Thinktank says ending Covid-19 wage subsidy scheme from August could cost 1.2m jobsThe government closing its furlough scheme this autumn is a “mistake” that will drive up unemployment by 1.2 million by Christmas, one of the UK’s leading economics thinktanks has warned.Sounding the alarm over the mounting risk to jobs, the National Institute of Economic and Social Research (NIESR) said extending the wage subsidy scheme until the middle of next year would dramatically cut the number of redundancies across Britain and would probably pay for itself. Continue reading...
Retailer faced allegations that factories making its clothes in Leicester were paying workers below minimum wageThe online fashion retailer Boohoo has promised to “act decisively” on any recommendations made by lawyers investigating its UK supply chain, after it faced allegations that factories making its clothes in Leicester were paying workers below the minimum wage. So far, the company has not committed to publishing the full report.The independent review is being led by Alison Levitt QC, the former head of law firm Mishcon de Reya’s white-collar crime unit, and on Tuesday the company said [...]
Redundancies at department store chain follow 700 job losses at Harrods this monthCoronavirus – latest updatesSee all our coronavirus coverageSelfridges is to cut 450 jobs across its department stores, in the latest blow to UK high street retailers hit hard by the coronavirus pandemic.The cuts represent 14% of its workforce and Anne Pitcher, group managing director, said it was the “toughest decision we have ever had to take”. Selfridges operates four department stores in the UK including its London flagship on Oxford Street, as well as a website. Continue reading...
Exclusive: LSE report says even sectors unscathed from coronavirus crisis will be severely affectedA Brexit hit is looming for sectors that have emerged relatively unscathed from the Covid-19 pandemic, analysis by the London School of Economics suggests.The LSE report says Brexit will deliver a double shock to the economy – with business conditions worsening for those sectors that have survived the impact of coronavirus and lockdown measures – whether Boris Johnson secures a deal with the EU or not. Continue reading...
Trade union accuses airline of setting out to fire and rehire thousands of workers on less favourable termsBritish Airways cabin crew have warned the airline to expect an “immediate” strike over plans to cut up to 12,000 jobs following the collapse in demand for air travel because of the coronavirus pandemic.Unite, the trade union which represents thousands of BA employees including cabin crew, engineers and maintenance staff, accused the airline of planning to “fire and rehire” thousands of its workers on reduced terms. Continue reading...
Extraordinary hearing will see some of the richest men in history called to account for their firms’ market dominanceSome of the richest men in history representing the most valuable companies ever created will be grilled by Congress on Wednesday , as US authorities get increasingly serious about whether tech giants Amazon, Apple, Facebook and Alphabet have become too powerful. Related: Clashes in Portland as Trump’s actions light fuse under protests in other cities Continue reading...
Ivan Ko hopes to find site between Dublin and Belfast to host 50,000 fellow HongkongersA Hong Kong property tycoon wants to build a city in Ireland to host 50,000 emigrants from the semi-autonomous city.Ivan Ko, founder of the Victoria Harbour Group (VHG), an international charter city investment company, hopes to find a 50 sq km site between Dublin and Belfast to create a new city, named Nextpolis, from scratch. Continue reading...
Regulator finds 40% of customers are out of contract and most are paying too muchMillions of customers are in line to share in savings of more than £270m a year on the cost of their broadband bills, after Ofcom reached agreement with companies on pricing changes and commitments to offer better deals when consumers’ contracts come to an end.A report released by the telecoms and media regulator found that about 40% of UK broadband customers, 8.7 million, are out of contract and most of them are paying higher prices than they could be if they struck a new deal or changed providers. On average, th[...]
Colour of Power survey finds issue not addressed despite government-backed targetsThe proportion of black, Asian and minority ethnic people in some of the 1,100 most powerful jobs in the UK has barely moved over the past three years, according to a study that highlights the lack of non-white representation across key roles.Only 51 out of the 1,097 most powerful roles in the country are filled by non-white individuals, an increase of only 1.2%, or 15 people, since 2017, the Colour of Power survey by consultants Green Park and not-for-profit organisation Operation Black Vote said. Continue readi[...]
Reckitt Benckiser, which owns Vanish, Finish, and Harpic says it’s struggling to sate demand in parts of US and UKCoronavirus – latest updatesSee all our coronavirus coverageConsumer demand for cleaning products from Dettol to Lysol provided a pandemic sales surge for Reckitt Benckiser, although the company admitted it is still struggling to keep shelves stocked in “pockets” of the UK and US.The consumer goods group, which owns brands including Cillit Bang, Nurofen and Durex, beat market expectations with total revenues rising 11.9% to £6.9bn in the first half. Continue reading...
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UK competition regulator warns $7.3bn tie-up risks quality of onboard connectivity
Chinese tech group works to bypass penalties by redesigning phone to avoid restricted advanced chips
Unknotting mobile operator requires deft sword strokes, not fiddling with loose ends
Vodafone has been under pressure from activist investors to change strategy and improve returns
Special terminals will still need to be sent to country for users to benefit from Starlink service
A flurry of buyers from across the Channel will be joined by dollar-rich US rivals
Investment vehicle Atlas describes mobile phone group as ‘an attractive investment opportunity’
UK-based telecoms group under pressure to pursue deals and streamline business
Target to cover 99% of homes needs a campaign to encourage switching, provider says
US tech group’s partnership with Globalstar gives iPhones an advantage
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Lenders’ commitment to finance Elon Musk’s buyout may cost them hundreds of millions of dollars
Purchase of animation studio Gunner underscores desire to make learning languages fun
Proceedings will resume in November if $44bn deal does not close
Prominent tech investor seeks $6bn for new private equity vehicle less than half the size of predecessor
In just a few weeks, technology has advanced to a level where it could have wide-ranging applications
World’s richest person’s attempt to buy social media company has been anything but smooth
The inside story on the Asia tech trends that matter, from Nikkei Asia and the Financial Times
The intent to slash demand, money and credit in the system implies lower turnover growth
Once synonymous with post-industrial decline, the city has reinvented itself as a tech hub
Companies like Amazon and Microsoft routinely destroy used hard drives in the name of data security — but industry insiders say there is a better option
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