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 [...]
Ryanair’s chief operating officer to step down after 18 months in role July 11, 2019 Ryanair’s chief operations officer Peter Bellew is to step down after just 18 months in the role, in which he has overseen the airline’s fraught relationship with staff. Chief executive Michael O’Leary said in an internal memo to staff that Bellew, who quit the top job at Malaysia Airlines to return to Ryanair in December [...]
US hedge fund considers bid for Four Seasons Health Care July 11, 2019 A US hedge fund is considering making a formal offer for the UK’s second biggest care home operator after it collapsed into administration earlier this year. Davidson Kempner Capital Management is preparing to make a bid for the parent company of Four Seasons Health Care, Sky News reported. Read more: Four Seasons appoints administrators The [...]
Cuadrilla to restart fracking at Lancashire site July 11, 2019 Fracking will restart at Cuadrilla’s Lancashire site soon, the company confirmed today, as it continues to press for looser regulation. Chief executive Francis Egan said his firm will gather more data from the site, and test the flow of natural gas. Read more: Anti-fracking protesters deal blow against Ineos in court The Preston New Road [...]