Philip Hammond: Post-Brexit trade deals have ‘very limited economic value’ October 10, 2019 Philip Hammond has taken a swipe and Brexit supporters’ hopes of striking free-trade deals around the globe after leaving the EU because they have “very limited” economic value. The former chancellor said there is no “simple solution” to Brexit, and called a no-deal scenario an act of “self-harm”. Read more: Bercow discussed Brexit plans with [...]
Healthcare giant Philips issues profit warning on US-China trade tariffs October 10, 2019 Dutch healthcare-tech giant Philips has warned the trade war between the US and China will stop it hitting targets for profit margin improvement this year. In an update ahead of its third-quarter report, the European firm said rising tariffs would hamper its earnings before interest, tax and amortisation (EBITA) margin. Read more: Philips to close [...]
Will the buyout of Thomas Cook’s 555 high street stores take off? October 9, 2019 At 11.53pm on Tuesday night, the directors of family-owned Sunderland-based holiday firm Hays Travel clinched what is surely the biggest coup of their careers: buying Thomas Cook’s entire collection of high street stores. They appear to have timed their move well. Although owners John and Irene Hays wouldn’t tell reporters the price yesterday, they have doubtless [...]
Airbus ‘warns employees on cash flow’ in defence and space business amid Saudi arms ban October 9, 2019 Airbus’ second-most profitable division, its defence and space business, is said to have warned employees it faces serious challenges meeting cashflow for 2019. It comes after the company also urged its 33,000 workers to save more cash in the final quarter of last year. The last quarter is usually a period of more challenging cash [...]
Hays Travel to buy 555 Thomas Cook stores, providing lifeline for 2,500 former workers October 9, 2019 Thousands of former Thomas Cook employees could be in for a reprieve, after the collapsed travel giant’s retail estate has been sold to Hays Travel. The agreement will see the Sunderland-based independent travel agent pick up 555 former Thomas Cook stores around the UK. The news offers a lifeline for its 2,500 former retail employees. [...]
Goldman Sachs looks to keep bank on track in disaster with ‘extra Wework space’ October 9, 2019 Goldman Sachs is said to have set up a trading floor in a Wework office in London so the bank can keep operating in case of a disaster. The space comes on top of the US bank’s brand new £1bn, 10-storey HQ in Farringdon, toured by City A.M. Read more: Airbnb hires Morgan Stanley and [...]
Space race: Boeing invests $20m in Richard Branson’s Virgin Galactic as it prepares public listing October 8, 2019 Boeing is to invest $20m in Sir Richard Branson’s space-tourism venture Virgin Galactic, meaning it will have more money to take on rivals such as Elon Musk and Jeff Bezos in the commercial space race. Branson founded space venture Virgin Galactic in a bid to cash in on rising demand for space travel. He is [...]
Thomas Crooks: Fraudsters target refund process for collapsed airline October 8, 2019 People trying to claim refunds on flights and hotels booked with collapsed holiday giant Thomas Cook have been warned about possible fraudsters trying to get hold of their details. Britain’s aviation regulator the Civil Aviation Authority (CAA) said this afternoon it had been forced to take “urgent action” against fraudulent activity in relation to the [...]
Road to recovery? Nissan appoints Makoto Uchida as CEO to turn around stricken car maker after Ghosn scandal October 8, 2019 Nissan has named the head of its Chinese operation, Makoto Uchida, as its new chief executive, as the firm tries to put the brakes on more than a year of chaos at the firm. The 53-year-old Japanese executive has the task of turning around the stricken car maker, which has become ensnared in a combination [...]
Heidi Allen: Legal attempt to force Brexit extension is ‘watertight’ – despite Johnson’s plans to ‘scupper’ it October 8, 2019 Boris Johnson’s plan to get around a law which delays Brexit past 31 October is going to fail, according to the latest MP to join the Lib Dems, Heidi Allen. Allen, a former Tory MP who announced she had joined the Lib Dems last night, said the Benn act was legally watertight. Read more: Ex-Tory [...]
