BT Openreach separation plans to “rebuild trust and credibility” aren’t enough for Ofcom February 1, 2017 BT plans to make Openreach more independent by bolstering its board were today rebuffed by regulators as falling short of their requirements. Openreach held its first board full meeting yesterday and today announced the appointment of Sir Brendan Barber, the former general secretary of the Trade Union Congress, Edward Astle, a former board member of the National Grid, as independent [...]
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 [...]
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 [...]