McDonald’s probes potential cover up by disgraced former chief exec August 26, 2020 McDonald’s is reportedly investigating whether its ousted British chief executive Steve Easterbrook covered up misconduct by other employees. The investigation is also probing allegations of wrongdoing within the fast food giant’s human resources department. Easterbrook was fired last November after it was revealed that he had been in a consensual relationship with a colleague that [...]
Lekoil shares drop as annual loss widens August 26, 2020 Oil and gas company Lekoil’s share price dropped this morning after the firm revealed that losses widened last year. The figures The company, which fell victim to fraud earlier this year, reported a $12m loss in the year ended 31 December 2019 compared to a loss of $7.8m in 2018. Total revenue for the year [...]
New Look launches restructuring plan to slash rents August 26, 2020 High street retailer New Look has asked landlords to change the way it pays rent on most of its stores in a bid to secure a £40m cash injection. The fashion chain launched a company voluntary arrangement (CVA), which involves resetting 402 stores to turnover rent to align rent payments with future performance. The turnover [...]
More than 64m meals claimed under Eat Out to Help Out scheme August 25, 2020 More than 64m discounted meals have been claimed under the government’s Eat Out to Help Out scheme to encourage diners to visit cafes, pubs and restaurants following the coronavirus lockdown. The jump continues the upward trend, which saw 10.5m meals claimed in the first week that the Eat Out to Help Out Scheme was launched, [...]
Debenhams launches rates battle to decide future of company August 25, 2020 Beleaguered department store Debenhams has launched a fight against business rates hikes, warning it could be forced to shutter more stores and lay off thousands of workers if it is unsuccessful. The retailer has appealed to a tribunal about a 12 per cent jump in business rates to £1.1m at its Swansea store. Debenhams, which [...]
Retail employment falls at sharpest rate in more than a decade August 25, 2020 Retail employment fell at the fastest rate in more than a decade in the year to August as high street firms cut jobs amid the coronavirus pandemic. Employment in the retail sector fell 45 per cent in August – the sharpest drop since February 2009 – compared to a drop of 20 per cent in [...]
KFC drops Finger Lickin’ Good slogan amid coronavirus pandemic August 25, 2020 Fast food giant KFC has scrapped its “Finger Lickin’ Good” slogan during the coronavirus pandemic. The fried chicken chain will temporarily remove the 64-year-old slogan from its advertising, saying it “doesn’t feel quite right” during the Covid-19 era of hand washing and social distancing. The move comes after KFC pulled a series of adverts featuring customers [...]
German economy suffers record quarterly contraction August 25, 2020 The German economy shrank by a record 9.7 per cent in the second quarter of the year due to the impact of the coronavirus pandemic on consumer spending, investments and exports. The contraction, announced today by the German statistics office, is the sharpest drop since the country began recording quarterly GDP calculations in the 1970s. [...]
BT shares jump as it ramps up defences against potential takeover August 24, 2020 Shares in BT jumped this morning following reports that the telecoms giant has ramped up its defences against a potential £15bn takeover. BT’s share price increased more than five per cent this morning after the firm took steps to strengthen its defences after its stock slumped to the lowest level in a decade. Sky News [...]
Tesco creates 16,000 new permanent roles after online shopping boom August 24, 2020 Tesco will create 16,000 new permanent roles as it grows its online business to keep up with the surge in demand for home deliveries. The supermarket said this morning that most of the roles will be filled by temporary workers taken on during the coronavirus lockdown. The roles will include 10,000 pickers to assemble customer [...]