Burberry to axe its headcount as it warns of “challenging environment” that has sent profit and revenue lower May 18, 2016 Luxury retailer Burberry will cut jobs over the next three years as part of its turnaround plan. Chief financial officer Carol Fairweather said “some headcount reduction” would take place but declined to comment on specific numbers or where in the business the cuts would come. The company is targeting £100m of cost savings over the next three years. Burberry's share price [...]
Moody’s: Brexit would be workable for asset managers despite profitability hit May 18, 2016 A UK vote to leave the European Union would weigh on asset managers’ profitability, according to credit ratings agency Moody’s. But a note today said a so-called Brexit would not be a “big threat” to their credit fundamentals. It said the “operational and business impact would be manageable for most asset managers we rate”. Assessing the [...]
Foxtons shareholders just voted through a 19 per cent wage hike for its chief executive – despite a fall in share price May 18, 2016 More proof that 2016's so-called shareholder spring is more of a trickle of dissent? Foxtons shareholders have voted through a 19 per cent payrise for chief executive Nic Budden – despite the fact shares have plummeted in the last year. In a statement this afternoon, the estate agent, which focuses on properties in central London, said [...]
Millions of hacked LinkedIn passwords put up for sale online May 18, 2016 Over 100 million LinkedIn passwords have been stolen and put on sale online. A hacker, called “Peace”, told tech website Motherboard that he is trying to sell LinkedIn user data online. He reportedly managed to obtain personal information of users in 2012 when a cyber breach revealed encrypted passwords of over 117m LinkedIn users. Read [...]
China’s Midea is gunning for German industrial robot maker Kuka with one of the largest ever unsolicited approaches of a foreign company by a Chinese buyer May 18, 2016 Chinese home-appliance maker Midea is plotting a takeover attempt of German industrial robot maker Kuka, in a deal that values the German company at $5bn (£3.4bn). If it goes ahead it would be one of the largest unsolicited approaches of a foreign company by a Chinese buyer. The deal is the latest in a round of recent tie-ups and investments in [...]
Britons think a Brexit will boost our coffers in the long term, but they’re still voting to remain May 18, 2016 Britons believe a Brexit would cause a short term shock to the economy but leave us financially better off in the long term – but they’re still voting to remain in the EU. 26 per cent of respondents said that voting to leave the EU on 23 June would be better for Britain’s economy over [...]
China vows to support steel exports as trade war escalates May 18, 2016 China has vowed to push ahead with a controversial tax rebate for its steel sector, after the US said it would slap Chinese imports with a five-fold tax hike, in what's been described as an escalating trade war. China's finance ministry said today it would "continue to implement a tax rebate policy of steel exports" [...]
This is how the business community has reacted to the Queen’s Speech May 18, 2016 Business groups welcomed measures in the Queen’s Speech today while urging the government to push on with big decisions after the EU referendum, but clashed over broadband. The Queen’s Speech was announced as a “one nation” effort by Prime Minister David Cameron, and was set around three principles – the economy, increasing chances for the disadvantaged [...]
Entre-perp-neurs? Turning prisoners into entrepreneurs could save the UK economy a billion pounds May 18, 2016 Training prisoners to become entrepreneurs could save the nation more than a billion pounds and reduce the likelihood of reoffending, a new report claims. Introducing entrepreneur training for offenders and providing funding for schemes could save £1.4bn from the government's annual £4.5bn reoffending bill. Entrepreneurship could be the answer to the significant barriers former inmates face when [...]
Andy Burnham to run for Manchester mayor May 18, 2016 Labour's shadow home secretary Andy Burnham is to enter the race for the Greater Manchester mayoralty. Burnham failed in his bid to become Labour leader after the 2015 election, and has previously expressed an interest in running for the same role in Manchester: today a spokesman confirmed that he would seek the nomination. An official statement is [...]