Business

Kraft Heinz shares fall as appetites wane

[ad_1] Image copyright Reuters Image caption Kraft Heinz is one of the world's biggest food companies Kraft Heinz's share price has plunged to a record low amid signs that customer appetite for the company's processed foods is weakening.The US food giant's stock dropped 28% after it reported flat 2018 sales and said it would write down the value of its Kraft and Oscar Mayer brands by $15.4bn (£11.8bn).The firm also
Business

Nike app for self-tying shoe comes undone

[ad_1] Image copyright Nike/PA Nike's new self-lacing trainer, the Adapt BB, has fallen at the first hurdle after the Android app that controls the shoe has malfunctioned. Billed as the "future of footwear", the $350 (£268) a pair Adapt BB launched on Sunday.However, an update to the Google Android app that allows wearers to loosen or tighten the trainer failed to work. Customers complain that the Android app only syncs
Business

SFO drops investigations into Rolls-Royce and GSK

[ad_1] Image copyright Getty Images The Serious Fraud Office (SFO) has dropped its investigations into aerospace firm Rolls-Royce and drugs giant GlaxoSmithKline.The SFO said there was "either insufficient evidence" or it was "not in the public interest" to continue.Rolls was being investigated over concerns about bribery and corruption, which led the firm to enter into a deferred prosecution agreement in 2017.GSK's probe concerned "commercial practices" at the company. SFO director
Business

BMW and Daimler invest €1bn in new car venture

[ad_1] Image copyright Getty Images BMW and Daimler have unveiled a joint venture to invest in new-generation services such as driverless vehicles, ride-hailing and parking services.The German firms are investing €1bn (£880m) in the project, which will also look into pay-per-use car schemes.The move comes as traditional manufacturers face competition from mobility services provided by Uber and other technology firms.BMW and Daimler said they were open to buying tech start-ups.Established
Business

Honda: Delegation to lobby firm’s Japan HQ against closure

[ad_1] Image copyright Getty Images Image caption Honda's Swindon factory is due to close in 2021 A task group at Swindon Borough Council wants to begin talks with Honda bosses in Japan to convince them not to close down the town's plant.The motion was put forward on Thursday evening to try and save 3,500 jobs. Councillor Oliver Donachie said: "The hope is to go to the board in Japan, look
Business

Flybe signs Virgin deal despite criticism

[ad_1] Image copyright Getty Images Troubled airline Flybe has agreed a deal to continue operating, despite criticism of the arrangement.Connect Airways, a consortium led by Richard Branson's Virgin Atlantic, paid a total of £2.8m for Flybe's assets and operations.At least one earlier approach for Flybe was rejected.The Exeter-based regional airline put itself up for sale last November, following a profit warning the previous month.Virgin, Stobart Air and Cyrus Capital joined
Business

Cathedral City maker Dairy Crest to be bought by Canada’s Saputo

[ad_1] Image copyright Dairy Crest Dairy Crest, whose brands include Cathedral City cheddar and Country Life butter, has agreed to be bought by a Canadian company in a near-£1bn deal.Saputo, one of the biggest dairy processors in the world, will pay 620p a share, valuing Dairy Crest at £975m.The deal is Saputo's first in Europe and it said Dairy Crest was an "attractive platform" for UK growth.Dairy Crest said "virtually"
Business

Provident Financial gets £1.3bn bid from rival NSF

[ad_1] Image copyright Getty Images Sub-prime lender Non-Standard Finance (NSF) has made a £1.3bn takeover offer for rival Provident Financial.NSF boss John van Kuffeler was previously chief executive and chairman of Provident, a doorstep lender with a history of financial troubles.He said the deal would "create a market leader in non-standard finance".NSF said the takeover was backed by more than 50% of Provident's shareholders, including fund manager Neil Woodford, Invesco
Business

Energy firm Solarplicity banned from taking on new customers

[ad_1] Image copyright Getty Images Energy supplier Solarplicity has been banned from taking on new customers for three months due to its poor switching process and customer service.Energy regulator Ofgem has also banned the company from increasing vulnerable customers' direct debits.Ofgem warned that the firm, which has 60,000 customers, could have its licence revoked if it did not improve.Solarplicity said Ofgem's decision "disregards the vast improvements that we have made
Business

5G networks: Trump says US shouldn’t block technology

[ad_1] Image copyright Getty Images US President Donald Trump has said he wants the US to become a technology leader through competition rather than by blocking others.Mr Trump said American firms must "step up their efforts, or get left behind". He did not specifically mention China's Huawei, though many interpreted the comments as Mr Trump taking a softer stance on the firm.The US has been pressuring allies to exclude the