DAILY BRIEFING: City hits out at European swoop for London’s euro clearing business
BRUSSELS RAID City officials have hit out at European efforts to snatch away London’s lucrative euro clearing business.
Brussels bureaucrats have long been jealous of the £1.3trillion-a-day industry and some see Brexit as a chance to steal it back.
But in a speech yesterday, the City of London Corporation’s policy chairman Catherine McGuinness said this ‘would not only be vastly complicated, but also vastly damaging and potentially destabilising’.
JOB FEARS Car maker Ford is planning to cut around 10 per cent of its global workforce, potentially leaving thousands of Britons without a job.
The American company is hoping the move will reduce costs and boost profits.
The cuts, first reported in the Wall Street Journal, are part of its plan to save £2.3billion and halt its sliding share price.
Ford has around 200,000 employees worldwide, with nearly 14,000 in the UK at plants in Dagenham and Bridgend. Ford refused to comment last night on ‘speculation’.
AUSSIE DEAL Motor dealer Inchcape has won a contract to sell Peugeot and Citroen cars in Australia.
The deal with PSA, the owner of the two brands, will see the firm operate across 57 sites in the region.
BERLIN BLAZE A fire in online retailer Asos’s new warehouse near Berlin is believed to have caused £6.3million worth of damage.
Orders have been diverted to its Barnsley warehouse. Its main distribution centre in Barnsley caught fire in 2014, causing £30million worth of damage.
DRUG PRICES A European Commission investigation has been launched to examine claims that drug firm Aspen Pharmacare excessively increased the price of five cancer medications.
BURGER BOSS Simon Cope has been appointed as managing director of Byron Hamburgers, switching across from food rival Wagamama.
IT TIE-UP Telecoms group Communicate Plc has bought IT security firm Landscape Networks for an undisclosed sum. The deal will ramp up its service to business parks and buildings across the UK.
FASHION FALL Indian fashion retailer Koovs saw its shares fall by more than 10 per cent yesterday, but said it had no idea why. It said it continues to see year-on-year growth, after reporting growth of 87 per cent in the year to March 31.