Sir Robert McAlpine sued for £20m over allegedly faulty Arsenal Emirates Stadium housing development October 1, 2015 Builder Sir Robert McAlpine has been sued for close to £20m over alleged defects on parts of the affordable homes making up part of the redevelopment of Arsenal's Emirates Stadium. Newlon Housing Trust has launched a £19.2m lawsuit against the builder for breach of contract and negligence. The social landlord claims several construction defects forced [...]
BP ordered to pay more than $20bn to settle claims from Gulf of Mexico oil spill October 6, 2015 Oil giant BP has been ordered to shell out more than $20bn (£13.2bn) in fines to resolve nearly all claims from its deadly Gulf of Mexico oil spill five years ago, US attorney general Loretta Lynch said yesterday. It is the largest corporate settlement of its kind in US history. The agreement, first [...]
Amazon, Google and Microsoft’s share prices go crazy on opening after posting strong results October 23, 2015 Amazon, Google (aka Alphabet) and Microsoft's share prices all jumped as US markets opened today, reacting to strong results posted overnight. Amazon's share price opened nine per cent up, while Google's stock soared 11.7 per cent and Microsoft's shares rose 10.2 per cent. Results posted yesterday showed online retail giant Amazon's net sales rose 23 per cent to $25.4bn (£16.5bn) in [...]
Volkswagen emissions scandal: Fitch threatens VW with downgrade over car pollution catastrophe September 24, 2015 Credit ratings agency Fitch has placed Volkswagen on "negative watch" until the full scale of the emissions scandal that's engulfing the carmarker becomes clearer. "The rating action reflects the reputational damage on the group's brands following alleged manipulation of emission tests in the US and the expected multi-billion euros financial impact from potential fines, recall [...]
Quindell’s share price falls as it receives a pre-action legal letter and the claimants want £9m in damages September 29, 2015 As if things couldn't get any worse for Quindell, the business this morning says it has received "notice of intended claim" from a group suggesting it is planning to bring a lawsuit against the troubled insurance outsourcer, with damages of £9m. The law firm is not named and the claims are not detailed, other than [...]
German government orders Volkswagen to recall 2.5 million cars affected by emissions scandal October 15, 2015 Germany's transport ministry has ordered Volkswagen to recall 2.4m vehicles with "defeat devices" over the next year, raising questions over how many cars will be recalled in the UK. The car giant said around 1.2m cars in the UK have been affected by the scandal, adding that customers will be contacted about bringing their vehicles in to be refitted. Some [...]
Volkswagen car recall emissions scandal: VW boss Martin Winterkorn clings on as heat rises September 23, 2015 Volkswagen chief executive Martin Winterkorn will today face the company’s supervisory board to explain his role in the emissions scandal engulfing the carmaker, amid reports his job is on the line. Last night New York Attorney General Eric Schneiderman issued a statement confirming his office would be investigating Volkswagen. He said: “No company [...]
At the close: FTSE 100 index closes slightly down on miners November 10, 2015 The FTSE 100 fell marginally again today as miners continued to suffer losses. The blue-chip index closed the day 0.32 per cent down at 6,275 points. Tuesday's largest faller was Anglo American, which saw its share price fall 4.54 per cent to 492.22p per share. Glencore also shed 4.15 from its share price to close at 105.15 [...]
Volkswagen emissions scandal: Are VW shares untouchable? September 30, 2015 Shares in car companies have plunged since Volkswagen admitted cheating in emissions tests on its diesel cars. One expert says the situation has parallels with BP in 2010, when the worst oil disaster in US history left the company’s shares virtually untouchable. Will this storm blow over, or has the death knell been sounded for [...]
War of the wearables: Jawbone sues Fitbit for second time ahead of IPO June 11, 2015 The war of the wearables is hotting up even more. Jawbone, the maker of the Up fitness tracker has filed a second lawsuit in the US courts alleging that soon-to-IPO rival Fitbit, which also makes fitness trackers, infringed several of its patents. It's the second lawsuit filed by Jawbone against Fitbit in two weeks – [...]