Proxy adviser tells investors to vote against ‘excessive’ pay of Associated British Foods boss December 5, 2018 An influential advisory group today recommended that shareholders vote against the "excessive" pay package of the Associated British Foods (ABF) boss. The firm’s chief executive George Weston, who belongs to the billionaire family that owns a majority stake in ABF, earns approximately 129 times the salary of the company’s average employee, with proxy firm Pensions [...]
The colour purple: Cadbury loses latest court battle over trademark December 5, 2018 The Court of Appeal has ruled against chocolate-make Cadbury in a battle over its ability to trademark a shade of purple. Cadbury was attempting to modify a trademark it already holds in relation to the use of a distinctive shade of purple with its chocolate bars. Cadbury’s trade mark for the shade of purple “applied [...]
Bank of England delays cyber stress test as it focuses on Brexit December 5, 2018 The Bank of England (BoE) will delay work on a cyber stress test for banks as it focuses on Brexit preparations, according to minutes published today. The BoE’s financial policy committee (FPC) said it will put off a scheme to test how banks react to cyber attacks, which was due to launch early next year. [...]
City watchdog taken to court over failure to act in Royal Bank of Scotland GRG scandal December 5, 2018 A Scottish businessman is taking City watchdog the Financial Conduct Authority (FCA) to court over its role in the investigation into the Royal Bank of Scotland’s restructuring unit. According to court documents, frequent RBS critic Neil Mitchell has filed an application for a judicial review of the FCA’s decision not to sanction anyone from RBS’s [...]
Boohoo countdown promotions broke advertising rules, says ASA December 5, 2018 Online fashion retailer Boohoo misled customers by using a fake countdown clock, according to the Advertising Standards Agency (ASA). The advertising watchdog said Boohoo broke its rules by using false time limits, putting customers under unnecessary pressure to make purchases. Boohoo’s promotions used a countdown clock offering shoppers discounts if they bought items before a deadline. But an [...]
Watchdog to launch in-depth probe into Paypal’s iZettle takeover December 5, 2018 The UK’s competition watchdog plans to launch an in-depth investigation into PayPal’s takeover of iZettle amid fears it could drive up prices for customers. The Competition and Markets Authority (CMA) said it is concerned the deal could negatively impact future competition for mobile payment services, which it said could result in higher prices or lower quality service [...]
Stagecoach shares climb 15 per cent despite £85m balance sheet blow from US division December 5, 2018 Stagecoach shares climbed by 12 per cent this morning despite its writedown of its US, as investors focused on the business’s underlying performance in the UK. The figures Stagecoach revenue fell to £1.23bn in the six months to the end of October, down from £1.79bn in the same period in 2017. Underlying profit before tax [...]
BT blocks Huawei hardware from use in 5G network amid global security concerns December 5, 2018 BT has barred Huawei’s equipment from being used in its core 5G mobile network when it goes online in the UK, the company has confirmed, amid security concerns. The British company also confirmed it is removing Huawei’s hardware from use in its existing 3G and 4G networks, first revealed by the Financial Times this morning. BT bought [...]
Housebuilders lead the FTSE risers as no-deal Brexit risk fades December 5, 2018 Britain's largest housebuilders saw the value of their shares jump this afternoon as the prospect of a no-deal Brexit began to recede. Property heavyweights such as Berkeley Group, Persimmon and Redrow were among the top 10 FTSE risers today as a frantic 24 hours of political tussling in Westminster fuelled the possibility of a “softer” Brexit [...]
Deutsche Bank shares hit rock-bottom in the wake of police raids December 5, 2018 Deutsche Bank shares dropped to an all-time low this morning before rallying, amid an investigation into possible money laundering. Shares dropped 2.4 per cent to €7.90 (£7.03) as trading opened today, the second time they have dropped below €8 after Friday, when prosecutors raided the lender’s offices for a second day. Police were looking for [...]