Business

Homebase set to close 42 stores

[ad_1] Image copyright Getty Images DIY retailer Homebase is set to announce plans to close 42 stores, putting about 1,500 jobs at risk.Restructuring company Hilco, which bought the DIY chain for £1 in May, is expected to confirm its plans for a Company Voluntary Arrangement (CVA) on Tuesday.It bought the struggling chain from Australia's Wesfarmers after its disastrous foray into the UK market.Homebase has 241 stores and 11,000 employees.A total
Business

Sir Peter Wood makes £360m from esure sale

[ad_1] Image copyright Getty Images Entrepreneur Sir Peter Wood is to make £360m from selling his stake in the insurer esure, which is being bought by a private equity company.The insurer, which also owns Shelia's Wheels, is being bought for £1.2bn by Bain Capital.Sir Peter, who founded esure, will reinvest £50m into the business and will remain as chairman.The deal was announced alongside interim results showing a £14m hit from
Business

Venezuela crisis: Maduro to curb fuel subsidies

[ad_1] Image copyright EPA Venezuela's president has said its subsidised fuel prices should rise, to stop smugglers cheating the country out of millions of dollars. "Gasoline must be sold at an international price to stop smuggling to Colombia and the Caribbean," Nicolás Maduro said in a televised address.Like many oil producing nations, Venezuela offers its citizens heavily subsidised petrol.Smugglers can then line their pockets reselling the oil in nearby countries.Venezuela's
Business

The student trying to solve the food waste crisis

[ad_1] Image caption Lawrence often visits markets in Uganda, explaining his product to local sellers Lawrence Okettayot is on a road trip across Uganda.He's spreading the word about a device he's created which could be a solution to Africa's food waste crisis.Food wasted every year in the continent could feed up to 300 million people, according to the United Nations. In just Uganda alone, up to 40% of fruit and
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Pension scam victims ‘lost £91,000 each’

[ad_1] Image copyright FCA Image caption A new TV advert shows how a fraudster might spend someone else's savings Pension scam victims are losing an average £91,000 each as fraudsters see the potential for looting savings pots.One victim, Jennifer Ringstead, who lost over £50,000, said she is "angry" she had not been compensated and would have to start saving from scratch.City regulators are now launching a new campaign aimed at
Business

US toughens scrutiny of foreign deals

[ad_1] Image copyright AFP Image caption President Donald Trump signed a military spending bill that includes tougher measures on foreign investment The US has passed a new law that strengthens the government's power to review - and potentially block - business deals involving foreign firms.US President Donald Trump signed the bill, which is part of a broader military spending measure, on Monday.The measure was spurred by US concerns that Chinese
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Nintendo cracks down on retro games downloads

[ad_1] Image caption Retro consoles such as the N64 can be emulated on modern computers EmuParadise, an 18-year-old website offering downloads of classic computer games, has voluntarily shut down following legal action by Nintendo against two similar online portals.All three offered a wide variety of old games in an unauthorised format.In its legal action, Nintendo is seeking $150,000 (£117,000) for each Nintendo game offered and up to $2m for each
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Monsanto weedkiller case: Bayer shares tumble after payout

[ad_1] Image copyright EPA Shares in German pharmaceutical group Bayer have dropped sharply following a US verdict linking a product to cancer.By mid-morning on Monday, Bayer's shares had lost 10.4% of their value.Bayer owns agriculture giant Monsanto - which was ordered by a California judge on Friday to pay $289m (£226m) damages to a man who said ingredients used in a weedkiller had caused his cancer.Bayer says the product -
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Young workers ‘aware of pension reality’

[ad_1] Image copyright Getty Images Young workers are pessimistic about their retirement prospects but are keen to make preparations to make the most of the situation, a report indicates.UK employees are among the most pessimistic in the world about their retirement finances, according to asset managers State Street.Its survey suggested that fewer than one in 10 young workers felt financially prepared for retirement.A similar proportion thought they would be able
Business

Mike Ashley told to pay House of Fraser suppliers in full

[ad_1] Image copyright Getty Images Mike Ashley's Sports Direct is facing calls to boost payments to out-of-pocket House of Fraser suppliers.Sports Direct bought the 59-store department store chain on Friday for £90m, just hours after it went into administration.Some suppliers expect to be paid almost nothing for what they are owed.But Philip Day, who also wanted to buy House of Fraser, said Mr Ashley should pay suppliers - who are
Business

Heathrow Airport passport queues reach 2.5 hours

[ad_1] Image copyright PA Image caption The boss of Virgin Atlantic, which obtained the data, called on the government to fix the long queues Delays at Heathrow Airport passport control left passengers queuing for up to two and a half hours last month, figures show.On 30 out of 31 days in July, the border force missed its target of a 45-minute wait or less for 95% of visitors from outside
Business

Turkey pledges action to calm markets

[ad_1] Image copyright AFP Image caption A view across Istanbul Turkey has pledged it will take action to calm markets after the lira plunged to a new record low in Asian trading. The details would be unveiled shortly, the country's finance minister told Turkish newspaper Hurriyet."From Monday morning onwards our institutions will take the necessary steps and will share the announcements with the market," Berat Albayrak said.On Friday, the lira
Business

Electronics boss: ‘You need to think 10 years ahead’

[ad_1] Kinpo is a Taiwanese electronics giant. It employs 40,000 people and has a turnover of $36bn a year. It has developed some ground-breaking products, such 3D printers and a mirror that doubles as a computer screen. The key to success, says chief executive Simon Shen, is thinking far into the future.Video journalist: Jeremy HowellSee more at CEO Secrets [ad_2] Source link
Business

The travel boss who refuses to do online sales

[ad_1] Image copyright ITC Image caption Jen Atkinson joined ITC in 2002 The BBC's weekly The Boss series profiles a different business leader from around the world. This week we speak to Jen Atkinson, chairwoman and co-owner of holiday group Inspiring Travel Company (ITC).When Jen Atkinson saw the travel business she was working for in 2009 flounder in a "perfect storm", she decided she would put herself forward to try
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Over-50s ‘need more support’ as they work longer

[ad_1] Image copyright Thinkstock Image caption Living longer may also mean working longer Almost half of older workers feel unsupported by their employers, despite the fact that millions are working longer, research has claimed.Insurance firm Aviva found almost two thirds of over-50s in work, 6.4 million people, were planning to retire later than they expected to 10 years ago.Aviva warned firms' failure to support such workers risked a "disheartened and
Business

Trump backs Harley-Davidson boycott in tariff row

[ad_1] Image copyright Getty Images Donald Trump has tweeted that it is "great" that many Harley-Davidson owners plan to boycott the firm as a row over tariffs escalates.The US president said "most other firms... including Harley competitors" agreed with his decision to impose tariffs on steel and aluminium imports.In June, Harley-Davidson said it would move some production out of the US to avoid retaliatory tariffs from the EU.Mr Trump has
Business

Roaming charges: What will happen after Brexit?

[ad_1] Image copyright Getty Images In June 2017 the European Union scrapped additional charges for roaming on smartphones when you travel to another EU country.Roaming is when you use your mobile phone abroad. Since last year, UK consumers have, within reason, been able to use the minutes, texts and data included on their mobile phone tariffs when travelling in the EU.There are fair use limits, which mean you can use
Business

M&S in new phase of store closures

[ad_1] Image copyright PA Image caption M&S wants to move a third of its sales online Marks & Spencer is implementing the latest round of its store closure programme this weekend as it battles to improve its fortunes. Seven more of the retailer's clothing shops will be shutting their doors for the last time on Saturday.The latest closures are in Falkirk, Kettering, Newmarket, New Mersey Speke, Northampton, Stockton and Walsall.In