Ocado set to be crowned the FTSE’s most valuable tech giant December 17, 2019 Analysts have said Ocado has the vision to become the “Microsoft of Retail tomorrow” and transition into the FTSE’s most valuable tech giant. Once finalised, the decision by the Competition and Markets Authority (CMA) to de-designate Ocado as a retailer in August will make it the largest listed tech company in the UK by valuation. [...]
Persimmon slammed for poor culture after customer complaints December 17, 2019 An independent review into Persimmon’s culture and building practices has criticised the UK’s largest housebuilder over issues such as “excessive” renumeration and the lack of a group build policy. The report, which was led by Stephanie Barwise QC of law firm Atkin Chambers, concluded: Read more: Persimmon blames sales drop on customer satisfaction drive “Persimmon’s [...]
Samsung chairman jailed over union-busting activities December 17, 2019 The board chairman of Samsung Electronics has been jailed for 18 months after sabotaging union activities. Lee Sang-hoon was sentenced by a South Korean court today after violating the country’s labour law alongside 25 other defendants. Samsung executives had used tactics such as closing sub-contracted firms with active unions, prosecutors said. Read more: Watchdog steps [...]
In a spin: Whirlpool recalls 500,000 washing machines over fire danger December 17, 2019 Half a million Whirlpool washing machines must be recalled from British homes over a fire risk, the company admitted today. A door locking system fault with Whirlpool’s Hotpoint and Indesit branded machines creates a fire risk as a result of overheating, the firm said. Read more: MPs blast Whirlpool over its safety attitude The affected [...]
Ted Baker shares dip as long-serving director exits December 17, 2019 Ted Baker’s share price dipped this morning after the retailer announced a long-serving board member will step down just a week after the firm’s chief executive and chairman quit. Shares slumped more than five per cent after the embattled fashion brand announced that non-executive director Ron Stewart has left with immediate effect after nine years. [...]
This is a political renaissance — but can British business adapt? December 17, 2019 “A horse, a horse, my kingdom for a horse.” As history buffs will know, the Battle of Bosworth Field didn’t work out well for Richard III, and with it the last of the titanic struggles of the War of the Roses. Described by Shakespeare as “the one big battle”, this event was to finally settle [...]
City Moves for 17 December – Who’s switching jobs at MIRA, Future Finance and Roxi December 17, 2019 Today’s City Moves includes MIRA, Future Finance and Roxi MIRA Macquarie Infrastructure and Real Assets (MIRA) has announced the appointment of Anna Elmfeldt as managing director and head of Nordics. In her new role Anna will be responsible for identifying new investment opportunities in the Nordics for MIRA’s suite of infrastructure and real asset funds. [...]
BoE: UK lenders can withstand disastrous recession December 16, 2019 The UK’s biggest lenders are strong enough to withstand a financial earthquake stronger than the one that rocked the City in 2008, the Bank of England’s annual stress test has found. Britain’s seven biggest banks could keep lending even if UK national income slumped 4.7 per cent, unemployment surged to 9.2 per cent, and world [...]
New Orleans declares emergency as cyber attack shuts down government December 16, 2019 New Orleans has declared a state of emergency after a huge cyber attack shut down the local government’s computers and servers. The city’s emergency response service, dubbed Nola Ready, first reported phishing attempts and suspicious activity at 5am on Friday. Read more: London software firm Kape snaps up US cybersecurity company for $95m Chief information [...]
OBR: Accounting changes push up UK borrowing by £20bn a year December 16, 2019 The UK’s budget watchdog has said that government borrowing will increase by around £20bn a year due to accounting changes, highlighting the fine line chancellor Sajid Javid will have to tread to meet his new spending rules. The Office for Budget Responsibility’s updated forecasts (OBR) showed that the budget deficit – the difference between spending [...]