Card Factory issues shock profit warning during peak Christmas period

Card Factory has delivered an unwelcome early Christmas surprise for investors by issuing a shock profit warning during the greetings card retailer’s peak trading period, which sent shares plunging by more than a fifth.The retailer, which also owns the online card and gift brand Funky Pigeon, said economic pressure on shoppers has hit confidence in its most important trading period of the year.“Over recent months, the pressures facing the UK consumer have been well publicised,” the company said in a trading update. “It is an inescapable fact that these pressures have impacted consumer confidence and shopping behaviour, contributing to soft high street footfall.“Those conditions have persisted as we moved into our most important trading period, leading to a UK store sales performance which is lower than our previous expectations

December cut to UK interest rates ‘nailed on’ after economy shrinks unexpectedly in October – business live

Economists are convinced that the Bank of England will respond to the UK’s weak economic performance by cutting interest rates next week.The Bank’s monetary policy committee will make its final decision of the year on Thursday 18th December, and a rate cut to 3.75% appears highly likely now that the economy shrunk by 0.1% in October.Ruth Gregory, deputy chief UK economist at Capital Economics, says:The surprise 0

Crypto mogul Do Kwon sentenced to 15 years in prison for fraud

Do Kwon, the entrepreneur behind two cryptocurrencies that lost $40bn (£29.8bn) three years ago and caused the sector to crash, has been sentenced to 15 years in prison for fraud.The South Korean, 34, had pleaded guilty to two counts of US charges of conspiracy to defraud and wire fraud.Kwon, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, was sentenced at a hearing in New York.The US district judge Paul Engelmayer called his crimes “a fraud of epic generational scale”

Elon Musk teams with El Salvador to bring Grok chatbot to public schools

Elon Musk is partnering with the government of El Salvador to bring his artificial intelligence company’s chatbot, Grok, to more than 1 million students across the country, according to a Thursday announcement by xAI. Over the next two years, the plan is to “deploy” the chatbot to more than 5,000 public schools in an “AI-powered education program”.xAI’s Grok is more known for referring to itself as “MechaHitler” and espousing far-right conspiracy theories than it is for public education. Over the past year, the chatbot has spewed various antisemitic content, decried “white genocide” and claimed Donald Trump won the 2020 election.Nayib Bukele, El Salvador’s president, is now entrusting the chatbot to create curricula in classrooms across the country

A Hollywood ending? Inside the final days of LeBron James in Los Angeles

In a book about LeBron James and the Los Angeles Lakers, it’s only fitting that one memorable scene involves a Hollywood star: Will Smith.Yaron Weitzman’s latest book is titled A Hollywood Ending: The Dreams and Drama of the LeBron Lakers. Suffice to say the plot thickens when Smith goes to the Lakers’ film room to speak to the team in 2022.Six months had passed since Smith had slapped Chris Rock at the Oscars. Now Smith was participating in a series of celebrity talks to the Lakers, an innovation brought in by general manager Rob Pelinka

NFL playoff race: Patriots and Bills battle in AFC East as Rivers runs it back

There is some serious debate that could run over this week’s top-shelf matchup. The Rams, the NFC’s current No 1 seeds, are welcoming the Lions, who claimed top seed in the conference last season. The Denver Broncos, the AFC leaders, host the Green Bay Packers who still have a shot at a first-round bye in the NFC. Either way you go you won’t be disappointed. Only there is a third way: Buffalo v New England