Ikea halts new Preston store as UK profits fall

Ikea halts new Preston store as UK profits fall

Ikea has reported a sharp fall in UK profits and pulled out of opening what would have been its second-largest store in the country. The Swedish retailer blamed higher wages and the cost of investments in its stores and website for a near-40% slump in profits in the year to 31 August 2017. Pre-tax profits slid from £140m to £87m, according to accounts filed at Companies House. The figures coincided with Ikea’s decision to abandon a plan to open one of its famous blue sheds in Cuerden, near Preston. The…

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Shell faces a shareholder challenge in its approach to climate change

Shell faces a shareholder challenge in its approach to climate change

Royal Dutch Shell faces a shareholder challenge over climate change this week, as investors insist oil and gas firms should offer more transparency and action on carbon emissions. A growing number of pension funds have backed a resolution at Shell’s AGM on Tuesday that calls on the company to set tougher carbon targets that are in line with the goals of the Paris climate deal. The proposal has been backed by the Church of England, the Dutch pension fund Aegon and, most recently, Nest, the workplace pension scheme set up…

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Zuckerberg will appear before the European Parliament on Tuesday

Zuckerberg will appear before the European Parliament on Tuesday

Mark Zuckerberg, CEO of social media giant Facebook, will appear before the European Parliament on Tuesday to answer questions about the company’s privacy policy, the company said. The appearance will take place in closed session, behind closed doors, much to the chagrin of Guy Verhofstadt, former Belgian PM and leader of the parliament’s liberal faction. Zuckerberg’s appearance is in relation to new EU privacy rules which come into force later this month. Facebook has a European base in Ireland, and so is covered by the rules. The parliament will be…

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