Financial news

• Coke names new CEO with focus on reducing sugar and calorie counts

  09-12-2016 20:56 via theguardian.com
  
  New CEO James Quincey said company would also concentrate on its sparkling beverage business, push into other drink categories and continue to innovateCoca-Cola Co said on Friday that Muhtar Kent would step aside as CEO next year and be replaced by James Quincey, a British-born company veteran credited with several recent changes to help the company cut its dependence on sugary drinks. Quincey’s ascension was widely expected since he became chief operating officer in August 2015 after jobs
  
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• Rupert Murdoch's Fox makes Sky bid five years after hacking scandal

  09-12-2016 20:38 via theguardian.com
  
  Share price jumps 30% as US media company reaches agreement on deal to create UK’s most powerful media group
  Rupert Murdoch swooped in with an £11.2bn offer to take full control of the satellite broadcaster Sky, five years after he was forced to abandon a similar deal amid public revulsion over the phone-hacking scandal.
  The media mogul’s 21st Century Fox film and television group said it had reached an agreement in principle to buy Sky, which would bring together the company b
  
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• Contender for Toy of the Year 2017: Arckit's modelling system builds a new fan following

  09-12-2016 20:35 via feedproxy.google.com
  
  ARCKIT is a new modelling system designed for architects but with legions of young fans too, has now been shortlisted for 2017’s hotly contested Toy of the Year, the industry’s Oscars.
  
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• Why is Murdoch taking over Sky now? Blame Brexit and Netflix

  09-12-2016 20:33 via theguardian.com
  
  Falling sterling, and the rise of online media providers has given the billionaire the perfect chance to succeed in 2016 where he failed in 2011Why would Rupert Murdoch pounce on Sky now? First, because he was only ever biding his time after the humiliation of the failed bid in 2011. As 21st Century Fox said in its formal announcement, it has long regarded its 39% shareholding as “not a natural end position”. Related: Rupert Murdoch's Fox agrees deal to buy SkyContinue reading...
  
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• ECB refuses to help Italy's crisis-hit Monte dei Paschi bank

  09-12-2016 20:23 via theguardian.com
  
  Italian government may have to prop up world’s oldest bank as recapitalisation deal faltersFears that the Italian government will have to prop up Monte dei Paschi di Siena (MPS) are mounting after the European Central Bank refused to give the world’s oldest bank more time to find major investors to back a €5bn (£4.2bn) cash injection.Trading in the troubled bank’s shares was repeatedly halted on the Italian stock exchange on Friday. The MPS share price closed 10% low
  
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• Sky takeover deal – all you need to know

  09-12-2016 20:06 via theguardian.com
  
  The £11.2bn approach by Rupert Murdoch’s 21st Century Fox faces fewer regulatory hurdles than the last attempt in 2011News that the British broadcaster Sky has agreed an £11.2bn takeover by Rupert Murdoch’s US media group 21st Century Fox reignites one of the most contentious corporate deals of the decade. Five years ago, Murdoch’s News Corp pulled out of a bid for the pay-TV broadcaster in the wake of the phone-hacking scandal. This time, however, the regulatory an
  
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• The Crusader: She sent money to a wrong bank account, but who's to blame when it vanished?

  09-12-2016 20:05 via feedproxy.google.com
  
  WILL IT be a happy new year for a newly-wed whose small slip with an account number when making a payment online has plunged her into a world of worry and regret?
  
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• Monte Dei Paschi bailout: what you need to know – the Guardian briefing

  09-12-2016 20:04 via theguardian.com
  
  Why has the EU given the world’s oldest bank a deadline, how much money needs to be raised, and what impact is the Italian referendum having?The Italian banking system now poses the biggest risk to the financial security of the eurozone and its most venerable institution is at the heart of the problem. Here is what you need to know.Continue reading...
  
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• Greece under fire over Christmas bonus for low-income pensioners

  09-12-2016 19:52 via theguardian.com
  
  International creditors pour scorn on prime minister Alexis Tsipras’s one-off payment for retirees living on €800 or less a month A goodwill gesture to ease the plight of those hardest hit in Greece by tax increases and budget cuts has backfired spectacularly on the prime minister, Alexis Tsipras, with the country’s international creditors making clear he has acted out of step.In the starkest case yet of how closely watched loan-reliant Athens is, lenders reacted with unusual al
  
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• Fyffes banana sale unpeels fortune for Irish business dynasty

  09-12-2016 19:44 via theguardian.com
  
  Deal with Japanese giant Sumitomo for €751m brings together two largest distributors in Asia and Europe, earning an €87m payout for McCann familyThe world’s oldest banana brand Fyffes is to be sold to Japanese giant Sumitomo for €751m (£630m), resulting in a big payout for the McCann family, one of Ireland’s most prominent business dynasties.The deal brings together the two largest banana distributors in Asia and Europe. Continue reading...
  
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• Amazon Go checkout-free stores look set to come to UK

  09-12-2016 19:41 via theguardian.com
  
  Retailer has registered British trademark for concept, which is opening in the US early next yearAmazon appears to be preparing to open checkout-free grocery stores in Britain after registering a UK trademark for its Amazon Go format.The online retailer opened its first bricks and mortar foodstore on 5 December near its headquarters in Seattle. Amazon employees can shop there and it will open to the public early next year. Continue reading...
  
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• Sports Direct chairman seeks shareholder support as profits tumble

  09-12-2016 19:36 via theguardian.com
  
  The future of chairman Keith Hellawell will be decided in January, after he failed to win majority support in SeptemberSports Direct has confirmed that the future of its chairman, Keith Hellawell, will be voted on for the second time in four months in January.The special meeting has been called by the struggling retailer after 57% of independent shareholders failed to support Hellawell at the annual shareholder meeting in September. Continue reading...
  
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• Ryanair says woman’s delay claim must go through Irish courts

  09-12-2016 19:34 via theguardian.com
  
  Airline to argue case cannot be heard in UK, in move that threatens passengers’ rights under EU rulesRyanair has told lawyers acting for a woman claiming compensation that it will no longer accept the jurisdiction of the English courts, in a case that has raised concerns over air passenger delay rights.Every year thousands of UK passengers file legal claims against airlines in the UK courts, seeking compensation they believe they are owed under the EU delay rules.Continue reading...
  
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• From launch to takeover: Rupert Murdoch and Sky

  09-12-2016 19:31 via theguardian.com
  
  Media mogul first launched Sky Television in 1989. Over 27 years later, his firm 21st Century Fox agrees an £18bn takeover of the broadcaster9 DecemberContinue reading...
  
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• New battery power-storage plants scheduled to keep UK lights on

  09-12-2016 19:24 via theguardian.com
  
  But blow for government’s ‘dash for gas’ plans as large plants fail to win subsidies to generate backup powerA series of new battery power-storage plants and two small new gas power stations will be built in the UK following the award of subsidies designed to bolster energy supply and head off the threat of shortages.But government hopes of an ambitious “dash for gas” were dealt another blow after this week’s auction of subsidies to build backup capacity for B
  
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• ECB reportedly rules out extension for Monte dei Paschi fundraising - as it happened

  09-12-2016 19:18 via theguardian.com
  
  ECB rejects Monte dei Paschi delay request - reportUK trade deficit narrows as exports riseCity regulator cracks down on crowdfunding German exports weaker than expectedFTSE rises but European markets are mixedUK construction output falls unexpectedly 6.18pm GMTElsewhere crude prices have come off their best levels after US drillers added more oil rigs for the sixth week in a row:US Baker Hughes Rig Count (Dec 9) 624, previous 597
  Oil Rigs 498, previous 477
  Gas Rigs 125, previous 119 5.56pm GMTI
  
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• UK Financial Regulator To Clamp Down On Crowdfunding - Law360 (subscription)

  09-12-2016 18:37
  
  Irish Times
  UK Financial Regulator To Clamp Down On Crowdfunding
  Law360 (subscription)
  Law360, London (December 9, 2016, 5:24 PM GMT) -- Britain will introduce tougher rules for crowdfunding platforms amid concerns that investors don't understand risks, products are misleading and firms are poor at handling money, the U.K.'s Financial ...
  UK financial watchdog cracks down on crowdfundingIrish Times
  UK Watchdog Says Financial Firms Must Treat Closed-Book ClieLondon South East (registration)
  
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• Banks pressure Treasury to adopt longer and slower Brexit

  09-12-2016 18:06 via feedproxy.google.com
  
  BRITAIN's biggest banks are pressuring the Government for a gradual exit from the European Union , which would allow them to remain under Brussels control long after Brexit.
  
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• Monte Dei Paschi shares and bonds COLLAPSE as ECB REFUSES lender more time for rescue plan

  09-12-2016 17:54 via feedproxy.google.com
  
  PANICKED creditors have dumped holdings in embattled Monte Dei Paschi di Siena amid fears their cash is about to go up in flames ahead of a looming bail-in for the Italian bank.
  
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• Southern rail owners appeal after failed court bid to stop drivers' strike

  09-12-2016 17:49 via theguardian.com
  
  Govia Thameslink Railway lost its high court bid for injunction to prevent three days of strikes by Aslef members opposed to driver-only trains The owners of Southern railway have lodged an appeal against a court decision refusing an injunction to prevent industrial action by drivers.Members of Aslef are set to stage three days of strikes next week that will halt all of Southern’s services, which run between London and southern England, as far west as Southampton and Portsmouth. Continue r
  
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• 7,000 tonnes of dried fruit: inside the world's largest mince pie factory

  09-12-2016 17:33 via theguardian.com
  
  Mr Kipling factory in Barnsley expects to crank out a record 200m minces pies in the run-up to this ChristmasThere’s a heady whiff of mincemeat in the air and an ear-deafening clank every couple of seconds as pastry lids are pushed down with a metal mould. Vast ranks of pies then get a swift dusting of sugar and disappear into the oven for a precise nine minutes. This is the world’s largest mince pie factory, and production is now in full swing, with 720 mince pies a minute rolling o
  
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• Let’s move to Dover, Kent: ‘It’s been overlooked for years’

  09-12-2016 17:30 via theguardian.com
  
  It needs attention, despite the famous white cliffs and some beautiful Regency terracesWhat’s going for it? Britain’s gatehouse, thanks to Brexit, may be about to resume the role it has held for a millennium or two. The past few decades have not been kind to Dover: bombed to smithereens in the second world war, rebuilt – vigorously, if we’re being generous – in the 1960s and on its uppers since airports and the Channel tunnel snatched away its historic role. Maybe t
  
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• London's 'gig economy' has grown by more than 70% since 2010

  09-12-2016 17:20 via theguardian.com
  
  Thinktank reveals number of casual workers in capital’s transport and storage sector soared to 65,300 in 2016
  The number of people doing jobs in London’s gig economy has increased by almost three-quarters since 2010, according to research by thinktank the New Economics Foundation.Analysis by the group found that the number of people working for themselves in the capital in the transport and storage sector had increased from 38,000 in 2010 to about 65,300 in 2016.Continue reading...
  
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• Publishers rush out Trump and Brexit books to traumatised readers

  09-12-2016 17:18 via theguardian.com
  
  Industry push for titles responding to this year’s shocking votes in the US and UK prompts raft of comedies and sober analysesPublishers are rushing out a raft of titles to meet demand among readers traumatised by the election of Donald Trump and the aftermath of the Brexit referendum. Titles range from humour to protest packs aimed at reinvigorating the left as it faces four years of the former TV star in the White House.The books are being turned around in time for Trump’s inaugura
  
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• 21st Century Fox takeover bid for Sky send shares SOARING

  09-12-2016 17:10 via feedproxy.google.com
  
  BROADCASTER Sky has seen its share price soar, following a takeover bid from US media giant 21st Century Fox.
  
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• Confessions of a small business – event

  09-12-2016 17:08 via theguardian.com
  
  Join us on 6 February 2017, 6.30-9.15pm, when entrepreneurs will tell their inspirational stories of overcoming adversityRunning a business rarely runs smoothly. There are the highs and lows, the successes and setbacks, the celebrations and sleepless nights. But what sets successful entrepreneurs apart is their resilience and courage to continue through the tough times and to learn from their mistakes. At this event, our panel of small business owners will speak frankly and openly about their st
  
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• Hitachi unveils first UK-built Intercity Express train

  09-12-2016 16:58 via theguardian.com
  
  Fleet of Class 800 trains, ordered by government, to be produced at Japanese manufacturer’s plant in DurhamThe first Intercity Express train to be built at Hitachi’s UK plant has been unveiled.The train is one of 122 ordered by the government in a £5.7bn deal to run on mainlines between London and the south-west and from the capital to Scotland on the east coast route.Continue reading...
  
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• Uber is treating its drivers as sweated labour, says report

  09-12-2016 14:51 via theguardian.com
  
  Earnings are often less than minimum wage and ‘barely sufficient to sustain existence’, according to MP Frank FieldUber treats its drivers as Victorian-style “sweated labour”, with some taking home less than the minimum wage, according to a report into its working conditions based on the testimony of dozens of drivers.Drivers at the taxi-hailing app company reported feeling forced to work extremely long hours, sometimes more than 70 a week, just to make a basic living, sa
  
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• ECB's quantitative easing programme investing billions in fossil fuels

  09-12-2016 14:36 via theguardian.com
  
  EU emissions pledge could be undermined by bank’s investments in oil, gas and auto industries, new analysis showsThe European Central Bank’s (ECB) quantitative easing programme is systematically investing billions of euros in the oil, gas and auto industries, according to a new analysis.The ECB has already purchased €46bn (£39bn) of corporate bonds since last June in a bid to boost flagging eurozone growth rates, a figure that some analysts expect to rise to €125bn by
  
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• UK financial watchdog cracks down on crowdfunding - Irish Times

  09-12-2016 14:31
  
  Irish Times
  UK financial watchdog cracks down on crowdfunding
  Irish Times
  Crowdfunding platforms that offer home loans should be regulated like mortgage lenders to improve safety and transparency for customers, Britain's Financial Conduct Authority has said. Crowdfunding or “peer-to-peer” (P2P) operators collect small sums ...
  UK financial watchdog says will update rules on crowdfundingeuronews
  UK Financial Regulator To Clamp Down On CrowdfundingLaw360 (subscription)
  UK Watchdog Say
  
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• Gender pay gap checker reveals the good, the bad and the scandalous

  09-12-2016 14:26 via theguardian.com
  
  New ONS tool allows workers to see the disparity in pay on a job-by-job basis – from fishmongers to fitness instructors, cleaners to cooksIf you are a female traffic warden or probation officer read on for good news. If you are a female chief executive you may want to look away now.The UK’s stubbornly wide gender pay gap is well-known. Almost half a century on from the gender pay act, there is still an 18.1% difference in average pay between men and women. Of course, such average fig
  
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• Sadiq Khan: government 'abandoning passengers' on Southern rail

  09-12-2016 14:09 via theguardian.com
  
  London mayor calls for rail unions to cancel strikes planned for next week as drivers’ overtime ban causes chaos for commutersThe London mayor has accused the government of “abandoning passengers” on Southern rail, on a morning when hundreds of thousands of commuters suffered fresh chaos as the impact of a train drivers’ overtime ban hit home.Sadiq Khan called on the rail unions to cancel strikes planned for next week but strongly criticised the government for “wash
  
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• Last post dates for Christmas 2016 delivered by Royal Mail

  09-12-2016 12:43 via theguardian.com
  
  This Saturday is the deadline for some countries, while you can wait as late as 20 December for the UK
  Senders of Christmas cards to Australia, New Zealand and, bizarrely, Greece, need to get them in the post by Saturday 10 December if they are to arrive by the 25th, according to Royal Mail. Tuesday 20 December is the last date for second-class UK deliveries.Those to Germany, Italy, Poland must go next Wednesday (14 Dec) while most other European countries are either next Friday or Saturday 17.
  
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• UK trade gap narrows despite fears of Brexit slowdown

  09-12-2016 12:40 via theguardian.com
  
  Rise in exports in October fuels hopes economy will end year strongly – but construction output suffers surprise fallNews of a pick-up in exports has fanned hopes the UK economy will finish the year on a strong note, confounding earlier fears that the Brexit vote would spark a sharp slowdown.Official figures showed the UK’s trade deficit with the rest of the world narrowed more than expected in October as exports rose and imports fell. But statisticians said there was little evidence
  
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• Banks could face more PPI payouts as FCA delays deadline decision

  09-12-2016 11:44 via theguardian.com
  
  Watchdog’s move means final deadline for claims is likely to be pushed back by a few months from mid-2019 Banks might have to pay out more in compensation to victims of the £40bn payment protection insurance scandal after the financial regulator delayed a decision on setting a deadline for complaints.The Financial Conduct Authority said in August it was considering a mid-2019 cutoff for PPI claims and would decide before the end of 2016. The proposed deadline was more than a year lat
  
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• Days of the buy-to-let landlord are numbered, says Fergus Wilson

  09-12-2016 11:11 via theguardian.com
  
  Britain’s biggest landlord believes tax changes and tougher mortgage rules will sound the death knell for buy to letBritain’s biggest buy-to-let landlord, Fergus Wilson, says future investors will never be able to match the financial success he has enjoyed – and that landlords’ days in this country are numbered.Fergus and his wife Judith bought nearly 1,000 homes in Ashford and Maidstone in Kent, but are now in the process of selling up. He reckons the much tougher lendin
  
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• City News: Mulberry, National Grid, TUI, Capita

  09-12-2016 10:06 via feedproxy.google.com
  
  TOURISTS cashing in on a weaker pound have boosted sales at Mulberry, but the luxury British brand swung to a half-year loss after investing more in design.
  
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• City regulator to crack down on crowdfunding

  09-12-2016 09:53 via theguardian.com
  
  FCA says it has concerns about peer-to-peer lending, which is now a £3.4bn market in the UKThe City regulator has announced a crackdown on crowdfunding – the fast-growing sector that lets businesses and individuals raise money from online investors.The Financial Conduct Authority said it had concerns about loan-based businesses – also known as peer-to-peer (P2P) lenders – and investment-based platforms. It said it was examining online alternative finance to take account o
  
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• Sports Direct boss’ fury over critics panning company practices

  09-12-2016 09:15 via feedproxy.google.com
  
  THE chairman of Sports Direct has hit back at critics over a “damaging campaign” against the company as it warned of more financial pain after a 57 per cent drop in underlying half-year profit.
  
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• Put Christmas sparkle into your social media marketing campaign

  09-12-2016 09:13 via theguardian.com
  
  Small businesses may lack the marketing budget of big brands, but can use festive imagination to reach new customers
  Christmas marketing campaigns by the major retail brands have become more elaborate by the year, with social media now playing an integral part. The latest John Lewis ad, featuring Buster the Boxer and a host of wild animals trampolining, has been named the world’s biggest Christmas TV ad on YouTube. It used Snapchat to drive the campaign and is currently one of the most sha
  
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• A moment that changed me: being sacked from my first job | Daisy Buchanan

  09-12-2016 08:59
  
  Being knocked off a straightforward career path forced me find my own way through the woods and taught me that the world doesn’t owe me a livingWhen my boss, and her boss, beckoned me to follow them to the meeting room downstairs, I picked up a notepad and pen and braced myself for a boring chat about press releases. It was a chilly, grey Friday in the middle of January, and I really just wanted to get through the day without incident so I could go to the pub.If my superiors seemed tense o
  
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• Starbucks co-founder: 'We thought we'd have a couple of stores'

  09-12-2016 08:00 via theguardian.com
  
  Zev Siegl on kickstarting the coffee movement, why he has no regrets about leaving the company, and his passion for mentoring startups
  My friends Gordon Bowker, Jerry Baldwin and I used to throw around terrific ideas for businesses; we wanted to make a change in our lives [Siegl was a history teacher] and do something that could have impact and be meaningful. We began meeting every few weeks to kick around ideas and one day when we were having lunch we ordered an espresso, which turned out to be
  
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• How can I get more customers for my Tefl business?

  09-12-2016 08:00
  
  I need ideas on advertising and funding as I’m not getting many inquiries through Google
  Twice a week we publish problems that will feature in a forthcoming Dear Jeremy advice column in the Saturday Guardian so that readers can offer their own advice and suggestions. We then print the best of your comments alongside Jeremy’s own insights.I am a self-employed Tefl teacher in London. I set up my business in 2012 and I’ve been working hard on my website and blog. I enjoy what I do
  
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• A perfect pair of pumping stations – in pictures

  09-12-2016 08:00
  
  This Nottinghamshire property comprises two halves separated by a bridge over a stream – ideal for relatives with semi-detached lives Continue reading...
  
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• Dutch companies pioneer 'healing office' to cut staff sick days

  09-12-2016 07:00 via theguardian.com
  
  In the Netherlands, one in 17 people suffers from burnout. A state of the art office in Amsterdam promises to keep staff happy, healthy and productiveIf you need a carrot to tempt you to work, there’s a trolley of healthy snacks. Every desk is within seven metres of a window and a flick of your phone modifies temperature and lighting.With as many as one in every 17 people suffering from burnout in the Netherlands, a figure that rises to one in six for workers aged 25 to 35, a series of &ld
  
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