UK low cost airline and holiday company Monarch Airlines has collapsed and been placed in administration leaving 110,000 customers stranded abroad.
The accountants KPMG announced in the early hours of Monday that Monarch, Britain’s longest-surviving airline, had been placed into administration and that all further flights from the UK had been cancelled and would not be rescheduled.
Ikea, the Swedish furniture retail giant, has bought TaskRabbit, a San Francisco startup that lets people hire workers to do short-term odd jobs-like setting up Ikea furniture, fixing a leaky faucet, or setting up for a party.
Ikea said it tested TaskRabbit in its stores in London last year and plans to roll out the service in U.S. stores and more U.K. locations. More countries may be added later. Before the TaskRabbit deal, certain Ikea stores already provided some independent workers to assemble goods.
Volkswagen on Friday said it was setting aside another 2.5 billion euros to deal with the fallout from the "dieselgate" scandal in the United States as its efforts to recall tainted cars there proved to be more "complex" than expected.
The latest provisions bring the total sum set aside by VW to deal with fines and costs over the diesel scandal to €25.1bn.
Food giant Nestle on Tuesday set a formal margin target and confirmed it wants to return to mid-single-digit organic sales growth by 2020.
“The company will detail how it will reach its mid-single digit organic growth target by 2020, and will announce an underlying trading operating profit margin target of 17.5-18.5 percent by 2020,” the Swiss maker of KitKat chocolate bars and Nespresso portioned coffee said ahead of a highly anticipated investor seminar, the first time its new chief executive will lay out his strategy for Europe’s largest company.
Ratings agency Moody’s downgraded Britain’s credit rating by a further notch, saying the government’s plans to fix the public finances had been knocked off course and Brexit would weigh on the economy.
Moody’s brought the UK’s credit rating down from an Aa1 rating to an Aa2 rating over the weekend amid fears its public finances were not going to do well as a result of Brexit.
Air France formally launched on Monday its new “Joon” lower-cost airline, which the company hopes will attract a younger clientele and restore some routes to profitability.
Air France said on Monday that Joon would start off by flying to six destinations. Joon is “especially aimed at a young working clientele, the millennials (18- to 35-year-olds), whose lifestyles revolve around digital technology,” Air France said in a statement, without elaborating on what new technology would be deployed.
Best global brands of 2017 list was released on Monday by Interbrand, a brand consultancy based in the US. Technology companies dominated the top 20 spaces on the list with Apple Inc once again emerging as the number one brand.
The report shows technology is the dominant sector, with tech giant Apple securing the highest rank as the world’s most valuable brand for the fifth year running, while Google retains its second place for the fourth year in a row. The top 100 brands have a combined total value of $1,872bn, an increase of 4.2% from 2016.
Uber is to be sensationally stripped of its licence to operate in London in a huge blow to the ride-hailing firm. The firm, which is used by 3.5 million people and 40,000 drivers in London, said the licence decision "would show the world that, far from being open, London is closed to innovative companies".
A Transport for London (TfL) spokesman said: "Uber’s approach and conduct demonstrate a lack of corporate responsibility in relation to a number of issues which have potential public safety and security implications."
