Google founders to step down as executives of parent firm Alphabet December 3, 2019 Larry Page and Sergey Brin, the two co-founders of Google, have announced their intention to step down as executives of parent firm Alphabet. The reins will be passed on to current Google chief Sundar Pichai, who will hold the role of chief executive at both Google and Alphabet going forward. “With Alphabet now well-established, and [...]
Billionaire businessman Surinder Arora warns Labour tax plans could scare businesses away from UK December 3, 2019 Billionaire businessman Surinder Arora has hit out at Labour’s plans to increase taxation on corporations and wealthy individuals, saying the proposals could drive businesses and investors away from the UK. Arora – who came to the UK from Punjab at the age of 12 before establishing hotel operator Arora Group – warned a Labour victory [...]
High street retailers urged to offer opt-out option for ‘buy now, pay later’ plans December 3, 2019 High street retailers have been urged to allow shoppers to opt-out of being shown “buy now, pay later” options, over concerns that the easily accessible credit could push vulnerable people into unaffordable debt. The Money and Mental Health Policy Institute, an initiative set up by personal finance guru Martin Lewis, said retailers should “help people [...]
Amey to offload two business units as Spanish owner Ferrovial works towards sale December 3, 2019 Amey, one of the UK’s biggest providers of outsourced public services, is said to be looking to hive off two of its business units as part of plans by its Spanish owner to sell the company. The firm, which employs about 17,000 people, has reportedly hired advisers to sell its environmental services and utilities divisions, [...]
Zopa secures last-minute £140m injection December 3, 2019 Zopa has secured a £140m cash injection that will help the peer-to-peer lending giant meet regulatory capital requirements to become a bank. The fintech firm has been in talks to secure a major lifeline with an entity connected to US-based private investment firm IAG Capital Partners and its UK arm Silverstripe. Read more: Moody’s downgrades [...]
Dating app advert starring Ulrika Jonsson banned for objectifying women December 3, 2019 An advert for an over-50s dating app starring Swedish TV personality Ulrika Jonsson has been banned over concerns it was offensive and objectified women. The Christmas campaign for mature dating service Lumen showed 52-year-old Jonsson in a red nightie and stockings, and was accompanied by the tagline “Be my stocking filler”. Read more: Twitter outlines [...]
Pakistani property tycoon Malik Riaz Hussain agrees £190m settlement with UK authorities December 3, 2019 Pakistani property tycoon Malik Riaz Hussain has agreed to hand over £190m to UK authorities, following allegations that the funds could have been proceeds of crime. The National Crime Agency said today it had reached a settlement with Hussian, who owns development company Bahria Town – one of the largest private sector employers in Pakistan [...]
IFS questions Labour’s nationalisation plan for utilities December 3, 2019 The Institute for Fiscal Studies (IFS) has questioned Labour’s plans to renationalise swaths of the economy, suggesting that the party’s aims could be achieved by changing regulations instead. The economic think tank also said the up-front costs of nationalisation were much less relevant than how well the assets would be managed by the public sector. [...]
Commuter chaos continues as London rail strike standoff enters second day December 3, 2019 The standoff between South Western Railway and the Rail, Maritime and Transport Workers (RMT) Union went on today, as Labour faced claims it was working alongside union bosses to boost its election prospects. Commuters were left miserable again as the longest rail strike in history entered its second day, with some warning that the remaining [...]
Moody’s downgrades outlook for UK banking system December 3, 2019 The UK banking system’s outlook has been downgraded by credit ratings agency Moody’s, after it cited a swathe of challenges facing lenders in the year ahead. Flagging the persistently low interest rate environment and a competitive mortgage market, Moody’s is forecasting a modest slide in profitability. Read more: Carney appointed UN climate envoy The agency [...]