Better-than-expected January sales buck retail fears as discounts lure in shoppers February 15, 2019 Retail sales beat expectations in January, as shoppers seized on New-Year deals despite a wider slowdown in spending amid political uncertainty. According to new Office for National Statistics (ONS) figures which buck a recent trend of gloomy retail surveys, month-to-month sales volumes in the sector climbed one per cent during January, trumping consensus estimates of [...]
Spain calls snap election after Prime Minister Pedro Sanchez ‘s budget proposals rejected February 15, 2019 Spain called a snap election for 28 April today after its national budget was rejected. The socialist government’s budget proposal was defeated on Wednesday when politicians in favour of Catalan seceding joined right-wing parties in voting it down. Read more: Germany narrowly avoids recession as GDP stagnates in the fourth quarter It means Spain will [...]
Lyft to pitch fast growth to investors as IPO race with Uber intensifies February 15, 2019 Lyft is set to pitch its fast growth in the US to investors as it seeks to beat out rivals Uber to become the first publicly listed ride-hailing company. It will tell investors its share of the US market is close to 40 per cent, a five per cent increase on a year earlier, having [...]
US-China trade talks end, but we still have no official outcome February 15, 2019 High levels trade talks between the US and China ended today with no official statement from either side. Earlier this week it was reported that US President Donald Trump was considering pushing back a 1 March deadline for US tariffs on China to ramp up by 60 days. Trump and Chinese President Xi Jinping are [...]
HMV to reopen Glasgow Braehead store as new owner ramps up negotiations with landlords February 15, 2019 HMV is to repoen its fourth store earmarked for closure, as new owner Doug Putman continues his run of rental renegotiations with high street landlords. The music chain's Glasgow Braehead is set to open up its doors this morning after a week of being closed, City A.M. has learned. Putman has struck a deal with the outlet's landlord, Intu, after [...]
Theresa May to back down on Brexit backstop demands with EU February 15, 2019 Prime Minister Theresa May is reportedly set to compromise on demands for the Brexit deal to be renegotiated, with the UK government backing down on its requests for changes to the controversial Irish border "backstop" agreement. Brexit secretary Stephen Barclay told the EU's chief negotiator Michel Barnier that the government is not pursuing a reopening to [...]
German insurance giant Allianz unveils record €11.5bn profit February 15, 2019 German insurer Allianz said today that its operating profit for 2018 was €11.5bn (£10.1bn), the highest in its history. Allianz had targeted operating profit of €10.6bn to €11.6bn so its result was in the upper end of its targeted range. Read more: Insurer Zurich boosts profit 20 per cent and hikes dividend The company attributed operating [...]
Segro to make £450m placing as profits soar February 15, 2019 Warehouse landlord Segro said today that it is planning to raise £450m as it looks to ramp up development amid a boom in demand for storage space from online retailers. Britain’s largest listed property firm, which also posted a double-digit profit rise in its full-year results this morning, has proposed a placing of shares to fund [...]
RBS raises dividend on booming profits, but warns on cost of Brexit February 15, 2019 Royal Bank of Scotland (RBS) boosted its dividend today on the back of doubling profits, but warned that Brexit could hit the bank’s recovery. The bank said it would return £1.6bn to shareholders, including almost £1bn to the government, which holds a 62 per cent stake in RBS following its financial crisis bailout. Chairman Howard [...]
Still feeling entitled? Britain is facing a crisis of intergenerational inequality February 15, 2019 This week, I was audacious enough to suggest that free TV licences for pensioners should not be a public spending priority. The backlash was fierce. “I have paid taxes all my life,” came the outraged cries on social media. This is mostly true, as long as you take “all my life” to mean “until I [...]