American Apparel founder Dov Charney fired from clothing brand for good December 17, 2014 American Apparel has finally said farewell to its founder and former chief executive Dov Charney, and appointed its first female chief executive in his place. The clothing brand first tried to push Charney out of the door back in June after an internal investigation found that his well-documented behavioural issues threatened to undermine the [...]
Five charts that sum up the latest UK wage growth and unemployment report December 17, 2014 Unemployment is down again, but the real news is that wages sneaked above inflation in October, back when inflation was up at 1.3 per cent. According to data from the Office for National Statistics, both regular wages and wages including bonuses were rising above inflation, at 1.6 and 1.4 per cent respectively. This is a [...]
News UK makes £3.5m loss – a year after £51m profit December 17, 2014 The figures News Corp UK, which owns The Sun, The Times and HarperCollins, made an operating loss of £3.5m in the year to June, results filed with Companies House show – down from a profit of £51m the year before. It isn't hard to discern why: firstly, it racked up £17.1m of legal costs. Secondly, [...]
Russia, Tesco and Alex Salmond feature in the seven biggest losers of 2014 December 17, 2014 It’s Christmas. The time of year when we’re all supposed to be a little more caring, charitable and considerate of those not feeling so swell. But for every champagne toast to success, there is regret at the bottom of a bottle. So summon some of that Christmas spirit for this sorry lot, the seven [...]
MPs behaving badly in 2014: Resignations, defections and prison sentences December 17, 2014 MPs rarely set the moral standard for the rest of us with fraudulent expenses claims, licentious behaviour and tasteless tweets galore. This past year has once again seen a handful of those charged with governing the country being held up as examples of bad, rather than good, behaviour. Here is a list of those MPs [...]
UK unemployment sticks at its lowest level in six years as wage growth accelerates to 1.6 per cent December 17, 2014 Is this a Christmas miracle? After six years of decidedly lacklustre wage growth, the Office for National Statistics' final labour report of the year has shown wage growth is finally beginning to pick up some speed. According to the figures, published this morning, growth in wages excluding bonuses hit 1.6 per cent in the quarter [...]
Baidu confirms it’s buying a stake in Uber December 17, 2014 Internet giant Baidu – the Chinese equivalent of Google – has confirmed plans to buy a stake in Uber. The company hasn't disclosed the size of the stake, but it's likely Uber will use its newly-forged alliance to offer new features to passengers. Baidu has suggested its tie-up with Uber will "enable users of Baidu [...]
Treasury official Sharon White takes top Ofcom job December 17, 2014 Ofcom has appointed Treasury official Sharon White as its new chief executive. White will join the broadcasting watchdog late March next year, taking over from Ed Richards, who will step down at the end of December. She picks up an annual salary of £275,000. She is currently the second permanent secretary at the Treasury, [...]
Babcock seals £140m deal for Defence support Group December 17, 2014 Babcock, the company charged with decommissioning Britain’s aging nuclear power plants, has bought the Defence Support Group (DSG) for £140m. DSG is an Ministry of Defence (MoD) unit that repairs and maintains military equipment, and the deal, worth £2bn over ten years, includes Defence Support Group’s contract with the MoD. In a statement released this [...]
Tui Travel completes merger with its German parent company December 17, 2014 Tui Travel has completed its merger with its German parent company Tui AG. Tui AG shares will be admitted to the London Stock Exchange with effect from 8:00am. From today, Tui AG shares will also trade on the Frankfurt Stock Exchange. Dr Klaus Mangold, chairman of the supervisory board of Tui AG, said: Tui and [...]