UK phone firms demand clarity over Huawei

  • 11 June 2019
  • From the section Business
A woman walks past a bus stop ad for a Huawei smartphone in London Image copyright AFP

The UK risks losing its position as a world leader in mobile connectivity, Britain's mobile operators are warning.

In a draft letter to Cabinet Secretary Mark Sedwill, seen by the BBC, operators will urge the government to clarify its position over Huawei.

The letter asks for an urgent meeting between industry leaders and the government to discuss their concerns.

Operators say they can't invest in infrastructure while uncertainty over the use of Chinese technology persists.

The companies are planning to send the letter to government as soon as this week.

Read full article UK phone firms demand clarity over Huawei

Sir Philip Green: Will landlords fight his rescue deal?

TopShop display Image copyright Getty Images

Is this the moment the landlords fight back?

This afternoon, the landlords to Arcadia - Sir Philip Green's retail empire - will be asked to vote on whether they will accept swingeing cuts to the rent they charge to well-known retailing brands like TopShop and Dorothy Perkins.

Read full article Sir Philip Green: Will landlords fight his rescue deal?

British Steel: Three options for government

View of Scunthorpe steel plant Image copyright British Steel

British Steel - the Scunthorpe steelworks with a brand name revived by private investors Greybull - says it needs £75m of government support to avoid collapse.

Business Secretary Greg Clark faces three choices in weighing up whether to intervene:

Read full article British Steel: Three options for government

Would you buy shares in Uber?

Uber sign on car Image copyright Getty Images

For sale: shares in a company that has already burned through $27bn (£20.7bn; €24bn) in cash, will burn through tens of billions more of its new shareholders' money, has never made a profit and won't for many years - if ever.

Sounds too bad to be true, but that is precisely what is on offer when Uber shares start trading today.

Read full article Would you buy shares in Uber?

Metro Bank shares tumble again amid fresh worries about its finances

Metro Bank sign Image copyright Reuters

Shares in Metro Bank have fallen again as investors grow increasingly nervous and impatient for news of a promised injection of new money to help strengthen its finances.

The price was down 15% at one stage on Thursday, before closing 8% lower. The value of the 66-branch bank has plunged 85% over the last year.

Read full article Metro Bank shares tumble again amid fresh worries about its finances

Papers' phone-hacking bill 'could reach £1bn'

(L-R) Kevin Keegan, Patsy Kensit, Lord Jeffrey Archer, Michelle Collins, Joe Swash, Denise Van Outen
Image caption (L-R) Kevin Keegan, Patsy Kensit, Lord Archer, Michelle Collins, Joe Swash, and Denise Van Outen settled claims with the Mirror group in 2017

The publishers of the Sun and now-defunct News of the World, along with the publishers of the Mirror Group newspapers, could face a total bill for phone hacking of up to £1bn, says the group representing the victims.

Settlements to victims, plus legal costs, already total nearly £500m.

Read full article Papers' phone-hacking bill 'could reach £1bn'

The Barclays rebellion is crushed

Barclays HQ Image copyright LEON NEAL

The Barclays board will be happy tonight. A rebellion instigated by its third biggest shareholder failed to muster much support.

Of the shareholders who voted, only 12.8% backed his bid to become a board member and that includes the 7.4% of the votes cast that he cast himself. (Nerd alert: He has a stake of 5.5% but only 74% of shareholders actually voted so that makes 5.5% worth 7.4% of those that bothered to vote.)

Read full article The Barclays rebellion is crushed

Fireworks expected at Barclays annual meeting

Jes Staley, Barclays chief executive Image copyright Getty Images
Image caption Barclays chief executive Jes Staley

"Who are you going to back? An American living in the UK trying to save Britain's last investment bank or a Brit living in Connecticut trying to destroy it?"

That was how one Barclay's insider described the battle for the future of a home-grown presence in the global investment banking world.

Read full article Fireworks expected at Barclays annual meeting

UK's biggest money manager warns on climate catastrophe

  • 16 April 2019
  • From the section Business
Sunrise over Earth Image copyright PA

The world is facing a climate catastrophe and businesses around the world must address it urgently or face the ultimate sanction for a public company, shareholders who refuse to back them any more.

That is not a message from an environmental action group but from the largest money manager in the UK, Legal & General Investment Management, which manages £1 trillion worth of UK pension fund investments.

Read full article UK's biggest money manager warns on climate catastrophe

Sir Philip Green's biggest backer backs out.

  • 10 April 2019
  • From the section Business
Topshop Image copyright Getty Images

Sir Philip Green's biggest investor has sold its 25% stake in Topshop and Topman back to Arcadia - the company that owns and operates Sir Philip's wider retail empire.

US based Leonard Green & Partners bought its stake in Arcadia's two top retail brands in 2012 for a reported £350m. The investment group was seen as strategically important to help Topshop and Topman break into the US retail market.

Read full article Sir Philip Green's biggest backer backs out.