Johnson & Johnson cuts 3,000 jobs from global Medical Devices unit January 19, 2016 Healthcare giant Johnson & Johnson today announced it is cutting 3,000 jobs from Medical Devices business. The job losses will effect approximately four to six per cent of the division's 60,000 employees around the world, over the next two years. The Medical Devices unit covers orthopaedics, surgery and cardiovascular products. The cuts account for 2.5 per cent of [...]
British Business Bank Investments commits £30m to new UK private debt fund as it reports £11.8m profit and 6.5 per cent returns in first set of results January 19, 2016 British Business Bank Investments (BBBI), the commercial arm of the government’s economic development bank, will today report a net profit of £11.8m from revenues of £13.9m. BBBI’s maiden set of results will show the bank’s investment arm made a 6.5 per cent net return on its capital, ahead of targets, in the full year ending March 2015. [...]
Insurers including Direct Line, Aviva and Admiral band together to examine future of driverless cars January 18, 2016 Some of Britain's largest motor insurers, including Direct Line, Aviva and Admiral, have banded together to plan for a future when driverless cars are the norm. The Automated Driving Insurance Group, which will be led by trade body the Association of British Insurers (ABI), is assessing the insurance implications of the rise of driverless technology. The group [...]
Holland & Barrett tells suppliers to foot the bill for company’s investment programme by reducing costs January 18, 2016 Healthfood retailer Holland and Barrett has urged its suppliers to slim down their costs by five per cent to help fund the company's pension scheme. In addition to the price cuts, the group wants its suppliers to foot the bill for its investment in security by paying for £3m-worth of security tags and high definition CCTV in the [...]
Labour MP Anna Turley and steel workers union Community call for Business Minister Anna Soubry to oppose China’s bid for market economy status January 18, 2016 A trade union and a Labour MP today urged the government to oppose China's bid to become a market economy in the light of the damage it could cause to the UK's steel industry. The Labour MP for Redcar, Anna Turley, whose constituency has been affected by the job losses in the steel industry, told City A.M. [...]
Donald Trump UK ban debate: Donald Trump’s views are repugnant, but we can’t ban people for stupidity January 18, 2016 MPs from all parties were vehement in their condemnation of Donald Trump during a debate on whether to ban the outspoken business mogul and Republican presidential hopeful from the country, after a petition calling for him to be denied entry to the UK received over 560,000 signatures. The petition was launched amid widespread criticism after Trump called for a ban [...]
Action for Cabbies turns to crowdfunding to launch a judicial review challenging Transport for London’s licensing of Uber January 17, 2016 A company founded by the wife of a black cab driver will today launch a crowdfunding campaign to try to force Transport for London (TfL) to curb Uber in the capital. Action for Cabbies will use crowdfunder.co.uk to try and raise £600,000 to fund the first phase of a judicial review, arguing that in 2012 TfL [...]
European Commission could force sell-offs in the £10bn Three merger with O2 January 17, 2016 The European Commission (EC) may be about to throw a spanner in the works of Three’s planned £10.25bn takeover of O2. Having decided not to refer the decision to the Competition and Markets Authority (CMA) in the UK, the commission, the executive body of the EU, has until 22 April to make a decision on the [...]
Pure Gym enlists Rothschild as it starts to work towards an IPO which could be worth more than £500m January 17, 2016 Pure Gym, the UK’s largest gym operator, is looking to go public in a float worth in excess of £500m. City A.M. understands Pure Gym, which is controlled by American private equity fund CCMP Capital Advisors, has appointed Rothschild to advise on its options. The group, which was founded in 2009, is estimated to be worth [...]
The petition to get David Bowie on the £20 note has reached nearly 35,000 signatures, ahead of petitions asking for a public holiday and a state funeral in memory of the singer January 17, 2016 MPs take note, the latest petition to take the internet by storm is one asking Bank of England governor Mark Carney to put David Bowie on the new £20 note. The Bank of England is choosing a fresh face to replace economist Adam Smith on its new polymer £20 notes, and people want Bowie to be the new celebrity. The [...]
