Archive for the ‘business’ Category

Brexit billionaire chooses BMW engine for ‘British’ 4×4 project

UK’s richest man Jim Ratcliffe had already signed up German firm to design vehicle

The UK’s richest man, expat Brexit supporter Jim Ratcliffe, has enlisted Germany’s BMW to supply engines for a “British” successor to the Land Rover Defender, after handing the vehicle design contract to another German firm last year.

Ineos, the chemicals company Ratcliffe founded in 1998 that is responsible for his estimated £21bn fortune, said BMW had joined a partnership aiming to build an “uncompromising” new 4x4 vehicle.

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Global stock markets gain as investors predict cautious Federal Reserve – as it happened

Central banks in spotlight amid Brexit uncertainty and growth concerns

A placid day on global stock markets has been enlivened by a series of big-money corporate announcements.

Shares in Deutsche Bank and Commerzbank have both risen after they finally confirmed that merger talks are going on. There is still a long way to go politically and financially before any deal is finalised, but the German government will be hoping that it can spur the creation of national champion after a decade of malaise for the country’s banking sector.

Related: No 10 says it won't call Brexit vote this week unless it has 'prospect of success' - Politics live

Sterling has come under some more pressure this afternoon, with little sign of the breakthrough needed in the Brexit vote to get a deal through parliament.

The pound is now down by 0.6% against the euro and 0.4% against the US dollar (see chart).

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Home owners and tenants wary of reform plans

It is a Swiss peculiarity that home owners who live in their property are subject to an additional tax as if they were renting it out. Attempts to do away with the so-called notional rental value of self-occupied homes have failed in the past despite international pressure. Most notably, the Organisation for Economic Co-operation and Development (OECD) has repeatedly recommended that Switzerland abolishes this tax, which is seen as an important contributor to a high amount of consumer debt compared with other countries. At a domestic level, opponents also argue that the notional value rental value of property is an artificial and unfair tax burden for home owners. In their annual tax forms, home owners must indicate the presumed notional value of properties that are not even rented out. This fictitious amount is the equivalent of the payment they would receive from a tenant of the property. Their taxable income is inflated as a result. The system was introduced during the First ...

Travelodge seeks parents to fill post-Brexit staffing gaps

Budget chain is to open 100 hotels in the next five years that will create 3,000 jobs

Travelodge wants to recruit parents returning to work to fill post-Brexit staffing gaps, as it pushes ahead with 100 hotel openings that will create 3,000 jobs over the next five years.

The company, one of Britain’s biggest hotel chains with 575 properties, hopes to fill 550 jobs immediately by attracting parents with hours that fit around the school run.

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Brexit fears dampen spring property revival as asking prices fall

UK’s average asking price 0.8% lower than a year ago, says Rightmove

Brexit anxiety has all but killed the traditional spring property revival, pushing down asking prices across the UK by 0.8% in the year to March, according to property website Rightmove.

Inner London saw the sharpest falls, followed by boroughs across the rest of the capital and surrounding counties, as separate reports showed that Brexit uncertainty was also damaging UK exports and the broader economy.

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UK bankers on standby as City readies no-deal contingency plans

JP Morgan, Goldman Sachs and others poised to move staff to EU offices by 29 March

Hundreds of UK bankers at JP Morgan and dozens from Goldman Sachs are on standby for relocation to EU offices by 29 March, regardless of parliament’s vote to delay Brexit.

The exodus is likely to be replicated across the Square Mile as investment banks, almost all of which are foreign-owned, put in place emergency measures to cope with a period of uncertainty that could stretch through to summer, depending on the outcome of votes in parliament this week.

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JD Wetherspoon boss says no-deal Brexit will lead to lower prices

Tim Martin claims tariff plans would have positive impact, as pub chain reports fall in profits

The JD Wetherspoon chairman, Tim Martin, has said no-deal Brexit tariff plans would lead to lower prices for consumers, as higher pay for staff dented profits at the pub chain.

Martin has been one of the most outspoken business proponents of leaving the EU without a deal, meaning trade would default to World Trade Organization terms.

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