The City has been rocked by a trio of profit warnings from airline group IAG, publisher Pearson and tobacco firm Imperial Brands Introduction: IAG profits warning Pilots strike cost €137m alreadyGround staff and budget airline problems hit profits tooVaping backlash hurts ImperialPearson profits slump as print textbooks shunned 2.54pm BST We have ANOTHER profits warning – our fourth of the day. 2.45pm BST Just in: Thomas Cook’s CEOs, directors and auditors are to be investigated by MPs keen to discover who is to blame for its collapse.The House of Commons Business, Energy and Industrial Strateg Committee has just announced it will hold an inquiry into Thomas Cook, starting in mid-October.“Amid the frustration of holidaymakers and the misery of thousands of staff losing their jobs, the collapse of Thomas Cook has uncovered what appears to be a sorry tale of corporate greed, raising serious questions about the actions of Thomas Cook’s bosses and their stewardship of the business. This latest corporate failure has shone a light once again on the use of aggressive accounting methods to aid bumper pay-outs to company executives and the apparent inability of auditors and regulators to curb these practices in the wider interests of shareholders, investors, and the public.“The BEIS Committee has a long-standing interest in corporate governance, executive pay, and audit reform which we are keen to follow up in this inquiry. The main players in the sad demise of Britain’s oldest travel firm should face public scrutiny and be held to account for their actions before the company collapsed.”Breaking: the @commonsbeis select committee met today and decided to hold an inquiry into collapse of Thomas Cook. CEOs and chairs, past and present will be asked to appear before MPs. Inquiry will look at role of management and auditors. Starts mid-October. Continue reading…
Via: Profits warnings from British Airways, Pearson, and Imperial Brands – business live
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PIERS MORGAN: A phone call I received from a fired-up Trump should be a warning to Democrats
President Trump called me for a chat on Saturday. It was our first conversation since he unfollowed me on Twitter in April after I wrote a Mail column telling him to ‘Shut the f*ck up Read more…