Vauxhall cuts 241 more jobs at Ellesmere Port manufacturing plant in Cheshire November 23, 2018 Car maker Vauxhall is to slash 241 jobs at its Ellesmere Port manufacturing plant by the end of 2019, in a move it claims is “critical” to the competitiveness of the site. Owner Peugeot's (PSA) shares dipped this afternoon as Vauxhall said it planned to reduce headcount without having to utilise compulsory redundancies, instead trying to [...]
Rail union set to cause disruption with fresh Northern and South Western train strikes November 23, 2018 Trains coming in and out of London Waterloo are expected to be disrupted tomorrow, as disputes between railway operators and drivers' unions continue to rage on. Members of the Rail, Maritime and Transport (RMT) union have said they will strike on both Northern and South Western railways tomorrow in protest over a reduction in the amount [...]
Spark Energy becomes seventh energy provider to go bust this year, leaving 290,000 customers without a supplier November 23, 2018 Spark Energy is the seventh energy provider to go out of business this year, citing "tough trading conditions" as the reason behind its collapse. The company supplied around 290,000 customers across the UK but has today announced that it will cease trading. "The part of our group which supplies gas and electricity to homes across [...]
Big Four investigate their own clients on behalf of software giants November 23, 2018 The UK's top four accounting firms have been accused of a conflict of interest by investigating their own clients' use of software on behalf of technology firms. The so-called Big Four – PwC, KPMG, EY and Deloitte – carry out software audits on their clients on behalf of vendors such as Microsoft, SAP and IBM to see if firms [...]
Johnston Press administrator says creditors will face a ‘significant’ cash shortfall November 23, 2018 The administrator of struggling publishing company Johnston Press has said there will be “a significant shortfall” of money for creditors after being sold out of pre-pack administration last week. Alix Partners, the company’s administrators, warned in their first report that although funds would be available to secured bondholders and to unsecured creditors, there would still [...]
Commuter chaos: Extinction Rebellion protest creates central London gridlock for third straight day November 23, 2018 Protesters once again blocked rush hour traffic in central London this morning as members of environmental action group Extinction Rebellion took to the streets to cause chaos for commuters. A small number of activists blocked traffic at West Cromwell Road, Elephant and Castle, Victoria Street and Tower Hill for seven minutes, as their protests stretched [...]
Eurozone growth slows to four-year low due to sluggish manufacturing sector November 23, 2018 Eurozone business activity growth slumped to the lowest rate in four years, according to the latest statistics. The slowdown hit the manufacturing sector hardest, where output only rose marginally, due to subdued car sales, weakened global demand, rising political and economic uncertainty and trade wars. Service sector growth fared slightly better however growth still declined [...]
Schroders plans to support the Restaurant Group’s proposed £600m Wagamama deal November 23, 2018 Schroders, a top 10 shareholder in the Restaurant Group, has come out in support of the Frankie and Bennies owner’s acquisition of Wagamama. It comes as several major investors announced they would oppose the deal at a meeting next week, saying the £600m price tag is too steep. Schroders fund manager Andy Brough said: “The [...]
May: UK will not get better offer if MPs vote down draft Brexit withdrawal agreement November 23, 2018 Theresa May has said the European Union will not “give us a better deal” if MPs vote down the draft withdrawal agreement she has negotiated. Asked what happens if MPs reject the agreement, she said “I think we end up back a square one” with “more uncertainty and more division”. “If we were to go [...]
EU offers reassurances to the Square Mile that UK clearing can continue post-Brexit November 23, 2018 The EU has begun work to allow UK clearing to continue in the event of a no-deal Brexit, addressing Square Mile fears that the European market could be cut off in March next year. The European Securities and Market’s Authority (ESMA) confirmed today that it will “adopt a temporary and conditional equivalence decision” to minimise [...]