Horrible bosses: How retailers can clean up their image March 7, 2019 It seems like a case of “another day, another scandal” in the retail industry at the moment. This time it’s Ted Baker founder and CEO, Ray Kelvin, who has been accused of “forced hugging”. While I can’t comment on the innocence (or otherwise) of the shamed chief, he joins a growing list of alleged wrong [...]
Interserve wins over major shareholder as rescue deal vote looms March 7, 2019 A major shareholder has thrown its weight behind Interserve’s board in the their ongoing struggle for control of the outsourcer against US hedge fund Coltrane Asset Management, City A.M. can reveal. Aberdeen Standard Investments (ASI), which controls 4.6 per cent of Interserve’s shares, on Thursday endorsed the firm’s rescue deal designed to to stop it going into administration. [...]
UK to remain part of key euro payments system even in a no-deal Brexit March 7, 2019 The UK will remain part of a key euro payments system even in the event of a no-deal Brexit. The European Payments Council (EPC) has ruled that the UK can remain in the bloc’s Single Euro Payments Area (SEPA) regardless of the outcome of Brexit. Read more: Clock ticking: EU gives May until tomorrow to [...]
UK matches EU offer to protect flying rights in event of no-deal Brexit March 7, 2019 The UK government has said it will match the EU's offer to protect flying rights in the event of a no-deal Brexit, allowing planes to take off unhindered after 29 March. The Department for Transport (DfT) said it had "adopted this approach to provide reassurance and minimise disruption — providing a cushion during which future [...]
Interserve inches closer to safety as second proxy adviser embraces rescue deal March 7, 2019 Interserve scored a second victory on Thursday in a long running feud with its biggest shareholder, Coltrane Asset Management, as Europe’s largest independent shareholder advisor backed a rescue deal designed to save it from administration. Pensions and Investment Research Consultants (PIRC) has followed another advisor, Institutional Shareholder Services (ISS), in throwing its weight behind the [...]
Euro falls as Eurozone growth forecasts slashed March 7, 2019 European Central Bank (ECB) president Mario Draghi today announced a significant downgrade in Eurozone growth predictions as he renewed a stimulus programme of cheap loans to bolster the struggling economy. The ECB predicted that Eurozone GDP would increase only 1.1 per cent in 2019, 0.7 percentage points down from its December 2018 prediction. It forecast growth of [...]
LK Bennett collapses into administration March 7, 2019 Upmarket women’s footwear retailer LK Bennett has collapsed into administration, in the latest sign of industry trouble on the high street. Some 500 jobs across 39 stores are now at risk at the high end firm, which has appointed accountancy firm EY as administrators. In a statement this afternoon, EY said: "A sale process for the [...]
Countrywide shares tumble as it confirms heavy losses amid housing market slowdown March 7, 2019 Shares in estate agency Countrywide dropped more than eleven per cent today after it confirmed a widening of its full-year losses and warned of a tough year ahead. The figures Full-year revenue fell seven per cent to £627.1m, driven by a pipeline deficit in sales. The firm’s losses widened from £207.3m to £218.2m. Adjusted earnings before [...]
UK told to come up with ‘acceptable’ backstop solutions as Brexit deadline looms March 7, 2019 The government is under pressure from the EU to urgently find solutions to break the Brexit impasse by tomorrow. EU leaders have asked the UK to submit "acceptable" proposals by Friday to break the deadlock over the Irish backstop, which remains the main obstacle to the two sides coming to mutual agreement. Read more: Bank [...]
Bank of England more likely to cut interest rates after no-deal Brexit, policymaker says March 7, 2019 The Bank of England’s monetary policy committee would be more likely to cut interest rates in the event of a no-deal Brexit, according to rate-setter Silvana Tenreyro. Tenreyro’s comments adds further clues as to the direction of travel for interest rates if Britain leaves the EU without a deal. Read more: Brexit uncertainty costs UK [...]