Theresa May faces no-confidence motion after losing Brexit vote, M&S closes 17 stores, and more top news
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Parliament voted Tuesday to reject the negotiated terms of the UK’s exit from the EU. The vote increases the likelihood that the country will be thrown into financial uncertainty by leaving the bloc in March without any agreed-upon deals regarding trade, borders and immigration. Prime Minister Theresa May, who championed the rejected deal, is now facing a no-confidence motion today. Additionally, she will need to chart a new course towards an orderly exit from the EU.
Marks & Spencer is to close a further 17 stores, putting more than 1,000 jobs at risk. The closures are in addition to the retailer’s plans to close 100 stores by 2022, as part of a transition to online. Outlets in Bedford, Hull, Huddersfield and Rotherham are among those to be axed. Meanwhile, online retailer Boohoo has reported a 44% rise in revenues to ￡328.2m in the four months to the end of December, following strong Christmas trading.
Banco Santander will no longer hire Andrea Orcel as its chief executive after the former UBS investment banker proved too expensive. The Spanish bank, which owns Santander UK, performed a u-turn four months after announcing Orcel’s appointment, labelling the Italian’s signing-on fee “unacceptable”. The Guardian reports the cost of compensating Orcel for losing the right to seven years of bonuses from former employer UBS would have meant paying upwards of ￡44.8m, versus the ￡8m the bank had expected to shell out.
Ford and Volkswagen are teaming up to produce vans and pickups, the two companies have announced. The alliance, which both CEOs will lead, won't involve a merger or equity stakes. The partnership could see the carmakers develop electric and self-driving cars together in future. Last week, Ford announced a major shake-up across the UK and Europe which will see thousands of jobs cut.
Nestlé has set its sights on getting rid of the last of the Smarties plastic caps, in a bid to reduce its use of plastics. While standard-sized tubes of Smarties went plastic-free in 2005, the food and drink giant is now in the process of eliminating plastic from Giant, mini bag and multipack tube caps. From next month, Nestlé will begin removing all plastic straws from its ready-to-drink products as part of a pledge to phase out non-recyclable or hard to recycle plastics between 2020 and 2025.
Idea of the Day: We all need to recognise when we are heading for burnout, advises author and women’s leadership coach, Dr. Tanvi Gautam.
“Ask yourself daily — what is the cost of success for you? And are you willing to pay for it with your mental, physical and emotional well-being.”
What's your take on today’s stories? Share your thoughts in the comments.
ExVeritas General Manager
5 年https://www.bbc.co.uk/news/business-47096621
Advertising & Video Game composer music Agent at Air-Edel. Full Bafta Membership
5 年Until the 500 page doc came out, a lot of people wouldn't have said that they were fully informed ? Those that feel they were fully informed and voted, their vote should stand and not be questioned !! But those that felt that they wished they had access to 500 pages before they were made to vote should have an absolute right to have a second vote ! When people voted, what were they forced to do that means they went through such pain and couldn't do it again ? I will happily accept the outcome however it ends up, but not so happy if we didn't all vote from an equal and fair position. Remember the conservatives were found to be in contempt of parliament for withholding those 500 pages. They'd rather not have released them at all. Why ??
Kaare Axelsen
5 年What a mockery of the democratic system just because some did not get it their way.? I think its VERY poor form by Labour party currently - I understand why but still....? (OK the deal was maybe not the greatest either....)
Master of Laws - LLM at Bournemouth University. Product Reverse Engineering Consultant
5 年The majority of people from the EU who came to Britain came for the higher salaries and not mostly for the language. Most EU people can speak English especially the you ones. Infant, some of them speak better English that some working class people in this country. English for foreigners is big business, you get young people from the EU who are more literate in English than young Britons who dropped out of schoo andl are dependent on benefits. One can learn English in any country, in fact young Swedes who have never lived in the UK can speak far better English than our local illiterates. If learning English is so important for the people in Europe, why do the British not open more schools in those countries? Creating British companies in Europe with better salaries than paid in those countries will be the best thing to solve the the immigration problem. Because of investing in China which was a major mistake, Britain is now dependent on Chinese businessmen investing here. The same mistake happened in Canada, Now Chinese millionaires are buying a lot of property in cash, thus raising the value of houses beyond what most Canadians dependent on mortgages can afford..