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Deloitte UK warns staff of 800 job cuts
Deloitte will cut hundreds of jobs across the UK due to a slowing in demand for advisory services from clients in an economic climate that is more difficult.
According to a source familiar with the plans of the accounting firm, it is…
Jane Fraser gains more control over Citigroup, in the biggest shake-up for almost two decades
Citigroup announced its largest reorganisation since almost two decades. The company gave more control to its chief executive Jane Fraser and simplified its management structure.
The changes are coming as Fraser battles to turn the…
Oxford Mini plant to benefit from £600mn UK investment in electric cars
BMW will invest over £600mn in Oxford to produce electric Minis, preserving the historic plant. This is a vote for confidence in the UK auto industry.
According to sources familiar with the situation, the German automaker's investment at…
TRG is in ‘advanced talks’ about Frankie & Benny sale
The Restaurant Group is finalising a deal to sell the Frankie and Benny's and Chiquito's restaurant chains to the owner of Cafe Rouge, in the latest concession to activist investors pushing for a shake-up of the struggling casual dining…
Beko’s owner warns of the risk of China dumping products as domestic demand slows
China's slowing economic growth is "very concerning", according to the head of Europe's largest home appliance manufacturer. He warned that the vast manufacturing sector in China could export cheap products abroad as the domestic market…
WeWork informs landlords that it will renegotiate the majority of office leases
WeWork is seeking to renegotiate nearly all of its leases around the world, weeks after the SoftBank-backed office space group warned that there was “substantial doubt” about its ability to continue as a going concern.
The New York-based…
Abu Dhabi’s Royal Sheikh Tahnoon is Among The World’s Most Influential Businessmen
As Gulf oil wealth flows to all corners of the globe -- backing mega mergers, propping up economies and upending the world of sport -- moves by a key member of Abu Dhabi's ruling family have positioned him as one of the world's most…
Chinese developer Country Garden avoids default on dollar bonds
Country Garden, a Chinese property developer, paid two dollar bonds on Tuesday within the grace period. This ended a month long saga which had been the focus of investors' worries about China's struggling real estate sector.
After local…
Billionaire Asda owners face questions on loans for private jets
Asda's billionaire owners have been asked to provide details about interest-free loans allegedly given to finance the purchase of private planes.
Darren Jones, the chair of the Business and Trade Select Committee, wrote to Mohsin…
Nestle sold its peanut allergy business due to insufficient demand
Nestle divested its peanut allergy business, which it had acquired three years earlier. The treatment was not taken up by doctors or allergy sufferers.
Palforzia is designed to reduce the frequency and severity allergic reactions in…
Energy supplier tries to overturn the new Financial Resilience Rule
After a number of failures, a leading British household electricity supplier wants to reverse new rules that were intended to boost the financial resilience of suppliers.
Utilita has around 800,000 clients and argues the regulator…
In August, foreign investors sold China shares in record numbers.
Foreign investors sold record amounts of Chinese shares in August, as Beijing's piecemeal measures to support the economy failed to ease concerns about the slowing growth and the worsening property crisis.
The unprecedented outflows…
Goldman Sachs purchased UK and US companies with Chinese state funds
Goldman Sachs used a fund created with Chinese state funds to purchase a number of US and UK businesses, including one that has a cyber-security business and provides services to British government. This is happening as tensions between…
SoftBank’s arm announces plans for the largest US IPO since nearly 2 years
SoftBank's chip designer Arm, which is owned by SoftBank, has begun the countdown for the largest US initial public offering (IPO) in nearly two years. The company unveiled a preliminary prospectus to be listed on Nasdaq early next month.…
Goldman Sachs is exploring the sale of investment advisers in a retreat from mass markets
Goldman Sachs has begun exploring the sale of its investment advisory business, which it acquired four year ago. This is a further retreat away from Goldman Sachs' goal to become a major bank for mass-market clients.
The Wall Street firm…
WeWork struggles to stay afloat, causing property fears to grow
WeWork was once valued at $47.5 billion. The company had to merge 40 shares into one on Friday to maintain its stock above $1 in order to avoid delisting from the New York Stock Exchange.
Experts suggest that the fall and rise of WeWork…
UK spends £100m on AI chip race
The UK government will invest £100m in an effort to gain a foothold for the UK on the global stage of producing computer chips that power artificial intelligence.
Taxpayer funds will be used to create a national AI resource for Britain…
BAE buys Ball’s Aerospace business for $5.6bn
BAE Systems is moving into the US space domain with the $5.6bn acquisition of Ball Aerospace, a supplier of mission-critical space systems, in one of the biggest takeovers by a UK company this year.
Charles Woodburn, chief executive of…