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Tag: firms

The firms turning their workers into owners

The firms turning their workers into owners

Business
In the past few weeks a few employees have suddenly found they didn't just work for their company, they owned a bit of it too.The owner and founder of Richer Sounds, Julian Richer, used a special trust to give his 500 staff a 60% stake in the business and a £3.5m handout.Engineering company Weir is giving all 15,000 staff £300 each in shares this year and next.Meanwhile telecoms group BT has said it will distribute £50m of shares between staff annually starting in 2020.All this generosity may come as a bit of a shock in our dog-eat-dog world of corporate capitalism.But aficionados of employee ownership say it makes perfect business sense. Richer Sounds boss wants 'to do the right thing' BT staff to get £500 in shares every year T
Several private firms still interested in buying Nielsen as sale process drags on

Several private firms still interested in buying Nielsen as sale process drags on

Finance
Nielsen, the media research firm famous for its TV ratings, is still contemplating an outright sale, fueled by continued private equity interest, according to people familiar with the matter. Advent International is working with Goldman Sachs Group on a bid, as well as Apollo Global Management, said the people, who asked not to be named because the discussions are private. Advent and Goldman have consistently shown interest and recently attended Nielsen management presentation, although it's unclear if the consortium will be willing to pay enough to get a deal done, two of the people said. A sale isn't imminent, and while Nie...
Lords urge tougher rules for tech firms

Lords urge tougher rules for tech firms

Technology
Tech firms, such as Google and Facebook, must improve their "inadequate" responses to privacy and data breaches and anti-social content, a House of Lords report says.The House of Lords Communications Committee wants a digital authority to help laws keep pace with technology.Content moderation used by tech firms was "unacceptably slow," it said.The Internet Association, whose members include Twitter and Amazon, said firms were committed to keeping users safe."Our members work hard to keep their services free of some of the most serious issues that the report mentions - from strong terms and conditions; to investment in hiring teams and improving systems for removing inappropriate content," a spokesman from the lobby group said.The...
Energy firms under investigation are handed new customers

Energy firms under investigation are handed new customers

Business
Two energy suppliers which have been handed the domestic customers of collapsed firms are themselves under investigation by the regulator Ofgem.Economy Energy and Our Power recently ceased trading and their customers have been automatically switched to Ovo and Utilita respectively.Both Ovo and Utilita are themselves the subject of continuing inquiries over the treatment of customers.They say the issues are historic and Ofgem has been rigorous.What happens when a firm goes bust?In the past year, a number of suppliers have ceased trading, with Economy Energy and Our Power both collapsing in January.When this happens, customers are automatically transferred to a new supplier. These customers' supply is protected but their tariff is not.Winter likely to finis...
Winter likely to finish off some energy firms, analysts say

Winter likely to finish off some energy firms, analysts say

Business
More small energy suppliers are likely to go bust this winter, analysts say, leading to potential disruption and higher costs for customers.Economy Energy was the latest to collapse earlier this month, following customer complaints about service including delayed bills and refunds.It followed a string of similar collapses and analysts say five or 10 more could go as winter costs rise.If so, domestic customers' supply is protected but their tariff is not.When an energy company ceases trading its customers are automatically transferred to a new supplier. Any credit they have, because they have used less energy than they paid, is carried over. Regulator Ofgem has announced that Ovo Energy will take on Economy Energy's 235,000 customers.However, in cases of t...