Dixons Carphone merger “a year ahead of schedule” as profits rise 30 per cent December 17, 2014 Dixons Carphone has got off to a good start. Not only have high-street rivals Phones 4U and Comet bitten the dust over the course of 2014, but the merger seems to have gone well, with pro forma profit before tax up 30 per cent in its first interim results and synergies are way ahead of [...]
Rouble takes a beating as Apple halts sales in Russia December 16, 2014 Russia’s economic situation spiralled out of control yesterday as its central bank’s shock decision to raise interest rates to 17 per cent failed to prevent a further collapse in the rouble. The currency’s extreme volatility was reflected in a decision late last night by Apple – the world’s largest company – to suspend online sales [...]
Departing FCA regulator Clive Adamson admits: We perhaps went too far December 16, 2014 Departing City watchdog Clive Adamson yesterday told MPs that a botched media leak from earlier this year was the “most serious incident” the regulator has ever faced. Adamson, who is to step down as director of supervision at the Financial Conduct Authority (FCA) in January, was answering questions at the Treasury Select Committee (TSC) about the [...]
Inflation set to fall further after reaching 12-year low December 16, 2014 INFLATION in the UK has dropped to its lowest figure for over a decade and economists believe it will decline further still. Inflation fell to one per cent in November as measured by annual growth in the consumer price index, according to figures released yesterday by the Office for National Statistics (ONS). It marks a [...]
WPP ends its chairman search by hiring Roberto Quarta from IMI December 16, 2014 Roberto Quarta has told the industrial group IMI that he will step down as chairman by the middle of next year in order to take up a similar role at WPP, the marketing services giant. Quarta, a respected industrialist, will replace Philip Lader as chairman of WPP. Lader has held the job since 2001, slightly longer [...]
Russian rouble crisis echoes UK Black Wednesday December 16, 2014 RUSSIA’S currency crisis, dubbed Black Tuesday, yesterday sparked memories of the UK’s own foray into drastic rate hikes – when sterling crashed out of the Exchange Rate Mechanism (ERM). Britain’s Black Wednesday, as it became known, saw the Bank of England hike interest rates twice in one day in 1992 to ward off currency speculators [...]
Hague: Don’t ignore English December 16, 2014 WILLIAM Hague has set out plans to introduce English votes for English laws, under further devolution of powers to regions of the UK. Making the case for essentially excluding MPs of devolved regions from votes which do not affect them, Hague urged MPs on all sides of the House to come to an agreement so [...]
Vigil for victims of Pakistan school murders December 16, 2014 A vigil was held last night by Pakistani female activists of the Muttahida Qaumi movement in memory of the victims of a Taliban attack on a school in Peshawar. At least 141 people, most of them children, were killed after attackers stormed the army-run school.
Lastminute.com sold for £76m to Swiss travel firm December 16, 2014 TRAVEL site Lastminute.com, founded at the height of the dot.com boom in 1998, has been sold to Bravofly Rumbo Group in a £76m deal. The sale will see current owner, US-based Sabre, swallow a big loss, having bought the holiday site for £577m in 2005. Swiss company Bravofly made the winning bid yesterday, following a [...]
Co-operative Bank to speed up toxic loans sell off after failing Bank of England stress tests December 16, 2014 The Co-operative Bank was the only lender to fail the Bank of England’s stress tests yesterday. As a result, it is accelerating its plan to sell off or run down a £6.6bn book of bad loans from the pre-crash era. Eight high street institutions’ finances were tested to see how they would cope with a hypothetical [...]