Debate: Should the Financial Conduct Authority ban exit fees on investment platforms? March 15, 2019 Should the Financial Conduct Authority ban exit fees on investment platforms? Alex Kovach, chief commercial officer at Interactive Investor, says YES. Consumers should be able to vote with their feet and switch investment platforms without the burden of crippling exit fees. As an industry, we should not be putting up barriers to switching – and the [...]
Trading on WTO terms would be no panacea for global Britain March 15, 2019 Despite the series of votes this week, a no-deal Brexit remains a real possibility. In fact, it is still the legal default unless a deal is struck or the EU agrees to extend Article 50. Many Brexiteers – 308 MPs, in fact – appear to think that this is the best Brexit option. Their assumption [...]
State-centric and uninspiring: The Spring Statement wasn’t much to get excited about March 15, 2019 Who has time to care about a Spring Statement when the unfolding Brexit process feels like watching a cross between Saw 3 and a monster truck rally? This has been a problem for two and a half years – the Brexit black hole has sucked time and resources away from almost every other area of [...]
Facebook blames server problem after 14-hour outage cripples social media sites March 15, 2019 Facebook has blamed a “server configuration change” for the outage that affected its social media platforms for more than 14 hours yesterday. “We've now resolved the issues and our systems are recovering. We’re very sorry for the inconvenience and appreciate everyone’s patience,” the company said in a statement. Read more: Facebook restores service after worst [...]
Profits fall at The Restaurant Group after £559m Wagamama merger March 15, 2019 The Restaurant Group has posted a drop in profits for last year as well as warning of falling like-for-like sales, but said its controversial takeover of Wagamama will prove “transformative”. Read more: Like-for-like sales fall at The Restaurant Group despite Wagamama boost The figures Adjusted profit before tax slipped eight per cent year on year [...]
Wetherspoons profits take a hit as wage increases kick in March 15, 2019 Wetherspoons has posted a sharp drop in pre-tax profits in its half-year report as increased labour costs took their toll. Read more: Wetherspoons profits slow amid surge in labour costs The figures Revenues increased 7.1 per cent to £889.6m for the 26 weeks to 27 January. Like-for-like sales were up 6.3 per cent over the [...]
IEA says attacks on tax havens undermine competition and privacy March 15, 2019 The Institute for Economic Affairs (IEA) has today attacked the UK government’s crackdown on tax havens, saying it undermines competition and breaches people’s right to privacy. Laws to make it public knowledge who avoids tax by registering companies in overseas British territories contradict principles of liberal democracy and damage the economy, the free-market think tank’s [...]
SEC sues Volkswagen over ‘massive fraud’ on US investors during emissions scandal March 15, 2019 Volkswagen perpetrated a “massive fraud” on US investors over its diesel emissions scandal, according to a major regulatory body now suing the firm. Read more: Volkswagen boss apologises for 'unfortunate' Nazi gaffe The Securities and Exchange Commission (SEC) filed a civil complaint against the company overnight, claiming that the car manufacturer issued more than $13b [...]
Mark Kleinman: Interserve is left to clean up its own mess March 15, 2019 What’s this? A public voting process punctuated by angry disputes about the terms and timing of a deal; feverish talk of ousting the top team orchestrating the agreement; and potentially dire consequences if the vote is blocked. It sounds a lot like events in Westminster, but today might instead mark the denouement of another of [...]
Editor’s Notes: The future of capitalism deserves more debate than a few viral tweets March 15, 2019 The desk in my office is groaning under the weight of books. They’re stacked up around the computer screens and at risk of blocking out natural light. I suppose it’s an appropriate look for an editor, though the scene has not been constructed deliberately. Indeed, none of these books have been read. They are unsolicited, [...]