May suffers new setback as Leadsom quits Cabinet

Andrea Leadsom ran for leader after David Cameron resigned   Theresa May’s fragile grip on power was weakened further tonight after the leader of the House of Commons Andrea Leadsom resigned from the cabinet. Mrs Leadsom, who may seek to succeed Mrs May as Tory leader, said she no longer believes the government’s approach will…

May suffers new setback as Leadsom quits Cabinet was originally published on Daily Business

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Workers fear for jobs as British Steel enters insolvency

Steel workers fear for the future of the industry   Thousands of steel workers were left fearing for their jobs after the High Court ordered British Steel into compulsory liquidation, and appointed the Official Receiver as liquidator. The move follows a breakdown in rescue talks between the government and the company’s owner, Greybull. The Official…

Workers fear for jobs as British Steel enters insolvency was originally published on Daily Business

Dividend slashed as Royal Mail seeks quick turnaround

Royal Mail said it would be slashing its dividend by 40% and invest a further £1.8 billion over the next five years in the hope of turning the business around. Adjusted profit before tax fell from £565 million to £398m as chief executive Rico Back said “Our ambition is to build a parcels-led, more balanced…

Dividend slashed as Royal Mail seeks quick turnaround was originally published on Daily Business

M&S gives ‘voice’ to stores and raises £601m for JV

Marks & Spencer: changes ahead   Marks & Spencer has unveiled a raft of changes to how it manages its stores and said it will raise £601.3 million to finance its online venture with Ocado. After announcing a 9.9% fall in profits, a rights issue and a 25.7% cut in its dividend, the retailer said…

M&S gives ‘voice’ to stores and raises £601m for JV was originally published on Daily Business

SSE chairman admits performance falls short of plan

New role: Katie Bickerstaffe   Energy giant SSE’s chairman Richard Gillingwater today admitted the Perth-based company’s performance fell short of expectations. Announcing a 38% decline in adjusted profit before tax, partly attributed to government price caps, he said progress was being made in the transformation to a low carbon future. Stripping out costs, profit rose…

SSE chairman admits performance falls short of plan was originally published on Daily Business

£1m RSA grant lures Vericall’s 209-jobs centre to Fife

New jobs embrace new technologies   Scottish Enterprise and Fife Council worked together to persuade a contact centre firm to establish a facility in Kirkcaldy. SE lured Vericall with a £1 million regional selective assistance grant to support the creation of 209 jobs over the next two years. The company will move into Lomond House…

£1m RSA grant lures Vericall’s 209-jobs centre to Fife was originally published on Daily Business

Labour and CBI clash over re-nationalisation plans

John Allan: ‘Labour’s plans will harm those they intend to help’   Shadow Chancellor John McDonnell has accused the CBI of “scaremongering” after its president delivered a stinging attack on Labour’s plans to bring swathes of industry under state control. Business leaders attending the CBI annual dinner heard John Allan warn of the double threat…

Labour and CBI clash over re-nationalisation plans was originally published on Daily Business

Sleeper setback as strike and delays hit new trains

The new trains offer a higher level of comfort but have suffered setbacks   Rail travellers planning to travel on the new Caledonian Sleeper service are facing more disruption following the new trains’ troubled introduction last month. Services to the north of Scotland have been delayed by a month because of problems dividing the new…

Sleeper setback as strike and delays hit new trains was originally published on Daily Business

Plea for bank to tackle ‘shockingly poor’ female stats

Lynne Cadenhead: ‘stark statistics’   A new Scottish National Investment Bank is an opportunity to give women a better chance of raising funds to support their business ambitions, a committee of MSPs heard. The £2 billion bank, due to launch next year, should embrace ethical and equality policies and play a part in creating a…

Plea for bank to tackle ‘shockingly poor’ female stats was originally published on Daily Business