French Connection, Conde Nast and Champneys named and shamed for failing to pay minimum wage March 24, 2015 French Connection, Conde Nast and Champneys have been named and shamed by the government for failing to pay their workers the minimum wage. In total, 48 companies spanning fashion, publishing, hospitality, health, car, care and retail have been identified today by the Department for Business, Innovation and Skills. They owed workers £162,000 in arrears between [...]
Chinese firm in bid for Pirelli as it seeks the fast lane to tyre tech March 23, 2015 SHARES in Italian tyre manufacturer Pirelli ticked up yesterday after the China National Chemical Corporation (CNCC) made further progress towards acquiring the firm. CNCC struck an agreement with the company’s controlling shareholders on Sunday which took it closer to a €7bn (£5bn) takeover. Any takeover would likely result in Pirelli delisting from the Milan stock [...]
Top car makers probe allegations by Chinese consumer programme March 16, 2015 CAR MAKERS, including Volkswagen, Nissan Motor and Mercedes Benz, said they were probing allegations aired late on Sunday by Chinese state TV that the firms oversold repairs and spare parts to drivers. The annual consumer rights day investigative special, similar to BBC One’s Watchdog programme, also criticised Jaguar Land Rover for gearbox problems in some [...]
FTSE boosted by miners on good Chinese figures – London Report March 16, 2015 BRITAIN’S top share index rebounded yesterday after its biggest weekly drop of 2015, with mining stocks boosting the market on expectations of steady economic growth in China, the world’s biggest metals consumer. The FTSE 100 closed 0.9 per cent higher at 6,804.08 points after dropping 2.5 per cent last week in what was its biggest [...]
Hugo Boss sales target scrapped on low spending March 12, 2015 High-end German fashion house Hugo Boss yesterday scrapped its sales target for 2015 because of slower spending in Europe, the US and China, sending its shares lower. Like other companies targeting more affluent customers, Hugo Boss has been hit by lower spending abroad by Russian and Chinese shoppers. Its original revenue target of €3bn (£2.15bn) [...]
Samsung to get it in yuan March 12, 2015 SOUTH Korean technology giant Samsung Electronics will begin trading the Chinese renminbi, also called the yuan, in the Seoul Market starting 16 March, the company announced yesterday. Samsung suffered during this past year, reporting a profit before tax of 27.88 trillion Korean won (£16.66bn), a 27 per cent drop from 2013. South Korea’s business relationship [...]
Take the long view – bet on a new home before the election March 12, 2015 Savvy investors have been making bold decisions in downturns for centuries. For me, it seems only natural to buy when the market has hit a low, whether during a recession or in the lead up to a crucial event like a General Election. Contrary to what some think, the property market has not ground to [...]
Chinese government restrictions failing to curb Bitcoin use March 12, 2015 China is going mad for Bitcoin, according to a new report by Goldman Sachs. Despite the government's measures to restrict use of the currency 80 per cent of Bitcoin volume is now driven by the Chinese Yuan. The next biggest driver of transactions is the US dollar, followed by the Euro. The bank isn’t alone [...]
Tesla to cut 180 of China staff as sales fail to meet expectations March 9, 2015 Electric car maker Tesla Motors yesterday said it was cutting about 30 per cent of its staff in China. Tesla, led by billionaire Elon Musk, will eliminate some positions as it makes structural changes to its business in China, Gary Tao, a local spokesman for the car maker, said. He added, however, that he didn’t [...]
So meta: Amazon just opened an online store on Alibaba March 6, 2015 Amazon and Alibaba may be a hair away to declaring themselves official arch-nemeses, but that hasn't prevented the US online retail giant from making the most of the opportunities presented by its rival. Amazon has opened a shop on Alibaba's Tmall, the Chinese tech giant's equivalent of, er, Amazon. What does it all mean? Amazon's [...]