Marmite maker Unilever scraps plans to move HQ, Lloyds in hot water again over PPI, and more top news

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The maker of Marmite and Dove soap has axed plans to move its headquarters to the Netherlands, following mounting opposition from investors. Unilever said it was “appropriate to withdraw” the proposal after it failed to “receive support from a significant group of shareholders”. The Anglo-Dutch company announced in March that it planned to consolidate its London and Rotterdam in just one HQ located in the Dutch city. But investors said the move could force UK shareholders to sell their shares.

Lloyds Banking Group has been ordered to tighten its procedures around payment protection insurance (PPI), after the competition watchdog found “serious breaches”. The Competition and Markets Authority said the bank failed to remind 14,000 customers between 2012 and 2018 that they still have a policy and can cancel. The bank also sent incorrect information to 2,884 others. UK lenders have paid out more than ￡31.5bn in compensation for mis-selling PPI, with Lloyds responsible for over ￡18bn.

Also… German digital bank N26 has launched in Britain. Launched in 2015, N26 now boasts 1.5 million customers across 17 markets in Europe. More than 50,000 in the UK have put their names on a waiting list to open an account with the app-only bank.

BHS has made its high street comeback as part of a concession agreement with department store group Beales. BHS owners, a Qatari conglomerate Al Mana, reached an agreement with the privately owned Beales to trial the brand in nine stores commencing this week – with a view to a more widespread rollout in spring. BHS was controversially sold by Sir Philip Green for ￡1 in 2015, just one year before the retailer collapsed.

Amazon announced this week that it is raising its minimum wage for employees in the UK and US — but some workers claim the company is removing certain perks and incentives, meaning they could end up earning up to ￡1,500 less each year. From next month, the online giant will cut bonuses and phase out its restricted stock program, which gives shares to workers after a certain amount of years of service. Amazon says the changes will make compensation “more immediate and predictable.”

The engineering arm of Monarch Airlines is scrambling to pull together a rescue plan, just one year after the carrier went into administration. Monarch Aircraft Engineering (MAEL), which employs more than 800 people, is reportedly facing the prospect of a winding-up petition from HMRC over an unpaid tax bill. Sky News reports the subsidiary of Monarch Airlines is more than ￡100m in debt.

This article has been updated: From earlier: Viral news website Unilad has gone into administration, putting more than 200 jobs at risk.

Idea of the Day: Achieving diverse workplaces is one thing, but companies also need to foster diversity and inclusion in the design of their platforms, products and services, says Airbnb COO Belinda Johnson.

“Accountability doesn’t just happen. You design for it.”

— Natalie MacDonald