Porsche asks UK buyers to commit to 10% no-deal Brexit surcharge | Business – Business Article

Porsche is asking British customers to sign a contract committing them to pay a surcharge of up to 10% of their vehicles’ purchase price if there is a no-deal Brexit. Cars made in Europe could attract tariffs of 10% if imported to the UK under the terms of the World Trade Organization, the default trading relationship if the UK and the EU are unable to agree a transition period before 29 March. The car industry is particularly exposed to the…

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Betting firms may be forced to provide free self-exclusion tools | Society – Business Article

Gambling companies could be forced to provide customers free of charge with software blocking them from betting, under proposals to be considered by the industry regulator. The Gambling Commission has launched a call for evidence looking at ways to better protect vulnerable people and problem gamblers by changing the industry’s code of practice, after identifying weaknesses. Proposals for consideration include forcing bookmakers and online casinos to fund tools that allow customers to lock themselves out of gambling altogether, building on…

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US woes weigh on markets ahead of UK retail sales – business live | Business – Business Article

RBS delivered a stellar set of numbers and a forecast-beating dividend payout to investors, but Brexit and other factors mean it will fall short on its cost cutting target. On the whole this was just what investors have been waiting for. Profits rose to £1.6bn, ahead of the consensus for around £1.4bn and more than double the £752m a year ago. Shares could well continue their 2019 ascent today, although the prospect of the government selling down its stake will…

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Phew, the Bank would deploy common sense on no-deal Brexit | Nils Pratley | Politics – Business Article

A no-deal Brexit, in economic terms, would be a trip into the unknown and would very likely involve a severe shock. Even the sober sub-set of Brexit promoters concedes the latter short-term point. But at least one likely outcome is becoming clearer: the Bank of England would not make things worse by cranking up interest rates. The idea that it might was a strange notion entertained by Threadneedle Street last November as it sketched various scenarios for the UK’s departure…

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A380: a comfortable, eerily quiet cruise ship of the skies | Business – Business Article

The first thing you noticed was the silence. Even sitting by the engines at takeoff, you didn’t need to raise your voice on the A380 superjumbo. The quiet was almost eerie. It was a monstrous double-decker so big it felt like travelling in two planes stuck on top of one other. It was a kind of cruise ship of the skies with staircases, bars and private first-class cabins, spilling out a wave passengers when it landed at airports. And yet,…

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Patisserie Valerie saved in buyout backed by Irish private equity firm | Business – Business Article

The Patisserie Valerie cafe chain has been saved from closure by a management buyout backed by an Irish private equity firm. Almost 100 cafes will be rescued in the deal, backed by Causeway Capital, while another 21 sites under the Philpotts brand have been bought by AF Blakemore & Son, the family owned company which is the largest operator of Spar franchise outlets in the UK. The two deals will save about 2,000 jobs. Patisserie Holdings – the listed parent…

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No More Meh: Essential Tactics That Will Make Your Customers Adore Your Brand – Women in Business Article

The way that customers perceive and relate to your brand is a crucial element of the success of any business woman. That means you don’t want customers just to like it, you actually want them to really love and adore it. Something you can find out more about how to achieve in the post below. Create superfans. One way to ensure customers adore your brand rather than merely like it is to involve them in a community. Something that breaks…

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Germany narrowly avoids recession after stagnating in last quarter – business live | Business – Business Article

2.44am EST 02:44 Why has Germany’s economy slowed? Germany used to be the powerhouse of the eurozone economy, but a cocktail of blows from home and abroad have left it nursing a bad hangover. 1) The global slowdown. The world economy has come off the boil in recent months, partly due to Donald Trump’s trade war. That means less investment, so lower demand for machinery produced by Germany’s industrial heartland. China, in particular, has been cutting back on imports as…

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Blow for Carlos Ghosn as Renault votes unanimously for pay cut | Business – Business Article

Renault’s board of directors has voted unanimously to strip former boss Carlos Ghosn of up to €30m (£26m) in pay and severance. Renault issued a statement on Wednesday saying its board had agreed to waive Ghosn’s non-compete clause and as a result the company would not be paying the compensation linked to this agreement. The move has the backing of the French government. This amounted to two years pay, worth €4-5m, plus about 460,000 performance shares worth up to €26m…

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Interserve needs a good plan B, given the rebellion to its current plan | Nils Pratley | Business – Business Article

The board of Interserve, the large but ailing government contractor, knew it would struggle to persuade shareholders to vote for their own demise, which is an almost-accurate description of the proposed £480m debt-for-equity rescue in which the banks would take control and current investors would be diluted to just 2.5% ownership. Sure enough, the rebellion is on. The New York-based hedge fund Coltrane was first out of the traps last week, declaring it wants to vote out Interserve’s entire board…

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Ex-BT bosses named in investigation into alleged fraud in Italy unit | Business – Business Article

Three former BT executives, including two who were based in London, have been named in an investigation into alleged accounting fraud in the company’s Italian division, a scandal that forced it to write off £530m and claimed the scalp of its European chief. In a document summing up their case, prosecutors in Italy alleged that a network of BT Italy employees fabricated contracts and invoices and invented fake transactions to hide the unit’s true financial position and hit bonus targets.…

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Brexit: UK has rolled over just £16bn out of £117bn trade deals | Business – Business Article

The government’s push to roll over EU trade deals from which the UK currently benefits has yielded agreements covering just £16bn of the near-£117bn of British trade with the countries involved. Despite frenetic efforts by ministers to ensure the continuity of international trade after the UK leaves the EU on 29 March, the trade secretary, Liam Fox, has so far only managed to secure deals with seven of the 69 countries that the UK currently trades with under preferential EU…

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Business leaders demand May answers 20 questions on trade | Politics – Business Article

Business leaders have demanded the prime minister answer 20 crucial questions before the 29 March deadline to prevent a chaotic no-deal Brexit. The British Chamber of Commerce (BCC), the UK business trade body, said that without greater clarity over import and export duties, border controls and customs procedures, Theresa May risked thousands of companies suffering a potentially catastrophic shock when the UK quits the European Union. Adam Marshall, the BCC’s director general, said British firms could face the biggest change…

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Digital ad market under fresh scrutiny amid competition concerns | Media – Business Article

Facebook and Google could be forced to open up their businesses and share details of how their advertising model works, after the government backed an investigation into concerns that their dominance of the online advertising business is hurting news publishers. News outlets have long complained that Facebook and Google, which together account for the vast majority of digital advertising in the UK, have sucked out billions of pounds of revenue that previously supported the cost of journalism. The culture secretary,…

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MPs press Treasury to abandon ‘absurd’ inflation measure | Business – Business Article

The government is coming under intense pressure to either abandon or fix the “grossly unfair” retail prices index inflation measure, which MPs say is penalising students and rail passengers. In a rare combined letter from parliamentarians in the House of Commons and the House of Lords, RPI was described as “absurd” and its continued use was labelled “a ridiculous merry-go-round”. In the letter sent to the head of the UK Statistics Authority, John Pullinger, the House of Commons Treasury select…

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Which Strain Should I Use? A Medical Marijuana Guide – Women in Business Article

Which Strain Should I Use? A Medical Marijuana Guide Marijuana strains or cannabis strains are types of cannabis which are cultivated by cannabis growers to have some specific effects and characteristics in a person’s body. From a high-THC level to a low-CBD level and a hybrid between these two, cannabis cultivators have created with the help of genetics and cultivation techniques a wide variety of marijuana strains to fit everyone’s needs specifically. These marijuana strains go through an entire process…

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Markets boosted by US government shutdown deal and trade war hopes – business live | Business – Business Article

Republican Senator from Alabama Richard Shelby, who says a deal to avoid another government shutdown has been reached Photograph: Jim Lo Scalzo/EPA Good morning, and welcome to our rolling coverage of the world economy, the financial market, the eurozone and business. A burst of optimism is rippling through the markets this morning, after US lawmakers reached a tentative deal to avoid another government shutdown. Overnight, Democrats and Republicans agreed a new spending package, which includes some more money to fund…

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Calls for regulator to ensure access to cash after bank IT failures | Business – Business Article

The government is facing calls for a new regulator to protect consumers’ access to cash, following several bank IT failures and thousands of cash machine and branch closures across the UK. The consumer group Which? said cash is still a necessity for more than 25 million people in the UK. It also noted the combined closures of cash machines and branches have left people struggling to pay for essential goods and services. The charity is campaigning for the creation of…

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Hammond’s Brexit ‘dividend’ claim rejected as UK economy stalls | Politics – Business Article

Philip Hammond’s claim that Britain can reap an economic dividend from Theresa May’s Brexit deal has been flatly rejected by MPs, as official figures confirmed the UK has suffered its worst year for GDP growth since 2012. In a highly critical report, the Treasury select committee warned that the chancellor’s claims of a “deal dividend” if Britain avoided a no-deal exit lacked credibility. The criticism came after data on Monday showed the economy grew by just 0.2% in the final…

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Debenhams to announce £40m short-term cash injection | Business – Business Article

Debenhams is expected to announce a short-term cash injection of about £40m as it buys more time to arrange a longer-term refinancing and store closure plan. The ailing department store chain, which has 165 outlets and employs 25,000 people, is battling to reach a deal with its banks and bondholders after a difficult Christmas capped off a lacklustre 2018, during which it issued three profit warnings. Lenders have agreed to extend the company’s overdraft limit in an attempt to give…

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Mary Ellen Iskenderian, CEO Of Women’s World Banking, On The Future Of Impact Investing│Professional WOMAN’s Magazine – Women in Business Article

Talk about a career change: Dominique Reighard-Brooks started on “America’s Next Top Model.” Today, she co-owns E.E. Ward, the oldest black-owned business in America. Dominique Reighard-Brooks is a mover, in every sense of the word. She is presently the co-owner of award-winning moving company E.E. Ward, which is also America’s oldest black-owned business. But her career began with a lengthy run on the popular reality show competition “America’s Next Top Model,” and soared when she graced the pages of publications like…

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On The Road? Here’s How To Make It A Success – Women in Business Article

There are always going to be different ways to do business. The method that works out the most for you is quite often going to be personal. Because when it comes to choosing a setup that’s right for you, it’s important for you to be able to base this based on your niche and how you plan to engage your audience. And while you may find that it’s easy to want to head online and start a digital business, it’s…

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UK GDP growth report to show economy slowing ahead of Brexit – business live | Business – Business Article

4.30am EST 04:30 UK GDP report released Newsflash: The UK economy suffered a sharp slowdown in the last quarter of 2018, only expanding by 0.2%. That’s down from 0.6% in the third quarter. More to follow… 4.25am EST 04:25 There’s just time for a reminder of GDP’s weaknesses, with this brilliant speech by Robert Kennedy more than 50 years ago: 4.16am EST 04:16 Household incomes takes £1,500 hit since EU referendum Resolution, the thinktank, has a grim statistic — UK…

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Hammond £5bn short of ‘austerity is ending’ target, says thinktank | Business – Business Article

Philip Hammond must find an extra £5bn in this year’s Whitehall spending review to reverse planned cuts and meet his claim of ending austerity, a leading thinktank has revealed. The Institute for Fiscal Studies told the chancellor that funds pledged in last year’s budget to boost NHS spending, defence and international aid failed to safeguard local councils and some of the worst-hit government departments from further shortfalls. The thinktank said a minimum of £2.2bn would be needed to freeze all…

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Mike Ashley withdraws his surprise bid for Patisserie Valerie | Business – Business Article

Sports Direct has pulled out of the bidding for Patisserie Valerie, just two days after emerging as a surprise suitor for the stricken cake chain. Mike Ashley’s sportswear group walked away from talks on Sunday, ending the prospect that Patisserie Valerie could join House of Fraser, Evans Cycles and Sofa.com in the Sports Direct stable. The approach, made last Friday, was an unexpected twist in the battle to rescue Patisserie Valerie, which fell into administration in January after a £40m…

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Seven-year jail terms unveiled for pension fund mismanagement | Business – Business Article

MPs and pension experts have welcomed government plans to introduce lengthy jail sentences for executives who recklessly mismanage pension funds, in an effort to avoid a repeat of recent scandals like BHS or Carillion. Amber Rudd, the work and pensions secretary, said the current fines were not enough and that a new criminal offence would be introduced to punish “wilful or reckless behaviour” relating to a pension scheme, threatening unlimited fines and prison terms of up to seven years for…

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A hundred years of impatience haven’t solved economy’s structural problems | Larry Elliott | Business – Business Article

This year marks a centenary of sorts. Back in 1919, with the first world war finally over, Britain woke up to a new reality. The days of being the world’s pre-eminent economic power were in the past. In truth, the writing had been on the wall before 1914. The US and Germany had caught up with Britain before the assassination at Sarajevo and were forging ahead in the new sectors that had sprung up around the turn of the 20th…

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Ocado prays warehouse blaze won’t douse its hopes for a hi-tech future | Business – Business Article

Last Tuesday morning Tim Steiner, the boss of Ocado, was brimming with his usual confidence as he told City investors how its robotic warehouses had the potential to revolutionise grocery shopping and transform the way baggage carousels, car parks and even ports operate. However, as Steiner was delivering his presentation in Goldman Sachs’s London office – where he worked as a bond trader in the 1990s – about 70 miles to the west a key element of the Ocado operation…

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Philip Green accused of racial, physical and sexual abuse | Business – Business Article

Philip Green allegedly subjected people working in his business empire to abuse and other inappropriate behaviour that was at times racial, physical and sexual, according to a report. A host of serious allegations were published on Friday evening by the Daily Telegraph after an injunction obtained by the businessman was lifted. The paper said some of the people involved had made complaints about Green but they had been covered up. In some cases, Green is alleged to have paid people…

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Mike Ashley makes surprise bid for Patisserie Valerie | Business – Business Article

The sportswear tycoon Mike Ashley has made a surprise bid to add collapsed cake chain Patisserie Valerie to his high-street empire. On Friday evening the Sports Direct boss confirmed in a brief statement to the stock exchange that the company had made an offer for the stricken cake group, which plunged into administration last month. Patisserie Valerie went into a death spiral after the discovery of a £40m black hole in its finances, which it blamed on “potentially fraudulent” accounting…

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HMV’s new voice is relishing the fight to save all the stores | Business – Business Article

The new owner of HMV is hoping to reopen the chain’s flagship store on Oxford Street, and is in talks with landlords on the rest of the 27 outlets which closed down earlier this week. Doug Putman, the 34-year-old boss of Canada’s Sunrise Records, rescued 100 HMV stores from administration, beating off a bid from Sports Direct’s Mike Ashley. But branches such as Oxford Street, with higher rents, were not included in the deal. Speaking to the Guardian, Putman said…

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Small Business Tax Tips: Your New Tax Year Resolutions For 2020 – Online Business Article

If you are one of the 5.5 million people who fill in a Self Assessment Tax Return, you will be all-too familiar with the ‘joys’ of the January Tax Attack. It’s the headlong rush to get your tax return filed, so you can beat that all-important January the 31st deadline, and avoid the penalties. You’d love to get it sorted earlier in the year, of course, but who has the time, right? After all, you’re the one putting the busy…

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Pret a Manger charity to invest in homeless hostel in London | Business – Business Article

Pret a Manger’s charitable foundation is to invest in a homeless hostel in London as part of a project to provide jobs and training for people who once lived on the street. The Pret Foundation is funded by the sale of some products and customer donations and will invest more than £200,000 a year. The project will be run in conjunction with the Methodist church’s West London Mission in Kennington, south London. Rooms for 13 people at the mission’s existing…

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Financial markets seem lost in the fog of Brexit | Nils Pratley | Business – Business Article

Mark Carney could just as easily have shrugged his shoulders and declared that, like the rest of us, he hasn’t a clue how Brexit will work out. Instead, the Bank of England governor, obliged to riff on a theme when unveiling new economic forecasts, opted for “the fog of Brexit”, which amounted to much the same thing. Sadly, he couldn’t say when visibility will improve. Financial markets, too, seem baffled. The headline news that the Bank was making deep cuts…

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Jaguar Land Rover posts biggest quarterly loss of £3.4bn | Business – Business Article

Jaguar Land Rover announced its biggest quarterly loss on Thursday after it was forced to take a £3.1bn write-down on the value of its investments as Chinese demand slumped. Britain’s largest car manufacturer, which is owned by India’s Tata Group, made a £3.4bn pre-tax loss in the last three months of 2018 as sales fell. It anticipates a loss for the financial year as a whole for the first time in a decade. Half of the £3.1bn non-cash charge was…

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