Jonathan Wheatley

Conservative head of campaigning probed by Gambling Commission

A 64-year-old man from Essex has been charged with offences under the National Security Act for assisting Russia’s intelligence service, London’s Metropolitan Police said on Thursday. Howard Michael Phillips of Harlow was remanded in police custody and appeared at Westminster Magistrates’ Court on Thursday afternoon. The force said officers from its counter terrorism command had searched addresses in Hertfordshire and Essex in England as part of a wider investigation. “Both searches are now co…

Unilever is to split off its ice cream business and accelerate its growth plan in moves that will affect 7,500 staff globally. The company said its productivity programme would deliver savings of about €800mn over the coming three years, “more than offsetting operational dis-synergies” from the separation of ice cream. The maker of Marmite, Hellmann’s, Dove soaps and cleaning products such as Domestos and Cif, which employs 128,000 people globally, said it would continue to optimise its portfo…

The husband of a BP employee has pleaded guilty to insider trading for illegal share purchases he made after overhearing his wife talking about a deal while working from home. Tyler Loudon admitted to making more than $1.7mn in illegal profits from buying up thousands of shares in TravelCenters of America ahead of its $1.3bn acquisition by BP in February 2023, the US Attorney’s office in Houston said. Sentencing has been set for May 17, when Loudon faces up to five years in prison and a fine o…

Amer Sports, owner of brands including Salomon, Wilson and Arc’teryx, has filed for an initial public offering on the New York Stock Exchange, as the Chinese-owned company looks to raise money to reduce its debts. Amer was founded in Finland in 1950 and bought in 2019, in a deal that valued it at $5.6bn, by a consortium led by Anta Sports of China, which makes sportswear under its own brand and has the Chinese rights for Italian brand Fila. Video game maker Tencent and Lululemon founder Chip Wi…

AP Møller-Maersk plans to axe at least 10,000 jobs as the container shipping industry’s pandemic-driven boom gives way to weaker demand during the economic downturn. The owner of the industry’s second-largest fleet said on Friday it was stepping up cost cuts as the global cost of living crisis hits harder. Container shipping lines had already warned this year would be much tougher, but the outlook has deteriorated. Maersk chief executive Vincent Clerc warned that shipping costs would remain u…

The rouble sank beyond 100 to the US dollar on Tuesday, confounding Russian authorities’ attempts to halt a steep decline this year and pushing it close to levels hit in August. Russia’s currency has lost nearly a quarter of its value since Moscow’s full-scale invasion of Ukraine in February 2022, as western sanctions weigh on export revenues and widen the country’s budget deficit. The rouble last broke through the 100 mark in August, sparking alarm on state media and forcing the central bank…

The UK competition watchdog has threatened to open an in-depth probe into Beko maker Arçelik’s deal to buy the majority of Whirlpool’s European home appliances business due to concerns it could reduce choice for consumers and push up prices. The Competition and Markets Authority said on Thursday that it would open a deeper investigation into the deal “unless Arçelik offers undertakings” to assuage the regulator’s fears that it “could reduce choice in the supply of washing machines, tumble dryer…

Kingfisher has cut its annual profit forecast as the home improvement retailer faced tougher markets in Poland and France, sending its shares down more than 5 per cent. The retailer, which owns the DIY chain B&Q in the UK and Castorama in France, said on Tuesday that pre-tax profits for the year would be £590mn, below a previous target of £634mn. Chief executive Thierry Garnier said the guidance had been cut “to better reflect our performance in [the first half] and the trading environment in…

Melrose Industries, the former UK turnaround specialist, has ruled out any imminent deals saying it will focus on building up its booming aerospace business instead. The company has also announced the departure of its founders, a group of executives who made a string of acquisitions in engineering and manufacturing over the past two decades and built up a loyal following in the City, London’s financial district. Peter Dilnot, the chief operating officer who will become chief executive next Mar…