The boss of Currys has accused the government of failing to understand or care about UK retailers by pushing through a “big hike” in the UK’s minimum wage. Alex Baldock’s comments come weeks after the chancellor, Jeremy Hunt, announced plans to increase the legal minimum wage for the UK’s lowest paid workers to £11.44 an […]
Former BP boss Bernard Looney will forfeit up to £32.4m after the oil giant found he committed “serious misconduct” in failing to disclose relationships with colleagues. Mr Looney is to be dismissed without notice and will not receive further salary or benefits, the oil giant said. He resigned in September after admitting not being “fully […]
Etsy is cutting about 225 jobs, or 11% of its workforce, as part of a plan to bring down its costs. As part of the move several executives will leave the online marketplace, including its chief marketing officer. Chief executive Josh Silverman told staff the cuts were needed as sales had been “essentially flat” for […]
For the first time in almost two years, most estate agents think they will be selling more homes in a few months’ time than they are currently. In the latest monthly survey from the Royal Institution of Chartered Surveyors, a net 6 per cent of agents expect to sell more houses in February than they […]
The owner of Royal Mail is reportedly considering a bid for Czech parcel giant Packeta before the latest round of bids is revealed on Friday. International Distributions Services is said to be considering going in for the company which operations in central and eastern Europe, according to a report in The Times. This comes after Royal […]
Nikhi Rathi, the chief executive of the Financial Conduct Authority (FCA), has warned that banks will face severe consequences if they are found guilty of lying about cases of ‘debanking’, amid a series of high-profile cases in recent months. Extreme action has been taken against a former chief executive of a large bank due to […]
Saudi Arabia’s Public Investment Fund (PIF) and the Saudi-backed asset management firm Ardian have signed a £2.4bn deal for the Spanish infrastructure giant Ferrovial’s 25 per cent stake in the airport. One other shareholder is now close to selling, with more likely to follow suit, according to a report in in The Sunday Times, which […]
Annual wages grew 7.3 per cent in the three months to the end of October, a slight fall on the month before and a figure which will give the Bank of England more freedom to hold interest rates later this week. The readout is slightly lower than consensus of 7.4 per cent and some way […]
UK lending for house purchases will fall by 8% in 2024, a trade association representing banks is predicting. In a report, UK Finance said higher interest rates and household costs would make it harder for people to access mortgage credit, which is based on affordability. It predicted this trend would also lead to falls across […]
Just two per cent of Covid fraud tip-offs are being investigated, the government has admitted. Around 98 per cent of claims phoned into the government’s coronavirus fraud hotline are not being actively pursued, ministers have said. A total of 5124 calls were made to the hotline during its existence – from October 2020 to June […]