Financial news

• Next CBI chair likely to be Cobra beer founder Karan Bilimoria

  26-05-2019 20:18 via theguardian.com
  Lord Bilimoria is vocal remain supporter but says his view is ‘completely separate’ to roleThe founder of Cobra beer, Karan Bilimoria, is being lined up to be the next president of the Confederation of British Industry (CBI) at a crucial time for the business lobby group as Britain prepares to leave the EU.Lord Bilimoria, a vocal remain supporter and a campaigner for a second referendum, became the frontrunner to succeed the Tesco chairman, John Allan, as president after the group sa
  
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• Robocrop: world's first raspberry-picking robot set to work

  26-05-2019 18:15 via theguardian.com
  Autonomous machine expected to pick more than 25,000 raspberries a day, outpacing human workersQuivering and hesitant, like a spoon-wielding toddler trying to eat soup without spilling it, the world’s first raspberry-picking robot is attempting to harvest one of the fruits.After sizing it up for an age, the robot plucks the fruit with its gripping arm and gingerly deposits it into a waiting punnet. The whole process takes about a minute for a single berry. Continue reading...
  
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• Fiat Chrysler and Renault expected to announce tie-up talks

  26-05-2019 17:21 via theguardian.com
  Renault board reportedly plans to go public with partnership after a meeting on Monday morningFiat Chrysler and Renault are expected to announce on Monday that they are in talks on a potential tie-up, in a move that could address some of the main weaknesses of both carmakers at a time of transformation for the sector.The Renault board is planning to go public about the possible partnership after a meeting in the morning to discuss the deal, according to reports. Continue reading...
  
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• Brexit will not save troubled steel industry, says trade body

  26-05-2019 16:02 via theguardian.com
  UK Steel’s director general warns leaving EU will not give steel greater trading opportunitiesThe trade body for steelmakers has rubbished claims that British Steel could be more easily saved if the UK were outside the European Union and warned that the turmoil of a no-deal Brexit could further damage the industry.The intervention, from UK Steel’s director general, Gareth Stace, comes as the government faces a race against time to find a buyer for British Steel, which collapsed into
  
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• Swedish embassy tours UK by bus to give reassurance over Brexit

  26-05-2019 15:34 via theguardian.com
  Ambassador aims to address concerns of Sweden’s firms and citizens in BritainSweden is embarking on a bus tour of the UK to reassure its 100,000 expatriates and British-based Swedish businesses worried about the threats posed by a hard Brexit.Torbjörn Sohlström, the Swedish ambassador to the UK, said thousands of Swedes in the UK were concerned about their future right to remain in the UK. His “pop-up embassy” on wheels is designed to give them an opportunity to discu
  
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• Monsoon founder seeks CVA to avoid fashion chain's collapse

  26-05-2019 15:11 via theguardian.com
  Peter Simon pledges up to £34m to support struggling business and convince landlords to slash rentsThe founder of the fashion chain Monsoon Accessorize is ready to inject £34m into the struggling company in an effort to convince landlords to agree to rent cuts as part of a deal designed to thwart its collapse.Peter Simon is seeking a company voluntary arrangement (CVA) for the business, a form of insolvency procedure that has proved unpopular with property owners because they are ask
  
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• With Philip Hammond's departure likely, an uphill battle awaits his successor | Larry Elliott

  26-05-2019 13:11 via theguardian.com
  A new chancellor would have to decide on the spending review and the next Bank of England governor The Conservative hopefuls lining up to replace Theresa May can be divided into two categories: those with a chance of becoming prime minister and those who see a tilt at the premiership as a way of securing promotion in the new Cabinet. There will be plenty in the second group who fancy their chances of becoming chancellor of the exchequer.There are circumstances in which Philip Hammond could stay
  
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• Jamie Oliver gave us our big break in the kitchen – and he’s still our hero

  26-05-2019 11:00 via theguardian.com
  Jobs are at risk as his restaurant chain collapses, but apprentices from the Fifteen project say they will always back their mentorWhen, in 2002, Jamie Oliver launched Fifteen, a not-for-profit restaurant designed to train up 15 disadvantaged, young, unemployed candidates into chefs, few expected it would be a success. The initiative was broadcast as a Channel 4 series – Jamie’s Kitchen – and ended with 12 apprentices completing the programme (three dropped out) and a restauran
  
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• Businesses, don't shut the door on prospective employees who ghost you | Gene Marks

  26-05-2019 11:00 via theguardian.com
  Not showing up after accepting an offer is unacceptable, but if you have a chance to hire someone again don’t shut them out – they may have beneficial skillsA disturbing and growing behavior in this country is affecting countless small and large businesses: prospective employees are turning into ghosts.“Ghosting” happens when a prospective employee goes through all the steps of your company’s hiring process, accepts the job that you have offered … and then do
  
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• 'I replied to a genuine bank tweet and lost £9,200 to a fraudster'

  26-05-2019 09:00 via theguardian.com
  An experienced accountant fell for a scammer mirroring Metro Bank’s security and customer serviceMichael Johnson* and his business partner had struggled for a month to open a new account with Metro Bank, despite the fact that he was already a customer. So it was a relief to receive a phone call apologising for the delay and promising that the new account could be set up then and there. The caller took him through Metro’s standard security questions and Johnson received authorisation
  
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• Elon Musk may be a pain, but that doesn’t mean his ideas are crazy | John Naughton

  26-05-2019 08:00 via theguardian.com
  Could Tesla owners one day farm out their cars as self-driving taxis?You don’t have to be a psychiatrist to wonder if Elon Musk, the founder of Tesla, is off his rocker. I mean to say, how many leaders of US public companies get into trouble with the US Securities and Exchange Commission for falsely claiming that they have secured funding to take their company private at $420 a share – and then get sued and fined $40m? Or can you imagine another CEO who deals with Wall Street analyst
  
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• FirstGroup’s uncomfortable rail journey isn’t over yet

  26-05-2019 07:59 via theguardian.com
  As it prepares to announce annual results, the transport group is resisting pressure from its biggest investor to quit the sectorWith shareholders like these, who needs enemies? FirstGroup’s biggest investor, Coast Capital, has pulled no punches in assessing the board of the Aberdeen-based transport firm.The great five-year turnaround plan has “failed to deliver on every single metric ... They have destroyed extraordinary amounts of capital in the rail business with impunity. They ha
  
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• Bon vivant Philip Green can do more to plug Arcadia’s pension hole

  26-05-2019 07:59 via theguardian.com
  If the regulator wants to do its job properly it should start by asking the retail tycoon for at least £250m upfrontThe 222-page document in which Sir Philip Green sets out how he would like to restructure his – or, rather, his wife’s – Arcadia empire is a dense read. You will find enormous detail on which stores the group would like to close, where it would like landlords to accept cuts in rent, and how sales have declined at the Topshop-to-Miss Selfridge business.But tw
  
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