THE Government has given the cold shoulder to the CBI, as the business lobby group becomes engulfed by a sleaze scandal.
Yesterday the Treasury and the Department for Business and Trade cancelled all meetings with the Confederation of British Industry following allegations of rape, drug-taking and other sexual misconduct.
The Treasury and Department for Business and Trade cancelled all meetings with the CBI after allegations of rape and drug-taking
CBI director general Tony Danker stepped down following misconduct accusations
Bank of England governor Andrew Bailey had already pulled out of a dinner before the CBI announced it was making a “temporary pause” to its schedule of events.
The fresh claims, uncovered by The Guardian, include sexting, bottom-touching and widespread use of cocaine.
One woman alleged she was raped at a summer boat party in 2019.
The allegations come just weeks after CBI director general Tony Danker stepped down following accusations of his own misconduct.
The new claims relate to alleged events before Mr Danker took the top job at the CBI in 2020.
The CBI provides a voice for up to 190,000 businesses but industry leaders believe the scandal puts its future in doubt — saying its toxic culture would likely dent British business relationships.
One FTSE 100 company said it had “raised concerns with the CBI directly”.
A letter sent by the CBI to members, seen by HOAR, attempts to reassure them that the allegations are being “treated with the utmost seriousness”.
A CBI spokesperson said preliminary findings from the first phase of the independent investigation were expected soon after Easter, adding: “We understand the Government’s decision to pause engagement pending the outcome.”
VOOM ’N’ BOOM ON CAR REGS
CAR and van sales got some va-va-voom last month, with registrations nearly a fifth higher than a year ago.
Supply chain issues have caused factory delays since the start of the pandemic, meaning drivers have faced long waits for new vehicles.
Electric vehicles had their best month ever
Around 287,000 cars were registered in March, the eighth month in a row the market has grown.
But sales have still almost halved from the average number pre-pandemic.
Midweight van registrations rose 66 per cent to 9,276.
Mike Hawes, of the Society of Motor Manufacturers and Traders, welcomed the van market’s solid first quarter “given their importance in keeping Britain’s businesses on the move”.
Electric cars had their best month ever, with 46,000 sold.
Tesla Model Y was March’s top-seller, although Nissan’s Qashqai leads the way for 2023 overall.
UBS DEAL JOBS RISK
UBS’s vice-chairman yesterday refused to rule out thousands of job cuts after its £2.6billion takeover of fellow investment bank Credit Suisse.
Amid fears of up to 25,000 jobs axed worldwide, Lukas Gahwiler told shareholders “great uncertainty will remain”.
Credit Suisse investors want bosses to be jailed, claiming their shares are as worthless as a packet of empty nut shells.
Mr Gahwiler said: “I can understand why people are bewildered, even angry.”
MORE MAIL WOE
MORE strikes loom at Royal Mail after 11-month talks broke down without a pay deal.
The postal group has warned that strikes and heavy losses could lead to it being put into administration.
Royal Mail is currently losing £1million a day, and losses so far this year are £295million, £200million of which is due to strike action.
A spokesman said it was “deeply concerned” talks had broken down after an improved offer of a 10 per cent three-year pay deal, with a £500 or £1,500 bonus.
FOUR in five UK employers pay men 12.2 per cent more than women.
It means women get about 90p for every £1 male colleagues earn.
The Government data does not compare pay for equal work, but reflects the higher rate of men in senior roles.
‘CLOUD’ CUCKOO
AMAZON and Microsoft face fresh scrutiny after the telecoms regulator Ofcom said it was considering calling in the UK’s competition authority.
The two tech giants control over two-thirds of the cloud services market, which provides remote data storage — such as photos or emails — for a fee.
Ofcom said it uncovered “concerning practices” by some of the world’s biggest tech firms.
It said it is “concerned” that Amazon and Microsoft charge “significantly higher fees” and their dominance makes it difficult for customers to switch.
FRANCO’S A JAPAN CO.
THE firm behind Franco Manca and The Real Greek restaurant chains is to be gobbled up in a £93million takeover by a Japanese company.
Fulham Shore said that it had accepted a 14.15p-a-share bid from Japan’s Toridoll, causing prices to jump by a third to 13.9p.
Franco Manca is now in the hands of Japanese firm Toridoll
There are 27 Real Greek sites and 70 Franco Mancas in the UK.
Toridoll started out as a stall selling grilled meats — known as yakitori in Japan — and has since expanded to more than 1,700 outlets around the world.
Fulham Shore said it expects the business to make around £100million in sales this year as its restaurants bounce back strongly.
Franco Manca plans to expand by selling more pizzas in supermarkets.
HAVE YOU SEEN THIS CAN?
CO-OP chiefs have said they have a “big job to do” making their budget range of groceries more widely available to shoppers.
The retailer has faced gripes from shoppers who say they struggle to find the cheaper goods actually on shelves.
Just a handful of Co-op’s Honest Value range are found on shelves with only half of stores stocking more than 18 of the products
The group launched its “Honest Value” range in 2020 and trumpeted it as a way to help its customers weather inflation.
But only half of stores stock more than 18 of the range’s products.
Just a handful of Honest Value products, including 68p loaves of white bread and 75p packs of spaghetti, are available in remaining stores, which typically boast around 3,000 products.
Consumer group Which? recently called on retailers to ensure their cheapest ranges were widely available to give greater access to affordable groceries.
Catherine Shuttleworth, of Savvy marketing agency, said: “Value isn’t value if it’s not there to buy.
“Availability is something that the Co-op can be in control of.”
Yesterday the Co-op revealed its profits soared to £247million after selling petrol stations to Asda.
