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 [...]
85 per cent of Brits would rather their bank didn’t offer unauthorised overdrafts May 18, 2016 Almost nine out of 10 UK adults would rather their bank did not offer unauthorised overdraft facilities, according to a new survey. The survey, commissioned by digital current account provider Ffrees, asked 2,014 Britons about overdrafts, and found that 85 per cent would reject the opportunity to go overdrawn without previously agreeing to it. Of those surveyed, [...]
Shareholder advisory group tells members to reject £70m package of WPP chief executive Martin Sorrell May 18, 2016 Shareholder advisory group ShareSoc has recommended its members reject the remuneration package of WPP chief executive Sir Martin Sorrell. The advice, issued today ahead of the firm’s 8 June AGM, comes after WPP last month confirmed Sorrell’s total pay package for 2015 totalled £70m. The figure included a £62.8m long-term bonus. Read more: Martin Sorrell's [...]
Super-premium beer market takes London by storm, while Peroni is the highest-selling super-premium brand May 18, 2016 Super-premium beer brands have risen from obscurity to corner 25 per cent of the London beer market today. Around £1 in every £4 spent on beer in London now goes to a "super-premium" brand, which, according to Miller Brands, is beer that has a clearly defined and understood provenance, authenticity and brand story, and costs £4.15 [...]
BNP Paribas to cut hundreds of investment banking jobs in London May 18, 2016 BNP Paribas is reportedly going to slash more than 200 jobs from its UK investment banking arm, as part of its billion-euro cost cutting drive. According to Reuters, 233 jobs based in London will be cut this year – representing seven per cent of its UK workforce – while they will be replaced by just 60 [...]