Government defends handling of SWR’s future after union says passengers are left ‘in limbo’ February 5, 2020 The Department for Transport (DfT) has denied claims by a major union that it has left passengers and staff “in limbo.” The RMT union has demanded the government provide an update on talks to secure the future of the troubled South Western Railway (SWR). However, the government has defended its handling of the process. “We [...]
Nightmare: Casper Sleep slashes IPO valuation again February 5, 2020 Casper Sleep slashed the valuation it is seeking in its initial public offering again today, as the money-losing online mattress retailer tries to lure investors in a tepid market for start-up IPOs following Wework’s debacle last year. The price cut underscores the recent mismatch between the valuations start-ups are able to achieve in private fundraising [...]
Brands told to turn to Youtube ads as young TV viewers tune out February 5, 2020 Brands targeting younger consumers can best boost their reach by advertising on Youtube as viewers desert traditional TV, according to a new report. Research published today by media consultancy Ebiquity revealed the number of people viewing ads on linear TV fell 4.4 per cent last year — worse than the predicted decline of 3.6 per [...]
Relief for shortsellers as Tesla stock slumps 14 per cent February 5, 2020 Investors betting against electronic carmaker Tesla may breathe a sigh of relief after its stock slumped more than 14 per cent. Tesla is the largest short in the domestic market with short interest of $14.28bn, but short sellers have been dealt a blow in the last week as Tesla’s stock climbed above $900 (£692.7). Tesla’s [...]
Credit Suisse shareholders back chief executive in board battle February 5, 2020 Three top Credit Suisse investors have backed chief executive Tidjane Thiam in a power struggle with chairman Urs Rohner as the Swiss bank grapples with the aftermath of a spying scandal. Relations between the pair are understood to have come under increased strain since the revelation that the bank had hired a corporate espionage agency [...]
Ryanair misled customers with claims on carbon emissions February 5, 2020 The UK’s advertising watchdog has decided that an advert from Ryanair about its carbon emissions was misleading. The Advertising Standards Authority (ASA) ruled that a press, TV and radio advert, all released in September 2019, wrongly claimed that Ryanair is Europe’s low emission airline. It comes after the UK’s aviation industry made a pledge yesterday [...]
Digital sector contributes £149bn to UK economy amid tech boom February 5, 2020 Digital companies contributed £149bn to the economy in 2018 as the UK retained its position as a leading tech superpower. The figure, which equates to £400m per day, means the digital sector accounts for 7.7 per cent of the UK economy as a whole. Growth in the thriving tech sector was also six times larger [...]
Tullow Oil to cut third of workforce as firm seeks to reduce costs February 5, 2020 Tullow Oil is set to cut a third of its workforce in order to save about $20m (£15.4m) on administrative costs as the firm fights back from November’s share price collapse. The Irish explorer, which focuses its operations on Africa, has begun a process of cost-cutting which could see its staff drop from 950 members [...]
Mike Lynch arrest: Autonomy CEO submits himself for arrest in US extradition case February 5, 2020 Autonomy founder Mike Lynch has this morning submitted himself for arrest in what his legal team said is a formality triggered by a US extradition request. Lynch – who is facing charges of securities fraud, wire fraud and conspiracy in the US related to the 2011 sale of Autonomy to Hewlett Packard (HP) – has [...]
Retail bosses call for £6bn corporation tax hike to fund business rates cut February 5, 2020 Retail bosses are preparing to urge the Treasury to increase corporation tax in order to cut business rates by £6bn in a bid to save the UK’s struggling high streets. The recommendation to the government will be made in a report by a sub-committee of the Retail Sector Council, due to be shared in the [...]