Uber saved from London court battle and is operating within the law says TfL July 3, 2014 Transport for London (TfL) has announced that the High Court cannot proceed with a case regarding taxi app service Uber because the magistrates courts are deluged with cases concerning individual Uber drivers. Furthermore, as far as TfL is concerned, Uber is acting within the law by using an app to calculate fares based on the [...]
Balfour Beatty issues profit warning for electrical engineering arm July 3, 2014 Infrastructure company Balfour Beatty has warned in its trading update that there has been further worsening in the trading performance of the mechanical and electrical engineering part of its UK construction business, amounting to a £35m profit shortfall. However, the company said the loss would be largely offset by further targeted private-public partnership (PPP) disposal [...]
Poundland sees profits dive but plans to add 60 new stores July 3, 2014 Budget chain Poundland has reported a fall in statutory pre-tax profits of 19 per cent to £21.5m, thanks largely to costs associated with its recent IPO. Underlying pre-tax profits rose a hefty 23 per cent to £36.8m. The company, which had its IPO in March, enjoyed growth in like-for-like sales of 1.9 per cent and [...]
Unite urges Miliband to offer EU referendum July 2, 2014 The Unite union has called on the Labour party to offer an In-out referendum on Britain's membership of the European Union. The for a vote on EU membership from Labour's biggest union backer will not come as welcome news to Ed Miliband, who has ruled out the possibility of an EU vote unless there is [...]
Mike Ashley finally lands bonus after shareholder backlash July 2, 2014 Sports Direct founder Mike Ashley has been awarded a bonus after 60 per cent of shareholders approved plans to let Mr Ashley share in a bonus scheme of up to £200m between the retailer's employees and management. However, 40 per cent of shareholders opposed the move, which was the company's third attempt in two years [...]
Government may take emergency measures to boost housing supply July 2, 2014 The government is exploring measures to boost house building as new figures are expected to reveal a dearth of new builds this year, according to the BBC's Newsnight programme. According to leaked documents seen by the BBC, officials fear that data set to be released before the 2015 general election will show a four per [...]
Mothercare share price surges 12pc after Destination Maternity takeover bid rejection July 2, 2014 Shares in baby goods retailer Mothercare have jumped by 11.8 per cent on the news that it rejected two takeover proposals from Destination Maternity. The US firm's latest offer was worth 300p per share, a 29 per cent premium on the company's closing price of 232.5p on 1 July. Destination Maternity first approached Mothercare in [...]
Bitcoin media coverage distracting from its true potential says Deloitte July 1, 2014 Overzealous media coverage of the controversial aspects of Bitcoin, such as criminal activity, price volatility and exchange collapses could be distracting governments and private businesses from the long-term potential of the cryptocurrency, according to a new report from Deloitte University Press. The report highlights the evolutionary nature of Bitcoin and its potential to be much [...]
Tata steelworks cuts 400 jobs due to “uncompetitive” energy costs July 1, 2014 The Tata steelworks in Port Talbot is set to shed 400 jobs, with chief executive Karl Koehler saying the moves were necessary for the company to remain competitive. High business rates and rising energy costs were cited as reasons for the job losses. "Steel demand and prices are likely to be under pressure for some [...]
Russian markets take a hit as Ukraine ends truce July 1, 2014 Russian markets are taking a beating in the wake of Ukraine's decision to end the ceasefire with pro-Russian rebels. The Russian ruble has fallen sharply against the US dollar, with a 0.7 per cent slide. Meanwhile, Moscow's MICEX index dropped by 0.9 per cent after the announcement. Ukrainian President Petro Poroshenko said the renewed hostilities [...]
