Exercise startup Peloton narrows losses November 5, 2019 Fitness startup Peloton narrowed its losses in its first quarter despite pushing forward with expansion plans and investment in its online platform. The company posted a loss of $49.8m (£38.71m) in the three months to 30 September, reducing the figure by $4.8m on the previous year as the firm continued to target international growth. Read [...]
BHS buyer Dominic Chappell banned from directorships for 10 years November 5, 2019 Dominic Chappell, the businessman who bought BHS from Sir Philip Green for £1 a year before the company collapsed with 11,000 jobs lost, has been barred from serving as a company director for ten years. Sky News first reported today that the Insolvency Service had handed the the three-time bankrupt the decade-long ban. Read more: [...]
Boeing’s chief executive offered to forego his bonuses over the 737 Max crisis November 5, 2019 Boeing chief executive Dennis Muilenburg has offered to forego all bonuses for 2019 as the firm scrambles to deal with the fallout from two deadly crashes of its 737 Max jet. The embattled boss, who has been stripped of his dual role of chief executive and chairman of the aerospace giant in recent weeks, faced [...]
Fimalac builds £500m digital ad firm with Jellyfish deal November 5, 2019 Fimalac, the group owned by French billionaire Marc Ladreit de Lacharrière, has bought a majority stake in London-based digital marketing agency Jellyfish as it seeks to compete in an increasingly online advertising landscape. Fimalac data-driven marketing specialist Tradelab will be merged with Jellyfish, the companies said, to create a combined entity with a market capitalisation [...]
General election 2019: Most Brits are confused by Labour’s Brexit stance November 5, 2019 Two-thirds of British voters are confused about Labour’s Brexit policy, according to polling data released today in the run up to the December general election. Jeremy Corbyn’s Labour party has ruled out a no-deal Brexit and committed to “get[ting] Brexit sorted within six months”. But the strategy is not working for voters, a Yougov survey [...]
Private equity firm KKR raises record €5.8bn European fund November 5, 2019 US buyout firm Kohlberg Kravis Roberts (KKR) has raised its largest ever European fund at €5.8bn (£5bn), as investors look to the region for higher returns. The flagship fund, which launched in February with an initial target of €5bn, will focus on private equity deals in Western Europe. Read more: European private equity buyouts climb [...]
TfL mines passenger phone data to improve Tube journey estimates November 5, 2019 Tracking passengers’ phone usage on the Tube has allowed Transport for London (TfL) to improve its travel time estimates. TfL has analysed 2.7bn pieces of anonymised data since June, which has been gained through tracking people’s usage of Wi-Fi networks at stations across the capital. Read more: TfL is investigating illegal London minicab drivers This [...]
Jacob Rees-Mogg says sorry to Grenfell victims for saying they lacked ‘common sense’ November 5, 2019 Jacob Rees-Mogg has apologised to Grenfell victims for saying they lacked “common sense”. The Leader of the House of Commons said on Monday it would be common sense to have ignored the London Fire Brigade’s (LFB) advice to “stay and wait” during the fire, which killed 72 people. Read more: Grenfell report: Fire services’ serious [...]
Wework rival IWG boosts revenue as franchise business expands November 5, 2019 Wework rival IWG boosted revenue in the third quarter as the flexible office space provider built momentum with its expansion plans and international franchise business. IWG reported a 9.4 per cent increase in revenue to £692.3m in the three months to 30 September, driven by the Europe, Middle East and Africa (EMEA) and US markets. [...]
Labour Party’s four-day week to cost ‘at least £17bn’ November 5, 2019 Labour Party proposals for a four-day week would cost the taxpayer at least £17bn, according to a new report. Cutting the working week to 32 hours for public sector employers would result in an expansion of the workforce that could cost the Treasury between £17bn and £45bn, the Centre for Policy Studies has warned. Analysis [...]