Category: Business

Uber warns it may not make a profit in IPO documents Uber, the ride-sharing app and delivery business, has warned it “may not achieve profitability” as it finally released details of its plan to float. It will list its shares on the New York Stock Exchange, in a deal likely to value the US firm at about $100bn (£76.5bn). Uber said that its most recent annual sales rose to $11.2bn and losses narrowed to $3bn. But it also expects operating expenses to “increase significantly”. The company did not disclose how…

Pensioners to protest at HSBC's annual meeting Sharon McGeough-Adams faces losing £200 a month from her HSBC pension and will protest at the bank’s annual general meeting on Friday to demand changes. Having worked for the UK’s biggest bank for more than 37 years, she says it is money that could be put aside for other necessities, such as fuel. The loss is caused by the bank’s move to reduce pension payments when the recipient receives state pension. HSBC has said it would cost £450m to stop the practice for…

IMF's Lagarde says Brexit delay will 'hinder' UK growth Media playback is unsupported on your device The further extension to Article 50 will hinder growth in the UK economy, the head of the International Monetary Fund (IMF) has told the BBC. Christine Lagarde warned that businesses and investors would remain hesitant in the coming months. She also if there was prolonged uncertainty, it would have a “negative impact”. Ms Lagarde, a former French finance minister, said she hoped a deal could be struck quickly. Brexit: What happens now? CBI boss:…

Smart speaker recordings reviewed by humans Amazon, Apple and Google all employ staff who listen to customer voice recordings from their smart speakers and voice assistant apps. News site Bloomberg highlighted the topic after speaking to Amazon staff who “reviewed” Alexa recordings. All three companies say voice recordings are occasionally reviewed by humans to improve speech recognition. But the reaction to the Bloomberg article suggests many customers are unaware that humans may be listening. The news site said it had spoken to seven people who reviewed audio from Amazon Echo…

Murdoch wins preliminary backing to merge his Times titles Rupert Murdoch’s Times and the Sunday Times should to free to merge editorial departments, the government has ruled. Culture secretary Jeremy Wright said he was “minded” to allow News UK’s request that two newspapers should be allowed to share journalism resources. When the papers were bought in 1981 Mr Murdoch gave legal undertakings to keep the the papers separate. But News UK has argued that the competitive landscape has changed, especially in the digital era. The papers employ 505 people between…

New energy companies face tougher tests to reduce failures Smaller energy suppliers hoping to break into the market will have to pass tougher tests, following a string of company collapses. Regulator Ofgem said it was raising the bar to entry to “minimise the impact” of supplier failure on consumers. Firms will have to prove they have sufficient funding and can provide proper customer service. Over the past six months 11 small energy firms have failed, including Brilliant Energy, Our Power and Gen4U. The new tests will be rolled out from…

Interserve outsource firm accounts investigated Three years of accounts of one of the UK’s biggest government contractors, Interserve, will be investigated by the accountancy regulator. The Financial Reporting Council said the audit for the years 2015, 2016 and 2017 by accountants Grant Thornton would be investigated. Last month Interserve, which has 45,000 UK staff, and 68,000 globally, was put under administration. It is the latest major company whose accounts have come under scrutiny. Grant Thornton has not commented on the move. Its work auditing the accounts of Patisserie Valerie -…

Philip Green brings in new blood as he prepares to swing axe Sir Philip Green has appointed two restructuring specialists to the boards of his Arcadia retail empire as he prepares a major overhaul. Jamie Drummond Smith, chairman of finance group Cattles, becomes chairman of Topshop, Topman, Arcadia Group, and the ultimate parent company Taveta. He was previously Cattles’ chief restructuring office. Peter Bloxham, ex-head of restructuring and insolvency at law firm Freshfields, is also appointed to the board. Mr Bloxham has been advising the company on its future plans….

MPs demand regulator to crack down on bailiffs MPs have said bailiffs should be regulated to stop them breaking rules and even the law to collect debts. It follows a dramatic rise in cases of bailiffs using intimidating behaviour, threatening to break into homes and in some cases, unlawfully doing so. The Parliamentary Justice Committee says a regulator was needed to ensure that people in debt are treated fairly. Chair of the Justice Committee, Bob Neill MP, said: “We were surprised that no regulator is already in place. “The system…

Rail firms face £7.5bn pensions gap, says regulator Train companies face a pensions black hole of up to £7.5bn, the Pensions Regulator has warned. The warning was made in a letter to lawyers representing the rail industry trade body, the Rail Delivery Group. The issue has burst into the open after it led the Department for Transport (DfT) to bar Stagecoach from bidding for three franchises. Virgin Trains, which is majority-owned by Stagecoach, is likely to cease operations as a result. Stagecoach said it had been told the exclusion was…