BUSINESS LIVE: GSK raises steerage; Next exceeds forecasts

(PA) – The former boss of earlier National Lottery operator Camelot has been named as the brand new interim chairman of the scandal-hit Post Office.

Business Secretary Kemi Badenoch appointed Nigel Railton to the put up, changing Henry Staunton – who was sacked in January.

The Government stated Mr Railton will take up the position on the state-owned Post Office “as soon as possible”, following pre-appointment checks.

It stated he has the required expertise of “transforming organisations” to tackle the position.

The former chief government of Camelot, which handed over the working of the National Lottery to Allwyn in February after shedding the licence, will tackle the job because the Post Office seems to pay long-delayed compensation to victims of the Horizon IT scandal.

It comes because the Post Office is topic to an ongoing public inquiry into the affair, which noticed tons of of harmless subpostmasters wrongly convicted on account of defective Horizon software program.

Ms Badenoch stated: “Nigel has the necessary experience to lead an organisation as large and complex as the Post Office and I’m confident he will work well with the leadership team to implement the change that is required in the organisation.

“The Government is dedicated to delivering justice for the postmasters, but additionally fulfil our duties to Post Office employees.”

House prices fell for the second month in a row, according to Nationwide, with rising mortgage rates putting off many would-be buyers.

The average UK home fell in value by 0.4 per cent in April, following a 0.2 per cent fall in March, according to Nationwide, taking account of seasonal effects.

Ministers were last night accused of ‘watering down’ proposals to make it harder for big tech firms to frustrate the competition watchdog.

The Digital Markets, Competition and Consumers Bill seeks to introduce a ‘pro-competition regime’ which will address the ‘far-reaching market power of a small number of tech firms’, such as Google and Apple.

GSK has increased its annual profit forecast amid strong demand for its shingles and common respiratory virus vaccines.

The drugmaker expects annual core operating profit growth of nine per cent to 11 per cent, up from a previous forecast of seven per cent to 10 per cent.

Leading European car makers have posted a slump in profits as demand for electric vehicles (EVs) stalls.

Volkswagen and Mercedes-Benz said they were seeing a sluggish appetite for fully electric cars as drivers revert to petrol or hybrid models.

Amazon raked in sales of £1.25billion a day at the start of the year as it cashed in on demand for artificial intelligence technology.

The company said revenues hit £115billion in the first three months of 2024.

With the FTSE 100 achieving record highs and notching up a second consecutive month of gains in April, it looks like investment firms have been reaping the rewards.

Hargreaves Lansdown issued a strong quarterly trading update highlighting good momentum through Isa season into the new tax year.

Pessimism about the economy is ‘in retreat’ as business confidence returns and mortgage lending bounces back.

In an upbeat survey published today, the Institute of Directors (IoD) said its economic confidence index is at its highest level since May last year.

The Duke of West- minster’s property company paid out over £50million in dividends – despite posting an annual loss.

Grosvenor, which owns large parts of London’s Mayfair and Belgravia, notched up losses of £28.6million in 2023, having made a profit of £110.4million the year before.

Deltic Energy has lashed out at the UK’s ‘hostile political environment’ as it warned it may have to pull out of a major North Sea project.

Shares in the Aim-listed exploration company plunged by 47 per cent, or 18.1p, to 20.4p on the update, which related to Deltic’s 30 per cent stake in the Pensacola well, which is majority-owned and operated by Shell.

Anglo American’s chairman has vowed to meet with shareholders to discuss a looming takeover battle for the miner.

City grandee Stuart Chambers, who has form selling off blue-chip companies, yesterday said he will hold talks with the firm’s top 30 investors.

The pound at 8am was $1.2469 in comparison with $1.2516 on the earlier shut.