Insurers voice disappointment as UK changes personal injury discount rate July 15, 2019 The insurance sector blasted the government today as it revealed plans to change the discount rate used to determine insurance payments for serious injuries in accidents from minus 0.75 per cent to minus 0.25 per cent. Read more: More price hikes to come as car insurance premiums climb The Ministry of Justice revealed the change [...]
GSK eyes former Astrazeneca CFO for empty chair July 14, 2019 Drugmaker Glaxosmithkline is set to announce the former finance boss of Astrazeneca as its new chair to oversee the breakup of the business. GSK is preparing to appoint Jonathan Symonds as its new non-executive chair, Sky News reported earlier. Read more: GSK to split as it forms £9.8bn consumer health venture with Pfizer The announcement [...]
Labour will track investors to Hong Kong in nationalisation drive July 14, 2019 Labour’s shadow chancellor will pursue investors to Hong Kong if necessary in its bid to nationalise Britain’s swathes of the UK’s infrastructure. John McDonnell said his party would find a way to wrestle shares off those who try to hide behind international treaties. Read more: Labour plans to nationalise industries will cause ‘profound harm’ to [...]
Facebook to be slapped with $5bn fine July 13, 2019 Facebook is reportedly set to be slapped with a $5bn (£4bn) fine over data privacy violations. The social media giant has reached a settlement with the US Federal Trade Commission (FTC), according to Reuters, following a probe into the firm’s use of handling consumer data. Facebook was under investigation over allegations that it inappropriately shared [...]
Trade tensions dent China’s exports and imports in June July 12, 2019 China’s exports and imports fell last month, as a tariff standoff with the US took its toll on the economy. The Chinese trading outlook waned in June, according to new figures that underline the country’s current growth troubles. Read more: Hunt is right to take a firm line on China China’s customs department reported today [...]
Crossrail to renegotiate pay with Bechtel over ‘value for money’ concerns July 11, 2019 Crossrail is looking to renegotiate the pay and incentives of Bechtel, its delivery partner, amid concerns they are no longer offering “value for money”. Crossrail is angling to restructure the pay of Bechtel to “support the delivery of the revised schedule”, TfL board papers released earlier this week reveal. Read more: Crossrail contractors could ask [...]
Jet2 owner Dart Group enjoys profits boost from package holiday business July 11, 2019 Dart Group, the owner of British airline and tour operator Jet2, posted a 36 per cent increase in pre-tax profits as it enjoyed a boost from its package holiday business. Pre-tax profits increased from £130.2m in 2018 to £177.5m for the year ending 31 March, which the company attributed to the “growing success” of its [...]
M&S clothing boss steps down as CEO takes over role July 11, 2019 Marks & Spencer head of clothing Jill McDonald is leaving the company and is set to be replaced by chief executive Steve Rowe. McDonald, the former chief executive of cycling retailer Halfords, joined the high street giant less than two years ago. Read more: M&S seeks to persuade investors of Ocado deal benefits Sky News, [...]
Bank of England to probe risks of Woodford-style funds July 11, 2019 The Bank of England will investigate the potential risks of funds like beleaguered trader Neil Woodford’s suspended investment vehicle. Fund managers are currently able to offer investors daily liquidity when their savings are actually tied up in illiquid and unquoted stocks, which are difficult to transfer quickly into cash. Read more: Woodford loses employees as [...]
Private equity firm buys stake in Instagram fashion brand Reformation July 11, 2019 European private equity firm Permira has acquired a majority stake in sustainable fashion brand Reformation. The company, which was founded in Los Angeles 10-years ago, is e-commerce driven fast fashion brand with a dedicated following on social media platforms such as Instagram. Read more: UK fashion brand Karen Millen hoists for sale sign The firm plans [...]