Asda offloads pensions in £4bn deal as it eyes stock market float October 17, 2019 Asda owner Walmart is said to have secured a deal to offload £4bn of the UK supermarket’s pension liabilities as it looks to clear the path for a potential stock market listing. Read more: Asda employees stage fresh protests over contract changes Walmart and Asda’s pension trustees have agreed a £3.8bn buy-in with specialist insurance [...]
Nestle to return billions to investors through share buyback programme October 17, 2019 Nestle said today it plans to return Swiss Fr 20bn (£15.7bn) to investors by 2022. The company’s new share buyback programme, which will start in January, follows the $10bn (£7.8bn) sale of its skin care division this month to a consortium of investors. The Kitkat-maker said its organic growth slowed slightly from 3.9 per cent [...]
Facebook co-founder launches anti-monopoly trust October 17, 2019 One of Facebook’s co-founders has launched a $10m (£7.8m) anti-monopoly trust in an attempt to place extra scrutiny on big tech firms. Chris Hughes will launch the fund to support academic and policy research into market power. Read more: Facebook suffers a drop in brand value as consumer trust slides It will be a part [...]
Three key changes that underpin the new Brexit deal October 17, 2019 Prime Minister Boris Johnson has defied his critics to negotiate a new withdrawal agreement for Brexit. Much of the opposition to the previous deal, struck by Theresa May, centred on the controversial subject of the border between Northern Ireland and the Republic of Ireland. The EU Commission has published a 64-page document detailing the revised [...]
TfL boss Mike Brown to resign in May October 17, 2019 Transport for London (TfL) boss Mike Brown is set to resign after four years in the post. TfL announced today the transport commissioner will be leaving the job after next year’s mayoral election in May. Read more: Mike Brown hits out at ‘bonkers’ TfL borrowing limits He will then become the first chair for the [...]
Virgin Atlantic in fresh broadside against British Airways owner over Heathrow slots October 17, 2019 A war of words between two of Britain’s two biggest airlines over take-off and landing slots at Heathrow escalated further this morning, as Virgin Atlantic’s boss launched a fresh salvo against the dominance of British Airways owner International Airlines Group (IAG) at the airport. Shai Weiss, Virgin Atlantic’s outspoken chief executive, revealed he had set [...]
Brexit breakthrough: How the City responded to the deal October 17, 2019 Westminster was engulfed in drama this morning as Prime Minister Boris Johnson revealed he had secured a last-minute Brexit deal with the EU. European Commission president Jean-Claude Juncker heralded the breakthrough as a “fair and balanced agreement for the EU and the UK”, and Johnson has urged MPs to pass the agreement during a special [...]
Pound reverses gains as DUP rejects Boris Johnson’s Brexit deal October 17, 2019 The pound has dramatically reversed course from this morning’s five-month high to trade flat against the dollar as optimism about a new Brexit deal has faded. Read more: Boris Johnson hails ‘great’ new deal Sterling rocketed over one per cent against the dollar this morning to the $1.29 level not seen since May after Prime [...]
Juncker appears to rule out extension after Brexit deal agreed October 17, 2019 Jean-Claude Juncker appears to have ruled out any further extension to the Brexit process, after an 11th-hour deal was agreed this morning. The European Commission president told reporters in Brussels that the deal “means there is no need for any kind of prolongation”. Read more: Brexit deal agreed in Brussels – so what happens next? [...]
Johnson urges MPs to back Brexit deal as Juncker praises breakthrough for ‘peace and people’ October 17, 2019 Boris Johnson has urged MPs in Westminster to back his last-minute Brexit deal, ahead of a major showdown during a special session on Saturday. Standing alongside European Commission president Jean-Claude Juncker, the UK Prime Minister praised the 11th hour agreement as “a very good deal both for the EU and the UK”. Johnson described it [...]