MPs demand Sir Philip Green ends BHS black hole December 16, 2016 A top group of MPs has made fresh demands that Sir Philip Green dig deep to plug the gap in BHS’ pension fund as new figures reveal the magnitude of the shortfall. City A.M. can reveal that Duff & Phelps, the administrators salvaging the wreckage of BHS, are set to contribute a maximum of £45.7m in [...]
Optimism about the UK economy drove business confidence up for November December 16, 2016 Business confidence increased in November, as political turbulence around the Brexit vote has contributed to a volatile climate for companies, according to a new survey. UK businesses saw a two-point increase to 111.1 in November, according to an index compiled by YouGov and the Centre for Economics and Business Research (Cebr). A score of above [...]
Oracle chief executive Safra Catz to take lead role in Donald Trump’s transition team December 15, 2016 US President-elect Donald Trump has added another business executive to his circle of advisers, with Oracle chief executive Safra Catz joining the executive committee of his transition team. Catz will remain at the California-based software giant, according to Reuters. She had been present at a meeting of technology business leaders earlier in the week at [...]
A £50bn Brexit bill could face the UK before it leaves the EU, according to the European Commission’s chief negotiator, Michel Barnier December 15, 2016 It could cost the UK £50bn to extricate itself from the EU if the European Commission’s chief negotiator has his way. Michel Barnier has indicated to multiple parties in the negotiation that the UK will have to pay between €50bn and €60bn (£50bn) in money still owed from earlier commitments, according to reports by Sky [...]
Brexit negotiations will take 10 years says UK ambassador to the EU as Theresa May is shut out of European Council summit dinner December 15, 2016 Trade negotiations over Brexit could take as much as 10 years, according to the UK’s ambassador to the EU. Sir Ivan Rogers privately briefed government officials that European diplomats believed a deal would not be completed until the middle of the next decade, according to the BBC. At a meeting of the European Council summit [...]
Bank Junction: All vehicles except buses and bikes to be banned from notorious collision spot in trial scheme from April December 15, 2016 Cars, taxis and all other vehicles except buses and bikes will be banned during weekdays at Bank Junction in an experimental scheme from next April. From Monday to Friday between 7am and 7pm only cyclists, pedestrians and buses will be able to move through the junction, which has become one of central London's most notorious [...]
Government blocks sale of rare Wedgwood vase December 15, 2016 The culture minister has blocked a rare Josiah Wedgwood vase from leaving the country. The “Basaltes” vase was sold in July to an unnamed bidder for almost half a million pounds. However, it is hoped that an alternative buyer from the UK can raise an equivalent amount of £482,500 (plus £16,500 VAT) in order to [...]
Petrofac’s share price suffers after warning of “challenging” trading year, despite profits being unaffected December 15, 2016 Petrofac's share price closed down two per cent today to 892.5p after the firm said a "challenging" year of deferrals and cancellations had hit order intake at its main engineering unit. The oil and gas services provider's stock traded down more than four per cent during the day, despite Petrofac's reassurance that full-year net profits [...]
BAE Systems to boost top UK cyber security talent as a third of graduates recruits to train in countering digital threats December 15, 2016 Almost a third of the 235 graduates joining BAE Systems next year will be hired to work in the firm's cyber security arm as digital threats to government and businesses soar. The blue-chip defence giant said the new emphasis in its graduate programme was prompted by an online survey it conducted with business heads, in [...]
Yahoo hack puts Verizon deal and Marissa Mayer under pressure December 15, 2016 Yahoo shares have dived more than four per cent in early trading in New York after disclosing a second major hack attack, twice the size of the previous one it revealed earlier this year, and which experts are calling the biggest hack in history. The revelations that user accounts were compromised come at a crucial time for [...]