Business

The day Lehman Brothers went under

[ad_1] Image copyright Getty Images Ten years ago, investment bank Lehman Brothers filed for bankruptcy in the US. Its UK operations ceased shortly afterwards.The BBC talked to people involved about their recollections of the bank's collapse, which gave the financial crisis fresh momentum before the worst economic downturn the world had seen since the 1930s.Natalia Rogoff, worked in international client sales at Lehman Brothers'Slowly, the anger set in' Media playback
Business

Trump ‘orders further China tariffs’

[ad_1] Image copyright Getty Images Image caption Workers unload bags of chemicals at a port in Zhangjiagang in China's eastern Jiangsu province US President Donald Trump has instructed staff to move forward with the next round of tariffs on Chinese goods, US media have reported.The tariffs are expected to apply to about $200bn worth of imports from China, including electronic parts and consumer goods such as handbags.It remains unclear when
Business

Fraud ringleader jailed over ‘boiler room’ scam

[ad_1] Image copyright FCA/Thorpe Park Image caption Michael Nascimento spent some of the proceeds on a trip to Thorpe Park A "boiler room" fraud ringleader has been sentenced to a total of 13 years in jail after being found guilty of conspiring with five others to con 170 investors out of £2.8m.Michael Nascimento ran a call centre where investors were told their money would go into shares in businesses such
Business

Sports Direct boss says he’s been ‘stabbed in the back’

[ad_1] Image copyright PA Sports Direct boss Mike Ashley has launched a furious attack on his firm's shareholders, accusing them of stabbing him and the company in the back.He said shareholders had failed to support him and chairman Keith Hellawell, who resigned on Wednesday.Mr Ashley denounced the "media circus" surrounding the firm and said "true entrepreneurs" would never be accepted.Mr Hellawell stepped down after it emerged he was unlikely to
Business

British Steel to cut 400 jobs worldwide

[ad_1] Image copyright British Steel Image caption British Steel employs 4,000 people at it Scunthorpe plant British Steel has announced it is to cut 400 jobs from its worldwide operations.The company, which employs 5,000 people, said the job losses were part of a "streamlining" process.Most of the redundancies will be in managerial, professional and administrative roles across its businesses in the UK, Ireland, France and the Netherlands.The Community trade union
Business

House of Fraser online customers refused refunds

[ad_1] Image copyright Getty Images House of Fraser customers have been told that they'll get no refunds for goods ordered online but undelivered before the chain was bought last month.New owner Sports Direct said people must "contact the administrators" to chase their cash.They will join a long queue of other creditors - meaning there'll be little chance of getting their money back.One customer told the BBC: "I am fuming about
Business

Elon Musk makes another space tourism promise

[ad_1] Image copyright Getty Images Image caption SpaceX's Falcon Heavy rocket made its first flight in February Elon Musk's space company says it has signed up the first private passenger to fly around the moon on its huge Big Falcon Rocket (BFR).SpaceX said the announcement for the BFR was an important step toward everyday access to space.No details about the timing, cost or the passenger's identity have been revealed before
Business

Wetherspoons warns of pricier pints

[ad_1] Image copyright Getty Images Image caption Wetherspoons chairman Tim Martin says its prices may have to rise Wetherspoons has reported record annual sales and profits, but warned that prices and costs are likely to rise in the coming months.The pub chain led by Tim Martin said like-for-like sales, which exclude new pubs, rose 5% in the year to 29 July.Pre-tax profits jumped 4.3% to £107.2m.Although sales were up 5.5%
Business

Trump says US under ‘no pressure’ for China trade deal

[ad_1] Image copyright Getty Images The US President Donald Trump said Washington is under "no pressure" to achieve a trade deal with China as the prospect of new tariffs loom. The comments come amid reports the two sides could resume talks to stave off a third round of US tariffs.China welcomed the offer of talks and said the two countries were discussing the details, according to reports.The US has launched
Business

How the financial crash provided some a new life and new hope

[ad_1] Image copyright Sally Hunter Image caption Sally Hunter joined an online dating service after deciding "life couldn't get worse" and met her future husband, Mark How would you cope if an international financial crisis turned your life upside down? Could you handle a drop in income or losing your home? Or would you rise to the challenge and change your life for the better?Life was never the same for
Business

Recovery and clouds on the Spanish horizon

[ad_1] Image copyright Getty Images Image caption Spain has now seen five years of economic growth, but still has the eurozone's second-highest unemployment rate after Greece Ten years on from the crisis in the depths of the American banking system that triggered a global economic shock the real question is this - should we be looking back towards the last catastrophe or counting down to the next one?In Spain where
Business

Chanel chooses London for global office

[ad_1] Image copyright Reuters The luxury goods maker Chanel has told the BBC it's elected to set up its global office in the UK.For the first time in its 110-year history, the brand is gathering the majority of its global business functions under one roof.Chanel, renowned for its tweed suits, handbags and perfume, had global sales of over £7bn last year, and employs more than 20,000 people.It has over 30
Business

Lehman anniversary: The five most surprising consequences

[ad_1] Media playback is unsupported on your device Media captionWas 2008 the worst time to graduate? In 2008, I was one of the 1.5 million students who graduated from university in the US.And, like everyone else, I was caught off guard.Whatever we expected then, the reality today is that as a generation, we have more debt, fewer children and quite a few scars. A decade on, there has been quite
Business

Beetle: Volkswagen’s iconic car comes to the end of the road

[ad_1] Image copyright Getty Images Volkswagen is ending production of its iconic Beetle, closing the door on one of the world's most famous car brands.The German company said output would end at its plant in Mexico next July after production of celebration models.The Beetle has its roots in Nazi Germany with the creation of a "people's car", but went on to star in a series of successful Disney films as
Business

Amazon chief Jeff Bezos gives $2bn to help the homeless

[ad_1] Image copyright Reuters Amazon chief Jeff Bezos is putting $2bn (£1.5bn) into a charitable fund he has established to help the homeless and set up a new network of schools.The world's richest man announced the move in a tweet, saying the charity would be called the Day One Fund.Mr Bezos - reportedly worth more than $164bn - has faced criticism for not doing more philanthropic work.And US Senator Bernie
Business

GM recalls 1.2 million 2015 pickup trucks and SUVs

[ad_1] Image copyright Getty Images General Motors Co has issued a safety recall for about 1.2 million pickup trucks and SUVs globally, citing problems with the power steering function. The same issue prompted the firm to recall about 800,000 pickup trucks last year.GM said dealerships will provide free software updates to fix the problem.About 1 millon of the vehicles were sold in the United States. The models involved in the
Business

Turkey raises interest rates to 24% in new bid to boost lira

[ad_1] Image copyright Getty Images The lira has risen against the dollar after Turkey's central bank hiked interest rates to 24% on Thursday - the biggest increase in President Tayyip Erdogan's 15-year rule.The hefty 6.25 percentage point rise is the bank's latest attempt to stem the currency's collapse.The lira is down 38% against the dollar this year despite Thursday's slim gain.The move came despite Mr Erdogan repeating his opposition to
Business

Is ‘Never knowingly undersold’ killing John Lewis?

[ad_1] Image copyright Getty Images The latest big fall in profits at John Lewis has thrown the spotlight on to its famous price promise - to be "Never knowingly undersold". Competition in retailing has never been fiercer and matching rivals' prices has cut profits to the bone at the business. Boss Charlie Mayfield says although times like these test the real integrity of that promise, it is extremely valuable and