This week has been tricky for government contractor Capita as its value plummeted more than £1bn just weeks after Carillion’s collapse. A leaked government analysis of Brexit claims that the UK will be worse off in every scenario after leaving the EU. It has also been a bad week for German car manufacturers as VW and BMW have been heavily criticized for testing exhaust fumes on monkeys. Also in the news, Ryanair are recognising workers’ unions for the first time and Morrisons is cutting 1,500 roles in an attempt to catch up with changing shopping habits.
Just two weeks after the collapse of Carillion, government contractor Capita looks to be in some trouble. Shares are down nearly 50% after a shock profit warning meaning that its stock market value is down more than £1bn. Despite this grim news, a spokesperson for the prime minister said that the contractor is not in the same position as Carillion.
Leaked documents from the Department for Exiting the EU (DexEU) claim that the UK will be worse off after Brexit in every scenario, even with the benefits of a trade deal with the US.
Ryanair has agreed to recognise the British Airline Pilots’ Association (BALPA) for the first time. Ryanair has previously been outspokenly hostile towards unions but had to start to make concessions in the face of pilot strikes over Christmas.
German carmakers have been under fire for funding experiments which involved monkeys and humans inhaling diesel exhaust fumes. The carmakers said to be involved include Volkswagen, BMW, and Daimler. Angela Merkel’s spokesperson said that the tests “cannot be justified ethically in any way”.
Morrisons is cutting 1,500 middle-management roles in an overhaul of its workforce to make way for 1,700 more junior roles on the shop floor. Those set to lose their jobs will be able to apply for one of the 800 current management vacancies or take a lower paid job to avoid redundancy.