Tokyo court rejects request to extend former Nissan chair’s detention December 20, 2018 A Tokyo court has decided not to allow an extension on the detention of former Nissan chair Carlos Ghosn, meaning he may soon be released from prison. The Tokyo District Court said in a statement early this morning that it has also ruled against an extension for former Nissan executive Greg Kelly, who was arrested [...]
The fine line between banter and bullying December 20, 2018 Philip Green found himself under fire when he dismissed allegations of bullying and harassment as just “banter”. And while many of us might have considered former Waitrose magazine editor William Sitwell’s comments on vegans to a freelance writer as a quip, it eventually cost him his job. There is no doubt that a friendly working [...]
The government’s immigration proposals aren’t perfect but they include plenty to cheer about December 19, 2018 Yesterday, this column predicted that the government's immigration white paper would be a pretty rum Christmas present for business. Today, we have to acknowledge that while the proposals don't satisfy everyone (or more accurately, every sector) there are elements to cheer. The Home Secretary, Sajid Javid, is known for a more liberal approach to immigration [...]
China arrests another Canadian in the wake of Huawei executive arrest in Vancouver, as diplomatic rift deepens December 19, 2018 China has detained another Canadian as the international fallout from the arrest of Chinese tech giant Huawei’s chief financial officer in Vancouver deepens. The incident follows the arrest of two other Canadians by Chinese authorities – former diplomat Michael Kovrig and businessman Michael Spavor – which in turn came in the wake of Huawei CFO [...]
British yachtmakers feel the wind in their sales December 19, 2018 British shipyards are catching the breeze as global yacht building returns to pre-crisis levels, and are set to build around an eighth of all luxury boats next year. Having taken on 109 new projects in 2019, up from 52 this year, UK shipbuilders leapfrogged from fifth to third place in global rankings, beaten only by their [...]
Federal Reserve goes through with expected US interest rate hike, chair Jerome Powell says he is ‘not worried’ about Trump criticism December 19, 2018 The US central bank, the Federal Reserve, has confirmed it is raising interest rates for a fourth time this year in the face of sustained opposition from President Donald Trump. As expected before the announcement, the Fed said it would hike interest rates by 0.25 to a range of 2.25 per cent 2.5 per cent [...]
BP to offload US oil assets in effort to fund BHP acquisition December 19, 2018 BP is planning to raise over $3bn (£2.4bn) by offloading assets in the US as it looks to pay for a deal to buy oil fields from BHP. The sales will help the company fund its $10.5bn acquisition of onshore assets in Texas and Louisiana from BHP, sources told Reuters. BP has in the past said [...]
Gulf Marine sinks like a stone as shares drop 75 per cent December 19, 2018 Gulf Marine Services dropped sharply today, falling by around three quarters as the company warned it would be unable to meet its obligations to lenders as increased competition hit its business. The firm, which provides services to the energy sector, lost 74.7 per cent of its £113.5m market value. Shares fell as low as 8.04p, their lowest [...]
City A.M.’s shadow monetary policy committee unanimously vote to hold interest rates December 19, 2018 The Bank of England has no choice but to hold interest rates when its monetary policy committee meets tomorrow as Brexit uncertainty continues to loom large, city economists have warned. The Bank’s rate-setting monetary policy committee (MPC) will announce its decision at midday and is expected to leave rates unchanged at 0.75 per cent. City [...]
Whisky makers warn of damage in store in no deal scenario December 19, 2018 The makers of Scotch whisky have issued a warning to MPs that a no deal Brexit scenario would strike a damaging blow to the £4.5bn industry, which is the UK's biggest food and drink export. The Scotch industry, which supports 40,000 jobs across the UK, is particularly sensitive to the fall out from a no deal Brexit because 90 per [...]