Business

Danske Bank Chief Executive Thomas Borgen has quit after he was embroiled in a huge money-laundering scam. An investigation into the bank’s dealings discovered a potential £177bn fiddle through its Estonian operation,between 2007 and 2015. The Danish bank said many of those payments were suspicious. Mr Borgen said: "Even though the investigation conducted by the external law firm concludes that I have lived up to my legal obligations, I believe that it is best for all parties that I resign."...

Economists at the British Chambers of Commerce (BCC) say growth will slow to 1.1 per cent this year. The influential business lobby group is also highly concerned of the impact of a no-deal Brexit. Shockingly, this would be the slowest rate of growth since the global financial crisis of 2009. The previous prediction was 1.3 per cent, still a sluggish growth rate for the UK economy. Adam Marshall, the group’s director general, said the UK economy is slowing to a...

House of Fraser customers are up in arms after refunds they were promised will now not be paid. Mike Ashley, Sports Direct founder and Newcastle United owner, bought House of Fraser for £90m from administrators, in August. Customers were told that they would receive refunds for undelivered goods. However, now customers will have to join other creditors on a long list of people who are chasing money from the administrator of House of Fraser, EY. A spokesperson for House of Fraser said:...

400 jobs will be lost at British Steel, the proposed losses will be in managerial and back office roles in the UK, Ireland, France and the Netherlands. British Steel employs 4,000 workers in the UK, predominantly in Scunthorpe, but also has plants in Teesside and Workington. Roland Junck, British Steel's executive chairman, said: "To help us achieve this, we have to make difficult decisions and our plans unfortunately include the proposed reduction of 400 roles across our global workforce. "We're...

Nobu Su claims Fred Goodwin used his cash to keep struggling bank afloat

When it comes to hosting a corporate function or organising a business events, the right location and venue is everything. Whether you’re based in the UK or abroad, London should be a serious contender for any event planner wishing to take advantage of the most sophisticated facilities available, while maximise delegate attendance. London has always been one of the most popular destinations in the world, both for business and leisure – the iconic appeal of the UK capital makes it...

The latest Z/Yen Global Financial Centres Index showed New York overtaking the UK's capital for the first time since 2015. The City think tank said there was evidence London had been knocked, but only slightly, by uncertainty over Brexit. However, it doesn’t make great reading to see London knocked off its perch as we approach the potential stormy waters of Post-Brexit Britian. Zurich, Frankfurt, Amsterdam, Vienna, and Milan moved up the rankings significantly. The study reported: "These centres may be...

Michael O’Leary, the boss of Europe’s biggest low-cost airline had some stark warning over a no-deal Brexit He said “Flights to and from Europe will be stopped in a hard deal Brexit,” the Irishman told a news conference. “There is no assurance.” However, he added: “I don’t believe that a no-flight scenario will last for more than a couple of days or a couple of weeks; because I think politically, it is unassailable.” O’Leary said that the negotiations are “running...

JD Wetherspoon have decided to no longer sell Jägermeister (a herbal liqueur from Germany, French brandy Courvoisie and French brandy Hennessy Fine de Cognac. They will offer more drinks from the UK in a bid to crack down on drinks which come from the EU. The move is said to lead to lower prices across its 880 pubs from September 26. So no more Jagerbombs to regret the next day. Wetherspoon has already replaced Champagne with sparkling wines from the...