Ikea bows to pressure from authorities and recalls 1.7m chests of drawers in China July 12, 2016 Ikea has recalled 1.66m chests and dressers in China from its popular Malm range over concerns the furniture pieces pose a danger to children. The recall covers pieces produced in the range between 1999 and 2016, which can be hazardous if not fixed properly to walls. In June Ikea was forced to recall 29m dressers [...]
AMC Theatres set to buy Odeon cinema chain in £921m deal July 12, 2016 AMC Theatres has agreed to buy Odeon from private equity group Terra Firma Capital Partners for £921m. The deal to buy Odeon and UCI Cinemas Group is the largest to be agreed since the UK voted to leave the EU last month. It will make AMC Entertainment Holdings, which owns AMC Theatres, the largest cinema operator [...]
Our prayers have been answered: There is now a “micro winery” that continuously produces wine July 12, 2016 It's the invention many of us have been waiting for. An American professor has teamed up with a university in Switzerland to develop a miniature device that will continuously produce wine – albeit at a rate of one millilitre per hour. Although many would probably want to own a device for recreational use, it has [...]
Virgin Atlantic buys up eco-friendly Airbus A350s in $4.4bn deal July 11, 2016 Virgin Atlantic has placed a $4.4bn (£3.4bn) order for 12 of Airbus' largest twin-engined, A350-1000 aircraft. The aircraft will be powered with the more enivronmentally-friendly Rolls-Royce Trent XWB engines, which generate around 30 per cent lower carbon dioxide emissions. Virgin announced the order at the opening day of the Farnborough Air Show. The new planes will be delivered from [...]
Brexit vote causing uncertainty for smaller London businesses and affecting business decisions July 11, 2016 Last month's Brexit vote is already having an impact on business decisions at small firms in London, according to research from Robinsons Chartered Accountants. A survey of 800 small and medium-sized enterprises found several key concerns were hampering their ability to make business decisions in the uncertain political and economic climate that has followed the referendum. [...]
Odeon owner in talks to sell chain for £1bn to AMC Entertainment Holdings July 11, 2016 The owner of Odeon is in talks with AMC Entertainment Holdings to sell the cinema chain in a £1bn deal. Terra Firma Capital Partners, which owns Odeon and UCI Cinemas Group, is in detailed negotiations at an advanced stage with AMC. An announcement on the sale could be made as early as this week, Sky News first [...]
Jean-Claude Juncker provisionally backs Sir Julian King to be the UK’s next EU Commissioner July 11, 2016 Jean-Claude Juncker has provisionally backed the nomination of Sir Julian King to become the UK's new EU commissioner. The president of the European Commission will determine whether to appoint King, whom he met in Brussels this morning, by the end of the month. "President Juncker was able to establish Sir Julian's European competencies. On the basis [...]
Diageo to chase Indian tycoon and former United Spirits chairman Vijay Mallya for £138m in “improper transactions” July 11, 2016 Diageo is pursuing Indian business tycoon Vijay Mallya to recover an estimated 12bn rupees (£138m) in funds it claims were stolen from its subsidiary United Spirits between 2010 and 2014. The drinks company said in a weekend notice to the Bombay Stock Exchange that an investigation had uncovered "improper transactions" during Mallya's time as chairman. [...]
London’s richest houses are occupied by slim women… and overweight men July 11, 2016 There is a division in London's wealthiest households, and it's one of waistbands. In the capital's luxury homes, you're most likely to find slimmer women and overweight, unhealthy men (confirming more than a few stereotypes in the process), according to property company Rokstone. In luxury homes priced above £25m in the capital, 90 per cent women [...]
Shoppers delayed big ticket purchases in June, while consumer spending hit a two-year quarterly low July 11, 2016 Britons put big ticket purchases on hold last month as consumer spending fell to its lowest quarterly level in two years. Spending across all categories grew by 0.9 per cent in June, up from a 27-month low of 0.8 per cent in May, contributing to a sluggish rise in consumer spending of 1.4 per cent [...]
