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The Financial Times
Threshold for those to be affected set at turnover of more than £36m
Companies and Markets
PSA Peugeot Citroen yesterday reported a first-half net profit for the first time since 2011 as the French carmaker roared back from the brink of collapse, helped by a rebound in the European market.
The results suggested that the company’s turnaround strategy is working. Max Warburton, and analyst at Bernstein, likened PSA’s efforts to “splitting the atom, walking on the moon and mapping the human genome”. Peugeot’s shares rose 6 per cent to €18.86.
Uber is being sued by one of the UK’s largest unions over allegations that the ride-hailing service does not provide basic worker rights for drivers, mirroring similar legal challenges to the group’s business model in other markets.
Volkswagen yesterday cut its full-year vehicle sales target amid declining demand in China, Russia and Brazil, but still managed an increase in quarterly operating profit, partly due to the improving European car market.
General Motors plans to invest $1bn in India to boost production and transform the country into a “global export hub”, as the US’s largest carmaker by sales tries to reverse its poor performance in one of the world’s most important automotive growth markets.
An increase in the number of shoppers snapping up holiday outfits at the last minute was not enough to stop retail sales growth from slowing this month, and the picture is not expected to improve next month.
In its latest snapshot of how high streets faired, the CBI found that year-on-year growth in the volume of retail sales fell back lightly from June, after May’s strong rally.
Cost savings and market share gains helped British American Tobacco to raise profits by more than a third at the halfway stage. While sales at the group were down 5.9 per cent to 6.4 billion because of unfavourable currency movements, pre-tax profits rose 33.7 per cent to £3.5 billion.
Oil and gas workers in the North Sea have rejected plans to change shifts, raising the threat of industrial action.
Anti-corruption campaigners furious as Business Secretary considers softening Bribery Act
The Government is reviewing the Bribery Act after business leaders claimed it was making it difficult for British firms to export goods.
The Daily Mail
A motorist who drove 30 miles the wrong way down a dual carriageway and almost collided with a police car blamed her satnav, a court heard.