Business

Telecoms rivals raise alarm on new network for emergency services

It is not often that Britain is truly in the vanguard of shifts in technology in the 21st century. Business and consumers seeking the shape of things to come have grown accustomed to looking west to Silicon Valley or east to South Korea and Japan. If everything goes according to plan, however, there will be no such indignity for our ... Read More »

Powa Technologies payments investigated by administrators

Administrators to Powa Technologies are examining payments the e-commerce firm made to offshore vehicles linked to the father and a friend of the founder of the company before it imploded. It is understood that Deloitte has looked at transactions between Powa, which was set up and led by Dan Wagner, and DBLP Sea Cow, a vehicle linked to Mr Wagner’s father, ... Read More »

What do UK bosses make of Donald Trump’s victory

Donald Trump’s unexpected election victory over his rival Hillary Clinton came at the end of one of the most bruising US presidential election campaigns of recent years. But what will the business mogul do when he takes office in January, and what will be the impact of his economic policies on the UK economy and British businesses? We asked a ... Read More »

Samsung raided in political corruption probe

South Korean prosecutors have raided the offices of Samsung Electronics as part of a probe into the political scandal around President Park Geun-hye. The prosecutors are investigating allegations that Samsung gave money to the daughter of Choi Soon-sil, a close friend of the president. Ms Choi is accused of using their friendship to interfere in politics and solicit business donations. ... Read More »

Tata Steel may close UK pension scheme – union source

Tata Steel UK is looking at closing its defined benefit pension scheme to future accruals and move members onto a defined contribution pension instead, a union source said on Wednesday. Britain’s largest steelmaker is seeking a way to lessen the British Steel Pensions Scheme’s deficit, which is one of the main stumbling blocks in talks to merge Tata Steel’s European ... Read More »

French government to sue Carrefour over big supplier discounts

The French government said on Wednesday it was taking retail giant Carrefour (CARR.PA) to court for illegally seeking big discounts from suppliers, following an investigation. The Economy Ministry said it would seek a fine and a court order on the world’s second-biggest retailer to stop what it described as “abusive commercial practices”. It added that the investigation had found that ... Read More »

Sainsbury’s sees tougher end to year after first-half profit falls

British supermarket Sainsbury’s (SBRY.L) warned that higher staff wages and its price battle with rivals would mean a tougher second half after first-half profit fell by 10 percent. Sainsbury’s is a distant second behind market leader Tesco (TSCO.L) in a retail sector which has been shaken by the rise of German discounters Aldi and Lidl. Seeking to expand further beyond ... Read More »

Vivendi’s quarterly results boosted by its robust music unit

Vivendi (VIV.PA) Chairman Vincent Bollore’s cost savings drive and push into the digital business at the group’s music unit is starting to show benefits, even as he faces growing criticism on his strategy to turn around pay-TV operator Canal Plus. The company reported a quarterly core operating profit that beat estimates on Wednesday, driven by the strong performance of Universal ... Read More »

UK manufacturing picks up in September, ONS figures show

Manufacturing growth sped up in September, as UK factories continued to pick up from a sharp post-referendum drop, official figures show. Output from manufacturers rose by 0.6% last month, up from 0.2% in August and a 0.9% fall in July, according to the Office for National Statistics (ONS). Drug makers and factories carrying out repairs grew strongly, it said. However, ... Read More »

Taxpayer bailouts for banks ‘too big to fail’ to end by 2022

The UK’s banks should no longer be “too big to fail”, under revised rules announced by the Bank of England. The regulations will force banks to hold enough money from their investors to absorb losses without help from the taxpayer. If any bank does face collapse, the funds will be spent to finance an orderly wind-down. The Bank’s governor, Mark ... Read More »