Samsung’s in a spin: Now it has to recall nearly three million washing machines November 4, 2016 Things have gone from bad to quite a bit worse for Samsung. It had only just cut profit forecasts by a third after the much-hyped launch of its flagship Galaxy Note 7 ended in a mass recall (and some spontaneous explosions). Now it's had to recall about 2.8m top-load washing machines in the US, following reports [...]
A big year, but it won’t Trump 2016’s shocks January 6, 2017 2016's events made fools of most pundits, and looking back at my column exactly a year ago, I fared little better. True, I correctly said that Santander UK would re-engage in an effort to buy Royal Bank of Scotland's Williams & Glyn unit, but I was well wide of the mark arguing that the FTSE-100 [...]
Former EMI owner puts more money into up-market chain Hand Picked Hotels September 11, 2016 Private equity magnate Guy Hands propped-up the loss-making hotel chain run by his wife by shelling out a further £4.6m so that it can keep its head above water. The Terra Firma founder put his hand into his pocket to help Hand Picked Hotels. The move replicated that of previous years and was executed through the [...]
MasterCard hit with record £14bn bill as 46m customers could win compensation September 8, 2016 MasterCard is being sued for £14bn in the largest legal claim in British history over allegations it used its market dominance to overcharge millions of UK customers. The credit card providers have been accused of charging shops excessive fees to process card transactions, which resulted in retailers being forced to pass on these costs in [...]
These are the seven deadly sins of the workplace February 17, 2017 Perhaps it was inevitable that someone would try to rebrand the seven deadly sins. After all, it’s 1,700 years since monk Evagrius Ponticus came up with the eight evil thoughts generally credited with the concept. These were whittled down to seven by Pope Gregory I in AD590 – vainglory was the one to go. Now [...]
Terra Firma boss Guy Hands on buying Agent Provocateur, dyslexia and moving on from multi-million EMI loss February 27, 2017 In June last year, Terra Firma dropped a £1.5bn lawsuit against Citi over the acquisition of EMI. It is reported that Guy took a €200m (£168m) hit to his personal fortune as a result of the deal. The Terra Firma boss alleged that Citi misled him into overpaying for the music publisher in 2007. How’s [...]
The Founder director John Lee Hancock: “There are things about Ray Kroc I really admire” February 14, 2017 Released in UK cinemas this week, The Founder tells the story of the world’s best-known brand, McDonald’s – and how entrepreneur Ray Kroc wrestled the company away from its founders. We sat down with the movie’s director, John Lee Hancock, to talk burgers, unscrupulous business tactics and what he learned about leadership from Kroc. Your [...]
Wells Fargo chief executive forfeits millions in wake of internal investigation into fake accounts September 28, 2016 Two leading Wells Fargo executives have agreed to forfeit $60m (£46m) over the ongoing bank account scandal as Janet Yellen came under pressure to order a break-up of the lender. Chief executive John Stumpf will forego shares worth $41m and Carrie Tolstedt, the former head of the retail division, will miss out on $19m of shares after the company board [...]
RBS admits no fault but settles with US regulator over selling of toxic products September 28, 2016 The Royal Bank of Scotland (RBS) has agreed to pay $1.1bn (£845m) of penalties to US authorities in order to settle claims that it mis-sold mortgage-backed securities to corporate credit unions. The US National Credit Union Administration (NCUA) announced the settlement overnight but stressed that under the arrangement the embattled British lender did not admit [...]
Fox News head Roger Ailes resigns amid sexual harassment allegations July 21, 2016 Rupert Murdoch will take over the reins at Fox News after chairman and CEO Roger Ailes has resigned amid a number of allegations and media reports of sexual harassment. Announcing Ailes' departure this evening, Murdoch, who is executive chairman of holding company 21st Century Fox thanked him for his contribution and said he will become its new acting [...]