Unilever’s sales expected to unveil sagging European sales tomorrow January 25, 2017 Food manufacturing giant Unilever is forecast to post an increase in global sales and profit when it reports its full-year results tomorrow, but analysts expect the company to reveal sagging growth in Europe. Bernstein analysts expect profit before tax to come in at €7.58bn (£6.46bn), up from €7.22bn last year. They have forecast net sales of €52.98bn, with organic sales growing [...]
Former chairman Mistry has announced his resignation from Tata director roles December 19, 2016 Cyrus Mistry today said he was resigning as director from the boards of all Tata group listed firms, but he insisted he would continue to fight to improve the $100bn (£79bn) conglomerate's governance. A source confirmed Mistry's plans to file a lawsuit in the coming days, according to Reuters. The former Tata Sons chairman quit just ahead of a [...]
Airlines are now allowing passengers affected by Donald Trump’s travel ban to board flights February 4, 2017 The nationals of seven Muslim majority countries targeted by President Trump's US travel ban are currently being allowed to board flights to America by some airlines. It comes after Seattle judge James Robart ruled that Trump's travel ban was unconstitutional. In a statement, the White House said the order was "lawful and appropriate" and it [...]
Opponents to President Donald Trump’s travel ban have a reason to celebrate February 9, 2017 US President Donald Trump has been dealt a fresh blow, as the court-ordered suspension of his controversial executive order to ban passport-holders from seven majority-Muslim countries entering the US has been upheld. Following the ruling, Trump tweeted: “See you in court, the security of our nation is at stake.” A US federal appeals court has just unanimously upheld a [...]
Volkswagen confirms $4.3bn settlement with US regulators over diesel emissions scandal January 10, 2017 Volkswagen has confirmed it has negotiated a $4.3bn (£3.5bn) draft settlement with US regulators to resolve its diesel emissions scandal. The German car giant said in addition to the fine it will plead guilty to criminal misconduct as part of the civil and criminal settlement. It will face oversight from an independent monitor over the next three [...]
Wells Fargo sets aside even more to deal with the fallout from its accounts scandal November 3, 2016 Wells Fargo revealed today that up to $1.7bn (£1.4bn) has been set aside to deal with legal costs from its fake accounts scandal. The troubled financial giant's filings were not fun reading for investors – barely a week after it announced it would be paying out $185m for a fine to settle allegations that employees had created [...]
Is Donald Trump likely to be impeached in the next four years? January 24, 2017 Rachel Cunliffe, deputy editor of Reaction, says Yes. The new President begins his term facing a defamation lawsuit over his response to sexual misconduct allegations and an ongoing investigation into whether his team conspired with Russia to get him elected. And that’s not even the biggest sword dangling over Trump’s head ready to slash short [...]
Uber has agreed a $20m deal with the US Federal Trade Commission to settle claims of driver deception January 20, 2017 Uber has agreed to pay $20m (£16m) to settle allegations it duped people into driving for its ride-hailing app with false promises regarding how much they'd earn. According to a lawsuit brought by the US Federal Trade Commission (FTC), the company made exaggerated claims about how much drivers could earn and how affordable its vehicle [...]
BT to review overseas operations in wake of Italian scandal January 29, 2017 BT is considering the future of its overseas operations in the wake of a £530m accounting black hole in its Italian arm that wiped billions off the value of the telecoms company. Chief executive Gavin Patterson told City A.M. that as a result of the scandal, he would be reviewing Global Services, the international arm [...]
BT “overshadowed” by Italy accounting scandal as it takes profit hit January 27, 2017 BT has announced a profit slump in the third quarter to the 31 December, after revealing earlier this week that it was forced to write down the value of its Italian unit by £530m after years of "inappropriate behaviour". Read more: BT Europe boss Corrado Sciolla leaves after accounting scandal The figures Pre-tax profits fell 37 per cent to [...]