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Formula 1 sprint races: 2022 compromise proposed in attempt to break impasse

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Formula 1 has put forward a compromise proposal in an attempt to break the impasse over sprint qualifying races for this season. F1 had agreed in principle with the teams to double the number of sprint events to six in 2022, but a stand-off developed over the financial terms. F1 has now proposed to hold only three sprint weekends on similar commercial terms to last year’s inaugural events. The new plan will go ahead only if eight of the 10 teams approve it. The ‘sprint’ format was a new approach to an F1 weekend that was trialled at the British,

Interest rates rise again in bid to cool soaring prices

Interest rates have risen for the second time in three months as the Bank of England tries to curb a rapid rise in the cost of living. The hike to 0.5% from 0.25% came as the Bank warned that price rises could speed up. Prices are expected to climb faster than pay, putting the biggest squeeze on household finances in decades. It comes as the chancellor unveiled a support package to help households cope with a 54% jump in energy bills. Rising gas and electricity costs are the main factors pushing up prices across the economy. Inflation, as measured by

Backlash after Bank boss says don’t ask for big pay rise

Unions have reacted with fury after the Bank of England boss urged workers not to ask for big pay rises, to help stop prices rising out of control. Andrew Bailey told the BBC wage rises needed to be moderate with firms showing “restraint” in pay talks. When asked whether the Bank was asking workers not to demand big pay rises, Mr Bailey, said: “Broadly, yes.” Downing Street and the Treasury distanced themselves from Mr Bailey’s comments. The GMB union branded the comments a “sick joke”, while the TUC said calls for pay restraint were “ill-founded”. “Telling the hard-working people who

Amazon raises US price for Prime as profits jump

Amazon is raising the price of its Prime service for US customers after reporting record sales and profits. The e-commerce giant said it was hiking the price by 17% to $139 for annual membership. The firm, which cited increased wage and shipping costs, said it had no announcements to make about other countries “at this time”. It is the first increase since 2018 for Prime, which gives subscribers access to benefits like faster shipping. More than 200 million people globally pay for the service, many of them in the US. Amazon shares soared almost 15% in after hours trade on

Facebook owner Meta sees biggest ever stock market loss

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Facebook’s owner Meta Platforms saw its stock market value slump by more than $230bn (£169bn) on Thursday, in a record daily loss for a US firm. Its shares fell 26.4% after quarterly figures disappointed investors. Meta also said that Facebook’s daily active users (DAUs) had dropped for the first time in its 18-year history. The company’s share price slide saw chief executive Mark Zuckerberg’s net worth fall by $31bn, according to the Bloomberg Billionaires Index. The drop in Mr Zuckerberg’s personal fortune was equivalent to the annual gross domestic product of Estonia. Even after that drop, Mr Zuckerberg has an

US jobs growth stronger than expected as economy shrugs off Omicron

The US saw strong hiring last month, despite disruption caused by the Omicron variant of coronavirus. Employers added 467,000 jobs, the Labor Department said. That was far better than analysts had predicted. The jobless rate inched up from 3.9% in December to 4%, but that was due to more people looking for work. Analysts said the robust job creation was likely to add to the pressure on the US central bank to raise interest rates next month. The monthly survey also revised up its estimates for hiring in December, providing more support for those who say the economy will remain

Can tourism ease the inflation pressure in Turkey?

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Inflation is a battle people all over the world are fighting. But the struggle is particularly acute in Turkey where people are finding it increasingly difficult to make ends meet. They are making tough decisions about what they can afford and how they budget. A mix of soaring inflation and a currency that’s lost nearly half its value has created a cost of living crisis in the country. Inflation surged to 48.7% in January, after reaching 36% in December. But some economists think the actual rate could be much higher. “There are groups of academics who have come up with

Tesla recalls cars that may roll past stop signs

Tesla is recalling nearly 54,000 vehicles because a software feature lets them roll through stop signs. The company will issue an over-the-air software update that disables the Full Self-Driving Beta (FSDB) “rolling stop” function. Elon Musk, the firm’s chief executive tweeted that there were no safety issues and the cars just slowed down. All-way stop signs, common on North American roads, require drivers to halt completely, before proceeding. According to the National Highway Traffic Safety Administration (NHTSA): “Failing to stop at a stop sign can increase the risk of a crash.” In recall documents, the electric vehicle maker notes that if certain

Meta: Daily active users fall for first time in 18-year history

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Social media giant Facebook has seen its daily active users (DAUs) drop for the first time in its 18-year history. Facebook’s owner Meta Platforms says DAUs fell to 1.929bn in the three months to the end of December, compared to 1.930bn in the previous quarter. The firm also warned of slowing revenue growth in the face of competition from rivals like TikTok and YouTube, while advertisers are also cutting spending. Meta’s shares slumped by more than 20% in after-hours trading in New York. The slide in Meta’s share price wiped around $200bn (£147.5bn) off the company’s stock market value. Shares

Spotify boss says too early to know Joe Rogan row impact

Spotify’s boss says it is “too early to know” how the controversy over Joe Rogan’s podcast, which averages 11m listeners an episode, has hit the firm. Musicians, including Neil Young and Joni Mitchell, asked for their music to be removed from the platform after criticism that the US broadcaster has helped to spread Covid misinformation. It comes as Spotify projected slower subscriber growth for this quarter. The streaming company’s shares fell by more than 10% in after-hours trading. “Usually when we’ve had controversies in the past, those are measured in months, not days,” Spotify’s chief executive Daniel Ek told investors.

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