Business

Business 23-06-2018

VW considering seeking damages from ex-CEO Winterkorn

Volkswagen have said they are giving serious thought towards legal action against their former boss Martin Winterkorn. Winterkorn resigned from his post in 2015 in the midst of the emissions test cheating scandal that rocked the company, and has recently been indicted by US authorities over his role. VW supervisory board member Stephan Weil said […]

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Business 23-06-2018

BMW follows Airbus in issuing Brexit warning

German carmaker BMW have become the latest big manufacturer to warn Britain about the potential impact of a no-deal exit. The company’s UK boss Ian Robertson told the BBC that clarity is needed on how regulations are going to operate once Britain leaves the EU in March next year. “If we don’t get clarity in […]

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Aviation 22-06-2018

Airbus says UK jobs at risk with no-deal Brexit

Aeronautical giant Airbus has warned of potential “crisis actions” with the possibility of a no-deal Brexit looming. They have said serious consideration is being given to moving manufacturing away from Britain once it leaves the EU, with sites in North America, China, and Europe preferred. The company employs 14,000 people in the UK, and has […]

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Business 22-06-2018

Sir Philip Green looks to stop release of BHS report, amid further auditor failings

Former BHS owner Sir Philip Green is in court seeking an order to stop the Financial Reporting Council releasing their full report on the failures of auditors leading up to his sale of BHS. It comes after last week Pricewaterhouse Coopers were hit with a record fine, and partner Steve Denison fined and banned for […]

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Business 21-06-2018

TSB’s IT migration done without proper testing, says IBM

Further pressure has come on TSB in relation to April’s disastrous IT meltdown, as a report by software firm IBM has been released. The report, prepared by IBM after being hired by TSB to deal with the incident, was released today by the Financial Conduct Authority, raising questions over the processes used by TSB prior […]

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Business 21-06-2018

BT hit with fine over spam emails

The Information Commissioner’s Office (ICO) has fined telecommunications firm BT after they sent out almost five million spam emails to customers. The £77,000 fine comes as a result of 4.9 million direct marketing emails sent between December 2015 and November 2016, which the company did not have customer consent for. The emails promoted several of […]

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Business 21-06-2018

Glaxo claiming lead over Gilead in HIV drug race

Brentford-based pharmaceutical company GlaxoSmithKline is touting a significant step forward in their race to develop an HIV medication with increased results and lower side-effects. The race is contested between Glaxo and rival company Gilead to see which company can take the lead in the HIV drug market, worth around £20 billion. Gilead has had the […]

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Business 21-06-2018

Tesco pulling big brands from shelves as part of “Project Reset”

The UK’s largest supermarket is making radical changes in their ranging, as thousands of well-known brands disappear from the shelves. The move is part of an initiative dubbed “Project Reset”. Beginning in 2015, it entails an attempt by Tesco to streamline their brand choices. With the market dominated more and more by discount retailers such […]

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Business 21-06-2018

Lloyds face questions with release of HBOS report

An internal report published this week has raised significant questions for Lloyds’ banking group over their handling of their HBOS Reading unit. The report, written in 2013, was initiated by a former Lloyds manager and backed by the group, looked into Lloyds’ knowledge and handling of fraud in the Reading branch. The fraud scandal came […]

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Business 19-06-2018

“Difficult times” ahead as Debenhams issues profit warning

Debenhams shares dropped almost 20 percent at one point today, as the retailer announced a third profit warning this year. Citing an increase in discounting from competitors along with weak market conditions, the company said that trading in May and June so far has been below plan, despite modest comparisons from the same period last […]

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