Discount stores feast on Tesco’s market share March 11, 2014 TESCO’S market share has fallen to its lowest level in almost 10 years as the supermarket and its mid-market peers lose ground to hard discounters Aldi and Lidl. Britain’s biggest supermarket, which announced plans earlier this month to win back shoppers by cutting prices, saw its market share decline to 28.7 per cent in the [...]
Solvency II gets green light in EU parliament March 11, 2014 A NEW regulatory scheme for insurers has moved one step closer after the European parliament yesterday voted through the Omnibus II directive that will implement the rules. The long-awaited Solvency II scheme, which will set capital requirements for insurers across the EU, will be formally introduced in January 2016. The directive follows on from Solvency [...]
Vodafone’s second Ono takeover bid in deciding vote tomorrow March 11, 2014 SHAREHOLDERS of Spanish cable operator Ono will consider Vodafone’s second takeover bid tomorrow, understood to be an improved offer of between €7bn (£5.8bn) and €8bn. Last month Ono rejected Vodafone’s initial bid of €7bn, instead sticking to its original plan to pursue a public float. People close to the deal told City A.M. that Ono’s [...]
Sports Direct’s chairman in line for £67m bonus March 11, 2014 SPORTS Direct announced plans yesterday to introduce a bonus scheme that could award Mike Ashley a windfall of £67m, nearly two years after shareholders rejected previous plans to reward the retailer’s founder. The sporting goods retailer has called for a shareholder meeting on 4 April to vote on whether to award Ashley 8m shares, which [...]
Bottom Line: Ashley deserves every penny of his reward March 11, 2014 ATOP HIS impressive beer gut, Mike Ashley’s face has the healthy glow of a man who enjoys a carrot. Yesterday, Sports Direct dangled a huge one in front of its chairman in the form of a £67m share bonus – subject, of course, to the company’s profitability over the next two years. On past performance, [...]
HiFX entrepreneurs share £109m March 11, 2014 BRITISH foreign currency provider HiFX was yesterday bought by its US rival Euronet as part of a £145m cash and stock deal that will see its founders share a £109m windfall. HiFX, which has opened offices in the UK, Spain and Australia over the past 16 years since it was founded, helps its customers transfer [...]
iPlayer in dramatic redesign as BBC readies online-only shows March 11, 2014 BBC IPLAYER has been overhauled with a brand new design which the broadcaster yesterday said will lead to easier browsing, smarter searching and better show recommendations for users. iPlayer will also extend its current seven day catch up service to 30 days as part of the broadcaster’s “ambitious plans for later in the year”, which [...]
Recovery keeps on going for UK industry in 2014 March 11, 2014 THE UK is set to be the fastest-growing economy in the G7 during the next quarter, outstripping Germany and the United States, according to a major official forecast. The Organisation for Economic Co-operation and Development (OECD) said yesterday that they projected 3.3 per cent growth at an annualised rate both this quarter and next. Germany is [...]
Hundreds of banks set for stress tests as Eurozone lays out terms March 11, 2014 THE EUROPEAN Central Bank (ECB) revealed the framework for forthcoming stress tests yesterday, as the institution prepares to take up a role as the currency union’s banking regulator later this year. According to information on the asset quality review (AQR) published yesterday, the ECB will focus on 128 of the Eurozone’s biggest banks, and attempt [...]
Firms call to Stem the scientist shortage March 11, 2014 The CBI has today called for cuts in tuition fees for science and technology courses to try and fix a shortfall in graduates with much-needed skills in these areas. The business group also suggested government-set gender targets to encourage more women to take up training in the so-called Stem subjects: science, technology, engineering and maths.