Theresa May’s Brexit deal could cost UK economy £100bn, according to new research November 26, 2018 Theresa May’s Brexit deal could cost the British economy £100bn, according to new figures. Research carried out by the National Institute of Economic and Social research, commissioned by the People’s Vote campaign for a second referendum, said that the cost would be the equivalent of losing the economic output of the City of London. It [...]
Mitsubishi sacks Carlos Ghosn from chairman role after arrest November 26, 2018 Mitsubishi Motors has sacked Carlos Ghosn following his arrest in Japan, with an expert predicting a wider fallout from financial misconduct allegations against the industry luminary. Mitsubishi is the third member of an alliance with Renault and Nissan, the latter of which ousted Ghosn as chairman after he was arrested over allegations of financial misconduct. Mitsubishi's [...]
Norwegian oil and gas firm DNO makes £608m hostile bid for Faroe Petroleum November 26, 2018 Norwegian oil and gas operator DNO has made an offer to buy Aberdeen-based rival Faroe Petroleum for roughly £607.9m after months of tension between the companies. DNO said today it has offered 152p per share, which it said represents a premium of 20.8 per cent to Faroe’s share price of 125.8p at the close of [...]
Rio Tinto to sell stake in African uranium mine for up to $106.5m November 26, 2018 Global mining group Rio Tinto has agreed a deal to sell its stake in Rossing uranium mine in Namibia to China National Uranium Corp for up to $106.5m (£83m). Rio Tinto is selling its entire 69 per cent in Rossing Uranium Limited, which owns the mine, for an initial sum of $6.5m, the company said [...]
UAE pardons British PhD student Matthew Hedges after sentencing him to life in prison on spy charges November 26, 2018 British PhD student Matthew Hedges, convicted as a spy and handed a life sentence last week by the United Arab Emirates (UAE), has been pardoned with immediate effect, it was announced this morning. The UAE freed Hedges as part of its National Day clemency tradition, state media reported. The decision follows “constructive” talks with foreign [...]
Piece of cake: Revenue and profits grow after Cake Box’s Aim IPO November 26, 2018 Cake Box boosted revenue by 44 per cent in its first half-year results following its £43m initial public offering (IPO), the company revealed today. The cream cake specialist listed on Aim in June and has since opened 15 new franchise stores, bringing the total to 101, with franchisee turnover up 29 per cent to £14.1m. [...]
Executive pay is undermining the public’s faith in capitalism November 26, 2018 Question: what connects the leader of a York-based housebuilder with a car executive in Tokyo? Answer: both have recently been embroiled in scandals over top pay. Carlos Ghosn, chairman of Nissan, is under criminal investigation in Japan for under-reporting his remuneration to the Tokyo Stock Exchange and misusing company assets. Nissan removed him from post [...]
To lead the digital revolution, London must ensure that no one is left behind November 26, 2018 This week, I will be meeting leading businesses, charities, educators, innovators and investors at a Digital Skills Summit at the Mansion House to look at how emerging technologies are transforming the way we live, work, and communicate with each other. Building on my mayoral programme – Shaping Tomorrow’s City Today – the summit will consider [...]
America’s call to kick China out of the WTO is in no one’s interest November 26, 2018 China has “misbehaved” when it comes to global trade. That’s according to one of Donald Trump’s key economic advisers, who suggested last week that China should be evicted from the World Trade Organisation (WTO). It’s a clever move from the US administration, which conflates its dissatisfaction with multilateralism with the President’s putative trade war. If you [...]
DEBATE: Do we need tighter rules to prevent unpaid internships and improve social mobility? November 26, 2018 Do we need tighter rules to prevent unpaid internships and improve social mobility? Sir Peter Lampl, founder and chairman of the Sutton Trust, says YES. In many sectors, young people early in their career are expected to “pay their dues” by working in a series of unpaid internships. The experiences and contacts gained really do help [...]