Steelmakers call for cheaper electricity bills to stay competitive, as Europe reaps benefits October 8, 2019 Steel companies in the UK pay nearly twice as much for electricity than their counterparts on the continent, despite the industry facing unprecedented challenges in Britain. British steelmakers face electricity prices 80 per cent higher than their direct competitors in France, and 61 per cent higher than in Germany, according to research. Read more: British [...]
Selfridges makes record sales as Oxford Street accessories wow department store customers October 8, 2019 Selfridges has thrilled its way to a record year of sales, driven by accessories such as an indoor skate bowl. Customers were happy to go along for the ride for the 12 months until February, with the department store raking in a whopping £1.85bn sales, a six per cent increase on the previous year. Read [...]
Trump threatens to ‘obliterate’ Turkish economy if it defies his ‘unmatched wisdom’ October 7, 2019 Donald Trump has issued a stark threat to “totally destroy” Turkey’s economy if it does anything he considers off-limits in Syria. The US President said the country should not do anything to contradict his “great and unmatched wisdom” in the region. Read more: Turkish lira rallies as President Erdogan’s AK Party concedes Istanbul defeat He [...]
Chinese success propels Mercedes-Benz to record third-quarter sales October 7, 2019 Mercedes-Benz enjoyed record sales in the third quarter, despite a slowdown in the global automotive market, as a strong showing in China boosted the German luxury brand. The Stuttgart-based manufacturer sold 181,233 cars in China in the three months ending in September, a nearly 13 per cent increase. Read more: Daimler in fourth profit warning [...]
US pulls troops back in Syria, opening door for Turkish offensive October 7, 2019 The US has begun pulling troops back from the northeastern border of Syria, clearing the way for a Turkish strike on Kurdish-led forces long allied to Washington. It has been slammed as a “stab in the back” by the Kurdish-led forces who are longstanding allies of the US in fighting the so-called Islamic State (IS) [...]
British Airways lost 300,000 passengers in September amid pilot strikes October 7, 2019 British Airways lost more than 300,000 passengers throughout September, as recent strikes forced it to cancel more than 2,000 flights. The airline suffered an eight per cent decline in passenger numbers last month to 3.85m people. Read more: IAG issues profit warning after British Airways strikes That was down from 4.19m during the same period [...]
Thomas Cook customers struggle to recoup funds as regulator’s website hit by ‘unprecedented demand’ October 7, 2019 Thomas Cook customers looking for a refund are being thwarted by excessive demand this morning, as the aviation regulator struggles to cope with the amount of people trying to claim their money back. The Civil Aviation Authority this morning launched its refund process for those affected by the travel company’s collapse last month. Read more: [...]
Like a brick: SIG shares drop as profit warning sends ripples through construction industry October 7, 2019 Building materials firm SIG shares tumbled 15 per cent this morning as it warned profits would be “significantly lower” than last year, amid languishing construction markets in the UK and Germany. SIG’s warning set alarm bells ringing across the industry as it said a “deterioration in trading conditions” had worsened in recent weeks. Read more: [...]
Whitehall pressed on pension superfunds regulation October 7, 2019 The government is facing fresh doubts over legal protections for defined benefit pension schemes, as so-called superfunds angle to swallow them up. In a recent letter, pensions minister Guy Opperman was unable to say for sure that rules for pension superfunds would be in an upcoming pensions bill. The letter came in response to the [...]
Former Barclays trio face Qatar trial at Old Bailey October 6, 2019 Three former Barclays executives charged with fraud in connection with Qatar’s part in the bank’s emergency cash injection during the financial crisis face trial tomorrow. The highly-anticipated trial, which is set to last into 2020, will look into how the British bank secured billions from Qatari investors and avoided a taxpayer-funded bailout in 2008. The [...]
