Lugano Diamonds & Jewelry has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware, seeking a buyer after allegations against its founder, Mordechai “Moti” Ferder, of fraudulent diamond sales. The company aims to sell “substantially all of its assets” while securing $12m in debtor-in-possession financing to maintain operations. Interim…

Rachel Reeves plans to lower the sugar tax threshold to 4g per 100ml, hitting milk-based drinks for the first time. The change, expected in April 2027, follows the current exemption for milk drinks under the Soft Drinks Industry Levy, which imposes an 18p tax per litre on soft drinks containing 5g or more of sugar…

The Wall Street Journal reports that EY has nominated Dante D’Egidio, currently vice chair for assurance for EY Americas, as U.S. managing partner, with partners expected to vote to approve his appointment in the coming weeks. He has held his current role since 2023, leading the Big Four firm’s efforts to reduce its auditing deficiencies….

The International Energy Agency (IEA) has said that global oil and gas demand may continue to increase until 2050, in contradiction of earlier predictions of a rapid shift to cleaner energy. The IEA’s latest report projects that oil demand could rise to 113m barrels per day by mid-century and highlights a significant growth in liquefied…

Senior business leaders are urging the Government to refrain from increasing employment costs in the upcoming Budget. A report by Employment Hero shows that 86% of 1,000 corporate leaders surveyed are concerned about potential tax hikes. If costs rise, 49% may raise prices, risking further inflation. Additionally, 33% would delay hiring, and 24% might consider…

PwC is laying off around 150 employees across marketing, HR, operations and other support roles in the US, as part of a broader reorganisation aimed at boosting efficiency through AI and data. The cuts represent 1.5% of its 10,000-strong U.S. business services workforce, with more layoffs expected as process reviews continue. This follows previous rounds…