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 [...]
Ofcom slaps EE with £2.7m fine for overcharging thousands of customers January 18, 2017 Mobile phone operator EE has been slapped with a £2.7m fine after the telecoms watchdog found it had overcharged almost 40,000 customers. Ofcom said an investigation into the provider had shown consumers were overcharged to the tune of around £250,000. The regulator said EE, which was bought by BT last year, had admitted to incorrectly charging customers [...]
Small business “backbone of economy” under threat from ill-thought through plans, conclude MPs January 14, 2017 Government plans for sweeping changes to force the UK’s businesses to “digitise tax” should be delayed due to significant shortcomings, a select committee of MPs has urged. The treasury select committee highlighted plans to require businesses to keep tax records in digital format, submit quarter updates to tax authorities and provide an end of year [...]
Small business leaders: We’ll do well and we’re more confident in the UK… but the government is letting us down January 11, 2017 Britain's small businesses are increasingly confident about the UK's economic prospects, but are concerned the government is neglecting the importance of private enterprise, according to research released today. Accountancy firm Smith & Williamson revealed the results of its quarterly Enterprise Index, which showed the owners of small and medium-sized enterprises were five points more optimistic that [...]
10 years on: How the iPhone changed the world January 9, 2017 The iPhone got off to a subdued start when it was first unveiled by Steve Jobs 10 years ago Today. The decade anniversary of the device feels short and at the same time a lifetime. On 9 January 2007, we had no idea how the pocket sized computer would change our lives and business as [...]
A big year, but it won’t Trump 2016’s shocks January 6, 2017 2016's events made fools of most pundits, and looking back at my column exactly a year ago, I fared little better. True, I correctly said that Santander UK would re-engage in an effort to buy Royal Bank of Scotland's Williams & Glyn unit, but I was well wide of the mark arguing that the FTSE-100 [...]
£30bn in the pipeline: This is the year UK firms will cut pension schemes loose January 4, 2017 Britain's companies will shift sky-rocketing pension liabilities from their balance sheets this year, experts have predicted. With defined benefit pension schemes at record year-end levels, 2017 will be year to de-risk and UK plc is keen to take advantage of the improved affordability of shifting scheme risk to the insurance, according to Willis Towers Watson (WTW). Read more: As pension [...]
You’ve copper-be joking? Small business report reveals two-thirds of firms are on old-style connections January 4, 2017 The majority of Britain's small businesses are not using fibre broadband, a report by the telecoms regulator has revealed. Although speed and reliability of internet services were the two key issues facing the UK's smaller firms, 67 per cent of businesses are using a non-fibre fixed line ADSL connection, a study of over 1,500 firms commissioned by watchdog Ofcom found. [...]