Volkswagen CEO Martin Winterkorn forced to quit over car emissions scandal as more heads set to roll after talk of criminal probe September 24, 2015 Volkswagen chief executive Martin Winterkorn has bowed to pressure and quit, accepting responsibility for the diesel emissions scandal that has all but destroyed the reputation of the German carmaker in recent days. Winterkorn is unlikely to be the only casualty of the emissions scandal. The embattled company’s executive committee said yesterday that it is [...]
Lindt wins sweet justice in trademark battle with Haribo September 23, 2015 Swiss chocolate-maker Lindt & Spruengli has defeated a legal challenge from gummy bear maker Haribo, which had wanted to stop it making the gold chocolate bears. Haribo said the Swiss chocolatier's gold foil-clad, red-bowed chocolate bears violated its "gold bear" logo, which can be found on the packets of the brightly coloured fruit gum sweets. But the German [...]
Quintain takeover heats up after activist investor Elliott weighs in September 23, 2015 Activist hedge fund Elliott has swooped in and taken control of a 12.9 per cent stake in Wembley Arena owner Quintain, as it looks to put pressure on Lone Star to increase its £700m bid. Elliott, which successfully forced change at Alliance Trust this year, has bought 67,950,000 shares using a contract for difference, paying [...]
China fears and EU vote could derail plans to raise interest rates in 2016 September 23, 2015 The first UK interest rate hike could be delayed be until 2017 due to the uncertainty created by an in-out referendum on Britain’s EU membership, economists have said. Investment bank Citi yesterday said it was slashing its global growth rate forecasts and shifted its prediction for the first Bank of England rate hike to final [...]
Bug has £25m sting for United September 23, 2015 United Utilities (UU) said yesterday its profits fell by £25m after a water bug was found to have contaminated water supplies in Lancashire. Over 300,000 people were affected over the summer, and forced to boil water so it was safe to drink. UU said compensation costs and extensive additional resources were behind the fall in [...]
Who will pay Edward Bramson’s tab for TGI Fridays bid? September 23, 2015 Perhaps Edward Bramson just likes caravan holidays. There are few other obvious reasons why the prominent activist investor is returning for a second bout of City-style pugilism with Electra Private Equity. Electra, the owner of Park Resorts and TGI Fridays, has barely recovered from its bruising (but victorious) encounter with Bramson’s investment vehicle, [...]
Former Lloyds trader sues for unfair dismissal after Libor probe September 23, 2015 A former Lloyds trader, who was among eight people dismissed after the bank's fine for alleged involvement in libor rigging, has sued the bank for unfair dismissal. John Argent's hearing will start on October 5, according to a schedule for a London employment tribunal released today. Lloyds paid £218m in fines to regulators on both [...]
UK hotel prices: Scotland drags down average cost of a hotel room in first half September 23, 2015 UK hotel prices fell by one per cent in the first half of the year, with hotels in Scotland experiencing the biggest decline, new research shows. Guests paid an average room rate of £104 per night in the first half of the year, according to The Hotels Price Index (HPI), a survey by online accommodation [...]
Bank of England’s Ben Broadbent: UK productivity is not as bad as it looks September 23, 2015 The weakness in productivity growth in the UK may not be a sign of something inherently wrong with the economy, but could be due to more subtle changes in the jobs market, the Bank of England’s deputy governor for monetary policy said today. Productivity normally grows each year, but its stagnation since the 2008 financial crisis [...]
WH Smith agrees to cut hospital store prices September 23, 2015 WHSmith has agreed to lower prices of some products in its hospital stores after an investigation revealed that the retailer was charging significantly more for some items than on the high street. The chain came under fire from Labour MP Paula Sherriff, who sits on the House of Commons select committee, following reports by the BBC this summer that WHSmith [...]