Citi's Polish unit to sell consumer banking business to Velobank
May 27 (Reuters) - Citigroup (C.N), opens new tab said on Tuesday its Polish unit has agreed to sell its consumer banking business in the country to Velobank, as the Wall Street giant nears the end of a years-long effort to exit non-core retail banking markets.
The third-largest U.S. lender added that while the transaction is financially immaterial to the company, it is expected to result in a modest regulatory capital benefit at closing.
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Telegraph
31 minutes ago
- Telegraph
Rachel Reeves is leaving Britain defenceless
Last week, the Prime Minister said that we 'need to see the biggest shift in mindset in my lifetime: to put security and defence front and centre – to make it the fundamental organising principle of government'. The unfolding crisis in the Middle East underscores the need to do so. Now, more than ever, our national security must be the Government's overriding priority, trampling on any other competing demands for government money and ministers' time. But it isn't. This noble organising principle seems not to apply where it matters most: the Government's economic strategy. In her spending review this week, the Chancellor gave us her own definition of security: 'securonomics'. This ugly word, reeking of socialist greyness and uniformity, means – to quote Rachel Reeves – 'government must step up to provide security for working people and resilience for our national economy.' She is right about the need for economic resilience. For years, it has been clear that, in a turbulent world, the scale and structure of debt, combined with anaemic growth, makes our economy highly vulnerable to global shocks. Yet instead of rebuilding a fiscal buffer, the Chancellor has left us with a fiscal wafer so thin it could crack at the merest tap. Instead of bringing debt down, it will be higher at the end of the Parliament than today – and the cost of servicing it is already more than we spend on defence. And instead of supporting growth – critical to everything – the Government has suffocated it with higher taxes. Next, how has the Chancellor helped deliver 'security for working people'? For most working people, job security – the ability to find and keep a steady job – is key. Yet job insecurity is rising. By raising National Insurance on employers – a £25bn jobs tax – Rachel Reeves has provoked the biggest fall in employment in five years. Unemployment is ticking up. The broader definition of 'security' obviously encompasses our nation's defence. Although defence spending is set to rise to 2.5 per cent GDP during this Parliament, this is clearly not enough. At the upcoming Nato summit, the UK will be pressed to raise it to at least 3.5 per cent. But in Wednesday's spending review, what was the Chancellor's 'choice'? To give the NHS, not defence, a bigger slice of government largesse. 90 per cent of the total increase in spending from 2025-6 will go to health. The NHS will see a record cash investment: real-terms, day to day spending is set to increase by 3 per cent per year, costing an extra £29 billion. A government that sees defence as the organising principle of government would not have made that choice. It would have made the case that we need to move from a state that prioritises welfare to one that prepares for warfare. And as part of a strategy to put debt on a gradual downward path, it would have made tough decisions on spending overall – starting with a reform of incapacity and disability benefits, which now cost more than the defence budget. Instead, as her speech took us from spending more on affordable homes, to car production to training to buses in Rochdale, the Chancellor disorganised her Downing Street neighbour's organising principle, showing it the respect Tracey Emin had for her bed. There is only one conclusion one can draw from all this. Last week, when the Prime Minister said we need to make security and defence 'the organising principle of government', he left off four words: 'for this week only'.
The Sun
an hour ago
- The Sun
Pizza Hut to make a HUGE change at all 136 dine-in restaurants with dozens of jobs sliced
PIZZA Hut is rolling out new digital ordering screens across all 136 of its dine-in restaurants, a move that could make over 100 staff members redundant. The pizza chain, which employs 3,000 staff, is set to cut 120 front-end roles as part of the shake-up. 1 The new terminals at the front of restaurants will make it quicker for customers to order. A letter to staff at risk of redundancy said: "Over the coming months we are introducing new customer-facing technologies across our restaurants, including digital ordering through QR codes and the installation of in-store kiosks. "These changes are designed to enhance the customer experience and allow guests to be more self-sufficient when dining with us." Other chains such as Wetherspoons and Nando's have already installed similar screens or offer QR code ordering from the table. Emily Curtis from DC London Pie, which owns Pizza Hut UK's dine-in restaurants, explained that the decision to cut jobs is due to more than 60% of in-store orders now being placed digitally. She said the company has invested heavily in new technologies to keep up with changing customer preferences. "As part of this journey, we are adapting our staffing model, particularly in our front-of-house teams," she added. "While these decisions are never easy, they are necessary to ensure we continue meeting customer expectations and stay competitive in an increasingly digital marketplace. "We are committed to supporting affected team members and will work closely with those impacted to help them find new opportunities within the wider Pizza Hut network." The dine-in arm of the restaurant was rescued by private equity firm Directional Capital, which created DC London Pie Ltd to take over the franchise. Major UK pub chain announces sweeping closures & job losses It saved 3,000 jobs and saw the closure of one restaurant. It is separate to the delivery side of the chain, which is owned by Yum! Brands, the US firm that owns KFC. Pizza Hut first arrived in the UK in 1973 and quickly became a favourite with diners. At its height, the chain operated over 260 restaurants nationwide, employing 10,000 staff and welcoming three million customers each month. Some of its most notable creations include the introduction of the pan pizza in 1980, the stuffed crust in 1995, and the re-launch of the pan pizza as the grand pan in 1998. Pan pizzas are baked in a deep, oil-coated dish, giving the crust a deliciously crispy, golden edge and a lightly fried texture on the bottom. Like many businesses, Pizza Hut faced challenges during the coronavirus pandemic. To manage its financial difficulties, the company entered into a Company Voluntary Arrangement (CVA) - a deal with lenders to cut costs and stay afloat. At the time, Pizza Hut had over 240 locations across the UK but was forced to close 29 branches as part of the restructuring plan. What are my rights if I'm made redundant? YOU are entitled to statutory redundancy pay if you have worked for your employer for two years or more. The statutory rate is based on your age, weekly pay and number of years in the job. You will get: Half a week's pay for each full year you worked aged under 22 One week's pay for each full year you worked aged 22 or older, but under 41 One and half week's pay for each full year you worked while aged 41 or older. You cannot be paid less than the statutory amount. If you were made redundant on or after April 6 2025, your weekly pay is capped at £719 and the maximum statutory redundancy pay you can get is £21,570. The government has a calculator on its website to help you work out how much you are owed. You may get more than this statutory amount if your employer has a redundancy scheme. HOSPITALITY WOES The hospitality sector has struggled to bounce back after the pandemic, facing challenges including soaring energy bills, inflation and staff shortages. In January 2023, Byron Burger fell into administration with owners saying it would result in the loss of over 200 jobs. Around 12 branches were saved in a rescue deal with Tristar Foods, which is owned by Calveton. The Restaurant Group (TRG), which owned Frankie & Benny's, Chiquito and Wagamama, shut dozens of sites in the same year. It then went on to sell its Frankie & Bennys and Chiquito brands to Cafe Rouge owner The Big Table group in September 2023. Italian restaurant chain Prezzo also closed dozens of sites in the same year. In April 2024, Tasty, the owners of Italian restaurant Wildwood and Dim T, a pan-Asian restaurant, announced plans to exit 20 loss-making restaurants. In the same month, Whitbread revealed plans to slash its chain of branded restaurants across the UK. Meanwhile, TGI Fridays was forced to close 35 locations immediately after falling into administration last October. However, 51 restaurants were rescued through a last-minute pre-pack deal with private equity firms Breal Capital and Calveton UK.
The Sun
an hour ago
- The Sun
Cheapest inflatable pools for UK hot weather from B&M and Wilko with prices slashed by up to 60%
THE UK is basking in sunny weather and what better way to enjoy the heat than splashing around in a paddling pool outside. Plenty of retailers are offering them on the cheap ahead of the weekend too. 7 From B&M to Very, Wilko to The Range, here are some of the cheapest we found online. It's worth bearing in mind, these are just the cheapest inflatable pools we could find and you might find the same ones, or similar, cheaper elsewhere. Use websites like Price Spy, Price Runner and Trolley to compare prices across thousands of products. B&M 7 Discounter B&M is selling a small Bestway summer set pool for £8 that's ideal for your little ones to splash around in. You won't be able to order it online as the retailer doesn't offer a home delivery service. You can find your nearest B&M branch via The paddling pool is over 1metre wide so not worth buying if you're looking for something a bit bigger. Shoppers will have to buy an air pump separately to pump up the three-ringed pool. Very Very has slashed the price of this rectangular paddling pool from £39.99 to £14.99 - around 62% off. Shoppers can order it via home delivery but will have to pay a small fee. Orders over £30 qualify for free delivery. The inflatable pool is designed for people aged six and over and measures 2.62m x 1.75m x 51cm. It also comes with a repair patch you can use to plug any holes. Wilko 7 Wilko is selling this interactive inflatable pool for £39.99 which measures 2m x 2.35m x 90cm. You can order via home delivery with fees starting from £4.99 while click and collect is free. You can find your nearest Wilko store via If you don't have a Wilko branch near you, The Range is also selling the same pool for £39.99. Denny Shop Denny Shop is selling a giant 10ft Jilong Inflatable Round Paddling Pool for just £29.99 that's big enough to fit the whole family. Shipping is free across the UK while shoppers can also choose a smaller 8ft size for £22.99. You can also buy both size pools with filters for £51.99 and £55.99, respectively. Denny Shop says it takes just 10 minutes to set up the pool and 30 minutes to fill it withwater. The Range The Range is selling an Avenli Prompt Set Pool Set for £34.99 down from £49.99 with home delivery from £4.99. Click and collect is also available at no cost, which might be a better option if you want to collect for the weekend. The inflatable measures 3m x 3m x 76cm. You just have to inflate the top ring to set up the pool then fill it with water. Asda 7 This shark-themed pool from Asda is perfect for any animal-loving kids and costs £15. Asda says it's suited to kids aged two years and older, while measuring 1.93m x 2.21m x 68cm. Shoppers ordering via home delivery and click and collect will be charged £4. How to bag a bargain SUN Savers Editor Lana Clements explains how to find a cut-price item and bag a bargain… Sign up to loyalty schemes of the brands that you regularly shop with. Big names regularly offer discounts or special lower prices for members, among other perks. Sales are when you can pick up a real steal. Retailers usually have periodic promotions that tie into payday at the end of the month or Bank Holiday weekends, so keep a lookout and shop when these deals are on. Sign up to mailing lists and you'll also be first to know of special offers. It can be worth following retailers on social media too. When buying online, always do a search for money off codes or vouchers that you can use and are just two sites that round up promotions by retailer. Scanner apps are useful to have on your phone. app has a scanner that you can use to compare prices on branded items when out shopping. Bargain hunters can also use B&M's scanner in the app to find discounts in-store before staff have marked them out. And always check if you can get cashback before paying which in effect means you'll get some of your money back or a discount on the item.
