Islamic banking UK: Islamic Bank of Britain re-branded to Al Rayan Bank as number of non-Muslim investors grows October 23, 2014 The Islamic Bank of Britain has unveiled plans to change its name to Al Rayan Bank, as it aims to increase its presence in London and acquire a wider range of customers. It will also update its logo and all other aspects of its brand identity across its website and UK branches. As long [...]
Tesco boss Dave Lewis in video interview says “We’ve got to be a little bit disappointed” October 23, 2014 Tesco boss Dave Lewis has taken to YouTube to talk about the supermarket’s troubles after posting a 91.9 per cent drop in profits and a £263m profit understatement. “We’ve got to be a little bit disappointed," said Lewis, erring towards an understatement rather than overstatement this time. “It’s fair to say it’s been a challenging [...]
In charts: Eurozone debt grows to 92.7 per cent of GDP October 23, 2014 Figures released by the European statistics authority today show government debt in the Eurozone grew to 92.7 per cent of GDP in the second quarter of 2014, a jump of 0.8 percentage points. In the European Union the level rose to 87 per cent of GDP, a rise of 1.9 percentage points. So how much [...]
Occupy Central: Disgruntled banker crashes video interview with Hong Kong protesters October 23, 2014 Protesters striving for a more democratic Hong Kong continue to occupy the city’s streets in their droves, yet not everyone in town is behind the movement known as “Occupy Central”. A senior J.P. Morgan Chase banker crashed a live interview with Hong Kong's pro-democracy protesters to express his frustration with the occupation of [...]
Tesco share price falls again: Chairman Sir Richard Broadbent steps down as profit overstatement is bigger than thought October 23, 2014 Shares in Tesco closed down 6.6 per cent in early afternoon trading, after the supermarket posted first-half results showing statutory profit before tax, which includes one-off items, collapsed by 91.9 per cent to £122m in the 26 weeks ended 23 August 2014. Sir Richard Broadbent, Tesco's chairman, announced he will step down, while the embattled [...]
Quiz: How well do you know your Tesco catastrophes? October 23, 2014 Has Tesco hit rock-bottom? The supermarket's chairman, Sir Richard Broadbent, announced his departure this morning on the back of first-half results showing the profit "overestimation" it had originally thought £250m, but £263m. The news sent Tesco shares down by a surprisingly muted 5.6 per cent in early afternoon trading, although analysts didn't mince their words when [...]
Quiz: How well do you know your Tesco catastrophes? October 23, 2014 Has Tesco hit rock-bottom? The supermarket's chairman, Sir Richard Broadbent, announced his departure this morning on the back of first-half results showing the profit "overestimation" it had originally thought £250m, but £263m. But this isn't the first time Tesco has come off the rails. How well do you know your Tesco catastrophes? Test yourself below. [...]
The good, the bad and the ugly: What the analysts say about Tesco October 23, 2014 It’s another dark day for Tesco. The supermarket's estimated £250m profit black hole was even larger than expected at £263m, £70m of which came prior to the period it initially identified as problematic. Profits collapsed 91.9 per cent as it took the hit of the accounting error, it completely ditched its forecasts, cash flow was [...]
Luke Johnson steps down from Metro Bank board October 23, 2014 Serial entrepreneur Luke Johnson has resigned his position as a non-executive of Metro Bank. Johnson told Sky News that the time commitments now required for the role were becoming too great for him to maintain his position at Britain's first new high street bank for over 100 years. He joined Metro Bank in 2011. Johnson made [...]
Fashion sales dampen retail growth during warm September October 23, 2014 Fashion sales have hampered the wider retail sector in September, with warm weather driving sales down 4.1 per cent year-on-year. Month-on-month that figure was even worse: sales dropped 7.8 per cent between August and September. As a result, the retail sector as a whole saw a 0.3 per cent month-on-month drop, although sales climbed 2.7 [...]