Mike Ashley: I didn't know about the problems at Sports Direct – business live

Discussion in 'Market News' started by Lily, Sep 20, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    All the latest economic and financial news, as sports retailer bows to pressure over treatment of workers at its Shirebrook warehouse

    8.21am BST

    With hindsight, I should have done a better job overseeing corporate governance and HR issues, Mike Ashley admits.

    Q: How can you make serious changes, though, when you have exactly the same board in place?

    8.17am BST

    Q: So were you appalled when you heard what was happening?

    My initial reaction was that these things couldn’t be happening at Sports Direct, Mike Ashley says.

    8.16am BST

    Mike Ashley is speaking on BBC One now.

    Q: Isn’t it incredibly damaging that MPs have decribed your warehouse conditions as “Victorian”?

    Should I known more, yes? Did I know what was happening? Absolutely not.

    8.11am BST

    Sports Direct says it has already fixed some of the serious problems at Shirebrook, such as the security searches conducted after workers’ paid shifts have ended.

    But the independent team will want to check whether the other problems, which saw Shirebook dubbed “the gulag” are being addressed:

    Related: A day at 'the gulag': what it's like to work at Sports Direct's warehouse

    Related: Revealed: how Sports Direct effectively pays below minimum wage

    8.04am BST

    Sports Direct’s decision is being welcomed as a major win for shareholders and campaigners.

    Here’s Ian Smith of Investors Chronicle:

    A win for shareholders as Sports Direct decides independent review of its working practices will now not be carried out by legal adviser RPC

    All Sports Direct staff will vote in the election of a worker representative to the board. It's that shareholder society a-coming

    A big climb down from sports direct this morning.retailer says it will allow an independent party to carry out a review of governance

    Well done @unitetheunion! Mike Ashley announces *independent* review of working practices at Sports Direct! #r4today

    7.59am BST

    Big news from Sports Direct this morning -- the retailer has agreed to hold an independent review of its working practices and corporate governance.

    This looks like a u-turn from founder Mike Ashley. He had originally planned to use his own lawyers, RPC, to conduct the probe, but has been pressured by large shareholders to get a fully independent team involved instead.

    Sports Direct today announces that the forthcoming ‘360-degree’ review of working practices and corporate governance which was announced on 6 September 2016 and which was to be led by RPC will now be led by an independent party other than RPC.

    Related: Sports Direct bows to pressure and agrees to independent review

    7.52am BST

    Newsflash: the City is getting another female chief executive.

    Pharmaceuticals giant GlaxoSmithKline has promoted Emma Walmsley, currently the head of its Consumer Healthcare division, to replace Andrew Witty as CEO.

    Today we’ve announced Emma Walmsley will succeed Sir Andrew Witty as CEO of GSK. Read more: https://t.co/amyuIRK1uJ pic.twitter.com/Z7awbyPKt3

    I am delighted and honoured to be appointed GSK’s next CEO. GSK is a company that leads both in science and in the way it does business.

    We have momentum in the Group and as the demand for medical innovation and trusted healthcare products continues to rise, we have the opportunity and the potential to create meaningful benefits for patients, consumers and our shareholders. I’m looking forward to working with Andrew and other leaders over the next few months to ensure a smooth handover and to develop plans for 2017 and beyond.

    Proud to work for a company who has a female CEO.@sherylsandberg @Arianahuff https://t.co/7WgU86oi2l

    7.33am BST

    Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

    After yesterday’s rally, Europe’s stock markets look remarkably subdued this morning. Investors are waiting nervously for tomorrow’s splurge of central bank news, with the Bank of Japan and the US Federal Reserve setting monetary policy.

    We do not expect the BoJ to ease monetary policy as such but expect it to adjust its policy framework by (1) changing its wording on when it expects to achieve its 2% inflation target and (2) adding some flexibility to its government bond purchase programme while maintaining its negative interest rate policy.

    We are called flat at the start of trading in Europe https://t.co/PinxrfO474 pic.twitter.com/FVdtwX1UQs

    Nein! Deflation ist back. German PPI -0.1% in Aug vs flat est v +0.2% Jul, although annual deflation eased from -2.0% to -1.6% as expected

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