Thursday newspaper round-up: X, Marks & Spencer, Volvo

5th Sep 2024 07:25

(Sharecast News) - More than a quarter of advertisers are planning to cut spending on Elon Musk's X over concerns about the social media platform's content and trust in the information disseminated, according to new global research. Advertising revenue flowing to X has been in freefall since Musk bought the site, then known as Twitter, for $44bn (£38bn) in October 2022, claiming it had not lived up to its potential as a platform for "free speech". - Guardian

Marks & Spencer is using artificial intelligence to advise shoppers on their outfit choices based on their body shape and style preferences, as part of efforts to increase online sales. The 130-year-old retailer is using the technology to personalise consumers' online experience, and suggest items to buy. - Guardian

The BBC has confirmed plans to cut dozens more jobs in its local operations even as bosses pledged to spend £80m on diversity programmes. The BBC will cut around 115 editorial and production roles as it battles to plug a black hole in its finances, equivalent to 3pc of the division's workforce. Further cuts are planned in operations departments. - Telegraph

Volvo, the Swedish car marque renowned for its environmental commitment, has scrapped plans to sell only fully electric cars by 2030 in the latest sign of a global slowdown in growth for battery-powered vehicles. Another of Europe's leading car makers, Germany's Volkswagen, has indicated it could shed thousands of jobs because of expected lower demand in a market disrupted by political and regulatory diktats on zero-emission vehicles. - The Times

The proportion of former rental properties for sale is the highest on record, an increase that may be driven by landlords' fears of an increase in capital gains tax in the budget, according to Rightmove. Eighteen per cent of properties for sale were previously on the rental market, compared with 8 per cent in 2010. The property website said that landlords' fears that the budget on October 30 would result in an increase in capital gains tax - a tax on the profit made when an asset is sold - could be behind the surge. - The Times