Rio Tinto rolls out driverless trucks to transport iron ore at mines in Australia October 20, 2015 Mining giant Rio Tinto has rolled out driverless trucks to transport iron ore at two of its mines in Australia. The driverless trucks are able to operate 24 hours, 365 days a year, according to the report by ABC news, and industry insiders estimate each truck could save up to 500 work hours a year. But the miner still [...]
Costa Coffee adds shot to Whitbread despite Living Wage costs October 20, 2015 The figures Pre-tax profits at Whitbread jumped 13 per cent to £291.3m in the six months to the end of August, beating expectations. Underlying profit at Costa Coffee steamed ahead 28.4 per cent to £67.3m while Whitbread's hotel and restaurant business ticked up 10.8 per cent to £249.4 per cent. Meanwhile, total revenues came in at £1.4bn, a [...]
Awkward: Deutsche Bank’s “fat finger” slip-up as bank accidentally pays out $6bn to a single customer October 20, 2015 After what was hardly a sterling week for Deutsche Bank following lower-than-expected results, it's now been reported the lender mistakenly misplaced $6bn (£3.9bn) as part of a "fat finger" transaction. Worst day at work ever? The FT reported that in June, a junior member of the bank's foreign exchange sales team accidentally sent $6bn to one [...]
Well, this is awkward: Xi Jinping’s trade deals visit overshadowed by growing concern over China’s impact on UK steel industry October 20, 2015 The government is making its case for stepping up the Sino-British relationship by announcing £30bn worth of new trade and investment deals, despite escalating concerns that the UK steel industry is crumbling at the hands of Chinese manufacturers. The Prime Minister announced the business deals, which the government says will create more than 3,900 jobs [...]
Britain’s businesses are not rattled by Chinese slowdown, Grant Thornton research shows October 20, 2015 Britain’s businesses are standing firm as world-wide business sentiment takes a hammering from China. UK business confidence over the three months to the end of September towered above the global average of 38 per cent at 67 per cent, down from the peak of 79 per cent in the previous quarter when businesses were buoyed [...]
Traditional independent shops fall into decline for the first time in three years October 20, 2015 Traditional independent shops are disappearing from the high street at a faster rate than before after new figures show that the number or closures outstripped new openings in the first half of 2015. For the first time since 2012, independent shops have gone into decline with a loss of 144 shops in the first half of 2015, [...]
PwC says new programme will help mothers going back to work October 20, 2015 A leading professional services firm is today launching a new programme to help people get back on the career ladder after an extended break. PwC’s “Back to Business” programme is aimed at mothers who took time out, but the firm says the 12-week course is open to men and women of all experience levels. PwC [...]
Treasury reveals £15bn annual saving from chancellor George Osborne’s tax credit reforms October 19, 2015 The government has leapt to the defence of its plan to slash tax credits, publishing figures that reveal a £15bn annual saving from reforms introduced since 2010. Chancellor George Osborne is under growing pressure to row back on his plan to slash the threshold at which tax credits start to be withdrawn. Some members of his [...]
EU referendum: Bank of England governor Mark Carney poised to make Brexit intervention October 19, 2015 Bank of England governor Mark Carney could make a major intervention in the Brexit debate tomorrow when the Bank publishes its view on the impact of a British exit from the EU. In the run up to last year’s vote on Scottish Independence BoE governor Mark Carney dealt a blow to separatists when he said that [...]
City Moves for 20 October 2015 | Who’s switching jobs October 19, 2015 CARTER JONAS The property consultancy has appointed Darren Yates as head of research. He was formerly a partner at Knight Frank, where he worked as head of global capital markets research. Yates has over 20 years’ experience, and has also worked at Cushman and Wakefield, and Management Horizons Europe. MAREX SPECTRON Andrew Strickland has been [...]