The former chancellor is one of four partners at Robey Warshaw, which did not specify how much he would collect
George Osborne will collect a share of a £28m payout for his work as partner at the City advisory firm Robey Warshaw.
The former chancellor, who orchestrated the austerity drive after the financial crisis, is one of four partners at the Mayfair-based company which announced on Friday it would pay out a total of £27.98m to four men.
Continue reading...Firm gave near 80% pay increase to founder despite uncertainty over approval of UK banking licence
Revolut swung to a £25m loss in 2022 after shelling out more on staff and a near 80% pay jump for its founder, despite uncertainty over the approval of the fintech firm’s UK banking licence.
The company, which became the UK’s most valuable fintech firm in 2021, detailed the loss in its delayed annual report on Friday, marking a return to the red after reporting its first-ever annual pre-tax profit – worth £39m – a year earlier.
Continue reading...US sportswear brand announces job cuts and simplification of product ranges in ‘streamlining’ of operations
Nike is to cut hundreds of jobs, simplify its product ranges and increase its use of automation as part of attempts to save $2bn (£1.6bn) in costs over the next three years amid poor sales.
The US sportswear brand said it was “taking steps to streamline the organisation” and would be spending up to $450m on the changes, mainly on payoffs for employees.
Continue reading...Annual results show it holds only £244m for payments to wrongly convicted branch managers, after fewer appeals than expected
The Post Office has almost halved the amount set aside for payments to branch managers wrongly convicted in the Horizon IT scandal as fewer than expected have won or brought appeals.
The scandal, frequently described as “the most widespread miscarriage of justice in UK history”, resulted in more than 700 post office operators being prosecuted between 1999 and 2015 for theft, fraud and false accounting because of faulty accounting software installed in the late 1990s.
Continue reading...Last-minute Eurotunnel strike by French unions in Calais halts services as Storm Pia causes travel problems across country
Passengers are suffering fresh disruption in the Christmas getaway after severe weather left rail lines blocked around Britain, while a strike by French Eurotunnel workers has halted Eurostar trains and cross-Channel shuttle services.
Strong winds from Storm Pia, including gusts of up to 80mph in northern Britain, have blown down trees on tracks around the country.
Continue reading...Office told that ‘all debts must be offset’ referring to offsetting taxpayers’ arrears against future refunds and credits
The Australian Taxation Office received “clear advice” from the government’s chief legal adviser before launching a campaign to resurrect historical debts that caused widespread confusion and distress.
Meanwhile, the federal government has distanced itself from the tax initiative, arguing that decisions and processes related to the debts were a matter for the ATO.
Continue reading...Firm says it is weighing up options to secure product availability amid Yemeni rebel attacks on shipping
Ikea has warned that the disruption to global trade caused by Yemeni rebel attacks in the Red Sea could delay its deliveries and affect availability of some products.
The world’s largest furniture company said it was “evaluating other supply options to secure the availability of our products” after many big shipping companies stopped sending vessels through the Suez canal in response to the attacks by Houthi militants’ protests against the Israel-Gaza war.
Continue reading...Billionaire daughter of Angola’s former president is being sued by telecoms company Unitel
Isabel dos Santos, the former president of Angola’s self-exiled billionaire daughter who has long faced claims of corruption, has had £580m of assets frozen by the UK high court.
Dos Santos, Africa’s first female billionaire, is being sued by the Angolan telecoms company Unitel, which she founded during her father’s 38-year reign as president. Jose Eduardo dos Santos ruled Angola until 2017, and died last year.
Continue reading...‘Very disappointing results, it is no wonder that so many Australians remain fed up with our major airlines,’ Catherine King says. Follow today’s news updates live
‘Very, very clear’ renewables are the cheapest form of energy, Bowen says
Renewable energy is the cheapest form of energy, including its storage and transmission costs, the energy minister told ABC RN.
Its conclusions this year are unimpeachable and very, very clear.
The cheapest form of energy is renewable energy, even including the costs that go with renewable energy around storage and transmission.
Continue reading...Due to his TV ads in the 1980s and 90s, Cozzo’s name became synonymous with the western suburb of Footscray
Melburnians are mourning the death of renowned furniture salesman Franco Cozzo, who has died aged 88.
Cozzo’s family announced his death on social media on Wednesday night.
Continue reading...Treasury says post-Brexit tie-up to be signed on Thursday will ease cross-border market access for financial services
The UK and Switzerland will agree to forge closer links on Thursday in a post-Brexit accord that aims to deepen ties between the City and the Swiss banking system.
In a move that brings Europe’s largest financial centres closer together, the mutual recognition agreement will be signed on Thursday by the chancellor, Jeremy Hunt, during a visit to Berne.
Continue reading...Cape of Good Hope diversion adds 6,000 nautical miles and three or four weeks to delivery times and has driven up oil prices
More than 100 container ships have been rerouted around southern Africa to avoid the Suez canal, in a sign of the disruption to global trade caused by Houthi rebels attacking vessels on the western coast of Yemen.
The shipping company Kuehne and Nagel said it had identified 103 ships that had already changed course, with more expected to go around South Africa’s Cape of Good Hope.
Continue reading...Forecast-beating drop in November takes rate to lowest level in more than two years
Britain’s two-year cost of living crisis eased last month as cheaper petrol and less expensive food helped send the annual inflation rate sharply lower to 3.9% – its second big monthly fall in succession.
In a much bigger decline than had been anticipated by economists, the annual rate of price rises fell from 4.6% in October to its lowest level since September 2021.
Continue reading...Food prices were 29% higher last month than in September 2021, leaving many households still under pressure
At last, UK inflation has fallen far and fast enough to start to match countries such as France, where the annual rate of price rises has reduced at a faster pace this year.
At 3.9% last month, the headline figure remains almost double the 2% target set for the Bank of England but significantly lower than the 11.1% peak in October last year and below the 5.3% target Rishi Sunak set for the end of 2023.
Continue reading...Electronics firm taken private in £11bn deal by consortium led by Japan Industrial Partners
Toshiba, the Japanese company synonymous with the country’s 20th-century dominance of electronics, has delisted from the Tokyo stock exchange after 74 years.
The manufacturer, associated in the UK with its 1980s “Ello Tosh, gotta Toshiba” advertising campaign, was taken private on Wednesday in an £11bn deal by a consortium of investors led by the private equity investor Japan Industrial Partners (JIP).
Continue reading...This online tool will help you discover what is contributing to your household’s cost of living increases
Inflation has been soaring in the UK, with people being hit by higher prices for everyday essentials, but cost of living pressures are finally starting to ease.
The latest inflation rate for the 12 months to November 2023 means that goods and services cost 3.9% more than they did a year ago – in most cases, surpassing any pay rises workers can expect to receive.
Continue reading...Exclusive: ‘Significant’ number of staff sacked from digger firm after drug and alcohol tests
JCB, one of the UK’s biggest manufacturers, is investigating a spate of drug use among workers based at its headquarters and has sacked a “significant” number of staff, the Guardian can reveal.
A message sent to UK employees last week by the digger-maker’s group human resources director, Max Jeffery, seen by the Guardian, said it had been conducting a “series of investigations into substance misuse” over the past two months. This had resulted in a “small but significant number of people leaving JCB”.
Continue reading...Transport for the North says service is deteriorating fast, with fewer than half of trains running on time
Northern political and transport leaders have called on the UK government to urgently review Avanti West Coast’s operations amid a renewed surge in intercity rail cancellations and delays.
The intervention came as it emerged that morale at the train operating company has plummeted to the point where only 3% of staff say they feel valued, according to an internal Avanti survey seen by the Guardian.
Continue reading...US watchdog sues Dozy Mmobuosi for allegedly faking documents and making up companies out of ‘thin air’
A Nigerian businessman who appeared to be closing in on a takeover of the Premier League football club Sheffield United is being sued by the US financial watchdog for a fraud, in which he is alleged to have faked documents and made up companies out of “thin air”.
The US Securities and Exchange Commission (SEC) said on Monday it had filed charges against Dozy Mmobuosi, claiming he inflated his companies’ financial performance by hundreds of millions of dollars to defraud investors.
Continue reading...Former mayor of Pennsylvania town of Braddock has long advocated for rights of US steel workers
The US senator John Fetterman has vowed to block the multibillion-dollar sale of US Steel to the Japanese company Nippon Steel, calling the potential deal “outrageous”.
The former mayor of the south-west Pennsylvania town of Braddock, which is home to a major US Steel plant, Fetterman has long advocated for the rights of American steel workers and positioned himself as a pro-union Democrat.
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