The Tesla Model 3 attracts 276,000 pre-orders in three days, reveals Elon Musk April 3, 2016 Pre-orders of the Tesla Model 3 currently total 276,000, according to the firm's founder and chief executive. Elon Musk unveiled Tesla's “car of the people” on Thursday and has been keeping his Twitter followers up-to-date on its progress. Read more: The Tesla Model 3 has arrived: Here's what you need to know In his latest update, [...]
Santander eyes job cuts to free up cash for digital expansion plans as online-only challengers prepare for launch April 3, 2016 High street challenger bank Santander UK is considering axing some senior staff to free up cash for its digital expansion plans. The bid to cut costs follows similar moves from the bank’s Spanish parent company to hollow out the ranks of senior managers. The Spanish lender is also planning to cut down its branch numbers [...]
Moneycorp hails milestone with banking licence, preparing the forex firm for further expansion April 3, 2016 Foreign exchange firm Moneycorp has had it’s application for a banking licence granted, which will be used to fuel expansion into European markets. The licence will allow Moneycorp to offer currency deposits from Gibraltar under the name Moneycorp Bank to customers trading foreign exchange. The bank doesn’t currently have plans to branch out into more traditional [...]
Talks to save Port Talbot steelworks rest on carbon tax deal, as Liberty House boss meets with government ministers and Tata executives April 3, 2016 A deal to save the Port Talbot steelworks will hinge on reforms to carbon tax rates, potential bidder Liberty House has warned. The founder of the metals group and commodities trader, Sanjeev Gupta, flew back to the UK today to meet with government ministers and current owners Tata to discuss potential plans for the site. Liberty House [...]
Libor scandal round 3: It’s crunch time for the UK’s fraud squad as it heads to court for the third UK Libor trial April 3, 2016 The Serious Fraud Office is gearing up for a crunch trial today as it heads to court in the latest instalment of the Libor rigging saga. The under-pressure fraud squad's war on financial misconduct will continue at Southwark Crown Court, with the trial of five former Barclays bankers accused of US-dollar pegged Libor rigging. The SFO will [...]
Iranian minister rebuffs Saudi oil demands, throwing a spanner in the Opec and Russia production freeze talks April 3, 2016 Plans for a deal to clear the global oil supply glut with a production freeze have hit a hurdle after the Iranian oil minister refused demands from Saudi Arabia to throttle its production. Iran’s Bijan Zanganeh told the country’s Mehr News Agency today Iran still intends to increase its output to four million barrels a day, [...]
Domino’s Pizza warns it could be hit with extra slice of retrospective tax April 3, 2016 Domino’s Pizza has warned it could be slapped with a retrospective tax bill related to past bonus schemes dating back to 2003. In its annual report, the fast food chain revealed it is in talks with HM Revenue & Customs over some of its bonus plans between 2003 and 2010, which used trusts to award [...]
Tobacco firms Philip Morris, British American Tobacco launch case against EU Tobacco Products Directive April 3, 2016 Major tobacco firms have launched a legal challenge against a European directive that could increase the price of the cheapest packs of cigarettes by 70p. Philip Morris International is leading the challenge in the European Court of Justice (ECJ) against the revised EU Tobacco Products Directive, also known as TPD2, which was adopted in May 2014 but has [...]
AB InBev brews $350m bonus for top bosses if the company hits ambitious 2020 revenue targets April 3, 2016 Senior managers at Anheuser-Busch InBev (AB InBev) will share a bonus pool of $350m (£246m) if the company hits ambitious revenue targets by 2020. AB InBev, the world’s largest brewer, will pay out the bonus pool to 65 of its top managers if revenues reach $100bn in four years’ time, under its “2020 Dream Incentive Plan”, the company [...]
Panama Papers: Mossack Fonseca data leak reveals how global elite use tax havens to protect their riches April 3, 2016 A leak of confidential documents from one of the world's largest offshore law firms, Mossack Fonseca, has revealed how the world's rich and powerful have been using tax havens to hide their wealth. The documents, which were obtained by German newspaper Suddeutsche Zeitung, allegedly show how Mossack Fonseca has helped its clients launder money, dodge sanctions, and evade tax. [...]