Elon Musk, the billionaire chief executive of Tesla with a penchant for eccentric behaviour, has changed his job title to “technoking” of the electric car manufacturer. In addition to Musk, who also retains his position as chief executive, the company’s financial chief, Zach Kirkhorn, has been rebranded as “master of coin”. Kirkhorn’s job title change...
Uber drivers must be treated as workers, not self-employed contractors, the Supreme Court has ruled in a landmark decision which could have far-reaching implications for millions of people in the UK’s gig economy. The country’s most senior court rejected Uber’s appeal against an earlier decision after legal action brought by two drivers, James Farrer and Yaseen Aslam. Mr Aslam said...
Norwegian has announced it will no longer fly long-haul routes, even after the pandemic, bringing an end to its low-cost, long-haul vision and spelling the loss of about 1,100 jobs based at Gatwick airport. The airline said it would retrench to a short-haul European network and domestic Norwegian routes for good, as it outlined its...
Marks & Spencer’s sales fell more than 7 per cent in the run-up to Christmas as the retailer suffered from the November lockdown in England and tightened restrictions across much of the rest of the UK. Clothing and home sales plunged 24.1 per cent while the food division grew 2.6 per cent in the final quarter of the year. During the English...
Elon Musk, the maverick boss of Tesla, has overtaken Amazon’s Jeff Bezos to become the world’s richest person, after shares in the electric car company he co-founded soared on hopes that a Democrat-controlled US Senate would usher in a new green agenda. A 4.8% rise in Tesla’s share price was enough to push Musk into...
The gambling company behind Ladbrokes and Coral has rebuffed an £8.1bn takeover proposal from its US partner, MGM Resorts, as the arrival of legal sports betting in the US continues to fuel transatlantic dealmaking. Entain said the offer from MGM, the owner of the Bellagio casino in Las Vegas, significantly undervalued the company and its prospects. Shares...
The high street shed 177,000 jobs in 2020 according to a study that predicts an even more devastating toll on retail jobs this year, with a further 200,000 expected to be lost. The job losses in what is the UK’s biggest private employment sector – with particular importance for women – illustrate the dramatic and...
Shoppers are expected to spend 27% less than last year in the Boxing Day sales as many high streets around the country remain closed. A total of £3.2bn is still expected to be rung up by retailers in the UK, but more than half of that will go online, according to a report by the...
Shell has warned that the value of its oil and gas assets may fall by up to $22bn (£16bn) in 2020 after shaving up to $4.5bn from its portfolio in the final quarter of the year. The oil company ended any hopes for a brighter end to 2020 for shareholders with the announcement of another...
The UK competition regulator has launched an investigation into the failure of airlines to offer cash refunds to travellers who have been unable to take their flights because of the coronavirus pandemic. The Competition and Markets Authority (CMA) said its move followed reports that airlines may have breached consumers’ rights by not offering cash refunds in cases...