Latest news with #London-business
Gulf Insider
2 days ago
- Business
- Gulf Insider
London Suffers Most Job Losses After Tax Hikes
London is bearing the brunt of the UK's jobs slowdown as a combination of tax rises, elevated wage costs and weak consumer spending force the city's business to cut payrolls faster than in the rest of the country. The capital has shed almost 45,000 payrolls since October when the Labour government announced a £26 billion ($35 billion) hike in employers' national insurance-a payroll tax-and a new higher minimum wage, according to tax data. It means one in four of all job losses across the country have come in the UK's most productive region. Combined with the surrounding South East region, the rate rises to nearly four in 10 lost jobs. Retail and hospitality are among the worst-affected sectors, according to figures published by the Office for National Statistics earlier in the week, and a large share of these roles are based in London-business group UKHospitality says about a third of jobs in its sector are in the capital. Keeping pubs and restaurants going is increasingly difficult, according to Kate Nicholls, UKHospitality's CEO. She said London was the least competitive city in Europe in terms of taxes and other costs and has lost around 30,000 hospitality jobs over the last year. 'The rent is higher, the business rates are higher, the wage costs are higher, and we are not seeing enough money coming through the front door to be able to cover those costs and for businesses to remain viable,' Nicholls said. Separate data from Indeed – a jobs website – confirmed that vacancies in London have dropped faster than the national average since October. Retail and hospitality job ads in the capital fell almost 40% over that period, compared with declines of 26% and 9%, respectively, recorded across the country. Public v private GDP data on Thursday showed the UK growing at a faster rate than other G7 countries, but most of the boost came from government spending, while consumers are still reluctant to splash out.
Time of India
2 days ago
- Business
- Time of India
London suffers most job losses after tax hikes
Advt Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. All about ETHRWorld industry right on your smartphone! Download the ETHRWorld App and get the Realtime updates and Save your favourite articles. London is bearing the brunt of the UK's jobs slowdown as a combination of tax rises, elevated wage costs and weak consumer spending force the city's business to cut payrolls faster than in the rest of the capital has shed almost 45,000 payrolls since October when the Labour government announced a £26 billion ($35 billion) hike in employers' national insurance-a payroll tax-and a new higher minimum wage, according to tax means one in four of all job losses across the country have come in the UK's most productive region. Combined with the surrounding South East region, the rate rises to nearly four in 10 lost and hospitality are among the worst-affected sectors, according to figures published by the Office for National Statistics earlier in the week, and a large share of these roles are based in London-business group UKHospitality says about a third of jobs in its sector are in the pubs and restaurants going is increasingly difficult, according to Kate Nicholls, UKHospitality's CEO. She said London was the least competitive city in Europe in terms of taxes and other costs and has lost around 30,000 hospitality jobs over the last year."The rent is higher, the business rates are higher, the wage costs are higher, and we are not seeing enough money coming through the front door to be able to cover those costs and for businesses to remain viable," Nicholls data from Indeed - a jobs website - confirmed that vacancies in London have dropped faster than the national average since October. Retail and hospitality job ads in the capital fell almost 40% over that period, compared with declines of 26% and 9%, respectively, recorded across the data on Thursday showed the UK growing at a faster rate than other G7 countries, but most of the boost came from government spending, while consumers are still reluctant to splash out.
Economic Times
3 days ago
- Business
- Economic Times
London suffers most job losses after tax hikes
iStock Representative image. London is bearing the brunt of the UK's jobs slowdown as a combination of tax rises, elevated wage costs and weak consumer spending force the city's business to cut payrolls faster than in the rest of the country. The capital has shed almost 45,000 payrolls since October when the Labour government announced a £26 billion ($35 billion) hike in employers' national insurance-a payroll tax-and a new higher minimum wage, according to tax data. It means one in four of all job losses across the country have come in the UK's most productive region. Combined with the surrounding South East region, the rate rises to nearly four in 10 lost jobs. Retail and hospitality are among the worst-affected sectors, according to figures published by the Office for National Statistics earlier in the week, and a large share of these roles are based in London-business group UKHospitality says about a third of jobs in its sector are in the pubs and restaurants going is increasingly difficult, according to Kate Nicholls, UKHospitality's CEO. She said London was the least competitive city in Europe in terms of taxes and other costs and has lost around 30,000 hospitality jobs over the last year."The rent is higher, the business rates are higher, the wage costs are higher, and we are not seeing enough money coming through the front door to be able to cover those costs and for businesses to remain viable," Nicholls data from Indeed - a jobs website - confirmed that vacancies in London have dropped faster than the national average since October. Retail and hospitality job ads in the capital fell almost 40% over that period, compared with declines of 26% and 9%, respectively, recorded across the country. Public v private GDP data on Thursday showed the UK growing at a faster rate than other G7 countries, but most of the boost came from government spending, while consumers are still reluctant to splash out. (Join our ETNRI WhatsApp channel for all the latest updates) Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Tariffs, tantrums, and tech: How Trump's trade drama is keeping Indian IT on tenterhooks Good, bad, ugly: How will higher ethanol in petrol play out for you? As big fat Indian wedding slims to budget, Manyavar loses lustre As 50% US tariff looms, 6 key steps that can safeguard Indian economy Stock Radar: JSPL forms Ascending Triangle pattern on weekly charts, could hit fresh 52-week high soon Nifty and business are different species: 5 small-cap stocks from different sectors with upside potential of up to 30% F&O Radar | Deploy Bear Put Spread in Nifty to play index's negative stance amid volatility Wealth creation: Look beyond the obvious in some things; 10 fertilizer sector companies worth watching
Yemen Online
30-07-2025
- Business
- Yemen Online
Iraqi-British hotel owner and his Iranian oil smuggling link to Yemen's Houthis
Reviews of The Gainsborough Hotel speak of its spacious rooms, friendly staff and convenient location for visiting some of London's most famous tourist sites. It is fair to say all those who have enjoyed their stay at the hotel are probably unaware of any alleged connections the establishment has to oil smuggling and Iran's Islamic Revolutionary Guards Corp (IRCG). A closer look at the ownership of the property where the hotel sits, however, reveals it to be a company whose owner has been placed under sanctions by the US for masterminding a vast oil smuggling operation. Salim Ahmed Said is an Iraqi-British citizen who runs a network of companies that have been selling Iranian oil falsely declared as Iraqi since 2020, said the US Treasury when it announced the sanctions this month. The 47-year-old owns and runs companies that have smuggled oil for the benefit of the Iranian government and the IRGC. Through bribery of Iraqi officials he has been able to pass off Iranian oil as if it originated from Iraq, through a terminal he runs just over the border. The network of which his is part has "collectively shipped tens of millions of barrels of Iranian oil and other petroleum worth billions of dollars", the Americans allege. An investigation by The National has uncovered the London-business connections of Mr Said, who the US says has two British passports and goes by several aliases. Links to a Syrian shipping magnate, who is under US sanctions for his dealings with the Houthis and Hezbollah, can also be revealed. Ships involved in the black market Iranian oil trade link Said with Houthi and Hezbollah financier Abdul Jalil Mallah. The US has described Mr Mallah as an "illicit shipping magnate", alleging he and his brother "use their shipping empire to support Iran's malign activities and those of its proxies". A joint investigation by The National and the Greek journalism organisation iMEdD revealed Mr Mallah allegedly appears to operate the business in Greece despite being under sanctions. London hotels Turn the corner on to Queensberry Place, after a short walk from South Kensington underground station, and at the end of the street the Natural History Museum's imposing towers loom into view. On the right-hand side of the road is The Gainsborough and directly opposite The Exhibitionist, its sister hotel. Both are run by the same Dublin-based company. The Gainsborough building is owned by Robinbest and was bought for £6.5 million ($8.6 million) in 2018, according to accounts. Robinbest is in turn owned by The Willett Hotel, whose owner is Mr Said, and the company has assets of £27 million, according to its most recently filed accounts. The Willett Hotel's correspondence address is, however, The Exhibtionist Hotel, while its registered office is The Gainsborough Hotel. The building that is home to The Exhibitionist is owned by another company, The Exhibitionist Holdings. The Exhibitionist Holdings' solicitor said his client's accountants were raising this crossover with Companies House "as a matter of urgency". The Willett Hotel's registered office was once the Exhibitionist Hotel's site but it shifted across the road to The Gainsborough before again it moved, this time to an accountancy firm in east London, which was also the registered office of Robinbest. An employee, who asked for his identity and that of the firm not to be revealed, confirmed the handsome townhouse was part of Mr Said's empire when The National visited. He said he was 'very surprised' when told both the companies have been placed under sanctions by the US. 'We were not aware that he was involved in the oil business, only hotels,' he said. 'We're not aware of any sanctions.' The employee said the firm dealt only with Mr Said's staff and never with him. They sent all the relevant paperwork needed to file accounts. 'Everything is above board and the companies pay tax,' he said. Both The Willett and Robinbest moved their registered office addresses to The Gainsborough soon after The National began its investigation. Mr Said is from the town of Ranya in Iraq's semi-autonomous Kurdish region and first came to the UK in 2002 after which he was granted asylum, The Sunday Times reported.
The National
30-07-2025
- Business
- The National
Iraqi-British hotel owner and his Iranian oil smuggling link to Yemen's Houthis
Reviews of The Gainsborough Hotel speak of its spacious rooms, friendly staff and convenient location for visiting some of London's most famous tourist sites. It is fair to say all those who have enjoyed their stay at the hotel are probably unaware of any connections the establishment has to oil smuggling and Iran's Islamic Revolutionary Guards Corp (IRCG). A closer look at the ownership of the property where the hotel sits, however, reveals it to be a company whose owner has been placed under sanctions by the US for masterminding a vast oil smuggling operation. Salim Ahmed Said is an Iraqi -British citizen who runs a network of companies that have been selling Iranian oil falsely declared as Iraqi since 2020, said the US Treasury when it announced the sanctions this month. The 47-year-old owns and runs companies that have smuggled oil for the benefit of the Iranian government and the IRGC. Through bribery of Iraqi officials he has been able to pass off Iranian oil as if it originated from Iraq, through a terminal he runs just over the border. The network of which his is part has "collectively shipped tens of millions of barrels of Iranian oil and other petroleum worth billions of dollars", the Americans allege. An investigation by The National has uncovered the London-business connections of Mr Said, who the US says has two British passports and goes by several aliases. Links to a Syrian shipping magnate, who is under US sanctions for his dealings with the Houthis and Hezbollah, can also be revealed. Ships involved in the black market Iranian oil trade link Said with Houthi and Hezbollah financier Abdul Jalil Mallah. The US has described Mr Mallah as an "illicit shipping magnate", alleging he and his brother "use their shipping empire to support Iran's malign activities and those of its proxies". A join t investigation by The National and the Greek journalism organisation iMEdD revealed Mr Mallah appears to operate the business in Greece despite being under sanctions. London hotels Turn the corner on to Queensberry Place, after a short walk from South Kensington underground station, and at the end of the street the Natural History Museum's imposing towers loom into view. On the right-hand side of the road is The Gainsborough and directly opposite The Exhibitionist, its sister hotel. Both are run by the same Dublin-based company. The Gainsborough building is owned by Robinbest and was bought for £6.5 million ($8.6 million) in 2018, according to accounts. Robinbest is in turn owned by The Willett Hotel, whose owner is Mr Said, and the company has assets of £27 million, according to its most recently filed accounts. The Willett Hotel's correspondence address is, however, The Exhibtionist Hotel, while its registered office is The Gainsborough Hotel. The building that is home to The Exhibitionist is owned by another company, The Exhibitionist Holdings. The Exhibitionist Holdings' solicitor said his client's accountants were raising this crossover with Companies House "as a matter of urgency". The Willett Hotel's registered office was once the Exhibitionist Hotel's site but it shifted across the road to The Gainsborough before again it moved, this time to an accountancy firm in east London, which was also the registered office of Robinbest. An employee, who asked for his identity and that of the firm not to be revealed, confirmed the handsome townhouse was part of Mr Said's empire when The National visited. He said he was 'very surprised' when told both the companies have been placed under sanctions by the US. 'We were not aware that he was involved in the oil business, only hotels,' he said. 'We're not aware of any sanctions.' The employee said the firm dealt only with Mr Said's staff and never with him. They sent all the relevant paperwork needed to file accounts. 'Everything is above board and the companies pay tax,' he said. Both The Willett and Robinbest moved their registered office addresses to The Gainsborough soon after The National began its investigation. Mr Said is from the town of Ranya in Iraq's semi-autonomous Kurdish region and first came to the UK in 2002 after which he was granted asylum, The Sunday Times reported. His first business venture was a shop named Rhine in Leicester, which was dissolved in 2014. It is not known when he became involved in oil trading. Smuggling operation The complex and shadowy operation run by Salim Ahmed Said is revealed in detail by the US Treasury. At the heart of his sanctions-busting enterprise is the oil terminal at the port of Khor Al Zubayr in southern Iraq, where a company he owns, VS Oil, manages six oil storage tanks. The port sits on a waterway about 40km from Basra but Iran sits on the other side of the neighbouring Shatt Al-Arab river. As sanctions have tightened on it in recent years, Iraq has increasingly become Iran's lifeline and there have been reports that oil smuggling has increased since Prime Minister Mohammed Shia Sudani took office in 2022. The proximity of Mr Said's operation to Iran makes it convenient for the country's oil to be clandestinely shipped there clandestinely. To pay for the delivery, VS Oil employees smuggle hard currency into Iran in cars and lorries, some of which carry millions of dollars each. Once the Iranian oil is dropped off at Khor Al Zubayr it is mixed with Iraqi oil. Tankers carrying Iranian oil also conduct ship-to-ship transfers with vessels carrying Iraqi oil in nearby VS Oil's terminal facilities. Vessel tracking shows that VS Oil has been visited by a number of tankers, which transport Iranian petroleum products on behalf of US-sanctioned Iranian company Triliance Petrochemical. Ships operating for Iranian military front company Sahara Thunder have also visited VS Oil. Sahara Thunder is the main front company that oversees the IRGC's support for Russia's war in Ukraine, including the design, development, manufacture and sale of thousands of drones. This activity was founded by the widespread bribery of Iraqi officials. Mr Said has paid millions of dollars in bribes to many members of key Iraqi government bodies, including its parliament, in exchange for forged vouchers allowing him to sell Iranian oil as if it originated from Iraq. This blended oil that was authenticated by these officials was ultimately sold on the world markets. One expert told The National it was surprising that vessels had been actually sailing into an Iraqi port with Iranian oil to be blended with Iraqi. The expert explained that previously ships transporting Iranian oil had been pretending to be moored in Iraqi ports only to circumvent sanctions. This is done through what is known as spoofing – the manipulation of a ship's automatic identification system. 'So the blending part, that was something that we had not been seeing,' said the expert. While the US has stepped up its designation of vessels suspected of smuggling oil for Iran, tanker operators are 'very quick at adapting'. 'They're quick at moving things under a new name, new companies, new structures, new vessels, repurchasing vessels to fill the gap left by the ones have not been designated,' the source said. 'It's a shame because the US is doing a great job in terms of finally paying attention to this, but it's also not a comprehensive strategy. They are piecemeal designating. 'Until they really hit everyone hard, every single vessel, every single company, they just keep replacing and replacing. And so it just makes it harder.' Shadow fleet In a bid to avoid sanctions on its oil exports imposed by the US, Iran uses a network of oil tankers whose ownership is deliberately obscured. This shadow fleet, as it has come to be known, enables the regime to transport its oil to generate revenue for the struggling national economy. Iran relies on non-sanctioned ships to receive Iranian oil from sanctioned vessels using ship-to-ship transfers before carrying the cargo to buyers in Asia, mainly China. Ships in this shadow fleet have been operated by companies owned or controlled by Salim Ahmed Said. According to the US Treasury, he controls a UAE-based company called VS Tankers despite avoiding formal association with the business, which has smuggled oil for the benefit of the Iranian government and the IRGC. VS Tankers was formerly known as Al-Iraqia Shipping Services & Oil Trading. In 2020, the company reportedly brokered a deal to transport Iranian oil via Iraqi pipelines to be blended and sold as Iraqi oil. Mr Said is also the owner of Rhine Shipping, which was first implicated in blending Iranian oil to sell as Iraqi oil in 2022. Rhine Shipping was previously exposed as the manager of the oil tanker Molecule, which loaded oil in the Arabian Gulf from an Iranian tanker that had turned off its location transponder to conceal the transaction. The Molecule was subsequently sanctioned for its role in shipping Iranian oil as part of the network of Iran-backed Houthi financial official Sa'id Al Jamal. Helping the Houthis Under the direction of Mr Al Jamal, Syrian citizen Abdul Jalil Mallah facilitated transactions worth millions of dollars to Swaid and Sons, a Yemen-based exchange house associated with the Houthis. Mr Mallah is subject to an arrest warrant in the UK and has been listed as a specially designated global terrorist by the US Treasury since 2021 for his involvement with Hezbollah and the Houthis in deals it says were worth 'millions of dollars". He has worked with Mr Al Jamal to send millions of dollars' worth of Iranian crude oil to Hezbollah, the US alleges. Mr Al Jamal, financial backer of the Houthis, is based in Iran and directs a network of front companies and vessels that smuggle Iranian fuel, petroleum products and other commodities to customers throughout the Middle East, Africa and Asia. Last year, the US Treasury also sanctioned four ships belonging to Mr Mallah's brother Luay Al Mallah. Abdul Jalil was successfully sued in the UK over a deal he struck with three subsidiaries of the US firm Oaktree Capital Management (OCM) to finance the acquisition of two cargo ships – the Amethyst and the Courage. OCM sought to terminate the deal in June 2021 when Mr Mallah was placed under sanctions, and his assets and bank accounts were subject to a US freezing order. Subsequent lawsuits sought to wrest control from Mr Mallah. OCM had also sought £1 million in legal costs and in a subsequent court order in May 2024, Mr Mallah was given a prison sentence for fraud. Mr Mallah's submissions included forged documents purporting to be from the Greek authorities showing he had left the country before the notice was served, which led to a hearing for contempt of court. He was sentenced to 18 months in jail, though he is unlikely ever to serve any of it. In response, the shipping tycoon insisted he was the victim of a set-up. "I have nothing to do with Hezbollah and the Houthis. This is a big lie against me to rob me,' he said. Luxury home Mr Said lives in Dubai in the prestigious Palm Jumeirah, a big attraction for foreign buyers making high-end property purchases. When The National tried to pay a visit to his villa in Frond D, security did not allow anyone to pass unless there was permission from the owner. There was a small roundabout before the checkpoint at the Frond D entrance with a small sign on the right mentioning the letter of the Frond with a brief warning in Arabic and English: "Residents and visitors only". The security guard asked for identification and the reason for visiting. 'The host needs to alert the security so you can go inside after showing identification,' he said. Dubai is one of the world's most active markets for luxury homes and The Palm is the most desirable location for $10 million-plus properties. It has 17 fronds which extend outward from the trunk of the island, forming the distinctive palm tree shape. It is spread over an area of 560 hectares and divided into three main areas, The Crescent, Trunk and Fronds. They are primarily designed to house luxury residential villas, hotels and resorts. In June, an announcement was made for five luxurious villas to be built on land bought for Dh365 million ($99.4 million) on the island by developer 25 Degrees. Frond D is a gated sub-community on the north-east of The Palm development. The fronds are primarily residential areas, so access is often restricted to residents, guests or those with legitimate business.
