Category Archives: Business

No Image Yet

UBS and Deutsche Bank lose bonus tax challenge

Supreme court backs HMRC and rules bonus schemes operated by investment banks are not exempt from tax City of London, the capital’s financial district. The supreme court ruling on UBS and Deutsche Bank covers bonuses paid out as far back as 2004. Photograph: Matthew Lloyd/Getty Images UBS and Deutsche Bank may have to pay tens of millions of pounds to Read More


No Image Yet

Sunday trading change ‘dead’ after Commons defeat for Cameron

Number 10 has conceded that its plans to relax Sunday trading laws are dead in the water, after David Cameron suffered his first House of Commons defeat since the election at the hands of his own Conservative MPs. The government’s attempt to let shops trade for longer than six hours each Sunday was voted down after 26 Tory backbenchers teamed Read More


No Image Yet

More than a third of 8.4m BHS loan went to four directors

Guardian understands quartet from Retail Acquisitions Limited shared £3m days after buying struggling department store chain BHS could implement job cuts as part of effort to turn company fortunes around. Photograph: Dominic Lipinski/PA More than a third of an £8.4m loan taken out of BHS by its new owners in March last year went to four directors who were part Read More


No Image Yet

Bank pledge adds to fears that EU referendum will cause market turmoil

Central bank will open lending facility on three extra days to prevent financial sector suffering a credit squeeze at time of vote Bank of England governor is to face questions on Brexit. Photograph: Luke Macgregor/Reuters The Bank of England has heightened fears that Britain’s referendum on EU membership will destabilise already fragile financial markets, pledging to provide extra funds to Read More


No Image Yet

Npower confirms 2,400 job cuts as it makes £99m loss

German-owned business said it would cut jobs in the UK and overseas in the next two years Npower employs 11,500 people directly and through outsourced services, 7,500 of whom work directly for Npower in the UK. Photograph: Darren Staples/Reuters Npower plans to cut 2,400 jobs – a fifth of its workforce – to reduce costs after losing customers, offering bad Read More


No Image Yet

BP chief receives 20% pay hike despite record loss and 7,000 axed jobs

High Pay Centre says £14m earned by Bob Dudley last year during crisis at oil firm shows it is ‘losing contact with reality’ The High Pay Centre asked if Dudley was being rewarded for getting rid of people. Photograph: Eric Piermont/AFP/Getty Images Bob Dudley, the chief executive of BP, earned nearly $20m last year – at a time when the Read More


No Image Yet

Selling off Network Rail power lines is ‘thin end of wedge’, says union

Network Rail’s hiring of KPMG to market its substations to global investors marks start of privatisation, says RMT’s Mick Cash A train leaves London King’s Cross station. Only the NHS procures more electricity than Network Rail in the UK. Photograph: Frank Baron for the Guardian Rail campaigners have denounced moves to potentially sell off Network Rail’s power assets as the Read More


No Image Yet

BHS plans to make 370 redundant in head office and shops

Retailer briefed staff about turnaround plan on Friday morning, with 220 jobs to go from stores and 150 from head office BHS is threatening to close up to half its stores if landlords do not agree to reduce the rents. Photograph: Dominic Lipinski/PA BHS plans to make more than 350 people redundant as the struggling department store chain is forced Read More


No Image Yet

FTSE recovers as China measures boost miners

A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in the City of London, Britain in this October 1, 2008 file photo. REUTERS/TOBY MELVILLE/FILES Britain’s top share index closed in marginally positive territory on Monday, as a rally in mining stocks following new stimulus measures from China – the world’s top Read More