Glencore has made millions of pounds by selling goods to Iran, including to a group that indirectly supplies the country’s nuclear programme, reports The Guardian. However, the commodities trader has said that it ceased transactions prior to EU sanctions being put in place.
The Financial Times says that three more senior executives at mining group ENRC have resigned and a fourth has taken a leave of absence. The paper says: “ENRC has been the subject of long-running corporate governance concerns, contributing to questions over the suitability of some natural resources groups based in developing economies to qualify for UK listings.”
The Telegraph says that UK banking giant Lloyds has offloaded its 25.3% stake in the Marussia Formula One team after the venture made a £46.3m loss and failed to perform on the track.
Poor management and slow decision-making are to blame for London black cab-manufacturer Manganese Bronze going into administration last year, according to the head of Geely, the Chinese automaker that rescued the firm, The Times writes. He said that the £100m turnaround will mean that London taxis will run on electricity by the end of the decade.
In the first three months of the year, dividends paid by UK companies dropped by a quarter, according to The Telegraph, though this was mainly due to the higher amount of special dividends paid in the same period last year.
“George Osborne faces a potential double whammy of dire news this week that would further ratchet up the pressure on the Chancellor to change his economic course,” says The Independent. The paper writes that the gross domestic product (GDP) figures released this week may show that the UK slipped into a triple-dip recession in the first quarter, while public borrowing figures could reveal a rising deficit.
The Scotsman reports that 11 flights to and from Scotland were cancelled today as staff at German airline Deutsche Lufthansa staged a one-day strike following the company’s rejection for wage increases over the next year as well as job guarantees.
A change in government statistics will boost US GDP by 3.0% in July as data begins to account for 21st century components like film royalties and spending on research and development, reports Financial Times.
