Business

Barclays pays $2bn to settle US fraud case

[ad_1] Image copyright Getty Images Barclays has agreed to pay $2bn (£1.4bn) to settle a lawsuit brought by the US government over the sale of mortgage-backed securities.The US alleged that the bank had misled investors about the quality of loans backing the securities in the run-up to the financial crisis.Barclays chief executive Jes Staley said the bank was "pleased that we have been able to reach a fair and proportionate
Business

Bargain Booze firm Conviviality close to administration

[ad_1] Image copyright Chris Bull / Alamy Stock Photo Conviviality, the owner of Bargain Booze, has announced plans to file for administration within two weeks.The firm also owns Wine Rack and supplies more than 25,000 restaurants, hotels and bars.It has issued profit warnings in recent weeks and revealed a £30m tax bill. The company sought £125m from investors but said it had been unable to raise those funds.Conviviality employs about
Business

Australian ball-tampering: Steve Smith dumped as ‘Weet-bix Kid’

[ad_1] Image copyright Sanitarium Disgraced Australian cricket captain Steve Smith has been dumped as the face of breakfast cereal Weet-Bix after his involvement in ball-tampering.Smith, who has been banned from the game for a year, had already been removed from the brand's website.Weet-bix owner Sanitarium said the cheating went against "brand values of trust and integrity".Separately, financial group Magellan has pulled out of its naming rights sponsorship of Cricket Australia.While
Business

Bargain Booze owner could be sold after failing to raise funds

[ad_1] Image copyright Newscast Bargain Booze owner Conviviality could face administration after failing to secure emergency funding.The firm, which is also a major supplier to chains like Wetherspoons, has suffered a string of profit warnings in recent weeks and revealed a £30m tax bill.It sought £125m from investors but said it had been unable to raise the cash.It is now looking at other options, including a "potential sale of all
Business

Coca-Cola to close Milton Keynes and Northampton sites

[ad_1] Image copyright Getty Images Image caption Coca-Cola said its priority is to support workers at both sites Soft drinks giant Coca-Cola has confirmed it is moving forward with plans to close two UK sites, risking almost 300 jobs.The US firm is to close its plant in Milton Keynes, which employs 220 people, and a distribution centre in Northampton, shedding 54 jobs.It said it has consulted workers for the past
Business

Deposit return scheme: Who would pay?

[ad_1] Image copyright Getty Images The price of bottles and cans of drinks would have to rise to help pay for the government's proposed deposit return scheme, according to the plastics industry.The government wants a returnable deposit on single use containers to help cut waste and boost recycling.But the plastics industry said prices would also need to go up to help pay for the necessary infrastructure. The government said the
Business

Lottery win teen: Did she choose wisely?

[ad_1] Image copyright Loto Quebec Image caption Charlie Lagarde won the lottery on her 18th birthday Canadian teenager Charlie Lagarde had an enviable decision to make - how best to cash in her lottery win.Miss Lagarde struck the jackpot after buying a scratch lottery ticket for the first time to mark her 18th birthday.She had the choice between taking a C$1m (US$780,000; £550,000) lump sum or receiving C$1,000 a week
Business

Vehicle rental firm collapses with loss of 428 jobs

[ad_1] Image copyright TOM Vehicle Rental Image caption Administrators have retained 86 employees to help them wind down the business More than 400 workers are to lose their jobs after a vehicle hire firm collapsed.TOM Vehicle Rental, based in Airdrie, North Lanarkshire, called in administrators after it was unable to overcome "operational difficulties".Ernst & Young confirmed 342 employees had been made redundant across eleven locations in Scotland and England. Administrators
Business

Colman’s Norwich factory closure in 2019 confirmed

[ad_1] Image caption Workers at the Colman's factory in Norwich are at risk of redundancy Mustard maker Colman's has confirmed it will close its base in Norwich, where the condiment has been produced for 160 years.Parent company Unilever, which employs 113 people at the factory, revealed in January plans to shut it down.A transition period of moving production from Norwich to Burton-upon-Trent and Germany will begin in autumn and continue