Boeing suffers annual loss of nearly $2bn as 737 Max crisis drags on January 29, 2020 Boeing made a monumental $1.98bn (£1.52bn) loss last year, after the grounding of the 737 Max plane marked the most calamitous period in its 103-year history. Sales also sank 37 per cent year on year to $17.9bn, Boeing’s first annual results since the worldwide grounding of its best-selling jet showed today. Boeing warned the crisis [...]
BBC ‘faces existential threat’ as it slashes 450 jobs January 29, 2020 The BBC has been warned it is facing an “existential threat” after the broadcaster announced it will cut roughly 450 jobs. The corporation today said it will slash the roles from its news output as it looks to save £80m by 2022 and counteract declining viewing figures. The cuts are set to impact Newsnight, which [...]
City economists urge Bank of England to avoid interest rate cut January 29, 2020 For the whole of 2019, the Bank of England’s monetary policy committee (MPC) held interest rates steady despite a slowing economy as parliament wrestled with Brexit. Yet with Britain now leaving the EU, there is a real possibility the MPC will cut rates for the first time in four years tomorrow, in what will be [...]
Struggling Northern Rail franchise nationalised and renamed Northern Trains January 29, 2020 Northern Rail is to be nationalised, five years before the franchise was set to end, after months of delays, cancellations and poor financial performance. Transport secretary Grant Shapps will terminate the existing franchise for Northern and install the state’s Operator of Last Resort on 1 March as filings for a new state-run replacement – Northern [...]
Fashion brand Ted Baker bolsters board after torrid year January 29, 2020 Embattled fashion brand Ted Baker has appointed a new chief customer officer as it attempts to bolster its management team following a torrid year for the retailer. Jennifer Roebuck, who was most recently chief marketing officer at online beauty platform Feel Unique, has taken on the newly created role at Ted Baker. Her brief will [...]
Guardian goes green as it bans advertising from fossil fuel firms January 29, 2020 The Guardian will no longer accept advertising from oil and gas companies as the media group looks to cut its links with fossil fuel firms. The move, announced today, will apply across the publisher’s websites and apps, as well as in print copies of the Guardian, Observer and Guardian Weekly. “Our decision is based on [...]
Coronavirus: Ikea shuts mainland China stores following outbreak January 29, 2020 Ikea is the latest company to announce it will temporarily close stores in China due to the outbreak of coronavirus. The Swedish retailer will shut around half of its 30 stores in mainland China until further notice to help halt the spread of the disease, the company’s owner Ingka Group said. Other global chains including [...]
Novartis predicts 2020 growth as coronavirus fails to disrupt drugmaker January 29, 2020 Novartis’ chief executive said that the firm’s supply chain was not being disrupted by the coronavirus as the Swiss drugmaker predicted rising profit in 2020. Next year the firm has predicted net sales growth of a mid-to-high single digit percentage, as well as a high-single to low-double-digit increase in operating income. Novartis’ fourth-quarter results saw [...]
Stubhub hit with legal threat over ‘misleading’ ticket sales January 29, 2020 Stubhub is facing legal action from the competition regulator over claims the ticket reseller misled customers. The Competition and Markets Authority (CMA) has launched a wider crackdown on the secondary ticket market amid concerns many websites are a hotbed for ticket touts. But the regulator said it was concerned that Stubhub was not complying with [...]
Airbnb backs creation of EU digital regulator after court victory January 29, 2020 Airbnb has backed calls for the creation of a digital regulator for the European Union after winning a landmark court case in the bloc that meant it could be classed as an online platform rather than a property agent. The short-term home rental platform said a new watchdog should form part of the discussion around [...]