Business

JD Sports to investigate ‘worse than prison’ working conditions after undercover exposé

JD Sports announced an investigation into conditions at its main warehouse after an undercover film showed workers “treated like scum” and allegedly paid less than the minimum wage. The company said it was “deeply disappointed and concerned” by footage broadcast on Channel 4 News that showed staff complaining that conditions were “worse than a prison”. On Wednesday the company said ... Read More »

Lloyd’s of London leads business Brexodus from Britain

The business Brexodus is beginning and Lloyd’s of London is leading the charge. The venerable insurance market is one of the City’s great survivors. It has come through innumerable disasters, both natural and man made, from the San Fransisco Earthquake to the 9.11 terror attacks on New York. It has also survived economic and financial disasters and managed to emerge ... Read More »

Tsipras will put pensioner bonus to Greek parliament

pped a rise in VAT for residents of Aegean islands to help relieve the economic pressure caused by an influx of migrants. A spokesman for Jeroen Dijsselbloem, the head of the Eurogroup – the eurozone finance ministers who have been negotiating with the Greek government over its massive debts – said the Greek government’s action appeared “to not be in ... Read More »

Just Eat gobbles up Hungry House and SkipTheDishes

Online food delivery service Just Eat is expanding its presence in the sector by spending £266m on buying Hungry House and Canada’s SkipTheDishes. Just Eat, which began in Denmark in 2001 but is now based in London, operates in 13 countries. Just Eat, and rivals such as Uber and Deliveroo, have expanded the food home delivery market and are battling ... Read More »

Brexit latest: Retail sales growth slows in November

Growth in retail sales, a key leading indicator of GDP momentum, slowed in November. The Office for National Statistics reported that sales volumes grew by 0.2 per cent in the month, down from strong growth of 1.8 per cent in October. The annual rate of expansion slowed to 5.9 per cent, down from 7.2 per cent previously. Retail slowdown Retail ... Read More »

US raises key interest rate by 0.25% on strengthening economy

The US Federal Reserve has raised its benchmark interest rate by 0.25%, only the second increase in a decade. The central bank voted unanimously to raise the key rate to a range of 0.5% to 0.75%, citing a stronger economic growth and rising employment. But the central bank said it expected the economy to need only “gradual” increases in the ... Read More »

Sky and 21st Century Fox agree £18.5bn takeover deal

Broadcaster Sky and 21st Century Fox have reached agreement on the terms of a takeover deal. Rupert Murdoch’s 21st Century Fox will pay £11.7bn for the 61% stake it does not already own. Sky shareholders will receive £10.75 in cash for each share, valuing the company at £18.5bn. The deal comes amid concerns that Rupert Murdoch, who also owns the ... Read More »

Sky bid puts independent directors under pressure

Sky’s independent directors are under mounting pressure to secure a higher bid from Rupert Murdoch for the 61% stake in the satellite broadcaster it does not own. On Friday, 21st Century Fox announced a possible bid for Sky priced at £10.75 a share, valuing the company at £18.5bn. Investors are concerned that James Murdoch is both chairman of Sky and ... Read More »

Oil prices jump on new output deal

Oil prices have surged after oil producing countries that are not Opec members agreed to cut output. Brent crude jumped to $57.89 a barrel – the highest since July 2015 – before falling back to $56.55, although that was still a gain of 4.1% on the day. On Saturday, non-Opec countries agreed to cut their output by 558,000 barrels a ... Read More »

Sumner Redstone and daughter pull CBS, Viacom merger plan

Media mogul Sumner Redstone and his daughter Shari called off their failed effort to merge CBS Corp (CBS.N) and Viacom Inc (VIAB.O) on Monday, sending shares of Viacom – widely viewed as the weaker company – down almost 8 percent. The collapse of the plan, which never got beyond initial talks, raises questions about the future of both Redstone-controlled companies ... Read More »