6:06 am, January 13, 2024
Citi to cut about 20,000 jobs as part of global overhaul
Citi has said it is planning to cut about 20,000 jobs over the next two to three years as the bank takes further drastic steps to overhaul the global business.
Chief executive Jane Fraser said the company had a ‘very disappointing’ fourth quarter after plunging to a net loss of $1.8bn (circa £1.4bn).
It wants to reduce the size of its 239,000 global workforce as part of efforts to simplify the business and reduce costs.
Post Office ‘could face £100m bill and insolvency over Horizon compensation’ – tax expert
The Post Office could be facing a £100m bill and insolvency after claiming tax relief for its compensation payments to subpostmasters, according to an expert.
Dan Neidle, the head of non-profit organisation Tax Policy Associates, said the Post Office claimed £934m tax relief for its compensation payments, and suggested it could be ‘unlawful’.
The Horizon scandal saw more than 700 subpostmasters and subpostmistresses handed criminal convictions after faulty Fujitsu accounting software made it appear as though money was missing at their branches.
Tesco accepts smaller vegetables to help flood-hit farmers
Tesco is temporarily accepting some smaller-than-usual vegetables from flood-hit farmers.
One grower reported that sprouts were growing underwater because of flooding and that it was a race against the clock to pull vegetables from the ground before they rotted.
A relaxation on size requirements by Tesco on sprouts, cauliflowers, cabbages and leeks is helping to keep British vegetables on the shelves rather than use imports, and to reduce the risk of shortages.
Trump told to pay New York Times and reporters £313,700 in legal fees
Former US president Donald Trump has been ordered to pay nearly $400,000 (circa £313,700) in legal fees to The New York Times and three investigative reporters after he sued them unsuccessfully over a Pulitzer Prize-winning 2018 story about his family’s wealth and tax practices.
The newspaper and reporters Susanne Craig, David Barstow and Russell Buettner were dismissed from the lawsuit in May.
Trump’s claim against his estranged niece, Mary Trump, that she breached a prior settlement agreement by giving tax records to the reporters is still pending.
Just 51 fly-tippers referred to Scottish prosecutors despite 284,762 reports
Only 51 fly-tipping cases were sent to prosecutors in Scotland despite almost 300,000 incidents being reported since 2019-20.
The Scottish Liberal Democrats have released figures obtained through freedom of information requests in a bid to urge ministers to introduce a new rule ordering offenders to contribute to the clean-up.
New fly-tipping rules, which were effective from Monday, could see on-the-spot fines of up to £500 – more than double the previous £200.
Friends scripts found in bin from UK wedding episodes sell for £22k
A pair of TV scripts from hit US sitcom Friends that were found in a bin 25 years ago have sold at a UK auction for £22,000.
The scripts from The One With Ross’s Wedding Part I and Part II, which should have been destroyed after filming, were estimated to sell for between £600 and £800 at Hanson Ross before ‘crazy’ global interest descended.
A total of 219 bids was made from all over the world, including the US, Germany, Spain, Australia, Ukraine, Dubai and Switzerland, with the eventual owner being an online international bidder. The scripts were found by chance at Fountain Studios in Wembley Park by a staff member and were in her bedside drawer for more than 20 years.
‘Trailblazing’ DJ Annie Nightingale dies aged 83
Veteran broadcaster Annie Nightingale has died at the age of 83 after a short illness.
She became the first female presenter on BBC Radio 1 when she joined the station in 1970 and went on to serve as its longest-serving host.
In a statement, her family said: ‘Annie was a pioneer, trailblazer and an inspiration to many. Her impulse to share that enthusiasm with audiences remained undimmed after six decades of broadcasting on BBC TV and radio globally.’
Sainsbury’s launches ultra-rapid electric car charging business
Sainsbury’s has set up its own electric car charging company and aims to have more than 750 chargers installed at over 100 of its car parks by the end of 2024.
It’s the first UK supermarket to launch its own-brand chargers – known as Smart Charge – rather than relying on partnerships with external companies.
The ultra-rapid EV chargers can quickly top up electric cars at up to 300kW. The first 20 charging hubs have already been installed in locations such as Harrogate and Newport.
Yesterday’s headlines on Car Dealer you might have missed
- Navigating fluctuating used car prices and making a success of EV sales – Auto Trader at Car Dealer Live 2024
- Luscombe Motors sees annual turnover nearly double to almost £72m
- Used car dealer among group accused of attempted murder of top NI police officer
- Funky Cat sales pass 1,000 in the UK as Chinese brand GWM Ora continues to expand in Britain
- Ford Kuga flew off the forecourts last year as Auto Trader reveals 2023’s fastest-selling used cars
- Motorway focuses on success stories for new TV campaign
Market movements
The FTSE 100 closed 48.34 points up yesterday to end the week on 7,624.93. The Cac 40 was up 77.52 points at 7,465.14, the Dax was up 157.53 points at 16,704.56, but the Dow Jones was down 118.04 points at 37,592.98.
Weather outlook
Today, southern Scotland will be dry and mostly sunny, says BBC Weather. Elsewhere in Scotland will have patchy cloud and scattered showers, some heavy, while the rest of the UK will see cloudy periods and the occasional shower.
Sunday will be partly cloudy and colder as northerly winds develop. Northern Scotland will see some snow showers, while northern Wales will experience rain showers. Elsewhere will be largely dry with lengthy sunny spells.
