Volkswagen emissions scandal: Car giant’s share price rises after Martin Winterkorn resigns as class action law suit filed September 24, 2015 Volkswagen's share price opened higher this morning after embattled chief executive Martin Winterkorn resigned yesterday afternoon in the wake of the emissions cheating scandal. Winterkorn, who has been at the helm of the car giant since 2007, said he had been "shocked" by the scandal – but insisted he knew nothing about the "misconduct". “I [...]
Are boring bosses the culprit behind the UK’s productivity problem? September 24, 2015 As UK productivity figures continue to slump, new studies suggest that more inspiring bosses could be the key to reviving the country’s production. What affects your productivity at work? More than half of UK employees say feeling inspired and engaged makes them work better. Six in 10 agreed with this statement when surveyed by Oracle, [...]
Emerging markets deal blow to Diageo September 24, 2015 Drinks giant Diageo said the weakness of emerging-market currencies would cut its full-year profits by £150m. The owner of the Baileys, Smirnoff and Johnnie Walker brands said its earlier warning that North American sales would decline by two per cent was unchanged, and that emerging market demand for premium spirits was likely to fall. Phil [...]
Output up for UK car manufacturers September 24, 2015 British car manufacturers built just under 100,000 cars last month – a 40.6 per cent jump from the same month last year. UK manufacturers rolled out 99,910 cars in August, exporting 73,219 of them and keeping 26,691 in the country for domestic consumption, according to new figures out today from SMMT. The output pushed year-to-date [...]
Volkswagen CEO Martin Winterkorn forced to quit over car emissions scandal as more heads set to roll after talk of criminal probe September 24, 2015 Volkswagen chief executive Martin Winterkorn has bowed to pressure and quit, accepting responsibility for the diesel emissions scandal that has all but destroyed the reputation of the German carmaker in recent days. Winterkorn is unlikely to be the only casualty of the emissions scandal. The embattled company’s executive committee said yesterday that it is [...]
Lindt wins sweet justice in trademark battle with Haribo September 23, 2015 Swiss chocolate-maker Lindt & Spruengli has defeated a legal challenge from gummy bear maker Haribo, which had wanted to stop it making the gold chocolate bears. Haribo said the Swiss chocolatier's gold foil-clad, red-bowed chocolate bears violated its "gold bear" logo, which can be found on the packets of the brightly coloured fruit gum sweets. But the German [...]
Quintain takeover heats up after activist investor Elliott weighs in September 23, 2015 Activist hedge fund Elliott has swooped in and taken control of a 12.9 per cent stake in Wembley Arena owner Quintain, as it looks to put pressure on Lone Star to increase its £700m bid. Elliott, which successfully forced change at Alliance Trust this year, has bought 67,950,000 shares using a contract for difference, paying [...]
Bug has £25m sting for United September 23, 2015 United Utilities (UU) said yesterday its profits fell by £25m after a water bug was found to have contaminated water supplies in Lancashire. Over 300,000 people were affected over the summer, and forced to boil water so it was safe to drink. UU said compensation costs and extensive additional resources were behind the fall in [...]
Who will pay Edward Bramson’s tab for TGI Fridays bid? September 23, 2015 Perhaps Edward Bramson just likes caravan holidays. There are few other obvious reasons why the prominent activist investor is returning for a second bout of City-style pugilism with Electra Private Equity. Electra, the owner of Park Resorts and TGI Fridays, has barely recovered from its bruising (but victorious) encounter with Bramson’s investment vehicle, [...]
Former Lloyds trader sues for unfair dismissal after Libor probe September 23, 2015 A former Lloyds trader, who was among eight people dismissed after the bank's fine for alleged involvement in libor rigging, has sued the bank for unfair dismissal. John Argent's hearing will start on October 5, according to a schedule for a London employment tribunal released today. Lloyds paid £218m in fines to regulators on both [...]