Cisco becomes latest tech giant to slash jobs August 17, 2016 Networking giant Cisco confirmed plans to axe around seven per cent of its global workforce. The layoffs — which amount to 5,500 jobs — mean it will join other tech giants such as Microsoft, Intel and HP who have all made sizeable layoffs in recent years. Read more: The US stocks bucking the global selloff trend (for now) It came [...]
London police swoop on Sage employee amid fraud investigation August 17, 2016 The City of London Police arrested a Sage employee today at Heathrow airport on charges of conspiring to defraud the accountancy software maker. The woman was arrested in connection with an alleged fraud against the firm. She has since been bailed, the statement said. Read more: Sage Group transformation leads to revenue boost Over the weekend, [...]
Sweet Mercy: Government drops all-out war on sugar but pushes ahead with its soft drinks levy August 17, 2016 The government has today scrapped the most draconian measures from its long-awaited childhood obesity strategy, but the Treasury will forge ahead with its levy on soft drinks dubbed the "sugar tax". The department of health has pledged to work towards a 20 per cent reduction of sugar in foods and drinks that are popular with [...]
Telegraph not for sale, say owners after rebuffing approaches from two high-profile media figures August 17, 2016 The owners of the Daily Telegraph have reiterated that their newspapers are not for sale after it emerged that two high-profile media figures have approached them about the company this year. Evgeny Lebedev, the owner of the Evening Standard and now online-only Independent newspapers, is understood to have made an informal approach over the availability of Telegraph [...]
US Federal Reserve minutes contain hawkish undertones August 17, 2016 The minutes from the US Federal Reserve's meeting on 26-27 July showed growing support for an interest rate rise. An unnamed individual agreed with the Federal Open Market Committee member who voted to increase borrowing costs at the meeting. "Given their economic outlook, they judged that another increase in the federal funds rate was or would soon be warranted, with a [...]
Why Brexit won’t take away London’s fintech crown August 17, 2016 The vote for Brexit may not have led to the economic meltdown we were told to fear, but it certainly gave rise to a feeling of disbelief, as the political models and expert commentators many had put their faith in were proven to be way off the mark. Bankers and fintech entrepreneurs alike looked on with [...]
Banning diesel cars is essential to tackling London’s pollution crisis August 17, 2016 Writing in City A.M. on Friday last week, Trevor Raymond from the World Platinum Investment Council argued that the phasing out of diesel cars from London’s roads, as recommended in a recent report we published, was a “blunt policy response to a complex and evolving [air pollution] problem”. We totally agree. There is no single [...]
Experts fight back against government’s tax avoidance proposals August 17, 2016 Accountants and lawyers have today pushed back against new tax avoidance proposals from the Treasury, arguing they risk punishing people for merely trying to do right by their clients. Earlier today, the Treasury laid out plans which would penalise advisers for offering information on how to sidestep tax, while a consultation run by HM Revenue [...]
Discounting drives biggest online sales growth in 20 months in July as retailers scrap with Amazon over customers August 17, 2016 Online sales growth hit a 20-month high in July as summer discounts convinced internet shoppers to click to the checkout. Growth in July was 19 per cent year-on-year as the value for the average basket of goods fell from £80.52 in June to £78.39 last month, according to data from IMRG and Capgemini. Home and [...]