EU27 prepare Irish ‘fudge’ to secure 11th hour Brexit deal August 30, 2018 EU member states are preparing to fudge an agreement on the Irish backstop, in the hope of forcing through an 11th hour Brexit deal. City A.M. understands that a growing number of policy makers from the EU27, including Germany’s CDU and Ireland’s Fine Gael, are backing plans to broaden Michel Barnier’s mandate at the October [...]
WPP set to appoint Mark Read as chief executive as early as next week August 30, 2018 WPP is set to appoint Mark Read as its new chief executive as early as next week, replacing Sir Martin Sorrell at the helm of the world's largest advertising firm. Read, who previously ran WPP's digital agency Wunderman, has long been the preferred internal candidate for the role and his appointment could be confirmed on [...]
What went Wronga? Payday lender pays price of poor reputation and rip-off loans August 30, 2018 As recently as five years ago, Wonga was flying high. A £1bn New York listing was on the cards even on a fairly conservative valuation for a firm mentioned in the same breath as tech unicorns – and which even featured as Newcastle United’s shirt sponsor for four years. Yet today the payday lender collapsed [...]
Business confidence falls amid warnings Brexit uncertainty is holding back investment August 30, 2018 Business confidence fell significantly in August as firms batten down the hatches for a bumpy year, according to a closely followed survey of British companies. The balance of firms expecting stronger trading prospects in the coming year fell by five points to 29 per cent, according to the Lloyds Bank survey of more than 1,000 [...]
Plastic bag charge could double to 10p and be extended to all shops August 30, 2018 The plastic bag charge could double to 10p and be extended to all shops as the government promises further action to tackle plastic waste. Sales of plastic bags in the country's 'big seven' supermarkets have dropped by 86 per cent since the 5p charge was introduced in October 2015. Until now the charge has only [...]
Shear force of wool: How to get the herd to follow you August 30, 2018 A few years ago, while studying for an MBA, I switched Boston for the Sahara. I swapped my clean bedroom for a wooden plank in the desert, and my fellow students for a herd of 111 stubborn sheep. I learned a lot about leadership in classes during my MBA, as well as afterwards when I [...]
HSS Hire cuts losses to £7m as turnaround strategy begins to pay off August 30, 2018 Shares in tool hire company HSS Hire have soared after results showed its turnaround plan had cut pre-tax losses to £7m. The equipment hire firm saw its shares jumped by 15 per cent in early trading after posting its half-year results. It reported a pre-tax loss of £7.1m – down from a £30.1m loss in [...]
Wonga goes under: Controversial payday lender placed into administration August 30, 2018 Controversial payday lender Wonga has filed for administration, after a barrage of compensation claims pushed it over the edge. Grant Thornton will be appointed as administrator of the stricken lender's UK operations tomorrow. The collapse threatens the jobs of around 250 UK employees in the firm's London Bridge headquarters. The firm's operations in South Africa, [...]
Countrywide of the mark: City investors spurn beleaguered estate agent as share wounds deepen August 30, 2018 It seems there is no end in sight for Countrywide’s bloodbath on the stock market. The embattled estate agent has suffered a collapse in its share price since unveiling a £140m emergency fundraiser earlier this month, reflecting just how uncertain City investors feel about the firm’s future. Shares have fallen a further three per cent so far today, [...]
British consumer borrowing growth slowest since 2015 as personal debt stutters August 30, 2018 British consumers added to their borrowing at the slowest pace since the end of 2015 in July, adding to signs the rapid increase in the UK's personal debt pile is losing momentum. The annual growth rate of consumer credit, including credit cards and other forms of non-mortgage debt, slowed to 8.5 per cent, a level of [...]