Category: Business

Shares of Hyundai and Kia plunged on Monday after the South Korean automakers said they were not in talks with Apple to develop self-driving cars after all. “We are not having talks with Apple about developing self-driving cars,” Hyundai said in a statement. The statement added that Hyundai has received requests from “numerous companies” about […]

The final months of 2020 were a tough end to a tough year, according to BP’s chief executive. But Bernard Looney’s verdict on the worst financial year in the industry’s history is a devastating understatement. It was a period marked by thousands of job cuts, battered dividend policies and record multibillion-dollar losses. BP revealed a […]

The online fashion retailer Boohoo has bought Dorothy Perkins, Wallis and Burton for £25m, completing the breakup of Sir Philip Green’s Arcadia Group. The deal to buy the three remaining fashion brands out of administration does not include any of their 214 UK stores, which will permanently close and put about 2,450 jobs at risk. […]

The leaders of household names including Tesco, B&Q and Waterstones have warned the chancellor that the business rates burden on shops is putting thousands of high street jobs at risk, and called for online retailers to pay their “fair share” of tax. In a letter to Rishi Sunak before next month’s budget, the chief executives […]

The UK Treasury is exploring options for an online sales tax in response to an explosion in internet shopping, as the Covid-19 pandemic accelerates the closure of high street shops across the country. Officials said the Treasury was weighing changes to “shift the balance” between spending online and in physical shops, amid concerns in government […]

The government has sought to defend its record over Brexit after freight industry leaders claimed exports to the EU had nosedived since the transition period ended on 31 December. When Boris Johnson announced on Christmas Eve that he had secured a last-minute Brexit deal he insisted there would be “no non-tariff barriers” to trade with […]

Rolls-Royce is proposing to temporarily close its jet-engine factories for two weeks this summer as it manages costs due to the impact of the Covid-19 pandemic. The aero-engine maker has begun talks with unions on the shutdown and cost cutting at its civil aerospace unit. “As we continue to manage our cost base in response […]