Finance

Brexit minister says would consider paying into EU for market access

Britain would consider making payments to the European Union after it leaves to achieve the best possible access for businesses to the bloc’s markets, Brexit minister David Davis said on Thursday. The government is formulating its negotiating position ahead of formal divorce talks next year, and businesses have been seeking reassurance that it won’t seek a “hard Brexit” which would ... Read More »

What do UK bosses make of Donald Trump’s victory?

Donald Trump’s unexpected election victory over his rival Hillary Clinton came at the end of one of the most bruising US presidential election campaigns of recent years. But what will the business mogul do when he takes office in January, and what will be the impact of his economic policies on the UK economy and British businesses? We asked a ... Read More »

Trump to trust in daughter power

Donald Trump’s remarkable election victory gives him an immediate business headache: what to do about his sprawling financial empire. During the campaign, he said that if he became president, he would hand control of his business empire to Ivanka and her brothers, Don and Eric. But the plan came under fierce scrutiny from critics, who said it involved big conflicts ... Read More »

Singles Day: Alibaba breaks record sales total

E-commerce giant Alibaba has beaten its sales record for its annual Singles Day event. About 20 hours into the event, Alibaba sales had reached 103bn yuan ($15bn; £12bn), easily topping the previous record set last year of $14.3bn. But some have questioned the accuracy of the numbers, amid claims of inflated sales data at Chinese online retailers. Merchants passing off ... Read More »

Exclusive – Goldman Sachs considers Frankfurt move over Brexit: sources

Goldman Sachs is considering shifting some of its assets and operations from London to Frankfurt, three people familiar with the matter said, as it tries to secure access to the European Union market when Britain leaves the bloc. The U.S. investment bank is examining the step as a way to qualify for supervision by the European Central Bank, putting some ... Read More »

Tata Steel may close UK pension scheme – union source

Tata Steel UK is looking at closing its defined benefit pension scheme to future accruals and move members onto a defined contribution pension instead, a union source said on Wednesday. Britain’s largest steelmaker is seeking a way to lessen the British Steel Pensions Scheme’s deficit, which is one of the main stumbling blocks in talks to merge Tata Steel’s European ... Read More »

Trump victory shocks global firms reliant on open trade

Donald Trump’s victory in the U.S. election sent shockwaves through industries that rely on open trade, from airlines to cars and IT outsourcing, even though many executives remain unsure what his protectionist rhetoric will mean in practice. Throughout his presidential campaign, Trump has vowed to revive the U.S. economy by slashing taxes, preventing companies from making products overseas, renegotiating trade ... Read More »

FTSE recovers from Trump shock to hit one-week high

Britain’s top share index ended higher, boosted by mining companies and drugmakers, after a volatile Wednesday that saw the index slumping 2 percent in early trading following Donald Trump’s victory in the U.S. presidential election. Republican Trump stunned the world by defeating his heavily favoured Democratic rival, Hillary Clinton, raising concerns that his victory could cause economic and global uncertainty. ... Read More »

Facebook’s COO gives $ 31 million in stock to charity

Facebook COO Sheryl Sandberg has donated USD 31 million in Facebook stock to charity, days after her boss Mark Zuckerberg pledged to give away 99 per cent of his company shares. Ms. Sanderberg, 46, donated 290,000 shares of Facebook stock at “a market value of roughly USD 31 million” to various charities, according to a Securities and Exchange Commission document. ... Read More »

Startups for tax breaks, single window system

With 4,200 enterprises, India already ranks third in the world for the number of start ups after the U.S. and the U.K. Simplified tax structure, easy compliance process and single window system are some of the issues that startups expect to be addressed through the much-awaited ‘Startup India’ policy to be uveiled by Prime Minister Narendra Modi on Saturday. “Ease ... Read More »