Tui losses narrow as it offloads Travelopia to private equity firm KKR for £325m February 14, 2017 Travel firm Tui has agreed to sell its specialist holiday arm Travelopia to private equity firm KKR for an enterprise value of 381m euros (£325m). It announced the sale ahead of its first-quarter results today, where UK holidaymakers' search for sun bolstered bookings, despite weakened demand for Turkey and Egypt after terror attacks and political uncertainty. Tui shares [...]
Next chapter in leadership for the high street retailer as John Barton steps down as chairman February 14, 2017 Retailer Next today announced chairman John Barton will step down after 15 years with the company. Barton has been on the board of the firm since 2002 and was appointed chairman in 2006. He will be succeeded by the Michael Roney when he retires on 1 August 2017. Read more: Next and Morrisons: What a difference [...]
The rise in insecure work is costing the Exchequer £4bn a year, warns the TUC February 14, 2017 The sharp rise in insecure work across the UK is costing the government – to the tune of nearly £4bn a year in lost tax income and benefit pay-outs. That's according to the Trades Union Congress (TUC), which says that total represents nearly a quarter of the social care budget spent in England. Its new [...]
Credit Suisse posts worse than expected losses with thousands more jobs to go in 2017 February 14, 2017 Credit Suisse's share price jumped over three per cent this morning despite posting greater than expected fourth quarter losses following its settlement with US authorities. The lender also revealed it plans to further reduce headcount in 2017, with 5,500 jobs set to go. Shares in the firm were trading at SFr15.20 at 8.30am this morning. The figures Fourth quarter [...]
Rolls-Royce made its largest ever loss last year February 14, 2017 Losses at aeroplane engine maker Rolls-Royce were worse than thought in 2016, with a loss of £4.6bn. The figures Analysts had mooted a pre-tax loss of £4bn – but in the event, the company racked up a pre-tax loss of £4.6bn in the year to the end of December, it said today, pushed down by [...]
Fears grow for Toshiba as it delays nuclear writedown and earnings announcement February 14, 2017 Shares in Toshiba fell over eight per cent in overnight trading after the conglomerate unexpectedly pushed back an announcement on its quarterly earnings and details of a mammoth writedown of its nuclear business. Investors were waiting with bated breath for the announcement, due today at 3am GMT (12pm Japan time) with the market expecting a charge of [...]
Energy providers are coming up with new methods to move customers to cheaper deals February 14, 2017 As two-thirds of British consumers, or 67 per cent, are still paying for their energy provider's most expensive deal, a consumer group has urged firms to implement new policies. Consumer advice group Which has pushed British energy suppliers to outline new ways to engage customers ahead of Ofgem interventions. Today, it will today publish the responses of 14 companies. "With [...]
One in five startups is planning to set up in Europe because of Brexit February 14, 2017 One in five startups is planning to set up in another county in Europe because of Brexit, but the majority intend to keep their headquarters in the UK, new figures reveal. Just one per cent of the startups surveyed by Silicon Valley Bank said they will move their HQ to somewhere else in Europe, and [...]
Want a more equal society? Be careful what you wish for February 14, 2017 Consider this thought experiment. You have been transported back to 1912 and have the power to change the course of history. You foresee a century ravaged by the effects of two catastrophic World Wars, with a resulting 100m casualties. You also know the effects of violent communist revolution and rule, with a death toll almost [...]
As the Co-Op Bank goes on sale, is now the time to buy UK banks? February 14, 2017 It wasn't hard to spot the irony when Paul Flowers, chairman of the avowedly ethical Co-Operative Bank and a methodist minister, was arrested for drug possession in 2013. In the same year, the mutual Co-operative Group ceded control of the ailing lender to its bondholders, after a massive £1.5bn hole was discovered in its balance [...]