Jeremy Corbyn has warned against allowing the Conservatives to negotiate Brexit, arguing that worker’s rights would be at risk June 2, 2016 Labour leader Jeremy Corbyn will today warn that a vote for Brexit would allow the Conservatives a strong hand in reducing workers' rights. Speaking at the Institute of Engineering Technology, Corbyn will reiterate warnings from the TUC, that rights would be imperilled by a vote to leave. “A vote to leave means a Conservative government [...]
End of the road in sight for BHS sale June 2, 2016 The futures of BHS and thousands of its staff are hanging in the balance as administrators and the only known remaining bidder struggle to agree terms. BHS administrator Duff & Phelps held further discussions with a buyer backed by Richess Group yesterday, with some executives hopeful that a deal could be announced to salvage BHS today. [...]
Saudi wealth fund invests $3.5bn in Uber June 1, 2016 Controversial taxi app Uber has raised $3.5bn (£2.43bn) from Saudi Arabia's sovereign wealth fund valuing the company at $62.5bn. The Saudi Arabian Public Investment Fund will now own approximately 5 per cent of Uber and the fund's managing director Yasir al-Rumayyan will join the company's board. Other board members include Benchmark Capital general partner Bill Gurley and Huffington Post co-founder Arianna Huffington. [...]
Tom Watson’s call to ban private exit polls shows that even Labour’s moderates are too far to the left June 1, 2016 Such is the state of Labour's front bench these days that deputy leader Tom Watson is considered markedly centrist, a throwback to an era when the top positions were not occupied by unreformed Marxists. But last night Watson reminded us that even the party's so-called moderates have an instinct for blunt, authoritarian interventionism, and policies [...]
Liam Fox and Remain campaigners clash over Brexit’s impact on housing June 1, 2016 Campaigners on both sides of the EU referendum debate are set to clash today over the impact of Brexit on the housing crisis. In a speech at Vote Leave's offices today, former defence secretary Liam Fox will blame immigration for high housing costs in the UK. Meanwhile, Britain Stronger in Europe will hit out at Fox, [...]
Tom Watson calls for ban on hedge funds commisioning private Brexit polls June 1, 2016 Deputy Labour leader Tom Watson has called for a ban on hedge funds to commission private exit polls for the EU referendum. Watson claimed that hedge funds "stand to gain millions" by knowing the outcome of the EU referendum through their private polls and called on Prime Minister David Cameron to ban them from approaching pollsters. Watson [...]
Tata Steel set to reveal shortlist of bidders for remainder of UK business following Scunthorpe sale June 1, 2016 Tata Steel is expected to release a shortlist of bidders for its UK business before the end of the week, City A.M. understands. The three companies tipped to be named are commodities trader Liberty House, management buyout team Excalibur, and Leeds-based private equity fund Endless. The Indian steel conglomerate has been reviewing up to seven bids [...]
Brexit bustle: European business chiefs call for the UK to vote to stay in the EU ahead of referendum June 1, 2016 Business leaders from across Europe have called for UK citizens to vote to remain in the Union. BusinessEurope issued a statement from its annual summit today saying its members “firmly wish” to see the UK stay an “active and positive” EU member. “The UK has played a crucial role over the past forty years in [...]
Deutsche Boerse exec: London Stock Exchange merger is “the last chance for Europe” June 1, 2016 A senior Deutsche Boerse exec has described the company's impending merger with the London Stock Exchange as "the last chance for Europe", after the two giants revealed details of their proposed £21bn tie-up. Jeffrey Tessler told City A.M. that the deal would create a “global powerhouse” in Europe with the power to stimulate the continent's struggling [...]
How to do things differently in the pub industry: An interview with Marston’s chief executive Ralph Findlay June 1, 2016 It's fair to say it’s been a challenging decade for the UK's pub sector. First it was hit by the smoking ban in 2007, then by the recession in 2009. Revenues across the industry have also been affected by broadly falling levels of alcohol consumption. Pub companies have been forced to rethink their strategies to stay [...]