Business

Debenhams seeks £200m in new funds

Image copyright PA Struggling department store chain Debenhams says it is seeking a cash injection of up to £200m from existing lenders as it tries to fend off Sports Direct’s Mike Ashley. The move would allow it to turn down Mr Ashley’s offer of a £150m loan as part of a deal that would put […]

Business

Thomas Cook to close 21 stores and cut jobs

Image copyright Getty Images Travel firm Thomas Cook is closing 21 stores across the country and cutting more than 300 jobs. The company said 102 customer-facing roles would be axed as a result of the store closures, while it planned to cut a further 218 jobs “following a review of the retail workforce”. It said […]

Business

Food Crime Unit pledges tougher action on food fraud

Image copyright Getty Images Businesses that commit food fraud in order to lower costs or boost supplies could soon face criminal prosecutions. The National Food Crime Unit’s new chief, Darren Davies, wants to see firms that fraudulently use cheaper substitutes criminally prosecuted. Food fraud rarely makes the news. The last major one was the 2013 […]

Business

Train punctuality standards to be tightened

Image copyright Stephen Noble, Tom Bitcliffe, Kieran TraffordImage caption Commuters across England faced widespread cancellations throughout 2018 A more exacting standard for punctuality will be brought in on UK railways next month in an attempt to improve performance. From 1 April, train times will be recorded to the minute at every stop. This is against […]

Business

Ford accelerates electric vehicle investment

Image copyright Getty Images Carmaker Ford is expanding production of all-electric vehicles after deciding that rapid growth in market meant it needed to accelerate its plans. It is investing about $900m (£682m) in new production capacity at a plant in Michigan, creating about 900 jobs. Head of global operations Joe Hinrichs said it had “taken […]

Business

Google hit with €1.5bn fine from EU over advertising

Image copyright Getty ImagesImage caption Alphabet’s Google remains a dominant force in online advertising Google has been hit with a €1.49bn (£1.28bn) fine from the EU for blocking rival online search advertisers. It is the third EU fine for the search and advertising giant in two years. The case accuses Google of abusing its market […]

Business

National Portrait Gallery drops £1m donor

Image copyright AFPImage caption The redevelopment of the National Portrait Gallery is due to be finished in 2023 A £1m donation to the National Portrait Gallery has been withdrawn because the potential donors are alleged to have fuelled the US opioid crisis. The Sackler Trust, run by the family that owns Purdue Pharma, seller of […]

Business

Kingfisher boss to go as profits fall further

Image copyright Kingfisher The boss of struggling DIY group, Kingfisher, which owns B&Q and Screwfix, is to step down amid worsening profits. Veronique Laury, who had been overseeing a turnaround plan, will leave the company, although no date was given for her departure. Profits fell 13% over the last year, with the firm’s French chain, […]

Business

EasyJet withdraws from proposed Alitalia consortium

Image copyright Getty Images Easyjet has abandoned talks to join a consortium that would have bid for Italian carrier Alitalia. The budget airline had been considering teaming up with Italy’s state-controlled railway Ferrovie dello Stato Italiane and Delta Air Lines of the US. Alitalia was went into administration in May 2017 after workers rejected a […]

Business

WorldPay payments firm in $43bn sale to US rival

Image copyright WorldPay A payment processing firm that used to be owned by Royal Bank of Scotland has been sold in a deal worth $43bn (£32bn). WorldPay has been bought by Florida-based Fidelity National Information Services (FIS) for $35bn in cash and shares, plus WorldPay’s debt. Customers of WorldPay include TopShop, Clarks, Monsoon, Accessorize and […]