From trains to trainers: TfL teams up with Adidas for Tube and Crossrail-inspired footwear November 28, 2018 Londoners may not be able to use the Elizabeth Line this year, but they can still travel in style elsewhere on the Underground with the release of a new range of Tube-inspired trainers by Adidas. Transport for London (TfL) has teamed up with the sports giant to launch a new range of trainers inspired by the Elizabeth Line, [...]
Airbus could restart UK investment if parliament approves May’s Brexit deal November 28, 2018 Aerospace firms may resume investment in the UK’s industry currently put on hold if Prime Minister Theresa May’s withdrawal agreement is voted through parliament, Airbus told MPs this morning. Companies have either paused investment in the UK since the EU referendum or transferred it to other markets, executives told the Commons' Business, Energy and Industrial Strategy [...]
Ofcom boss calls on British broadcasters to create Netflix rival November 28, 2018 Public service broadcasters should work together to create a ‘Brit Player’ to rival Netflix, the head of Ofcom said today. Sharon White told the Outside the Box conference in London that broadcasters should pull together their on-demand services to create a platform offering popular British shows such as Broadchurch, Blue Planet and Bake Off in one [...]
Italy ‘looks for space’ to revise budget in the face of EU disciplinary action November 28, 2018 The Italian government was working to amend its budget today to attempt to avoid disciplinary action from the European Commission. But EU commissioner Valdis Dombrovskis said a “substantial correction” was needed, according to Italian newspaper La Stampa and Germany's Handelsblatt. Italian finance minister Giovanni Tria told the Senate the government was working to find “financial space [...]
Ikea’s change of focus hurts group profits as it braces for redundancies November 28, 2018 Ikea group profits dropped by a quarter in its latest financial year, driven down by billions of pounds invested into adapting to people's changing shopping habits. The furniture giant’s parent company, Ingka Group, reported the €780m (£688.7m) year-on-year drop in its full-year results this morning, blaming spending on transforming its business model to an approach focused heavily on [...]
Vita Mojo shakes things up with a £10m series A fundraise, backed by Investec November 28, 2018 Healthy food-focused restaurant chain Vita Mojo has raised £10m in a series A fundraising round led by Investec Bank, as it heads for expansion. The firm said it is now "coming out of stealth mode" to help other businesses with its technology, having already signed up a few major customers such as Virgin Active, Chilango and Wokit. [...]
UK economy will be worse off under every Brexit scenario, government’s own analysis confirms November 28, 2018 The UK economy could take a 3.9 percent growth hit under a deal that resembles Theresa May's Brexit plan, the government has said. A report published on Wednesday morning argues that life outside the EU will leave the UK poorer than if it had stayed inside the bloc in a range of scenarios over the next 15 years. [...]
Thomas Cook shares continue to fall, dragging FTSE firms down with it November 28, 2018 Package holiday provider Thomas Cook's share price has continued to fall for a second day, after having more than £175m wiped off its market value yesterday. The firm announced its third profit warning in five months, blaming the UK's long summer heatwave for a decline in Brits heading abroad. Shares in the FTSE 250 company declined by [...]
Jim Ratcliffe’s Ineos sides with May’s Brexit deal, urging MPs to vote for ‘the good of the country’ November 28, 2018 Chemicals giant Ineos has backed the government’s proposed Brexit withdrawal agreement, urging MPs to “put the good of the country ahead of political considerations” and vote it through. The company’s chairman, Britain’s richest man Jim Ratcliffe, this morning threw his weight behind the deal, saying it was sensible and gave space for final negotiations to take place [...]
Former Nissan chairman Carlos Ghosn denies burdening company with personal losses November 28, 2018 Former Nissan chairman Carlos Ghosn has denied passing personal trading losses to the car manufacturer, according to his lawyer. Japanese media reported yesterday that the ousted chairman may have transferred losses of ¥1.7bn (£11.7m) from a derivatives contract to the company in 2008. While Ghosn has acknowledged he consulted Nissan about the contract, he denies [...]