British and European manufacturers are slowing down production of electric vehicles because they are too expensive for the vast majority of motorists, an industry body has said. The Advanced Propulsion Centre, which disburses taxpayer money to push the automotive industry towards a zero-emission future, said in its latest quarterly review of the market that British […]
Up to 3,200 jobs are to go at Goldman Sachs as part of the biggest restructuring efforts at the company since the global financial crash. The US-based multinational financial services company and investment bank is embarking on a series of cost-saving measures after the deal making and market boom of the COVID-19 pandemic dried up […]
The battery startup Britishvolt is in talks with an Indonesia-linked oil and gas investor for a £160m rescue deal that would almost wipe out the value of existing shareholders’ stakes. The investor consortium is led by DeaLab Group, a UK-based private equity investor that has been involved in several fossil fuel and renewable energy transactions […]
Amazon has said it plans to shut three UK warehouses in a move which will impact 1,200 jobs. It comes after the online retail giant last week said it is cutting more than 18,000 jobs worldwide in the largest layoffs programme in its history as part of plans to slash costs. Sites in Hemel Hempstead, […]
Former business secretary and staunch Brexiter Jacob Rees-Mogg will receive about £500,000 in annual dividends from his stake in Somerset Capital Management, the investment fund he co-founded in 2007. However, the prospect of Rees-Mogg collecting an even bigger multimillion-pound windfall appears to be on ice, as the Guardian understands Somerset is no longer holding talks […]
British banks are facing more than 100 class action lawsuits in a wave of litigation that lawyers predict could cost them billions of pounds to resolve. Research from City legal experts reveals that three of the big four high street banks — Barclays, HSBC and NatWest — are the targets of the majority of claims. […]
Three prime ministers, four chancellors and three business secretaries in a year have cost Britain its appeal to foreign investors, say manufacturing bosses. Members of Make UK, the manufacturing trade body, have in previous surveys blamed the impact of Brexit on trade costs and customs barriers. However, it is the government’s management of the economy […]
A new scheme to support firms with their energy bills will be announced in the House of Commons on Monday. The current scheme which caps the unit cost of gas and electricity for all businesses expires at the end of March. It will be replaced with a new scheme that offers a discount on wholesale […]
Article content Men and landed immigrants make up the majority of delivery and rideshare drivers while women represent most of content creators in Canada, new data on the gig economy revealed. Article content Men (73 per cent) and landed immigrants (55 per cent) between the ages of 16 and 69 represented most of the food […]
Stocks in Asia gain, dollar sways as Fed minutes take center stage SINGAPORE — Asian equities rose sharply on Wednesday, boosted by Hong Kong shares, while the dollar was on the back foot, with investors keenly awaiting minutes from the Federal Reserve’s most recent meeting to gauge the path forward for interest rates.