MPs are to scrutinise pension schemes at the retail empire of Topshop boss Sir Philip Green. Frank Field, chairman of the Work and Pensions Committee, said the move follows reports Sir Philip was in talks to sell all or part of his business. The Sunday Times claimed that the […]
Cadbury’s is a British chocolate firm founded two centuries ago by a Quaker, John Cadbury, who was famous for his kindness to his worker. When Mondelez took over the firm, it had to make mass redundancies to keep it in business. How do you do that without ruining the company’s reputation? The job fell to Glenn Caton, Mondelez’s President for Northern Europe.
Carillion’s investors fled the failing company as it headed for disaster, according to MPs. The construction firm’s annual reports were a worthless guide to its financial health and raise major questions about corporate governance, the MPs say. The comments come in a joint report published on Monday by the Work and Pensions and Business committees. Carillion’s former auditor, KPMG, will be questioned by MPs on Thursday.
Snake Serum and Dragon’s Blood – not names you’d first associate with a high-end skincare range. So, when Maria Hatzistefanis decided after several years in business to give her beauty products more eye-catching names she knew it might be risky. It worked, though. Not only did the names create a talking point, they led to the products flying off the shelves.
For years, the chief executive and founder of beauty brands Rodial and Nip + Fab had erred on the side of safety. “That didn’t help us a lot,” she now admits.
“I was going to launch the serum with the name ‘anti-wrinkle serum’ but that wasn’t exciting,” she says.
Ms Hatzistefanis, 47, says a key ingredient used in her products, syn-ake peptide, replicates the reaction to a snake bite, resulting in a mild freeze-like effect in facial muscles.
TOKYO (Reuters) – Japan’s Mizuho Financial Group Inc (8411.T) sees a pickup in overseas lending after a slowdown last year in the United States, where a recently enacted corporate tax cut is widely expected to spur mergers and acquisitions (M&As). Major Japanese banks are placing increased emphasis on lending abroad, particularly in busy M&A markets such as the U.S., as they seek more means of growth while their domestic lending businesses suffer persistently low interest rates.
“We expect companies that become cash-rich from the tax cut to accelerate acquisitions,” said Akira Sugano, head of overseas business at Japan’s third-biggest bank by market value. “There are actually companies planning such moves among our clients.”
Mizuho is already working with U.S. clients to provide finance for billion-dollar deals, Sugano said.
NEW DELHI/MUMBAI (Reuters) – The Punjab National Bank branch in south Mumbai sits just down the road from both the Bombay Stock Exchange and the Reserve Bank of India, at a physical center of one of the world’s fastest growing major economies.
The branch, clad in a stately colonial edifice, is now also at the heart of a fraud case linked to billionaire jeweler Nirav Modi that has shaken confidence in a state banking sector that accounts for some 70 percent of India’s banking assets.
It was here, according to accounts from Punjab National Bank (PNBK.NS) executives and government investigators, that a lone middle-aged manager, later aided by his young subordinate, engineered fraudulent transactions totaling about $1.8 billion from 2011 to 2017.
The bank says it is still investigating how they were able to do so and go undetected for so long. The accounts given by current and former executives who spoke to Reuters suggest an answer as simple as it is alarming: no one was paying attention.
BEIJING/SHANGHAI (Reuters) – Danish toymaker Lego is hoping to build a following with Chinese parents by promoting its place in the classroom as well as the toy box. The firm, famous for its brightly colored building blocks, is working with local education departments, state schools and the private education providers to get kids playing with Lego as a way to boost motor skills, creativity and attention spans.
The educational push in China goes beyond what Lego does in other markets, in part a nod to the country’s disciplined focus on learning but also a reflection of how the market is booming in importance as growth in the United States and Europe slows. It also taps into the desires of Chinese parents to give their children a competitive edge – even at a young age. Deng Xianyu, 48, has been buying her 8-year-old son Lego blocks since he was 2 and now sends him to Lego classes every weekend. She said she likes that the students learn specific skills such as computing and science as they play. The focus on learning, in a market notorious for its rigid exam-oriented education system and piles of homework, could help Lego in China as business elsewhere softens.