Top City investors urge UK firms to pay living wage November 28, 2019 Some of the City’s biggest investors have written to the chief executives of companies including Just Eat, British Airways, and Royal Mail urging them to pay the so-called real living wage. The letter, published today, outlines a growing business case for the living wage, arguing that it can boost productivity, reduce staff turnover and improve [...]
Getting Brexit done will not help UK economy, say academics November 26, 2019 Carrying out Brexit will not improve the UK’s struggling economy but will usher in years more uncertainty about Britain’s trading relationships, a new report has said. The hard Brexit that Prime Minister Boris Johnson is proposing will also limit the size of the UK market and raise trade costs, making it a less attractive place [...]
Domestic abuse costs UK businesses £316m a year November 25, 2019 Domestic abuse against women costs UK businesses a total of £316m a year, according to a new study by KPMG for Vodafone. The new research suggests that per woman, the potential loss of earnings as a result of the negative impact domestic abuse can have on career progression could be as much as £5,800. Read [...]
Weakest UK tech sector growth since 2015 amid slowdown in demand November 25, 2019 The UK’s tech sector grew at the slowest rate in almost four years in the third quarter as a global economic slowdown and domestic political uncertainty dented the industry, new research shows. The tech sector was hit by a downturn in new work for the first time since 2012 during the three months to 30 [...]
KPMG to slash partner bonuses by up to 40 per cent November 24, 2019 Partners at KPMG are facing steep cuts to their bonuses as the accounting giant cuts costs in a bid to prepare for tighter regulation of its audit work. Partners’ bonuses – which can reach hundreds of thousands of pounds – are set to fall by as much as 40 per cent this year, according to [...]
Prince Andrew steps down from Pitch@Palace role November 22, 2019 Prince Andrew has stepped down from his role at tech startup scheme Pitch@Palace. The initiative, which the Duke of York founded to showcase entrepreneurs, is set to continue without any royal involvement. Read more: Prince Andrew cancels Middle East trip for Pitch@Palace The Duke has come under increasing pressure as the catastrophic fallout of his [...]
Bosch cuts ties with Pitch@Palace as Prince Andrew stays on November 21, 2019 Bosch is the latest company to end its association with Prince Andrew’s Pitch@Palace scheme, City A.M. has learnt. A spokesperson for Bosch confirmed: “While Bosch will continue to support the next generation of entrepreneurial talent through various means, the company has decided against renewing its sponsorship with Pitch@Palace. The current contract is due to expire [...]
Investec profit falls amid preparations for asset management demerger November 21, 2019 Investec has reported a drop in profit before tax for the first half “against challenging market conditions”, as the Anglo-South African business group prepares to spin off its asset management business next year. The figures Pre-tax profit fell just over ten per cent to £349m for the six months to 30 September. Investec’s return on [...]
MUFG likely to deny Softbank loan over Wework bailout November 21, 2019 Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, is reportedly likely to withhold additional loans from Softbank to finance the conglomerate’s $9.5bn (£7.3bn) rescue package for struggling office space firm Wework. Softbank has asked for around ¥300bn (£2.1bn) additional loans for Japan’s three megabanks – MUFG, Mizuho Financial Group and Sumitomo Mitsui Financial Group – [...]
Buckingham Palace confirms Prince Andrew will continue to work on Pitch@Palace scheme November 21, 2019 Buckingham Palace this morning confirmed that Prince Andrew will continue to work on his Pitch@Palace initiative, as was first reported by City A.M. last night. A source close to Pitch@Palace told City A.M. that it was “business as usual” at the programme, which connects entrepreneurs with investors. Read more: Entrepreneurs back Pitch@Palace as pressure grows [...]