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Friday, October 12, 2018
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Wall Street rebounds, but suffers worst week since March - as it happened 12 Oct 4:11pm Wall Street rebounds, but suffers worst week since March - as it happened
All the day’s economic and financial news, as shares claw back some of this week’s losses
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European stock markets suffer worst week since February - business live 12 Oct 3:54pm Updated European stock markets suffer worst week since February - business live
All the day’s economic and financial news, as shares claw back some of this week’s losses
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Why tech’s gender problem is nothing new 12 Oct 3:33pm Why tech’s gender problem is nothing new
Decades after women were pushed out of programming, Amazon’s AI recruiting technology carried on the industry’s legacy of bias A recent report revealed Amazon’s
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Police investigate fraud allegations at 3aaa apprenticeships 12 Oct 2:05pm Police investigate fraud allegations at 3aaa apprenticeships
Taxpayer-funded provider collapses into administration, putting 4,500 apprenticeships at risk Police are investigating allegations of fraud at the government-funded apprenticeship provider 3aaa, which has collapsed into administration, putting 500 jobs and 4,500 apprenticeships at risk. 3aaa – which stands for aspire, achieve and advance – was placed into immediate administration after the Department for Education pulled all of its funding from the firm following an investigation. “Following our investigation we have referred our findings to the police, through Action Fraud [the UK’s fraud hotline],” a spokesperson for the DfE said on Friday. Derbyshire Constabulary confirmed that it is investigating the firm.
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FTSE 100 falls to six-month low amid fears over US interest rates 12 Oct 2:04pm FTSE 100 falls to six-month low amid fears over US interest rates
Index closes below 7,000 for the first time since March after challenging week The FTSE 100 has dropped below 7,000 for the first time in more than six months as stock markets around the world remained under pressure amid the fear of rising US interest rates. The index of UK blue-chip shares closed 11 points lower on Friday, taking it below the 7,000 milestone for the first time since March to finish the week at 6,995.91. After a closing peak of 7,877 in late May, the
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Brexit blamed for price rise for Christmas turkeys 12 Oct 1:57pm Brexit blamed for price rise for Christmas turkeys
Fall in pound and uncertainty has led to farmers paying more to attract or retain EU workers Brexit is about to make Christmas turkeys more expensive. Prices are to jump as a result of the fall in the value of the pound and higher wages farmers now have to pay to their east European pluckers. Paul Kelly, the chairman of the British Turkey Federation and boss of KellyBronze, a free range producer, said the industry was being forced to increase prices because of a 5% to 7% rise in costs.
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Oxfam criticises World Bank for backing deregulated labour markets 12 Oct 1:28pm Oxfam criticises World Bank for backing deregulated labour markets
World Development Report dismisses concern about growing income inequality, say critics Aid charities and trade unions have denounced a World Bank report that advises some of the poorest countries in the world to accept the demands of multinational corporations to hire and fire workers and remove laws protecting workers’ rights. Oxfam said the report’s main message was that governments should abandon labour market regulation and rely instead on low levels of welfare to prevent workers falling into extreme poverty.
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Patisserie Valerie chairman pumps in £20m to stave off collapse 12 Oct 1:22pm Patisserie Valerie chairman pumps in £20m to stave off collapse
Rescue plan emerges after finance director Chris Marsh was arrested on suspicion of fraud The multi-millionaire chairman of Patisserie Valerie is pumping £20m of his own cash into the stricken cake and cafe chain in a bid to ward off collapse as a result of “fraudulent activity” that has left the business teetering on the brink. Details of the proposed emergency rescue plan came hours after it emerged that the finance director of Patisserie Holdings, which has just over 200 cafes and nearly 3,000 staff, had been arrested at his home by police.
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Stock markets stabilise after week of heavy losses - business live 12 Oct 12:07pm Updated Stock markets stabilise after week of heavy losses - business live
All the day’s economic and financial news, as shares claw back some of this week’s losses
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Sky chief executive receives £37m after Comcast takeover 12 Oct 11:59am Sky chief executive receives £37m after Comcast takeover
Bumper pay day for Jeremy Darroch after bidding war with Murdoch’s Fox boosted shares Sky’s chief executive, Jeremy Darroch, has been handed a near-£40m bonanza following
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Frictionless Brexit trade deal would bolster budget – Hammond 12 Oct 11:55am Updated Frictionless Brexit trade deal would bolster budget – Hammond
Chancellor says smooth exit would free up much of £15.4bn reserved in case of ‘no deal’ A smooth
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Let’s move to Abergavenny: home of food, glorious food 12 Oct 11:30am Let’s move to Abergavenny: home of food, glorious food
Some will say it’s turning into a foodie destination, but there’s enough unpretension to burst any inflated egos
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UK consumers could lose EU legal rights in event of no-deal Brexit 12 Oct 11:23am Updated UK consumers could lose EU legal rights in event of no-deal Brexit
Protections on products and services bought from EU-based traders could go, warns notice UK customers may be in legal limbo if they buy faulty products from EU countries in the event of a no-deal Brexit, the government has warned. The warning comes in the latest tranche of notices about potential issues arising if the government does not strike a deal with Brussels.
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Stock markets stabilise after heavy losses - business live 12 Oct 10:27am Stock markets stabilise after heavy losses - business live
All the day’s economic and financial news, as shares claw back some of this week’s losses
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Stock markets bounce back after heavy losses - business live 12 Oct 9:59am Updated Stock markets bounce back after heavy losses - business live
All the day’s economic and financial news, as shares claw back some of this week’s losses
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Supercuts owner Regis asks landlords to waive rent 12 Oct 9:23am Supercuts owner Regis asks landlords to waive rent
Hairdressing firm seeks to restructure costs to avoid entering administration The hairdressing group Regis, the owner of Supercuts, is asking a number of landlords for free rent at more than 20 stores as part of a rescue plan to avoid collapse. The group has asked for rent reductions of 25%-100% at 110 of its 220 salons. Regis warned that if the plan is not approved by creditors “then it is likely that the company will enter administration”.
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Fracking to restart in UK after last-minute legal bid fails 12 Oct 8:33am Fracking to restart in UK after last-minute legal bid fails
High court rejects request to temporarily block Cuadrilla operation in Lancashire
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Pret a Manger: from high street darling to industry bogeyman 12 Oct 8:18am Pret a Manger: from high street darling to industry bogeyman
Pret finds itself in unfamiliar position after crisis engulfed the chain in recent weeks At King’s Cross station in London, one of Europe’s busiest transport hubs, the workers at Pret a Manger never stop. Calls for lattes and flat whites ring out, sandwiches are placed in paper bags and bank cards are held to payment screens every few seconds, all day, every day. The crisis that has engulfed the company in recent weeks seems hardly to have made a dent in this busy outlet, but across the UK the picture is more nuanced. From being the fresh-faced darling of high street convenience food, Pret has found itself in the unfamiliar and deeply unwelcome position of being the food industry’s bogeyman.
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Fracking can restart in UK after last-minute legal bid fails 12 Oct 7:50am Fracking can restart in UK after last-minute legal bid fails
High court rejects request to temporarily block Cuadrilla operation in Lancashire
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Fracking: campaigner loses last-minute legal bid to block Cuadrilla 12 Oct 7:38am Fracking: campaigner loses last-minute legal bid to block Cuadrilla
Shale gas operation could start in UK again after seven years as court denies injunction request
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RBS pays its first dividend since £45.5bn bailout 10 years ago 12 Oct 7:15am RBS pays its first dividend since £45.5bn bailout 10 years ago
It is worth around £240m to shareholders and Treasury will pick up nearly £150m RBS has paid its first dividend since it was
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Finance director of crisis-hit Patisserie Valerie arrested 12 Oct 7:10am Updated Finance director of crisis-hit Patisserie Valerie arrested
Chris Marsh was suspended after hole was found in cafe chain’s accounts The finance director of the stricken Patisserie Valerie has been arrested by police, the company has told the stock exchange. Chris Marsh, who joined the company in 2006, was arrested on Thursday night and has been bailed.
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EU makes direct appeal to Northern Irish firms on Brexit backstop 12 Oct 3:01am EU makes direct appeal to Northern Irish firms on Brexit backstop
Meeting with regional business leaders aims to drive wedge between DUP and Theresa May The EU has launched a direct sales pitch to Northern Ireland businesses in an attempt to drive a wedge between the Democratic Unionist party and Theresa May over the backstop solution for the Irish border in Brexit negotiations. As the rhetoric from Belfast intensifies and the
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Houses for sale with literary links – in pictures 12 Oct 2:00am Houses for sale with literary links – in pictures
Read up on these properties linked to writers, from Devon to Gloucestershire
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Top firms failing to increase number of ethnic minority directors 12 Oct 1:01am Top firms failing to increase number of ethnic minority directors
FTSE 100’s number of BME leaders falls in first annual update on Parker review The number of FTSE 100 company directors from ethnic minority backgrounds has declined in the past year, according to a progress report delivered by the government-backed campaign to boost boardroom diversity. Just 84 of the 1,048 director positions in the 100 biggest companies on the London Stock Exchange are held by a business leader from an ethnic minority, down from 85 last year, in the latest sign of stalling progress to make big companies more representative of the country at large.
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