THE DAILY BRIEFING
LUSH EXODUS Cosmetics maker Lush is relocating 18 staff from Britain to Germany.
Lush, which makes cosmetics by hand, said uncertainty caused by the EU referendum in June had forced it to accelerate plans to increase production at its factory in Dusseldorf.
‘ While this was always the plan, the reality of the Brexit vote has meant we have done it with a bullet,’ the company said.
Lush said more staff could move in the future. Lush employs about 1,400 workers at its factory in Poole in Dorset.
INSURANCE CLAIM Workers at the insurance giant Prudential have begun industrial action in protest at the offshoring of skilled jobs to Mumbai.
Members of the union Unite have said they will not co- operate, or undertake any work related to the move of 76 roles from Reading to India.
This will include refusing to answer emails or phone calls, attending meetings and training new staff.
Unite regional officer Ian Methven said: ‘ Unite has repeatedly challenged the business case for this offshoring as there will not be any benefit to customers and the cost savings are also questionable.’
PENSION UPLIFT Canada Life has become the first investment firm to lift the suspension on its property fund.
Some £14.5bn of savers’ cash was locked into funds after the EU referendum as managers looked to avoid a rush for the exit amid economic uncertainty.
Savers are now able to take money in and out of the £450m Canlife UK Property life and pension funds, although a 7pc markdown on the value of its assets still stands.
GAS DEAL BP has signed a second production- sharing contract for shale gas exploration in China.
The deal, with China National Petroleum Corporation, covers an area of approximately 1,000 square kilometres (386 square miles) at Rong Chang Bei in the Sichuan Basin. The energy giant and CNPC signed their first shale gas contract on the adjoining Neijiang-Dazu block in March. BOND SALE Saudi Arabia is considering a second bond sale following massive demand for its maiden issue.
The nation is set to release £11.3bn of bonds next month to fund a string of social and economic reforms.
It has long relied on oil revenues to support state spending, but a slump in prices caused by a supply glut has forced a rethink.