Apple splashes out $1bn on Intel’s chip business July 25, 2019 Apple has snapped up the majority of Intel’s smartphone chip business for $1bn (£800m) as it looks to secure its own supply of the vital iPhone part. Read more: Apple’s tax bill slashed by more than half Around 2,200 Intel workers will move to Apple, who will also acquire intellectual property, equipment and leases relating [...]
Mothercare in talks to spin off struggling UK stores July 25, 2019 Mothercare is set to sell or separate its 79 UK stores as part of the struggling retailer’s ongoing evolution towards an international franchising model. Read more: Mothercare annual loss jumps to £87m, delayed results reveal The retailer for parents and young children is in conversations with prospective groups about the deal, according to Sky News, [...]
Philip Hammond rules out running for Treasury committee chair July 25, 2019 Former chancellor Philip Hammond has ruled out making a bid for the vacant position of chair of the Treasury select committee, City A.M. has learnt. On Thursday evening a source close to Hammond said the former chancellor was contemplating the move, saying: “He hasn’t ruled it out.” However, a spokesperson for Hammond poured cold water on the suggestion, [...]
Business groups cheer new government’s change of tune on migration cap July 25, 2019 Britain’s biggest business groups yesterday welcomed signals from Downing Street that the new administration has all but abandoned the target to bring net migration below 100,000. Read more: Boris Johnson takes aim at Brussels in fresh Brexit battle Both the Confederation of British Industry (CBI) and the Institute of Directors (IoD) said the government’s turn [...]
Boris Johnson takes aim at Brussels in fresh Brexit battle July 25, 2019 Boris Johnson fired the first shots in a new Brexit battle with the EU on Thursday, just hours into his first full day as Prime Minister, as the EU’s chief negotiator branded Johnson’s position “combative” and “unacceptable.” Michel Barnier emailed EU leaders after the UK’s new prime minister told MPs the Irish backstop protocol must be stripped [...]
American Airlines to take $400m hit from Boeing 737 Max groundings July 25, 2019 American Airlines shares dropped today after it said the Boeing 737 Max groundings would likely dent its 2019 pre-tax earnings by around $400m (£320m). Read more: Boeing loses $3.4bn on 737 Max groundings in second quarter Yet in its second quarter results, released today, the world’s biggest airline said its revenue grew by 2.7 per [...]
Clearing house LCH drafts in Credit Agricole executive as new CEO July 25, 2019 Global clearing house LCH has drafted in a former top boss of Credit Agricole as its new chief executive. Isabelle Girolami is set to take on the role of chief executive in November, taking over from Martin Pluves as he begins a new role as head of the Fixed Income, Currency and Commodities Markets Standards [...]
Jaguar Land Rover skids to £395m loss in first quarter July 25, 2019 Jaguar Land Rover (JLR) skidded to a £395m pre tax loss for the first quarter of its new financial year after sales fell nearly 12 per cent. In the three months to 30 June, JLR sold 128,600 cars, down from 145,500 cars in the same period last year. Revenue slid to £5.07bn for the quarter, [...]
Ride the UK heatwave: These are London’s hottest Tube lines July 25, 2019 It’s sweltering outside, and the last thing you want to do when it’s hot is take the Tube. But with the UK set to experience a new record high temperature today of 39C, for once it’s actually cooler on the London Underground than it is in the capital’s parks. Read more: UK breaks temperature record [...]
Business groups urge Boris Johnson to drop opposition to Heathrow third runway July 25, 2019 Business groups have urged the new Prime Minister, Boris Johnson, to drop his apparent opposition to Heathrow’s third runway. In a letter to Johnson, business firms including the CBI and British Chamber of Commerce warned that a failure to support the £14bn scheme would “prevent us all from successfully building a global Britain”. Read more: [...]