Black Friday shoppers prepare to spend £2.4bn – here’s what they’re buying November 22, 2018 UK shoppers are set to spend a record £2.44bn on Black Friday tomorrow, with £2.95m being spent every minute as people prepare to do their Christmas shopping early. High streets will attract the majority of the spend despite a tough year of declining sales, as retailers expect to net £1.41bn from brick-and-mortar stores. Digital isn’t [...]
Fresnillo share price drops as Morgan Stanley warns of new Mexican laws November 22, 2018 Shares in mining giant Fresnillo fell today as the company was hit by a downgrade from Morgan Stanley. Fresnillo, which owns and operates gold and silver mines in Mexico, might be impacted by a string of newly proposed laws, Morgan Stanley said in a note to investors. The note sent shares in the FTSE 100 [...]
BP prepares to pump millions into South Africa amid new regulations on cleaner diesel November 22, 2018 BP will pour $1bn (£776m) into South Africa over the next five years as it tries to meet new rules on cleaner diesel, the company said earlier today. The money will include around $250m to refit the country’s largest refinery, Sapref, in Durban on the country's eastern coast. The oil business will pump between 3.5bn and [...]
Second major shareholder plans to vote down the Restaurant Group’s Wagamama deal November 22, 2018 A second major investor will oppose the Restaurant Group’s (TRG) £600m acquisition of Wagamama on the grounds of price. The investor – which declined to be named – told City A.M. that the multi-million pound price tag is too expensive. It comes after top 10 shareholder Columbia Threadneedle, which owns 7.7 per cent of TRG, [...]
Norges moves up on rival Sammy Tak Lee after upping its stake in Shaftesbury Group November 22, 2018 Norges Bank Investment Management (NBIM) has upped its holding in West End landlord Shaftesbury for the second time in a fortnight, escalating a power tussle between the sovereign wealth fund and rival shareholder Sammy Tak Lee. The Norwegian fund increased its holding in the FTSE 250 group from 22 per cent to 23.15 per cent [...]
Jaguar Land Rover and Addison Lee receive £25m to trial their self-driving cars in Greenwich November 22, 2018 Jaguar Land Rover and Addison Lee are among the winners of a government-backed £25m funding pot to develop driverless cars in London by 2021, it was revealed today. A consortium of tech, vehicle and transport firms have secured a grant from the government's Connected and Autonomous Vehicles programme to introduce 15 self-driving vehicles as part of [...]
Ashley hits out at politicians and landlords ahead of committee hearing November 22, 2018 Mike Ashley today lashed out at politicians for failing Britain’s beleaguered high streets, as he demanded an audience with MPs in Westminster next month. The retail billionaire and Newcastle United owner, who has recently acquired House of Fraser and Evans Cycles, called on both politicians and landlords to do more to help struggling retail outlets. [...]
Vivienne Westwood sales up as luxury brands resist retail troubles November 22, 2018 Luxury fashion label Vivienne Westwood saw a rise in sales last year as high-end designers defy tough conditions for UK retailers. The designer brand’s turnover was £40.8m in 2017, up from £37.5m the year before, though profit remained flat at £1.9m. The company said 2017 was a “challenging year”, with retail conditions putting pressure on [...]
MPs and businesses urged to boycott Google and Facebook over alleged failure to tackle UK terror November 22, 2018 Tech firms such as Google and Facebook have come under fire from the UK's parliamentary security committee, as a report published today urged businesses to boycott the social media platforms until they do more to tackle extremism. The Intelligence and Security Committee (ISC) said continuous appeals to social media firms to stop their systems from being [...]
Southeastern investigates claims ‘unauthorised’ person drove high speed Javelin train out of St Pancras November 22, 2018 Southeastern is investigating five drivers after claims that a high-speed Javelin train was driven out of St Pancras International by an “unauthorised” person. The train, which is capable of speeds up to 140mph, was leaving the station for Portsmouth on a fundraiser for the Royal British Legion Poppy Appeal. The Govia-owned rail operator confirmed it has launched [...]