Residents versus the local economy: The battle of Oxford Street pedestrianisation June 14, 2018 Last week, we heard of Westminster council’s surprise decision to pull the plug on a joint plan with the mayor of London to pedestrianise Oxford Street. Coincidentally, the shelving of the £60m project came a day after House of Fraser’s decision to pull its own plug on its flagship Oxford Street store alongside 30 others. [...]
Rolls-Royce confirms 4,600 job cuts in restructuring to save £400m June 14, 2018 Rolls-Royce has announced a £500m restructuring that will see around 4,600 job cuts, which it said will deliver cost savings of around £400m per year by the end of 2020. Around a third of the roles are expected to leave by the end of the year, with the company saying the programme will gather "further [...]
European Central Bank announces end of quantitative easing June 14, 2018 The European Central Bank (ECB) today announced the end of its quantitative easing (QE) bond purchases, in a landmark moment in the Eurozone's drawn-out economic recovery. The ECB said it will reduce the pace of asset purchases from €30bn (£26.4bn) per month to €15bn from September to December, in a press released today after its [...]
Just Eat shares plunge as Deliveroo’s new feature bites June 13, 2018 Shares in Just Eat dropped more than seven per cent this morning after Deliveroo announced dramatic expansion plans and a new feature. Deliveroo anticipates that it will add 5,000 new restaurants to its platform with the 'Marketplace+' feature, which puts it in direct competition with Just Eat. Restaurants which handle their own delivery will now [...]
Ryanair says new $300m UK base at London Southend airport isn’t a vote of confidence in UK aviation June 13, 2018 Ryanair is to open a new base at London Southend airport in April 2019, despite its oft-repeated warnings of “serious disruption” to flights after the UK leaves the European Union. But the airline’s chief commercial officer David O’Brien warned the move should not be viewed as "some sort of vote of confidence in the future [...]
Struggling House of Fraser’s brand perception is in decline June 13, 2018 Last week, retail store House of Fraser announced plans to close 31 of its 59 shops – including its flagship Oxford Street store – as part of a ‘rescue deal’. If the plans go ahead it could lead to the loss of 6,000 jobs across the UK. It is yet more bad news for the [...]
Fintech and funding: LendInvest’s path from adversity to opportunity June 13, 2018 Entrepreneurs often thrive in circumstances where traditional, established companies struggle – Microsoft, General Electric and Disney were all started during recessions. Nonetheless, 2008 was a precarious time to set up a mortgage business – as LendInvest co-founders Christian Faes and Ian Thomas candidly pointed out during a recent Leap 100 Breakfast. Although the online marketplace [...]
How house prices across the UK have changed so far this year June 13, 2018 Average house prices in the UK rose by 3.9 per cent in the year to April 2018, according to the Office for National Statistics' UK house price index. The average price of a property in the UK was £226,906. For England, the April data from the ONS showed that on average, house prices had risen [...]
Shadow minister Laura Smith and five other Labour frontbenchers have resigned over Brexit whip June 13, 2018 Labour shadow minister Laura Smith and four other opposition MPs have resigned from party roles, over a whip forbidding them from voting in favour of the Lords amendment to keep the UK in the European Economic Area (EEA). Ged Killen, Ellie Reeves, Tonia Antoniazzi, Rosie Duffield and Anna McMorrin all handed in their resignations as [...]
Billionaire Tory donor Crispin Odey demands the resignation of two top Tungsten bosses June 13, 2018 Hedge fund manager and Conservative party donor Crispin Odey has opened fire on the chief executive and chairman of Tungsten Corporation, demanding that they be kicked off the board. As one of the largest shareholders in Tungsten, Odey Asset Management is said to have been canvassing votes from its fellow members to force the hands [...]