate a challenging market environment and reduce operational costs.

The owner of the Daily Mail is reportedly in negotiations to acquire the Telegraph titles for £500 million, indicating a significant potential shift in the UK media landscape. This move comes amid ongoing discussions about the future ownership of major news outlets in the country.

Government borrowing has risen unexpectedly, with official figures indicating that consumers are spending less than anticipated. This trend raises concerns about the fiscal health of the government as it navigates ongoing economic challenges.

The energy minister has stated that households and businesses will have to wait for a significant reduction in energy bills, emphasizing that there are no shortcuts to lowering prices. This announcement comes alongside a rise in the price cap, indicating ongoing challenges in the energy market.

Asda is set to raise £568 million by selling 24 stores and a distribution center, which will be leased back. This move is seen as a sign of weakness as the supermarket continues to lose market share and sales decline, despite efforts to attract customers through price cuts and store improvements. The Leeds-based retailer is expected to announce its quarterly results next week.

Global stock markets have seen a rally following positive results from a leading AI chip maker, which has reassured investors about the demand for artificial intelligence technologies and the potential returns for companies in this sector. Despite this positive sentiment, concerns about a potential bubble in AI valuations persist.