Saturday, 24 June 2017

Business

Uber chief executive Kalanick resigns as CEO

Kalanick UBER

PARIS: Uber boss Travis Kalanick has resigned as chief executive after pressure from shareholders. Mr Kalanick will remain on the board of the ride-hailing firm, however. His resignation comes after a review of practices at the firm and scandals including complaints of sexual harassment. Last week he said he was ...

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Britain and EU launch Brexit talks in Brussels

Brexit EU UK

LONDON: Brexit Secretary David Davis starts negotiations in Brussels on Monday that will set the terms on which Britain leaves the European Union and determine its relationship with the continent for generations to come. Almost a year to the day since Britons shocked themselves and their neighbours by voting on ...

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Tesco sales growth accelerates in first quarter

TESCO

LONDON: Higher inflation helped sales growth pick up at Tesco at the start of the year, but the company said its efforts to limit the impact of cost increases in “tough market conditions” were helping it maintain momentum in its efforts to win back customers. Tesco reported its first UK ...

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Scottish Government faces £60m fine over farming IT system

FARMING

LONDON: The Scottish Government could still face fines of up to £60m over the troubled IT system set up to deliver European Union farming payments. A new report from auditors has warned ministers of the “significant risks and costs” the system still poses, including the possibility of incurring financial penalties ...

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UK inflation rate rises to 4-year high

inflation

LONDON: British inflation unexpectedly jumped to its highest level in nearly four years in May, tightening the squeeze on consumers who now face the added worry of political uncertainty after last week’s inconclusive election. The impact of the fall in the pound since last year’s Brexit vote made itself felt ...

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Sterling stunned by UK election shock, fallout limited elsewhere

Employees of a foreign exchange trading company work near monitors showing TV news on Britain's general election and the Japanese yen's exchange rate against the British pound in Tokyo, Japan June 9, 2017.   REUTERS/Toru Hanai

PARIS: Sterling spiralled lower on Friday as British elections left no single party with a clear claim to power, sideswiping investors who had already weathered major risk events in the United States and Europe. With the majority of seats counted in the snap vote, British Prime Minister Theresa May had ...

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Shareholders settle multimillion-pound claim against RBS

RBS

LONDON: Shareholders who brought a multimillion-pound High Court action against Royal Bank of Scotland (RBS) have settled their claim against the lender, sources have said. The RBS Shareholder Action Group, which brought the £700 million lawsuit and represents 9,000 retail investors and 18 institutions, is understood to have informed the judge that ...

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Uber criticized for surge pricing after London terror attack

UBER

LONDON: Uber has been accused of taking too long to turn off its “surge pricing” feature after a deadly terror attack in the heart of London. App users complained that they were being charged inflated prices on Saturday night after a van plowed into pedestrians on London Bridge and three ...

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UK manufacturing keeps up momentum in May

manufacturing UK

LONDON: British manufacturing chalked up its second-fastest growth in nearly three years last month, putting the sector on track to shrug off election and Brexit-related uncertainty and improve on a weak first-quarter performance, a survey showed on Thursday. The Markit/CIPS manufacturing purchasing managers’ index (PMI) slipped to 56.7 in May ...

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Insurance costs to rise as new tax increase comes into force

Insurance costs

LONDON: Millions of people are facing increased insurance bills as a tax hike takes effect from Thursday, according to warnings from the industry. Those who already pay more for their insurance face the heaviest burden, such as young drivers and those living in flood risk areas, the British Insurance Brokers’ ...

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