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The Chief Executive of Porsche has resigned and the failed takeover of Volkswagen is to blame. Earlier this year Porsche had built up a 51% stake in Volkswagen but managed to acquire a debt of 9 billion Euros in doing so. Porsche then had to seek financial help from the German government but had its request turned down. In an unexpected twist it is now highly probable that Porsche will be taken over by Volkswagen. The Chief Executive of Porsche Wendell Wiedeking will leave Porsche with a 50 million Euro payoff. |
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Following the one day strike by 12,000 employees last week, Royal Mail staff are set to strike again for three days in the next week. The Communication Workers Union has blamed the strike on unnecessary pressure by Royal Mail managers. Royal Mail has blamed the CWU of standing in the way of modernisation. The strikes will mostly affect deliveries in the London area and are due to take place on the 25th, 27th and 28th July. |
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Philips have confirmed that they will 'vigorously oppose' suggestions that they have been involved in the price fixing of LCD flat screens along with LG. The two companies had a joint venture set up in 1999 called LG Display. Philips has since sold its shares in the company. The allegations are the first step in the process by EU anti-competition investigators.
The EU believe that Philips and LG are part of a wider cartel involved in price fixing.
Last year LG were found guilty of price fixing in the US and were fined $400 million. |
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Coffee Republic is the latest victim of the economic downturn with the company going into administration. Twenty of the 187 stores are directly owned and the remainder are franchises. The administrators, KPMG have warned that job losses are inevitable. As well the outlets in the UK, Coffee Republic has outlets in 10 other countries. The company commenced trading in London in 1995. |
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The role of the Post Office in society is being undermined by the government according to a committee of MPs. The report commented on how the Post Office can flourish again and listed services that could be made available. However it criticised the governments policy by moving many services offered by the Post Office on-line. The report also criticised the fact that many Post Masters were paid below the minimum wage. At present the government provides £150 million in financial support to the Post Office. |
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