BUSINESS EXTRA AI mistrust

Rescue op

ONLINE fashion firm Asos is raising £80 million (€93.2 million) from shareholders and borrowing £275 million (€320 million) from Bantry Bay Capital, which recently bailed out Superdry. Following £291million (€339 million) losses, the funding would give it “financial headroom” to return to profitability, Asos said.

Getting lower

SPAIN’S Consumer Price Index (IPC) stood at 3.2 per cent in May, nine­10ths below April’s 4.1 per cent rate, the Institute of National Statistics (INE) announced, the lowest since July 2021’s 2.9 per cent. The reduction was due to the moderation in food prices and lower fuel prices, INE said.

Top earner

ALEX MAHON, chief executive of Channel 4 which narrowly avoided privatisation last year, could receive the channel’s highest­ever annual income. Mahon, who received a total of £1.2 million (€1.4 million) in 2021, could receive approximately £1.4 million (€1.6 million) if she has met 2022’s top performance targets.

New faces

TELEFONICA added another three directors to the board of its Telefonica Audiovisual Digital (TAD) subsidiary, which is responsible for paid television channel Movistar Plus productions and key areas including the purchase of audio­visual rights. This was TAD’s second major renewal in the last two years.

Powering down

ROLLS­ROYCE is planning cuts that could see the loss of around 3,000 jobs as the engineering giant revealed that it intended to transform “several areas” of the business. The announcement followed reports that the company has plans to merge several departments “to improve organisational efficiencies.”

MORE than 99 per cent of products from Australia and New Zealand are now UK duty­free.

UK businesses can sell more easily to Australia and New Zealand thanks to the trade deals, the first negotiated from scratch since Brexit.

Under the deals’ terms, tariffs on all UK goods exported to Australia and New Zealand will be removed.

This unlocks unprecedented access to these markets, slashes red tape for digital trade and work visas while reducing prices for favourites with UK consumers.

The deals will deliver an