News

Chinese firm rescues British Steel

Uncategorized

Chinese industrial conglomerate Jingye has bought British Steel in a deal that will save up to 4,000 jobs and see £1.2bn of new investment in the company. The Official Receiver has been running British Steel since May when it fell into liquidation. The Chinese firm emerged as a buyer...

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Aston Martin reports Q3 losses

Uncategorized

Aston Martin slipped to a pre-tax loss in the third quarter of its financial year, according to new figures. The Warwickshire-headquartered company has posted a £13.5m loss for the period to 30 September 2019 after making a £3.1m during the same period in 2018. Its revenue also dipped from...

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Over half of firms still not GDPR compliant

Uncategorized

Research from document management firm Invu has found that over half of financial and accounting firms have not taken any precautions to become GDPR compliant, despite the regulation coming into force 18 months ago. Invu found that 57% of firms have chosen not to introduce any new procedures or...

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Interest rates on credit cards hit record high

Finance, Economy

Research by Moneyfacts reveals that banks are now charging an average of 25.1% for credit card purchases – the highest-ever figure – leading former pensions minister Baroness Altmann to accuse providers of profiteering. Baroness Altmann says the Bank of England’s attempt to stimulate the economy by lowering its base...

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SMEs: Recruitment process favours younger workers

Jobs

Research commissioned by Close Brothers Asset Finance shows that many SMEs feel the recruitment process discriminates against older workers. Neil Davies, CEO, of Close Brothers Asset Finance, commented: “Our research has found that in recruitment there is the sense that it’s not currently a level playing field between the...

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SMEs see productivity boost from MTD

Uncategorized

Analysis from Intuit QuickBooks shows that HMRC’s Making Tax Digital (MTD) has helped small businesses generate over £815m in productivity gains in the six months since its enactment. The figures show that almost a third of small businesses have adopted new digital services or products since becoming MTD compliant....

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Apple faces fine from French watchdog

Uncategorized

Apple has revealed that it faces a potential fine from France’s Autorité de la Concurrence for allegedly breaking competition law, with it claimed that the tech firm’s sales and distribution operations in the country are anticompetitive. The authority issued Apple with the claims in June, with the firm rejecting...

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Data protection and a No-deal Brexit

Brexit

The ICO has released guidance to help small to medium-sized UK businesses and organisations keep personal data flowing with Europe (the EEA) after Brexit. If we leave the EU without a deal, most of the data protection rules affecting SMEs and organisations will stay the same. The UK is...

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UK jobs market slows

Jobs

Office for National Statistics figures show that the unemployment rate unexpectedly increased to an estimated 3.9% in the June-to-August period, as the number of people working declined by 56,000 to 32.69m. The ONS’s deputy head of labour market statistics, Matt Hughes, noted: “The employment rate is still rising year-on-year,...

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Car financing crackdown ‘to save drivers £165m’

Finance

The Financial Conduct Authority has announced a crackdown on the car financing industry which it claims will save drivers £165m. It says that some dealers make commission on the loan’s interest rate, which they set, something which “creates an incentive for brokers to act against customers’ interests”. Some brokers...

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