JD Wetherspoon hits out at government’s Living Wage September 11, 2015 Pub chain JD Wetherspoon has become the most recent in a series of companies to hit out at the government’s Living Wage. In the company’s preliminary yearly results, the pub chain said the government is putting pubs under financial strain. Read more: National living wage – All businesses will end up paying it – but [...]
Islamic State earnings call: Why the terrorist group’s 2014 financial boom is a distant memory – but the 2015 decline won’t be fatal February 25, 2016 In these pages 12 months ago, as companies revealed their year-end financial results and governments made their annual promises of greater things to come, I reflected on the financial reporting of a new arrival – an entity that had, during 2014, emerged from the financial shadows, and was heralded as being “…as sophisticated and well-funded as [...]
Nearly half of Brits would squander their wealth to make sure they qualify for council care cost coverage in their old age November 23, 2015 Almost half (43 per cent) of people would be willing to deliberately deplete their assets to make sure their council pays for their care in old age, according to figures released today from specialist insurer Partnership. By comparison, less than a quarter (23 per cent) said they would be prepared to do the same when asked [...]
Rolls-Royce chief executive Warren East to set out major restructure to save £200m annually and boost future performance November 24, 2015 Rolls-Royce chief executive Warren East will today set out how he plans to make £150m-£200m worth of savings each year from 2017 as part of a major review of the company's operations. He will propose the company undergo a "major restructuring" process to simplify operations, streamline senior management, reduce fixed costs and add "greater pace and accountability" [...]
Manufacturers warn new National Living Wage will increase costs and uncertainty October 1, 2015 The new National Living Wage (NLW) stands to give 2.5m British workers a pay rise, but half of British manufacturers are worried about the impact compulsory higher wages will have on their business. According to a new survey out today from the EEF, 45 per cent of manufacturers say they are concerned the NLW – set to go into [...]
Autumn Statement 2015: George Osborne promises £3.4bn extra counter-terrorism spending in wake of Paris attacks but no police cuts commitment November 22, 2015 George Osborne has promised to spend £3.4bn extra on the country's counter-terrorism efforts over the next five years – a rise of 30 per cent – ahead of the Autumn Statement, as the government seeks support for military action to fight the rise of Islamic State (IS). Speaking on the BBC's Andrew Marr Show, the chancellor said: "When it comes to the spending review, [...]
Sky steps in as BBC pulls plug on live coverage of the Open September 30, 2015 Live coverage of golf’s oldest Major, the Open Championship, has been axed from free-to-air television a year early after the BBC made it a victim of cost-cutting measures across the corporation. Sky had been due to take up the rights on a five-year deal in 2017 but will now assume exclusive live broadcaster status a [...]
Conservatives name Zac Goldsmith as candidate for London Mayoral Election 2016 October 2, 2015 The Conservatives have chosen their man for next year's London mayoral race: Zac Goldsmith, who was widely expected to win the online primary. In a statement this morning, the Conservative party said Goldsmith received 70 per cent of the online vote – way above runner-up Syed Kamall, who clinched 16 per cent. The decision will [...]
Private equity firms dine out on restaurant chains January 19, 2016 The restaurants and bar sector was a veritable feeding frenzy of deals last year, with more choice of companies to buy than an all-you-can-eat Chinese buffet. Robust trading conditions thanks to improved consumer spending provided an opportune time for private equity companies to sell long-term investments to rival buyout firms with cash to spend. CBPE’s sale of [...]
Challenger bank boss Cyrus Ardalan says surcharge does not fulfil objectives as government urged to reconsider policy September 11, 2015 Challenger banks are to meet Treasury officials later today in order to pile pressure on the chancellor to reverse the bank surcharge he is imposing. George Osborne has opted for a bank surcharge of eight per cent on profits over £25m, which challenger banks and building societies say will harm their operations. Chairman of Oaknorth [...]