Tuesday newspaper round-up: Shein, private rents, Volkswagen, Twitter

(Sharecast News) - Fast fashion giant Shein has reportedly lodged confidential paperwork with US securities regulators, informing them of an intention to go public in the US. The listing would likely be the largest initial public offering (IPO) in years. - Guardian Average private rents in Great Britain have soared by more than a quarter since the start of the Covid pandemic and will keep rising, according to an analysis. The typical private rent will end this year 9.5% higher than in December 2022 and then rise a further 6% in 2024 before hitting an "affordability ceiling", according to the estate and lettings agent Savills. - Guardian

Germany's Volkswagen has braced its workers for a wave of job cuts as it battles the same high costs and low productivity that are dogging the country's economy. The carmaker is understood to be drawing up plans for thousands of job cuts as part of a programme to slash outgoings by €10bn (£9bn) over three years, although no firm target has been set. - Telegraph

Twitter has lost almost three million UK visitors to its website since Elon Musk's troubled takeover, figures reveal. The social media company, now known as X, racked up a total adult monthly audience of 24 million in May this year, down from 26.8 million at the same time last year, according to media regulator Ofcom. - Telegraph

The market value of The Daily Telegraph's parent company has more than halved after it unearthed a tax liability of almost £30 million. The value of the holding company has been cut from £47.8 million to £20 million after it failed to properly book tax owed by its publications over a number of years. - The Times

The Bank of England will not cut interest rates for the "foreseeable future", Andrew Bailey has said, warning it was "too soon" to discuss the prospect of large-scale monetary easing. On a visit to the northeast, the governor said that the battle to reduce inflation from 4.6 per cent at present to the Bank's 2 per cent target would be "hard work", insisting that price pressures were not sufficiently low to consider bringing down borrowing costs. - The Times