Royal Mail tracked staff to see how fast they worked, admits disgraced boss to MPs February 22, 2023 Royal Mail boss Simon Thompson was forced to acknowledge that technology had been used to track workers after being dragged back to face a parliamentary committee. Weeks after his original hearing caused uproar amongst staff Thompson, who was on this occasion ordered to swear under oath, told parliament that had been 16 occasions in the [...]
Wood Group confirms takeover bid from US private equity firm Apollo February 22, 2023 Energy services company John Wood Group today confirmed it has received multiple takeover offers from US private equity firm Apollo Global Management, but has rejected all of them. The FTSE 250 firm came out to confirm speculation of a takeover, stating that it has received “three unsolicited, preliminary and conditional proposals” from the firm “regarding a possible [...]
Top UK investment body slams FCA for moving too fast on greenwashing rules February 22, 2023 A top investment body has slammed the UK’s financial services regulator for moving too fast on environmental, social and governance (ESG) rules today, claiming it risked “dislocating” a major section of the sector. Officials at the Financial Conduct Authority (FCA) announced plans in October to clampdown on the labelling of ESG financial products in a [...]
FTSE 100 close: Wall Street sell off spreads to London pushing premier index further away from 8,000 point mark February 22, 2023 London’s FTSE 100 was drawn into a sell off on Wall Street last night, pushing it further below the 8,000 point threshold today. The capital’s premier index fell 0.59 to 7,930.64 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, slid 0.82 per cent to [...]
Inflation bites into profits of Actimel owner Danone with sales up 13 per cent to £23.7bn February 22, 2023 French food giant Danone, producer of Actimel, has reported a full year increase in sales but admitted that soaring inflation and a hike in costs had impacted its profit margin. The food manufacturer said sales increased to €27.7bn (£23.7bn) in 2022, up 13.9 per cent on a reported basis and 7.8 per cent on a [...]
Sneak peak at Earls Court £8bn ‘zero carbon’ regeneration scheme February 22, 2023 A derelict exhibition centre in Earls Court is set to be transformed into a £8bn zero carbon neighbourhood with a raised urban park bigger than Trafalgar Square. The 40 acre site in Zone 1, which was once home to the Brit Awards, was crushed in 2015 but now its new developers have plans to transform [...]
British Steel confirms 260 jobs at risk amid coke oven closures February 22, 2023 British Steel announced 260 jobs are at risk amid proposals to close its coke ovens at its plant in Scunthorpe. The firm said the UK remains “uncompetitive” compared to rival markets with energy and carbon costs “some of the highest” globally. It said it had seen a £190m rise last year and the facilities were [...]
China tells state-owned companies to cut ties with the Big Four February 22, 2023 China has told its state-owned companies to stop working with the Big Four auditors – EY, KPMG, PwC, and Deloitte – and asked them to use local accounting firms instead. China’s Ministry of Finance (MoF) has called on the country’s state-controlled firms to let their audit contracts with the Big Four expire, Bloomberg reported today. [...]
Explainer: Why Tony Blair and William Hague are calling for digital ID cards February 22, 2023 There are rare instances where the political divide narrows and people of opposite political colours come together and agree. Today is one of those days, as Tony Blair and William Hague join forces to urge the government to introduce digital ID. Blair and Hague are old-time frenemies. They faced each other at the ballot box [...]
UK inflation will drop back to Bank of England two per cent target by end of this year, economists predict February 22, 2023 Inflation in the UK is on track to fall exactly back to the Bank of England’s target by the end of this year, according to forecasts by two top City of London economists. The rate of price increases will tumble to two per cent in the final three months of 2023, according to Pantheon Macroeconomics. [...]
