Brussels responds to Theresa May’s Brexit proposal: ‘Is this a backstop?’ June 11, 2018 Brussels has issued its first take on the Brexit backstop proposals put forward by the UK last week, and it doesn’t look good. Although the EU Commission insists the update published today outlines “issues for further discussion with our UK counterparts”, the wording clearly seems to back Michel Barnier’s original proposal – which was rejected [...]
Jaguar Land Rover is moving all Discovery production to Slovakia, in favour of making the UK its next hybrid vehicle hub June 11, 2018 Jaguar Land Rover will be moving all production of its Discovery SUV to Slovakia in 2019, making way for the redevelopment of its Solihull plant to create electric, petrol and diesel versions of its Range Rover and Range Rover Sport models. The existing plant in Solihull, which currently manufactures the Land Rover Discovery, is being [...]
City of London Corporation will make the switch to renewable energy in October June 11, 2018 The City of London Corporation has announced that it intends to switch completely to renewable energy from October onwards. The organisation, which is the governing body of City of London’s Square Mile, will be investing in projects to build infrastructure for renewable energy. In order to do this, it plans to install more solar panels [...]
WeBuyAnyCar owner BCA Marketplace rejects £1.6bn takeover offer from private equity firm Apax Partners June 11, 2018 BCA Marketplace, the owner of WeBuyAnyCar, announced today that the board had decided to reject the takeover offer from the private equity firm Apax Partners. On 9 May, the company received a bid from Apax for a cash takeover of £1.6bn, in a 200p per share offer. Since rejecting the offer, no new proposal has [...]
Chinese smartphone maker Xiaomi posts £800m first-quarter loss June 11, 2018 Xiaomi, the Chinese smartphone maker, has posted a net loss of 7bn yuan (£800m) ahead of its blockbuster initial public offering (IPO). The Beijing-based company is planning on raising an estimated £7.48bn when it floats in both China and Hong Kong later this month. The company’s latest losses compare to a net loss of 43.89bn [...]
Why the UK tech sector needs IPOs June 11, 2018 The decision for a startup to move to an initial public offering (IPO) is not an easy or quick one to make – it requires careful planning and execution. Launching on the stock market should not be over-estimated either. Anyone who has built a business capable of listing should not find the process any more [...]
Prime Minister Theresa May still hopeful Donald Trump will honour G7 commitment June 11, 2018 Prime Minister Theresa May is still hopeful that Donald Trump will honour the G7 summit communique, after the US President pulled out blaming his Canadian counterpart who he blasted as “dishonest and weak”. The statement, signed by the United States, Canada, Britain, France, Italy, Germany and Japan said the respective countries agreed the need for [...]
Pound sterling falls as ONS data shows UK construction lift as trade deficit spikes June 11, 2018 The UK’s construction output saw a minor lift of 0.5 per cent in April following three consecutive months of contraction, according to data released today by the Office for National Statistics (ONS). However, on a quarterly basis, construction in the UK continued its recent decline falling by 3.4 per cent in April 2018, the biggest [...]
Foxconn launches investigation into working conditions at factory used to make Amazon devices June 11, 2018 A Chinese plant that makes devices for Amazon is being investigated after an American watchdog group slammed the facility for harsh working conditions. Contract manufacturer Foxconn said yesterday it would launch an investigation into the plant. A 94-page report by China Labor Watch said bosses made staff work excessive hours, with low wages and inadequate [...]
One in three Brits concerned that robots could take over the world June 11, 2018 One in three British people are worried that robots could take over the world, even though UK residents are the least worried about losing their jobs to AI. Two thirds of Brits foresee doom and gloom from the rise of the robots, with 67 per cent worried that workers will be replaced by robots, and [...]