Money blog: US fast food chain to open 60 restaurants in UK - with dish you have to sign waiver to eat (2024)

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  • Dyson to cut 1,000 UK jobs following global workforce review
  • Price of a cuppa could rise as tea leaves cost up 20% in a week
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11:42:36

US fast food chain backed by Drake and Usher to open 60 restaurants in the UK

Move out the way Chick-fil-A, another viral American fast food chain is about to launch in the UK.

Dave's Hot Chicken has announced it will open restaurants in 60 locations across the UK and Ireland, with the first coming early next year.

The social media sensation is known for its jumbo chicken sliders, sliders and bites.

They can each be ordered in seven different spice levels from no spice to reaper, which is so hot you have to sign a waiver to eat it.

"We know there is an opportunity to make Dave's Hot Chicken one of the iconic restaurant brands, and we do that by partnering with incredible operators, like Azzurri Group," said Bill Phelps, CEO of Dave's Hot Chicken.

"The flavour of Dave's Hot Chicken resonates across borders, and we're looking forward to the first UK store getting open soon."

The chain is coming to the UK after it signed an agreement with Azzurri Group - one of the country's biggest hospitality investment platforms.

The group already operates Italian restaurants Zizzi, Ask Italian, and Coco di Mama as well as the fast casual Mexican restaurant Boojum.

Dave's Hot Chicken was originally founded by three friends DaveKopushyan, Arman Oganesyan and Tommy Rubenyan, who spent $900 to launch in a car park in 2017.

Since then, it has grown rapidly with more than 200 restaurants now open across the US.

It has also garnered the attention of famous investors like singers Drake and Usher, and actor Samuel L Jackson.

The move to the UK comes after a recent expansion by Popeyes and an upcoming launch by Chick-fil-A.

19:03:01

EE launches subscription service to spot scam calls

EE has launched a subscription service designed to protect users from nuisance calls and scams.

Called Scam Guard, the system will use AI to spot likely spam calls and alert users to them.

It will also notify the owner if their personal information has been found on the dark web, and offer tips on how to secure any in-danger accounts.

Anti-virus and malware protection for two devices and tools for stronger password creation can be included as well.

The mobile operator is offering the service to pay-monthly phone customers, starting from £1 a month.

EE, which is part of the BT Group, said it hoped the system would eliminate the stress of cybersecurity and educate users on the subject.

It comes after government research published earlier this year showed 40% of crime committed across the UK was fraud-based, and almost all phone users experienced nuisance calls on a regular basis.

"We have always prioritised the protection of our customers and our investment in Scam Guard is something we are all incredibly proud of," said Helen Burrows, policy director for BT.

"This is something we take seriously, and while we already block an impressive number of scams, there is always more that we can do. Scam Guard covers all bases, so customers can feel safer on our network."

16:47:01

Aldi to open 10 UK stores this summer - here's where

Aldi will open 10 new stores across the UK this summer.

The German supermarket chain has already opened stores in Skelmersdale in Lancashire, Newport in Wales, Castle Gresley in Derbyshire, Goole in Yorkshire and High Wycombe in Buckinghamshire this year.

And it is now set to open sites in Waltham Cross in Hertfordshire, and Olney Park in Milton Keynes, in the next month.

Towns such as Aberdare in Wales, Broughty Ferry in Dundee and Leytonstone in London are also set to open new stores.

In total, the UK's fourth-largest supermarket is on track to open 35 new stores this year, with each creating around 40 new jobs on average.

The openings form part of Aldi's long-term target of 1,500 stores in the UK.

Jonathan Neale, real estate managing director at Aldi UK, said the store wanted to "ensure that high quality yet affordable food is available to everyone" and that was why the chain would "expand across the UK".

Where will the new branches be opening?

  • Waltham Cross, Hertfordshire
  • Olney Park, Milton Keynes
  • Aberdare, Wales
  • Broughty Ferry, Dundee
  • Leytonstone, London
  • Beckton, London
  • Middleton, Leeds
  • Rugeley, Staffordshire
  • Gosforth, Tyne and Wear
  • Holloway Road, London
  • Shepshed, Leicester

15:02:01

Over half a million pensioners still paying off their mortgages

Over half a million pensioners are still paying off their mortgages, research shows.

In its survey of 2,000 people over 50, the financial services firm SunLife found that retired mortgage holders still owed more than£30,000 on average.

Data found that of the 68% that were homeowners, 23% were still paying off their mortgage.

And while 87% of those with outstanding mortgages were still working, the research showed that 13% of those still paying off their mortgages were retired.

This means that of all retirees in the UK, 7% - the equivalent of just over 500,000 older people - may still be paying monthly mortgage payments.

On average, these retired mortgage holders still owe £33,627.

The data follows a recent Bank of England report which revealed nearly half of all mortgages issued in the last three months of 2023 were for 30 years or longer.

Last month, worried homeowners told the Money team they would have to work longer and later in life to pay their mortgages.

You can read more here...

13:25:01

Thames Water prepares debt plan | Hotel chain told to remove ad claim | Card spending falls for first time in three years

Crisis-hit Thames Water has warned its cash remains on track to run dry by the end of May next year due to a lack of new investment, forcing it to prepare a plan for its lenders.

The country's biggest water company, which serves almost a quarter of the population, previously said it had £2.4bn of liquidity as of the end of March.

The company said on Tuesday that the sum had fallen to £1.8bn by the end of June.

Cash-strapped Thames Water has been struggling to secure fresh funds from existing shareholders after they withdrew promised investment of £500m amid a funding row with the industry regulator.

Read more from our business news reporter James Sillars below...

The UK's largest hotel brand has had to change its marketing after a complaint to the advertising regulator - removing claims which said buying early means getting the best price.

The complaint against Premier Inn was "informally resolved" by the Advertising Standards Authority (ASA), meaning the hotel chain agreed to amend the communication and details of the issue were not made public.

No formal ruling was published but the ASA told Sky News a complaint had challenged Premier Inn's claim that booking early gave the best deals on the basis the statement was misleading and could not be substantiated.

The ad in question said: "Book early to secure your choice of hotel and dates for the best price!"

Read more from our business news reporter Sarah Taafe-Maguire here...

Card spending fell last month for the first time in more than three years, according to Barclays.

It's the first time there's been a drop in card spending values since February 2021, the bank's June data showed.

The figures cover nearly 40% of the nation's credit and debit card transactions and combine it with consumer research.

It's due to a combination of prices rising less than before, as inflation weakened, and wet weather dampening clothes, pub and garden centre sales early in the month.

Read more...

12:59:39

Dyson to cut 1,000 UK jobs following global workforce review

Dyson has revealed plans for 1,000 job losses in the UK.

The manufacturer of innovative vacuum cleaners and other products said the cuts, which amount to more than a quarter of its UK workforce, followed a review of its global workforce needs.

It is understood that the redundancies are not linked to the general election as the process had begun beforehand.

The company's founder Sir James Dyson had previously beencritical of the Conservative government's approach to economic growth and science.

Follow this breaking story here...

12:59:32

10:28:13

Popular holiday destination approves £634 fine for weeing in the sea - then issues clarification

Is it an infringement of hygiene regulations, or just a drop in the ocean?

Well, those who are caught relieving themselves in the sea in Marbella could seemingly be fined a hefty €750 (£634).

In new plans to help clean up the Costa del Sol, fines could be levied on beach-goers who are found guilty of "physiological evacuation in the sea and on the beach".

The wording of the by-law has given rise to ridicule in Spain, with many questioning just how it would be policed.

A spokesperson for the city council has since moved to clarify the proposals, saying they referred to the fact people might urinate into the sea from the shore.

"The by-law does not impose a sanction for peeing in the sea," they said in anemail to The Guardian.

"It will not be applicable. The by-law regulates possible antisocial infractions on the beach, just as any such acts are regulated in any public space such as on the city's streets."

The rules have been approved by Malaga's council but need to pass a public consultation before becoming law.

Taking in 25 different beaches in the Malaga municipality, the rules aim to bring a halt to a practice dubbed "an infringement of hygiene and sanitary regulations".

Under the rules, repeat offenders caught more than once in the space of a year could face a fine of up to €1,500 (£1,270).

09:22:53

Price of a cuppa could rise as tea leaves cost up 20% in a week

Things have just started looking up, inflation is under control, an interest rate cut could come next month, but tea leaf production in India is about to throw a spanner in the works.

The price of a cuppa could be about to rise after harvests in places across the country were drastically reduced by extreme weather events - including floods and heatwaves.

As a result, it's predicted average tea prices this year could be 16% to 20% higher than in 2023.

In the last week of June, the typical price of Indian tea leaves rose to more than £2 per kg - a near 20% increase, according to the Tea Board.

A government ban on 20 pesticides has also had an impact.

More than half of India's total tea production is plucked
during July to October.

"Extreme weather events are hurting tea production. Excessive heat in May, followed by ongoing flooding in Assam, are reducing output," said Prabhat Bezboruah, a senior tea planter and former chairman of India's Tea Board.

The country produced a record 1.394 billion kg of tea in 2023, but in 2024 production could fall by around 100 million kg, he warned.

India's tea production in May plunged more than 30% from a year earlier to 90.92 million kg - its lowest for that month in more than a decade.

In June, production improved slightly thanks to good rainfall, but flooding in July limited plucking in many districts of Assam.

The region accounts for more than half the country's tea output, and the UK is India's top export destination.

And, we are a nation of tea drinkers - consuming around 100 million cups a day.

The average price of a packet of 80 tea bags costs £2.64 - up from £2.38 last year, according to the Office for National Statistics.

Of course, the extent of the price increases depends on a variety of factors, including how much manufacturers and retailers will absorb and if tea supply contracts are due to expire.

09:08:31

Investors eagerly awaiting remarks in Washington that could hint a US interest rate cut is coming

By James Sillars, business news reporter

The FTSE 100 is in positive territory on Tuesday morning despite a hefty drag from BP.

The index was trading 0.2% higher at 8,212, with miners among the sectors leading the way.

BP was down by more than 2% after it warned of a hit to second quarter profits due to weaker refining margins and oil trading.

Among wider fallers in London was Indivior.

Its shares plunged by more than a third. The drugmaker revealed at 7am that it had lowered its annual profit forecast, not aided by the fact it would discontinue the sale of its schizophrenia drug Perseris.

Global share performance today may well depend on remarks in Washington DC.

Investors are eagerly awaiting evidence to a Senate committee by chair of the Federal Reserve Jay Powell this afternoon.

Any hint that the central bank has moved closer to a US interest rate cut will be seen positively.

Money blog: US fast food chain to open 60 restaurants in UK - with dish you have to sign waiver to eat (2024)
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