Business

Poundworld to close 25 stores costing 242 jobs

[ad_1] Image copyright Reuters Poundworld, the struggling discount retailer, will close 25 stores, resulting in 242 job losses, administrators said.The stores named for closure will operate until 15 July, according to a memo sent to Poundworld staff."The administrators have been preparing contingency plans in the event that we are not able to deliver a sale of the business as a whole," the memo said.The retailer has 355 stores and employs
Business

Two-day wait for ‘instant’ payments after fault

[ad_1] Image copyright Getty Images Some payments that should have been processed within two hours have taken nearly two days owing to a backlog following a system failure.Bank customers have been pushed into overdrafts owing to the fault in the Faster Payments system used by most of the UK's banks and building societies.The shutdown and subsequent hangover means some payments and transfers from Sunday afternoon have not yet cleared.The operator
Business

Rail franchise model ‘is bust’ says former Network Rail chief

[ad_1] Image copyright Getty Images The UK's rail franchise model is "bust" and should be reviewed, former Network Rail chief Sir John Armitt has said.Rail operators take "very significant revenue risk" which has "got them into trouble", he told the BBC.This is because the government "will always go for the most optimistic forecast of revenue".His comments came as the National Infrastructure Commission (NIC), which Sir John chairs, issued a report
Business

UK economy boosted by services

[ad_1] Image copyright Getty Images The UK's economy grew by 0.3% in May, driven by the service sector, latest figures show.The latest assessment by the Office for National Statistics marks a change in the way the UK's GDP is calculated.From now on, the ONS will release a monthly indicator and a rolling three-month figure. Previously it only put out growth data every three months.In the three months to May, the
Business

Tesco UK chief steps down over illness

[ad_1] Image copyright Getty Images Tesco's UK chief executive, Charles Wilson, is stepping down from the company board after being diagnosed with throat cancer.Mr Wilson was formerly boss of food wholesaler Booker, but became Tesco's UK chief following the supermarket's £3.7bn takeover of Booker in March.Tesco said Mr Wilson had responded well to treatment and all the signs were that it had been successful.However, there was a need for him
Business

Five surprising things enjoying a World Cup bonanza

[ad_1] Image copyright Getty Images With England's next World Cup match only a matter of hours away, plenty of fans have already bought their inflatable hands, red-and-white bunting and supplies of beer.In the run-up to a World Cup retailers take a gamble, ordering in supplies of everything from face paints to party food, hoping England stay in the tournament long enough to shift the stock. This time the more optimistic
Business

How tech is revolutionising the mining industry

[ad_1] Image copyright STS3D Image caption The world's first VR blast wall was installed at Glencore's Mopani Copper Mines in 2016 The use of controlled explosives is vital in mines but can be deadly if they are handled wrongly. If miners do not make accurate measurements or choose the right spots to place explosives, rocks can fracture in unexpected ways, creating a hazardous situation both underground and above the surface.So
Business

Rail timetable changes scaled back to avoid further chaos

[ad_1] Image copyright Alamy A rail timetable overhaul planned for December has been scaled back amid fears of a repeat of the chaos seen in May when a new schedule was introduced.Timetable changes for eight franchises, including Govia Thameslink Railway and Northern, whose operations descended into chaos in May, have been postponed.Other franchises will introduce only minor timetable changes in December.Industry body The Rail Delivery Group said the "more cautious
Business

Sorrell sees off WPP in takeover race

[ad_1] Image copyright Reuters Sir Martin Sorrell has seen off competition from WPP, the firm he ran for three decades, with the first acquisition for his new venture.S4 Capital's purchase of Dutch digital production company MediaMonks is expected to be announced on Tuesday.Earlier this month, WPP threatened to take away share awards worth about £20m from its former chief executive over his rival bid for MediaMonks.Sir Martin resigned as WPP