Business

Sir Peter Wood makes £360m from esure sale

[ad_1] Image copyright Getty Images Entrepreneur Sir Peter Wood is to make £360m from selling his stake in the insurer esure, which is being bought by a private equity company.The insurer, which also owns Shelia's Wheels, is being bought for £1.2bn by Bain Capital.Sir Peter, who founded esure, will reinvest £50m into the business and will remain as chairman.The deal was announced alongside interim results showing a £14m hit from
Business

UK unemployment at lowest since 1975

[ad_1] Image copyright Getty Images UK unemployment fell by 65,000 to 1.36 million in three months to June - the lowest for more than 40 years, official figures from the Office for National Statistics (ONS) show.They also show a rise in productivity, but a slowdown in wage growth.Wages, excluding bonuses, grew by 2.7% in the three months to June, compared with a year ago. The ONS figures also showed the
Business

Bitcoin price LIVE: Bitcoin CRASHES below $6,000 in mass cryptocurrency sell-off | City & Business | Finance

[ad_1] DAILY HEADLINESGood morning and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.Despite yesterday’s small gains, the cryptocurrency market is tumbling drastically, with bitcoin dropping dangerously close to $6,000 a coin again. BTC lost 6.36 percent on the day to sit at $6,007.80, having dropped briefly below $6,000 in the early hours of the morning. Ethereum fell a whopping 17.14 percent to trade for $264.40.Ripple
Business

Those Long Security Lines at Airports? They May Move Quicker Soon

[ad_1] There is a glimmer of hope that the frustrating, slow airport security experience will get a little smoother over the next few years.In a partnership with American Airlines, the Transportation Security Administration introduced a new kind of machine last month to screen carry-on bags in Terminal 8 at Kennedy International Airport in New York.The machines, the agency says, improve on the current system, in which most travelers have their
Business

Bain revving up for £1.2bn Esure offer | City & Business | Finance

[ad_1] Shares in the FTSE 250 firm, whose brands include Sheilas’ Wheels, soared 63¼p to 267¼p after it confirmed an unsolicited proposal from Bain Capital. It is in talks over an offer valuing its shares at 280p, a 37 per cent premium to its previous closing price.Esure said: “The board has indicated to Bain Capital that it would be minded to recommend a firm offer at the price set out
Business

Fighting Conspiracies, Sandy Hook Parent Is Thwarted by Online Policies

[ad_1] Leonard Pozner says he spends hours every day trying to erase online conspiracy theories that the death of his 6-year-old son Noah at the Sandy Hook Elementary School was a hoax.He has taken Alex Jones of Infowars, by far the most visible Sandy Hook denier, to court. He has put pressure on major tech companies to take action against the conspiracy theorists who flourish on their platforms.But the bulk
Business

Elon Musk’s Tweets on Tesla Started a Tizzy. Someone Should Hit the Brakes.

[ad_1] Why do people say the craziest things on Twitter?What is it about social media that makes powerful, accomplished individuals say things that they later need to recant, walk back or at least explain?This isn’t about President Trump (although it could be). It is about chief executives.The tweets that Elon Musk of Tesla sent last week about taking his company private pushed investors into a tizzy as they tried to
Business

Foxconn Is Feeling the Sag in Smartphone Sales. Apple? Not So Much.

[ad_1] Get the DealBook newsletter to make sense of major business and policy headlines — and the power-brokers who shape them.__________The slowdown in smartphone sales is hurting Foxconn far more than its biggest customer.The news: Profit at the Taiwanese company — which is the world’s largest contract electronics manufacturer, making iPhones for Apple as well as devices for companies like Amazon — has fallen for two straight quarters. Foxconn reported
Business

The student trying to solve the food waste crisis

[ad_1] Image caption Lawrence often visits markets in Uganda, explaining his product to local sellers Lawrence Okettayot is on a road trip across Uganda.He's spreading the word about a device he's created which could be a solution to Africa's food waste crisis.Food wasted every year in the continent could feed up to 300 million people, according to the United Nations. In just Uganda alone, up to 40% of fruit and