To avert the deluge, business must unleash its heroic spirit May 20, 2019 After us, the deluge. These are the words not of our Prime Minister, but from another troubled time and uttered by Madame de Pompadour, the lover of King Louis XV of France. The French Revolution would prove the prophecy. And for revolutionaries since, the idea of the deluge has inspired. Karl Marx went as far [...]
Walking the walk: The City is on a journey to revolutionise transport in the capital May 20, 2019 For Londoners, complaining about public transport is as commonplace as complaining about the weather. The City of London is the most accessible part of the capital, served by 15 Tube stations, seven Tube lines, eight mainline stations, multiple bus routes, and a fast-evolving bicycle network, but with a working population of 513,000 and home to [...]
Google suspends parts of business with Huawei after US ban May 19, 2019 Google has reportedly suspended some parts of its business with Huawei in the latest blow for the troubled Chinese firm. Google will suspend any business requiring the transfer of hardware and software products, except those covered by open source licences, Reuters reported, citing a source close to the matter. Read more: China threatens to strike [...]
Sports Direct mulls legal challenge over Debenhams rescue plan May 19, 2019 Mike Ashley’s Sports Direct is looking to launch legal action against Debenhams over a controversial rescue deal secured earlier this month. The sportswear group is set to challenge two company voluntary arrangements (CVA) that could lead to the closure of 50 the chain’s 166 stores, with rent cuts expected on dozens more. Read more: Local [...]
Schroders stands firm against Non-Standard Finance’s hostile takeover of Provident May 19, 2019 A major Provident shareholder has stood firm against a £1.3bn hostile takeover bid delivering a blow to rival subprime lender Non-Standard Finance’s hopes of gaining more support. NSF decided to plough ahead with its takeover last week with support from investors holding 53.53 per cent of Provident shares. The doorstep lender dropped its own target [...]
S4 Capital boss Sir Martin Sorrell faces investor revolt over bumper pay packet May 19, 2019 Advertising veteran Sir Martin Sorrell could be faced with a shareholder revolt amid a backlash at his proposed pay packet at new firm S4 Capital. Shareholder advisory groups Glass Lewis and ISS have both issued notes urging investors to vote down the company’s long-term bonus scheme. Read more: S4 Capital continues to grow profits as [...]
M&S braced for fresh decline in profits as store closures continue May 19, 2019 Marks & Spencer is set to report a sharp decline in profits for the full year as it looks to beef up its online offering amid a raft of store closures. The high street stalwart is expected to post pre-tax profits of roughly £520m in its full-year results of Wednesday, a fall of 10 per cent on [...]
Jeremy Corbyn hints at softened stance on freedom of movement May 19, 2019 Jeremy Corbyn has hinted that Labour could be prepared to accept freedom of movement if it were leading the Brexit negotiations with Europe. Freedom of movement is one of the four governing principles of the EU, along with the free movement of goods, services and capital. The party had previously ruled out freedom of movement, [...]
Theresa May promises MPs a ‘new and improved’ Brexit deal ahead of vote in June May 19, 2019 Theresa May has promised to put a "new and improved" deal before MPs when they are asked to vote on the Withdrawal Bill in the first week of June. The Prime Minister, who will soon agree her departure date from Downing Street, promised that the Withdrawal Agreement Bill (WAB), which will enshrine the Withdrawal Agreement into law, [...]
Withdrawal Agreement Bill should include a public vote, says shadow Brexit secretary May 18, 2019 The shadow Brexit secretary has called on the government to add a public vote to the Brexit legislation that MPs are set to vote on in June. Sir Keir Starmer believes that the inclusion of a second referendum in a withdrawal agreement bill would "break the impasse" between the Conservatives and Labour, after discussions ended [...]