US and Canada ease trade fears with last-minute deal to revamp Nafta October 1, 2018 Canada struck a dramatic eleventh-hour trade deal with the US and Mexico last night, putting an end to a year of tense economic negotiations in North America. In an effort to revamp the current North American Free Trade Agreement (Nafta), the three countries reached a trilateral agreement only hours before a midnight deadline, quelling threats [...]
Business leaders voice growing concern over government striking good Brexit deal October 1, 2018 Business leaders voiced growing concern in the government's ability to deliver a good Brexit deal today as a survey revealed confidence had dipped to its lowest level in over a year. Releasing its quarterly Brexit Monitor, consulting firm RSM said just 39 per cent of business leaders thought the government could strike a 'good deal' [...]
Startups: Would-be entrepreneurs put off by ‘complexity’ of starting own business October 1, 2018 Thousands of young people are being put off from setting up their own businesses, putting Britain's startup revolution at risk, a report has warned. The Great British Enterprise Opportunity report, by former Bank of England economist Steve Hughes, also called for digital education to be prioritised by the government to give people the necessary skills [...]
Ryanair shares fall as airline slashes profit guidance amid strike action October 1, 2018 Shares in budget airline Ryanair are down eight per cent this morning after it downgraded its full-year profit guidance by 12 per cent following a series of summer strikes by pilots and cabin crew. Chief executive Michael O'Leary blamed the downgrade on lower passenger traffic and forward bookings made because of the strikes. It now expects [...]
CBI demands ‘change of tone’ on business from Tories ahead of Philip Hammond’s conference speech October 1, 2018 The boss of the Confederation of British Industry this morning said she hoped for a "change of tone" at the Conservative Party conference ahead of chancellor Philip Hammond's speech later today. Hammond is expected to say business remains at the centre of Tory policy when he addresses delegates on the second day of the conference. [...]
Hammond: Chancellor to step back from apprenticeship levy in conference speech October 1, 2018 The government will back down on its controversial apprenticeship levy today with a raft of reforms and a review into the scheme. Philip Hammond will announce the reforms to introduce greater flexibility for businesses and expand apprenticeship courses in science and other STEM subjects, in his speech at the Conservative Party Conference in Birmingham today. Read [...]
Aldi to expand into 130 new stores as sales rocket to £10.2bn October 1, 2018 German supermarket giant Aldi today announced major plans to open 130 new stores in the UK on the back of impressive sales growth last year. The expansion will create 5,000 new jobs in the UK, Aldi says, and is a big step on the way to the firm reaching its target of setting up 1,000 stores [...]
More construction firms are entering insolvency since Carillion’s collapse October 1, 2018 The number of construction firms entering insolvency has jumped six per cent following the collapse of Carillion. The construction giant's liquidation caused knock-on effects for the whole industry supply chain in the UK, top 10 accountancy firm Moore Stephens said. Read more: Carillion redundancy payouts to hit £65m Figures from the government's insolvency services showed [...]
Labour’s plans to hand staff company shares could deter foreign investment in UK, warns law firm October 1, 2018 Labour's plan to force companies to give 10 per cent of shares to workers could deter foreign businesses from investing in the UK and spark legal challenges from across the globe, a top law firm has warned. Clifford Chance warned the proposal would “change the landscape” for foreign businesses planning to invest in the UK – [...]
Firms risk being left behind in Libor benchmark transition warn bankers October 1, 2018 A lack of awareness of the urgent need to transition away from scandal-hit Libor interest rates means some firms risk not being ready before the benchmarks become defunct, according to a top banker working on the issue. There remains a significant amount of work to educate firms about the far-reaching implications of the shift from [...]