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Manufacturing sector suffers nearly 20% increase in insolvencies

Insolvencies in the manufacturing sector rose sharply as company failures across the UK economy suffered a setback, according to data compiled by Exaro. The number of manufacturing companies that filed one or more insolvency notices in June rose 19 per cent year on year. The Exaro Insolvency Index also shows that the figure across all sectors rose by nearly 5 per cent.

Business recovers as UK economy suffers fewer company failures

Company failures continued to fall in the UK in the latest monthly figures from the Exaro Insolvency Index. With a sharp drop in companies that entered the early stages of the insolvency process, the figures are giving some optimism to specialists in business recovery about the overall economy. And the numbers fell more strongly in the retail sector.

Saudi king’s brother-in-law handled UK contract’s ‘agency fees’

One of the king of Saudi Arabia’s relatives ran a company that skimmed 10 per cent from a massive contract with a British contractor. Mahmoud Fustok, King Abdullah’s brother-in-law, is named in a book to be launched on Wednesday as the manager of a Lebanese company that received millions of pounds in commission from a defence deal between the UK and Saudi governments.

UK considers corruption probe into helicopter deal with India

Helicopter maker AgustaWestland faces the prospect of a criminal investigation in the UK over a huge contract with India. UK officials say that they are “carefully” monitoring a corruption trial in Italy over the contract. Meanwhile, Philip Hammond, defence secretary, told Exaro that he was unaware of a formal request by India for UK help over a criminal investigation into the contract.

UK economy enjoys falling insolvencies for first time this year

Company insolvencies in the UK are decreasing for the first time this year. And the number of businesses that entered the early stages of the insolvency process has fallen sharply. In April, 2,611 companies were going through insolvency, down just under three per cent from 2,687 for the same month last year, according to the Exaro Insolvency Index.

South East outside London sees insolvencies increase steeply

Insolvencies in the South East of England are rising more sharply than across the UK as a whole, figures compiled by Exaro show. The number of companies that were going through insolvency in the South East jumped 45 per cent in March year on year, and up nine per cent for the whole UK, according to the Exaro Insolvency Index.

Middleman on UK-India deal agrees plea bargain over ‘bribes’

Italian prosecutors have agreed a ‘plea bargain’ with a middleman who they accused of bribing Indian officials to help Britain secure a huge helicopter contract. Pressure on AgustaWestland, the British helicopter maker, over the corruption allegations has increased as an Italian judge approved the plea bargain. Ministers in Britain also face even more questions over the affair.

Company failures rise despite George Osborne’s budget cheers

Company failures are on the rise again as insolvency figures across the board are up compared with last year, according to data compiled by Exaro. As George Osborne, chancellor, celebrated improved economic indicators in his budget speech last week, the Exaro Insolvency Index highlights a more troubling picture for UK business. Increasing numbers of companies filed one or more insolvency notices.

Diplomat lobbied India over helicopter deal, minister confirms

One of the UK’s key diplomats who helped AgustaWestland win a huge helicopter contract with India went on to run the company’s arm in Delhi. Exaro can reveal the “revolving-door” case as Michael Fallon, business minister, was forced to confirm to Parliament the former diplomat’s role in the AgustaWestland deal. India cancelled the contract in January amid allegations of bribery.

UK government helped negotiate ‘corrupt’ contract with India

UK officials helped an Anglo-Italian contractor clinch a huge helicopter deal with India that has become embroiled in bribery allegations, Exaro can reveal. The civil servants were from UK Trade & Investment Defence & Security Organisation (UKTI DSO), the government agency that promotes British exports. The disclosure undermines efforts by David Cameron, prime minister, to distance the UK from the allegations.

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