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Money Shop plans £18m customer payout pot

Money Shop plans £18m customer payout pot

Business
By Mark Kleinman, City editor One of Britain's biggest short-term consumer lenders is to ring-fence an £18m compensation pot for creditors as it prepares to wind itself up following a surge in customer complaints.Sky News has learnt that Instant Cash Loans (ICL), which owns The Money Shop, Payday Express and Payday UK, has been in talks with the City watchdog for several weeks about the programme. Sources said that ICL would begin writing to up to 2 million customers on Tuesday to seek their support for a scheme of arrangement, under which they could receive payments if they have a valid complaint about a loan they took out from the company.ICL is owned by the US-based hedge fund HPS Investment Partners, which has taken the decision to close a business
Jaguar Land Rover unveils plans to build electric cars in UK

Jaguar Land Rover unveils plans to build electric cars in UK

Business
By John-Paul Ford Rojas & James Sillars, business reporters Jaguar Land Rover has announced plans to build new electric vehicle models at its Castle Bromwich plant, a decision it says safeguards thousands of jobs at the site and in the supply chain.Britain's biggest carmaker said it had forced itself into the decision despite continued Brexit uncertainty but signalled future investment in its home market was not guaranteed as it needed to see the "right deal". The company said the first electric vehicle to be produced at the Birmingham factory would be Jaguar's flagship saloon, the XJ. Image: The Jaguar I-PACE is made in Austria It will be seen as a boost for the British car industry after JLR...
William Hill plans 700 store closures putting 4,500 jobs at risk

William Hill plans 700 store closures putting 4,500 jobs at risk

Business
Bookmaker William Hill has said it plans to close about 700 betting shops, which could lead to 4,500 job losses.The firm said the move followed the government's decision in April to reduce the maximum stake on fixed-odds betting terminals to £2.Since then, the company added, it had seen "a significant fall" in gaming machine revenues.William Hill, which has 2,300 shops and 12,500 employees, said the closures could begin before the end of the year."The group will look to apply voluntary redundancy and redeployment measures extensively and will be providing support to all colleagues throughout the process," its statement said. What are fixed-odds betting terminals? Gambling firms pledge £60m to help addicts The government cut the maximum stake on fixed-odds
California is the latest state to help millions of workers join retirement savings plans

California is the latest state to help millions of workers join retirement savings plans

Finance
An estimated 7.5 million California workers soon will have access to workplace retirement savings.That's due to CalSavers, the Golden State's automatic individual retirement account enrollment plan, which officially begins on Monday. The program was established after the state required employers with five or more employees to either join CalSavers or begin offering a private plan.Over the next several years, employers will face rolling deadlines to register with CalSavers in order to comply. The first is for businesses with more than 100 employees, which have a deadline of June 30, 2020. The deadline for entities with five or more employees is June 30, 2022.The truth is, you may or may not need to replace all of your current income to retire early.ImageegamI | Getty ImagesBut all businesse...