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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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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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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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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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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Sack Grayling over the Brexit ferry fiasco, demand MPs | Politics – Business Article

Theresa May faced cross-party calls to sack her transport secretary, Chris Grayling, last night, after the calamitous collapse of a no-deal Brexit ferry contract handed to a company with no ships. Senior Tories said the prime minister had turned “a blind eye” to Grayling’s decision to award the £13.8m contract to Seaborne Freight to run ferries between Ramsgate and Ostend, despite widespread derision and accusations that it had been awarded illegally. The collapse of the contract comes amid growing unease…

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Government cancels Brexit ferry contract with no-ship firm | Politics – Business Article

A controversial no-deal Brexit ferry contract awarded to a firm with no ships has been cancelled by the Department for Transport after an Irish shipping firm that had been secretly backing the deal pulled out. The decision by the transport secretary, Chris Grayling, to award Seaborne Freight a contract worth £13.8m had attracted widespread criticism and ridicule. It was one of three firms awarded contracts totalling £108m in late December to lay on additional crossings from Ramsgate to ease the…

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No-deal Brexit: UK exporters risk being locked out of world’s harbours | Business – Business Article

British exporters sending goods to far-flung destinations in the coming days risk being locked out of harbours around the world as a no-deal Brexit looms, business leaders have warned. The Confederation of British Industry, the EEF manufacturers’ lobby group and trade experts said exporters could be dispatching goods from UK ports imminently which would not arrive until after the 29 March deadline – raising the prospect of goods being stuck in ports or facing hefty additional costs in the event…

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Interserve’s shareholders may have to swallow the fudge | Nils Pratley | Business – Business Article

Welcome to the new era of outsourcing, Interserve shareholders. You will be wiped out, more or less, via a £480m debt-for-equity swap in which the banks take control. You won’t like it, but please don’t bother voting against the rescue. If you do, your board intends to adopt “alternative plans” to force through the financial restructuring anyway. Shareholders may think this is unfair – and the biggest investor is demanding a new board of directors – but they cannot be…

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UK carmakers allotted £150m in state aid in attempt to save jobs | Business – Business Article

Government pledges of £80m in support to Nissan were part of a package of almost £150m in state aid promised to leading carmakers since the EU referendum in 2016, as ministers tried to prevent an exodus of jobs from the UK. Support offered since October that year has totalled at least £64.1m, according to Guardian analysis of EU data on state aid. The business secretary, Greg Clark, was on Monday forced to admit that Nissan had been offered £84.2m since…

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Nissan was offered secret state aid to cope with Brexit, minister concedes | Business – Business Article

The business secretary has been forced to admit the existence of a previously secret package of state aid to Nissan that could have been worth up to £80m had the carmaker gone ahead with plans to manufacture a new model X-Trail in Sunderland after Brexit. Greg Clark released a letter dated October 2016 in which he pledged tens of millions of taxpayer support and promised the Japanese company it would not be “adversely affected” after the UK left the EU.…

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Billions of UK aid failing to reduce poverty, report finds | Global development – Business Article

Too much of Britain’s aid budget is being spent poorly by Whitehall departments on projects that fail the test of reducing poverty in the world’s poorest countries, a campaign group has said. The One Campaign – an advocacy organisation set up by the U2 singer Bono – said the huge gulf in standards across government was undermining the battle to build public trust that taxpayers’ money was being well spent. The UK is one of only a handful of countries…

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Falling diesel sales more than Brexit behind Nissan’s X-Trail decision | Business – Business Article

When Nissan announced its intention to build the new X-Trail in Sunderland in October 2016, it was hailed by the government as a vote of confidence in Britain, so soon after the referendum result that had shocked Japanese carmakers. Theresa May was personally involved in lobbying the company, giving assurances to Nissan’s ousted chief executive, Carlos Ghosn, shortly before the decision. The government’s promises that Nissan would not be harmed by Brexit included pledges to ensure supply chains were not…

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We must rule out a hard exit. Business is at breaking point | Politics – Business Article

The clock is ticking. In the House of Commons, MPs spend hours debating points of parliamentary procedure, but are unwilling to take real decisions about our country’s future. Negotiations between the prime minister and EU leaders seem to have reached an impasse. But in the real world, businesses are at breaking point. I know from my own business career that – above all – what business needs is certainty. Certainty about the terms on which they will be able to…

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Pound falls after Commons vote spurs no-deal Brexit fears | Business – Business Article

The pound fell sharply on the foreign exchanges after MPs failed to seize control of the Brexit negotiations from Theresa May in order to rule out a no-deal departure from the EU. Sterling dropped by more than a cent against the US dollar to its lowest point of the day after a series of votes in the House of Commons were seen as increasing the prospect of Britain leaving without an agreement on 29 March. The pound has been rising…

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UK house prices grow fastest in north of England and Midlands | Money – Business Article

House prices have grown fastest since the UK voted to leave the EU in cities in the Midlands, the north of England, Wales and Scotland, according to the property website Zoopla. Birmingham (up 16%), Manchester and Leicester (both up 15%) have seen the fastest growth since the June 2016 referendum, followed by Edinburgh and Nottingham (14%), Leeds and Cardiff (12%), and Liverpool and Sheffield (11%). Zoopla said economic and political uncertainty caused by the Brexit vote was more acutely felt…

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Philip Green ends ‘gagging order’ action against Telegraph | Business – Business Article

It promised to be one of the highest profile court cases of the year, pitting the billionaire owner of TopShop against a national newspaper over its right to report claims of sexual and racial harassment. Instead, Sir Philip Green chose to duck a head-on fight with the Daily Telegraph at the last minute, avoiding a high court trial and leaving the businessman with a hefty legal bill and a battered reputation. The decision by Green and his business empire, Arcadia,…

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Labour report urges investment to revive struggling regions | Business – Business Article

A future Labour government should use funds from a national investment bank, targeted transport spending and buying British as part of a long-term strategy to spread economic prosperity to the struggling regions, a specially commissioned report for the party has said. The report called for funding from the national investment bank – a key plank of the opposition’s economic strategy to be heavily skewed in favour of communities hard hit by the decline in manufacturing, with funding per head more…

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No-deal Brexit: UK firms ‘praying’ for article 50 extension, says KPMG | Business – Business Article

British firms are “praying for an extension to article 50” rather than face a no-deal Brexit as it emerged that foreign investment has fallen steeply and the outlook for growth has slumped to a six-year low. The Confederation of British Industry said that firms’ reported growth prospects were at their weakest for almost six years, while other research shows the number of acquisitions of UK companies by foreign buyers is falling 11% year on year. The warnings emerged after the…

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UK cannot simply trade on WTO terms after no-deal Brexit, say experts | Politics – Business Article

The UK will be unable to have frictionless, tariff-free trade under World Trade Organization rules for up to seven years in the event of a no-deal Brexit, according to two leading European Union law specialists. The ensuing chaos could double food prices and plunge Britain into a recession that could last up to 30 years, claim the lawyers who acted for Gina Miller in the historic case that forced the government to seek parliament’s approval to leave the EU. It…

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Brexit warnings by Airbus and Siemens cannot be ignored | Business – Business Article

Empty threats, say Brexiters of the claims made by Airbus and Siemens that plans are under way across industry to slash investment budgets and possibly close factories should the UK quit the European Union’s single market and customs union on 29 March. Worse than that, Mark Francois MP, an arch Tory Brexit campaigner, says it amounts to bullying. He said Airbus’s German boss was guilty of “Teutonic arrogance”. Yet, without a deal – one that at least keeps the UK…

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UK firms plan mass exodus if May allows no-deal Brexit | Politics – Business Article

Thousands of British companies have already triggered emergency plans to cope with a no-deal Brexit, with many gearing up to move operations abroad if the UK crashes out of the EU, according to the British Chambers of Commerce. Before a crucial week in parliament, in which MPs will try to wrest control from Theresa May’s government in order to delay Brexit and avoid a no-deal outcome, the BCC said it believed companies that had already gone ahead with their plans…

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The supermarket in Wales owned by a small council … in Surrey | Business – Business Article

The rhythmic bleep at the tills charts a steady trickle of shoppers flowing through the checkout area at Asda in Ystalyfera, south Wales. It is a typical mid-morning at the supermarket in this former industrial town, 12 miles north of Swansea. Young mothers browse the knitwear section at George by Asda; a couple of older men in paint-speckled work overalls scour the sandwich section for their lunch. It looks much like every other Asda in the country. But this site…

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Drug firm Novartis fears no-deal Brexit could put patients at risk | Business – Business Article

The Swiss pharmaceuticals company Novartis has said it is stockpiling drugs in the UK before a possible no-deal Brexit, which it warned would be “hugely impactful” for patients. Firms across the economy are bracing for the possibility of the UK leaving the EU on 29 March without a deal after parliament resoundingly rejected Theresa May’s withdrawal agreement. The Basel-based company said on Friday it imported 120m packs of medicines to the UK from the continent each year but suggested a…

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Philip Hammond urges business leaders to accept Brexit result | Business – Business Article

Philip Hammond has told business leaders they need to accept the result of Britain’s EU referendum and warned that a failure to implement it would damage the country’s political stability. The chancellor told increasingly restless business leaders that he was working for a deal that safeguarded the economy, and said he understood their frustration but companies had to accept that changes were coming – such as an end to the free movement of people and business models built on a…

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The 20 Strongest Arguments For and Against A Single Payer Health Care System – Business Article

  There’s hardly a faster way to turn a family dinner sour than by bringing up single-payer health care (“single payer”). Often known as universal health care, single payer has been an extremely polarizing topic for decades. Some of the basics of the debate include the fact that single payer is a method for organizing health care financing through the government. Single payer is primarily financed through taxes and pays the costs of essential health care for all residents of…

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The Resilience of Master Data Management – Business Intelligence Article

Final article in a six-part series on the “New Age of Master Data Management” by Julie Hunt For years, there have been industry professionals and analysts who seemingly find pleasure in declaring some type of technology “dead”. This compulsion has been a constant in the software industry. Master data management (MDM) is no exception. Some have been convinced that MDM was DOA practically from the day it emerged as a distinct form of data management and data governance. Making such…

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MDM – Speaking the “Language” of Business – Business Intelligence Article

Part 5 of a six-part series on the “New Age of Master Data Management” by Julie Hunt Data management continues to take on an ever-growing range of activities as the role of data has evolved and expanded for many organizations. Business agility and real-time insight are inherent requirements for many organizations. To meet such requirements, organizations need right-time data on a continuous basis, where master data management initiatives are integral to processing business-ready data. MDM software solutions are evolving as well,…

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Business People are Drivers of the New Age of MDM – Business Intelligence Article

Part 4 of a six-part series on the “New Age of Master Data Management” by Julie Hunt Master data management and data governance have always been about business. However, there has been a history of MDM implementations putting too much emphasis on technology, and less time into over-arching business aspects. For successful outcomes and continuous improvement, the ongoing participation of various business roles is an essential element of MDM strategies and activities. It takes ‘everybody’ to ensure optimal data management processes…

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How Does Technology Enable Effective MDM? – Business Intelligence Article

Part 3 of a six-part series on the “New Age of Master Data Management” by Julie Hunt No Room for “Tech for Tech’s Sake” Many organizations have routinely made technology purchases based solely on the predilections of IT groups. This approach to technology decisions has often proven to be a limited path in terms of providing the technology infrastructure imperative for business needs in today’s world, one that has become faster and more complex for many organizations. More organizations are now…

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MDM for Business Value: New Approaches – Business Intelligence Article

Part 2 of a six-part series on the “New Age of Master Data Management” by Julie Hunt Master data management is entering an ‘evolutionary’ era where MDM implementations better mirror how businesses use data for numerous purposes, and where people, practices and processes come to the forefront as essential elements. MDM functioned as yet another solution space that was harmed by disproportionate attention to its underlying technologies. But MDM has always been far more about business objectives and needs, as well…

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Master Data Management Rebooted (Part 1) – Business Intelligence Article

Part 1 of a multi-part series on the “New Age of Master Data Management” by Julie Hunt The ‘New Age’ of Master Data Management It’s about time that master data management (MDM) enjoyed a ‘new age’. The creation and use of master data for business purposes has always been a good idea. The goal has been to make sense of all data that touches the organization: clean it up, add context, enrich it, and put it to work strategically as…

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