Business

Controversial rules for Aramco London listing approved

Image copyright Reuters A new category has been approved for companies traded on the London Stock Exchange, which will allow oil giant Saudi Aramco to list shares in London. London has been accused of watering down corporate governance rules in order to accommodate the huge listing. The Institute of Directors said the move put the […]

Business

BT boss Gavin Patterson to step down

Image copyright ReutersImage caption Mr Patterson has been at BT for 14 years BT’s chief executive, Gavin Patterson, is to step down after the company said a change of leadership was needed. The company said a poor reaction to its latest results, in which BT set out plans to cut 13,000 jobs, had prompted the […]

Business

Firms urged to make ‘simple’ parental leave change

Image copyright SolStock Large companies have been called on to publish parental leave policies on their websites to help fight gender inequality. MP Jo Swinson said this was “a simple and practically effortless change” that would improve transparency and encourage more competition on pay. It will help firms “better attract and retain talent” she added. […]

Business

Emirates looks to windowless planes

Media playback is unsupported on your device Media captionEmirates Airline president Sir Tim Clark thinks the windowless plane is the future Emirates Airline has unveiled a new First Class Suite on board its latest aircraft that features virtual windows. Instead of being able to see directly outside, passengers view images projected in from outside the […]

Business

TSB admits 1,300 accounts hit by fraud amid IT meltdown

Image copyright Parliament TVImage caption Paul Pester has been giving evidence to MPs Life savings have been stolen from TSB accounts by fraudsters “exploiting” the bank’s IT problems, with 1,300 people losing money. On occasions, people were waiting on the phone for up to nine hours to report cases, the bank’s boss Paul Pester has […]

Business

Volkswagen admits it can’t cope with new emissions tests

Image copyright Getty Images Germany’s Volkswagen has warned its main factory in Wolfsburg faces temporary shutdowns later this year, owing to new emissions test standards. It plans “closure days” to prevent a build-up of vehicles that have yet to be approved for sale. From September, more rigorous EU standards apply, designed to replicate real driving […]

Business

Poundworld future in the balance after buyer pulls out

Image copyright Getty Images The future of struggling discount retailer Poundworld is in the balance after the main contender to buy the chain pulled out of talks. Alteri Investors, whose website says it specialises in “challenging retail situations”, was in advanced talks with Poundworld’s owner TPG. Poundworld’s founder Chris Edwards is understood to be among […]

Business

Government to sell 7.7% stake in RBS

Image copyright AFP The government has announced plans to sell a 7.7% stake in Royal Bank of Scotland. The latest sale of 925 million shares, expected to raise £2.6bn, will reduce its holding in RBS from 70.1% to 62.4%. The bank has been majority owned by the government since it was bailed out to the […]

Business

Gaffe disrupts Mothercare rescue plan

Image copyright Newscast The future of 21 Mothercare stores has been left uncertain after the struggling retailer admitted that its advisers, KPMG, got their sums wrong. Last Friday, the firm said lenders had backed a restructuring plan including store closures and rent reductions. However, it has now emerged that plans for one division had not […]

Business

Birds Eye owner buys Aunt Bessie’s

Image copyright Getty ImagesImage caption Aunt Bessie’s produces 500 million frozen Yorkshire puddings a year Frozen food brand Aunt Bessie’s will be sold to Birds Eye owner Nomad Foods in a deal worth £210m. Nomad Foods, which also owns Findus and Goodfella’s, has agreed to buy the company from Yorkshire-based group William Jackson. The deal, […]