Spending on essentials has hit record highs February 7, 2017 Spending on essential goods such as food and fuel has reached record highs as inflation has started to hit the UK consumer's wallet. There was a 15.3 per cent jump in petrol spending year-on-year in January, according to Barclaycard, and a 2.9 per cent hike in supermarket expenditure. This was coupled with a 3.4 per cent [...]
Lord mayor Dr Andrew Parmley launches 2017 City-wide mental health campaign to reduce stigma in the workplace February 7, 2017 Lord mayor Dr Andrew Parmley is today launching a 2017 City-wide mental health campaign aiming to dispel myths surrounding mental health in the workplace. The lord mayor of the City of London kicks off This is Me – in the City at Deutsche Bank – an initiative led by the Lord Mayor's Appeal charity to reduce the stigma [...]
BT “overshadowed” by Italy accounting scandal as it takes profit hit January 27, 2017 BT has announced a profit slump in the third quarter to the 31 December, after revealing earlier this week that it was forced to write down the value of its Italian unit by £530m after years of "inappropriate behaviour". Read more: BT Europe boss Corrado Sciolla leaves after accounting scandal The figures Pre-tax profits fell 37 per cent to [...]
Whitehall looks for private sector bidder to give civil servants lessons in international trade lingo ahead of Brexit negotiations January 26, 2017 Civil servants will be given a crash course in the language of international trade ahead of the UK’s departure from the European Union. Whitehall officials are looking for a private sector bidder to deliver training across government on “the key areas and terminology of international trade policy”, according to a new tender document published this [...]
Problems mount for BT as US lawsuits are filed and Italian prosecutors kick-off investigation January 25, 2017 Telecoms giant BT has been hit by at least two US lawsuits after admitting to a £530m black hole in the accounts of its Italian arm. The lawsuits have been filed on behalf of shareholders, Reuters reported tonight, accusing BT and three executives of securities fraud. Earlier today Italian prosecutors confirmed they had opened a [...]
BT’s accounting black hole to be investigated by Italian prosecutors January 25, 2017 Italian prosecutors have launched an investigation into BT’s £530m accounting black hole, according to reports. The scale of the scandal today wiped £7bn off the telecom giant’s market capitalisation. BT’s shares fell over 20 per cent yesterday, closing at 303p. And after markets closed, Reuters cited two sources saying Milan prosecutors have started a probe into the [...]
BT says overstatement of earnings in its Italian business over several years will cost the group £530m January 24, 2017 BT revealed this morning that the financial impact of problems in its Italian business has inflated to £530m, from initial estimates of £145m. Shares in the group plunged 16 per cent at the open as the company said third quarter revenue would be reduced by £120m as a result, and a £100m decline in free cash [...]
City Moves for 24 January 2017 – who’s switching jobs? January 24, 2017 Today's City Moves cover online businesses, the legal sector and property development. While Mark Whitburn has joined peer-to-peer lender Saving Stream as its new head of credit, former KPMG partner Jane Moriarty has joined Chelsea-focused London property group Martin's Properties as a non-executive director. Take a look at these movers and shakers: Saving Stream Mark [...]
Here’s what UK tech thinks of Theresa May’s modern industrial strategy January 23, 2017 The UK's tech industry has tentatively welcomed promises by Theresa May to put the sector at the heart of Britain's modern industrial strategy, with funding promised for top artificial intelligence, robotics, 5G and smart energy technologies. “In today’s economy, the tech sector is driving innovation and boosting productivity across all industries. In tomorrow’s economy, every sector [...]
Cycling firm Velusso offers premium biking trips in the Balearics. We geared up to take them for a spin January 20, 2017 Cycling holiday firm Velusso has grand designs on satisfying the needs of City cycling enthusiasts. Its aim: to combine a luxurious break with a darn good workout while providing snippets of what it’s like to be a member of the Olympic cycling team. The post-London Olympic cycling boom led to increasing numbers of cycling holiday [...]