Rolls-Royce ‘to slash thousands of middle-management roles’
Rolls-Royce will announce more than 4,000 job
losses this week, reports The Guardian. The company hopes to
bolster profits by taking an axe to middle-management posts. Boss
Warren East believes the aero-engine maker is hampered by
unnecessary layers of management and duplicated roles. He has had a
challenging three years at the helm: he was forced to issue a
profit warning on only his second day in the job.
Gordon Brown says lack of reform will hit hard next time
The failure to adopt vital reforms in the
financial sector means the world will be hit hard by the next
financial crisis, warns Gordon Brown. The former PM and chancellor
said: “My fear is that we will find ourselves in a crisis a year or
two from now [and] people will ask: ‘Why didn’t you make these
changes when you had the chance to do so?'”
Sir Martin Sorrell denies sex worker claims
Sir Martin Sorrell “strenuously” denies
paying for a sex worker using funds from WPP. The allegation arose
in a report in the Wall Street Journal on Saturday. He resigned
eight weeks ago as chief executive of the company. The
longest-serving FTSE 100 chief executive until his departure, he
was paid £13.9m in 2017, £48.1m in 2016 and £70.4m in
2015.
Legal & General in bold move on climate
Legal & General has acted against
companies that it believes are not fighting climate change. In what
The Times describes as “one of the most interventionist policies by
an investment house,” the firm’s fund management division has sold
shares in eight companies in a number of sectors. It will also vote
against the re-election of their chairmen or women.
Law must force digital firms to protect children
Social networks and internet gaming firms
should be forced to protect children from addiction, says a
coalition of the country’s leading experts. Such
firms have a statutory “duty of care” to protect
children from mental illness, abuse and addictive behaviour, says
the coalition, which is spearheaded by Peter Wanless, chief
executive of the National Society for the Prevention of Cruelty to
Children.
Quote of the day… Trump’s touchy trade tirade
“Fair trade is now to be called fool trade.” A snippet from
US President Donald Trump’s latest Twitter tirade against key
allies.
THE NUMBERS… AT 0709 GMT
FTSE 100: down -0.30 to 7,681.07
Dow Jones: up +0.30 to 25,316.53
Dax: up +0.35 to 12,766.55
Cac 40: up +0.03 to 5,450.22
Nikkei: up +0.57 to 22,822.89
Hang Seng: up +0.18 to 31,014.54
US dollar: buys €0.8475 and £0.7457
Sterling: buys $1.341 and €1.1364
Oil: $76.15 down -0.41
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