His grandfather had once co-founded the company Miele, Peter Christian Zinkann himself managed it for more than four decades. Now the household appliance manufacturer mourns the loss of an “outstanding entrepreneurial personality”.
Stricken UK water supplier lines up John Hutton as independent chair designate if takeover goes aheadThe group of Thames Water creditors pursuing a £10bn rescue deal for Britain’s largest water supplier has lined up a former senior Labour minister to chair the company, as it tries to win over the government.The creditor consortium, called London & Valley Water, said on Tuesday that Lord John Hutton had been selected as independent chair designate of the Thames Water board, if the consortium’s takeover of the utility goes ahead. Continue reading...
Low-cost broadband provider Jio Platforms aims for £81bn valuation when it floats on the stock market on WednesdayBusiness live – latest updatesIndia’s second-richest man, Mukesh Ambani, is launching what could be the country’s biggest-ever initial public offering (IPO), despite a stock market downturn.Mumbai-based Jio Platforms, a telecoms company backed by Meta Platforms and Google, is hoping to raise up to 302bn rupees (£2.4bn) and is targeting a 10.3tn rupees (£81bn) valuation when it floats on the stock market from Wednesday. Continue reading...
We would like to speak to people in England who are planning to buy a new-build flat or house as their first homeLast month, the government announced plans for Your First Home (YFH), a scheme which aims to give a helping hand to first-time buyers who do not have the luxury of being able to call on the “bank of mum and dad”.YFH applies to England only and is just for prospective first-time buyers looking to buy a new-build flat or house. Continue reading...
Rolling coverage of the latest economic and financial newsThe pound has rallied after Britain’s unemployment rate fell unexpectedly this morning to 4.7%.Sterling has gained half a cent against the US dollar to $1.3352, as the City welcomes the news that employment rose in the last quarter.“This data has caught the market on the hop, with traders scrambling to respond and boost exposure to the pound. Good news has been a touch more prevalent for the UK of late, which is just the kind of framing the government needs heading into the budget, though signs of more resilience in the labour...
Cheers! Friedrich Merz and Jensen Huang announce a cooperation in the development of AI. The Federal Chancellor calls on companies to provide their data. The Nvidia CEO warns against transferring knowledge abroad.
Latest ONS data presents mixed picture amid slump in job vacancies and analysts warning labour market is ‘running on idle’Business live – news updatesHealey to reject calls to raise CGT in budgetUnemployment in the UK has fallen unexpectedly in the final snapshot of the jobs market before John Healey’s first budget next week.The jobless rate fell to 4.7% in the three months to August, from 4.9% according to the Office for National Statistics. City economists had forecast a rise to 5%. Continue reading...
As long as Healey doesn’t go overboard, a small turn on surcharge dial will not seriously undermine flow of capitalEveryone is familiar with the banks’ plea: raising taxes on them amounts to taxing the nation’s growth. If you increase how much banks pay, goes the argument, less interest will be paid on deposits and loans will cost slightly more, meaning we’ll all be worse off eventually. In terms of economic theory, it’s coherent, it should be said: in an ideal world, a chancellor would strive to lower costs of capital at every opportunity.In the real world, however, John Healey face...
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