Gap is closing down all of its UK Banana Republic stores October 18, 2016 Gap has said it will be closing all eight of its Banana Republic stores in the UK as part of a global re-evaluation. The retailer will be focusing its attention on North America, after announcing in May that it was reassessing the overseas presence of Banana Republic, which has suffered falling sales. Net sales in [...]
Chinese industrial duo Yinyi Group and Impro to battle it out for Doncasters October 18, 2016 Two Chinese industrial firms, Yinyi Group and Impro, have emerged as two of the bidders for engineering giant Doncasters. According to Sky News, the interest is tentative, but should it progress further, could test the government’s attitude on foreign ownership of British manufacturers. Read more: Winning HS2 bidder has to develop generation of UK engineering [...]
Now Aslef’s balloting Southern Rail drivers for industrial action October 18, 2016 The UK train drivers' union Aslef has announced that drivers on Southern Railway will be balloted for industrial action, after last-ditch talks came to nothing. Talks were arranged at the union's head office yesterday, but the union said they "failed to resolve the problems at the heart of this dispute". Read more: Southern Rail commuters had [...]
Eurostar cuts 80 jobs as it’s buffeted by Brexit and terror attacks October 18, 2016 Eurostar is cutting 80 jobs, following a downturn in passenger numbers and ticket revenue, which the train company has partly attributed to the Brexit vote. The company is also set to unveil a new international timetable in December, though it wouldn't confirm reports that it was cutting two daily trains to Paris and one to Brussels, after [...]
Rail freight firm DB Cargo slashes 900 jobs in the UK October 18, 2016 German-owned DB Cargo has announced plans to cut up to 900 jobs due to "rapid and unprecedented changes" in the markets it operates in. The firm is proposing a potential reduction of its workforce by 893 roles across the business and a downsizing of its locomotive and wagon fleet, as well as a revision of the number [...]
The UK’s biggest banks are bracing themselves for another £2bn on their PPI bill October 18, 2016 Britain's largest banks are set to add billions to their collective bill for payment protection insurance (PPI) mis-selling in the next two weeks. According to Sky News, executives at Lloyds Banking Group, Royal Bank of Scotland, HSBC and Barclays are in the process of finalising top-up provisions, amounting to around £2bn in total – due to be [...]
Netflix shares soar thanks to Stranger Things boost, but it’s putting the brakes on its roll-out in China October 17, 2016 After much doom and gloom ahead of Netflix's third quarter update today, shares soared 20 per cent in after-hours trading after stronger than expected earnings. Global streaming revenue surpassed $2bn for the first time – up 36 per cent year-on-year, which Netflix attributed to its strong original content, including Stranger Things and the second series of [...]
Chris Grayling hints that only one airport will get the green light for now October 17, 2016 Transport secretary Chris Grayling has confirmed he will be the minister announcing the decision on airport expansion, though he has not confirmed when it will be announced. While the prospect of giving the green light to both Heathrow and Gatwick in some shape has gathered pace as an option in recent weeks, Grayling moved to distance himself from such a [...]
Labour’s shadow chancellor John McDonnell takes a swipe at the City over passporting rights October 17, 2016 John McDonnell has criticised speculation that the government is considering continuing to pay some contributions to the EU, to maintain “passporting rights” for City firms and other sectors. These would allow the companies to continue trading across the continent. Britain has voted to leave the EU, it has not voted for paying huge fees for [...]
