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Air France-KLM is buying 31% of Virgin Atlantic

Air France-KLM is buying almost a third of Virgin Atlantic, leaving Sir Richard Branson’s parent company, Virgin Group, with a minority stake in the airline he founded. Air France-KLM is taking a 31% stake, worth £220m, in Virgin Atlantic as part of a four-way joint-venture with US partner Delta. Virgin ...

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BBC women let gender pay gap happen, government adviser says

Female staff at the BBC let the gender pay gap happen “because they weren’t doing much about it”, a government adviser on equal pay has said. Businessman Sir Philip Hampton told the Evening Standard newspaper in London that in contrast to men, he had “never, ever had a woman ask ...

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Jeff Bezos: Amazon founder is world's new richest man

Amazon founder Jeff Bezos has overtaken Bill Gates to become the world’s richest person. A rise in Amazon shares on Thursday means Mr Bezos’s worth has now eclipsed the $90.8bn (£69.2bn) personal wealth of the Microsoft co-founder. That was the calculation for Mr Gates as of Wednesday night, according to ...

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BoE deputy governor role given to Treasury official

Senior Treasury civil servant Sir Dave Ramsden has been selected as the Bank of England’s new governor for markets and banking. He replaces Charlotte Hogg, who resigned in March just two weeks into the job after failing to declare her brother worked for Barclays. Sir Dave will also join the ...

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Twitter sees monthly user growth stall

The number of Twitter users each month has stalled, as the social networking site posted a fall in revenue. Twitter said average monthly active users in the three months to the end of June was 328 million, the same as in the previous quarter. Shares in the company fell 5% ...

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Airbus cuts superjumbo A380 production again

European aircraft maker Airbus has cut production of its A380 superjumbo for the second time in a year. Deliveries of the double-decker will now fall from 15 this year to 12 in 2018 and eight in 2019, Airbus said. Chief Executive Tom Enders said that prospects of further sales of ...

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TNT cyber-attack crippling small firms, says FSB

Small firms are being “crippled” by the continuing impact of last month’s NotPetya cyber attack on Dutch delivery firm TNT, a business group has warned. The Federation of Small Businesses (FSB) says it has “serious concerns” over the effects of the 28 June attack. “[It] has been debilitating for some ...

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Sky profits sag as football costs rise

Higher costs for Premier League rights have hit annual profits at Sky despite a jump in revenues and new customers. The satellite broadcaster said total costs rose by 5%, with the £629m jump in football rights accounting for most of the increase in programming costs. That helped send pre-tax profit ...

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Foxtons blames political uncertainty for profits plunge

London-focused estate agent Foxtons saw profits plunge 64% in the first six months of this year. Pre-tax profits fell to £3.8m, down from £10.5m for the same period last year. Revenues fell 15% to £58.5m. Foxtons’ head Nic Budden said demand had slowed in the face of “unprecedented economic and ...

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Volkswagen shrugs off cartel allegations

Volkswagen has defended its record after allegations that it teamed up with other German car giants to breach EU cartel rules. VW said it was normal for manufacturers to exchange technical information to speed up innovation. However, it declined to comment on specific allegations that five German carmakers colluded on ...

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