Zara owner Inditex announces profit rise amid ongoing global expansion December 14, 2016 Inditex, the owner of various fashion brands including Zara and Bershka, has announced a nine per cent rise in its nine-month profit. Net profit reached €2.2bn (£1.85bn), and gross margin was 57.9 per cent. The Spanish retailer's earnings before interest, tax, depreciation and amortisation (Ebitda) increased 8.4 per cent, hitting €3.6bn. Read more: Zara owner [...]
Watch: UK claims Amazon’s first ever drone delivery December 14, 2016 Amazon’s dream of drone deliveries just became a reality – and it happened first in the UK. A fully automated drone with no human input delivered a package to a customer in Cambridgeshire, taking just 13 minutes to get it from depot to door. The first flight of its kind is a major step forward [...]
Southern rail debacle: The strikes aren’t on tomorrow but that doesn’t mean the trains will be running December 14, 2016 Southern rail commuters hoping to get to work tomorrow may need to take another day off and have been warned the network will be rife with reductions and cancellations. The Govia-owned firm has admitted some striking staff may not be able to get to work tomorrow because industrial action doesn't actually finish until midnight tonight. This will have a [...]
Vroom vroom: Private equity house announces second acquisition in two days December 14, 2016 A private equity group has announced its second acquisition in two days, today taking a majority stake in a British vehicle hire company. Equistone Partners Europe has bought TOM Vehicle Rental, investing alongside management and the company founder-owner. Read more: Majority steak acquired: Is this the meatiest private equity deal of 2016? TOM was founded in 1991 [...]
The City of London’s newest skyscraper has another new tenant and it isn’t even built yet December 14, 2016 One of the City’s newest skyscrapers on the block has secured another commercial tenant. Bermuda-based insurance provider Axis Capital have confirmed that they will move into 52 Lime Street, otherwise known as The Scalpel, by 2018. Insurance broker BPL Global has already bagged the 12th floor in the 35-storey structure, while Axis will take up residence on [...]
David Davis reveals Brexit plans will not be ready to be published until February at the earliest December 14, 2016 The Brexit secretary has today revealed his department's plans for the impending Brexit negotiations will not be published until February at the earliest. Speaking in front of the Exiting the European Union Committee, David Davis said he intended to publish the plans as soon as possible but added it certainly would not be before the end of [...]
British Airways cabin crew have voted in favour of strikes in pay dispute December 14, 2016 British Airways cabin crew have voted in favour of strikes in a pay dispute, according to Unite union. The union has not yet finalised dates, but said any action will begin after 21 December. Unite representatives will meet shortly to discuss dates. It comes after crew rejected a pay rise offer of two per cent. More than [...]
A leading insect food developer has sealed $37m of funding following a European Commission ruling December 14, 2016 How many insects could you buy for $37m (£24m)? Nope, this isn't the first line to a joke, it's the amount an innovative start-up has managed to raise after bugging investors for capital. In midst of the Brexit vote and Donald Trump winning the US presidential election, you'd be forgiven for having missed some big [...]
Deliveroo and Diageo team up to put the spirit in your holiday with new alcohol home delivery service December 14, 2016 Let's set the scene: You've just come home from work, set a cosy fire and put on your most ridiculous Christmas jumper. All you need to complete the evening is a festive drink, but to your shock and horror you find your drinks cupboard is seriously lacking. Now you'll have to put the fire out, [...]
Two heads are better than one: Goldman Sachs announces two new presidents to replace Cohn December 14, 2016 Goldman Sachs announced today it was promoting two long-serving staff members to the role of president and operating co-chiefs to replace Gary Cohn. David Solomon, currently co-head of the investment banking division, and Harvey Schwartz, currently finance chief, will fill the gap left by Cohn, who is off to join President-elect Donald Trump as director of the National [...]