Regulator asks court to hold Elon Musk in contempt as another Tesla tweet lands him in hot water February 26, 2019 The Securities and Exchange Commission (SEC) has asked a judge to hold Tesla billionaire Elon Musk in contempt over a fresh tweet the regulator believes could have misled investors. Musk told his followers on 19 February that “Tesla made 0 cars in 2011, but will make around 500k in 2019”. Read more: Elon Musk denies [...]
Housebuilder Persimmon profits top £1bn as it names new CEO February 26, 2019 Persimmon made £1.1bn in profits in 2018, the housebuilder confirmed today, as it named a new chief executive. Dave Jenkinson, the finance officer who has been acting chief executive since its former boss left under a cloud over his bonus last year, will take on the role permanently, Persimmon confirmed. Read more: Is Persimmon’s success [...]
Mirror publisher Reach expects to benefit from Facebook’s fake news fight as it blames Brexit uncertainty for £200m writedown February 25, 2019 Mirror and Express publisher Reach expects to benefit from Facebook’s fake news controversy in 2019 as it looks to its digital revenues for growth. The results Revenue rose 16.2 per cent year on year to £723.9m in 2018 following the purchase of the Daily Express, Daily Star and OK! Magazine publisher, Express & Star. But [...]
‘Bridge over Brexit’: UK and US strike post-Brexit derivatives and trading deal in major boost for the City February 25, 2019 Derivatives trading and clearing between the UK and the US will continue as normal regardless of the outcome of Brexit, the Bank of England said today in a major boost for the City. The US Commodity Futures Trading Commission (CFTC), the Bank of England and UK watchdog the Financial Conduct Authority (FCA) have struck a deal to [...]
Karren Brady quits her role as chair of Sir Philip Green’s retail empire February 25, 2019 Baroness Karren Brady has resigned from Sir Philip Green’s retail investment firm just days after saying she owed it to staff to stay at the company. Brady has quit her post of non-executive chairman of Taveta Investments, the company behind Sir Philip’s Arcadia Group, which includes such brands as Topshop, the firm announced this morning. [...]
Chinese stocks leap as Trump signals delay to tariff increase in US-China trade war February 25, 2019 Chinese stocks soared to their best one-day rise in more than three years today after President Donald Trump indicated the US would postpone a tariffs hike on $200bn of Chinese imports. The US was set to increase tariffs on a vast range of goods from 10 per cent to 25 per cent this Friday, but [...]
Labour MP Ian Austin quits ‘broken’ party, saying he cannot ask people to vote for Jeremy Corbyn February 22, 2019 Ian Austin has quit the Labour party this morning, in another blow to Jeremy Corbyn’s leadership. However, the Dudley North MP said he does not plan to join the Independent Group, an alliance of 11 Labour and Tory MPs who have abandoned their parties citing a “failure of British politics”. Read more: Eighth MP quits Labour [...]
Pearson sales slip as publisher eyes 2020 revenue growth February 22, 2019 Sales fell at education publisher Pearson in 2018 even as profits surged, the firm revealed today, as it confirmed a £500m pension insurance deal with Legal & General. Read more: Pearson seals £500m pension insurance deal with L&G The figures Revenue slipped nine per cent year on year to £4.1bn after Pearson took a £216m [...]
UK rules out Japan free trade deal ahead of Brexit deadline February 21, 2019 The UK has admitted it will not be able to sign a trade deal with Japan that matches the EU’s own agreement before the 29 March Brexit deadline. Read more: How will the EU act after Brexit? The government is racing to replicate around 40 free trade deals before the UK’s scheduled departure from the [...]
How will the EU act after Brexit? February 21, 2019 Britain's planned departure from the EU exposes many issues. A key one is the economic path the UK will choose. Less commonly asked is what will the rest of the EU do. Perhaps this should figure more in the debate. Last year, President Macron suggested the EU move towards a core, built on closer political [...]