Surge in days lost to strike action in 2016 December 19, 2016 Talks aimed at averting strikes by British Airways cabin crew over Christmas will be held at conciliation service Acas today as figures obtained by City A.M. show that the number of days lost to industrial action in the first ten months of 2016 has already dwarfed last year’s total. According to the Office of National [...]
UK banks still vulnerable to a “toxic cocktail” of taxpayer bailout risks says Treasury Select Committee chair December 19, 2016 The UK’s banks are still vulnerable to a “toxic cocktail” of risks for which the taxpayer may have to foot the bill, according to the head of the Treasury Select Committee (TSC). TSC chair and Conservative MP Andrew Tyrie is launching a new inquiry into the sector, stating that the public has a right to know [...]
London to be cloaked in fog tomorrow says Met Office and a London White Christmas doesn’t look likely December 18, 2016 Dense fog will descend on London tomorrow, hampering efforts to either get into the capital for work or get away from it for the Christmas holidays. Today, fog stubbornly held its ground leading to the capital's airports warning of flight delays and cancellations – it was the second day those looking to make an early [...]
Russell & Bromley quaking in its boots as profits take a beating December 18, 2016 Shoe shop Russell & Bromley has taken an axe to its dividend after profits fell by more than 12 per cent last year. Accounts recently filed at Companies House show the Kent-based footwear purveyor plans to give its dividend a £3m haircut to £11m after profits and revenue took a hit. Last year Russell & [...]
BP scoops up stake in Abu Dhabi oilfields in a deal worth $2.2bn December 18, 2016 Oil giant BP has picked up a stake in Abu Dhabi’s largest oil fields in exchange for a two per cent share in the company in a deal worth $2.2bn (£1.9bn). BP will control 10 per cent of the Abu Dhabi Company for Onshore Oil Operations and its production, which stands at 1.66m barrels a [...]
RBS drawing up contingency plans for Williams & Glyn as sale stalls December 18, 2016 Royal Bank of Scotland (RBS) is having to rethink plans to offload its 314-branch strong Williams & Glyn unit as it struggles with the European Commission’s deadline for a sale. The bank, which is still 73 per cent owned by the taxpayer, is supposed to announce a buyer for its Williams & Glyn network by [...]
Deutsche Bank mulls axing bonuses to pay loans fine December 18, 2016 Deutsche Bank could axe bonuses for some of its senior staff as scrambles to shore up cash to pay a potentially massive fine over toxic US loans. The bank, which has spooked investors in recent months with warnings over lower for longer interest rates and red tape pushing up costs, will not make a decision [...]
KPMG boss: Let’s get my successor in place then it’s time to shoot for the global job December 18, 2016 KPMG’s UK boss will throw his hat in the ring for the firm’s global top job, with winning back public trust in business at the top his to-do list. Simon Collins surprised fellow partners during the firm's annual conference in December by revealing he would not be seeking re-election as the UK chairman. And speaking to [...]
Liam Fox hints at Turkey-style relationship with the EU December 18, 2016 The UK could retain access to specific areas of the European Union’s customs union after Brexit, according to the International Trade Secretary, Liam Fox. Speaking to the Andrew Marr Show, Fox suggested that the UK could follow a similar arrangement to Turkey, which broadly allows the country to engage in forms of free trade with [...]
Harvey Nichols profits down but weaker sterling stimulates sales December 18, 2016 A £29 million revamp of the luxury retailer’s flagship store in Knightsbridge has eaten into the store’s profits, taking them down to £2.6m in April from £5.4m the year before. Harvey Nichols has radically re-imagined its most famous London outlet, in a project that has resulted in the entire menswear section being closed for 10 [...]