City A.M. shadow MPC votes 7-2 against interest rate hike October 8, 2014 Our panel of economists voted by a margin to seven to two to hold interest rates this month. The main concerns are Europe’s downturn, a lack of real wage growth in the UK and low inflation. However, a tightening labour market may signal higher inflation is round the corner, persuading some economists to [...]
Dixons Carphone expects to hit £80m cost savings faster October 8, 2014 High Street giant Dixons Carphone said yesterday it expected to reach its cost savings target earlier than previously forecast, following the £4bn merger of Dixons Retail and Carphone Warehouse two months ago. The FTSE 100 retailer said at the time of the merger it would save around £80m in annual costs from 2016–17. Speaking to [...]
Dragons Den star Peter Jones opens Jessops inside Sainsbury’s supermarkets October 8, 2014 Jessops, the camera chain brought out of administration by Dragons Den star Peter Jones last year, has opened its first store inside a Sainsbury’s supermarket. The retailer yesterday launched in Sainsbury’s superstore in Newport, South Wales, and plans to open a further two stores in Waterlooville, Hampshire, and Maidenhead, Berkshire, within months. “This is a [...]
Moore Capital makes much more October 8, 2014 MOORE CAPITAL, the hedge fund founded by US investor Louis Bacon, bolstered profits at its British arm last year, fresh accounts show. The US group, which has its UK headquarters in Mayfair and trades as Moore Europe Capital Development, reported profits of £36.4m for the year ending 31 December 2013, up from £32.2m. Turnover jumped [...]
Amazon renews film deal with Studiocanal October 8, 2014 Studiocanal, the production company behind films such as Paddington and The Hunger Games, said yesterday it had extended an agreement with Amazon to supply the online retailer with movies for its streaming service in the UK and Germany.
Barclays’ Sam Dean makes speedy return to bank as chairman of global finance and risk solutions October 8, 2014 When Barclays’ head of equity capital markets Sam Dean announced he was taking a sabbatical last December it raised a number of eyebrows in the City. Dean, a highly popular and well-respected part of the Barclays team, cited family reasons for his break, but that didn’t stop the bank’s rivals from gossiping about whether the [...]
Pets at Home swaps kittens for big cats to launch its new report October 8, 2014 Team Pets At Home have embarked on a safari this morning, trekking far from their home office in Cheshire to unknown and dangerous territory – the Tiger Territory enclosure at London Zoo to be exact. While guests are tucking into a hearty breakfast, commercial director Peter Pritchard, head of pets Maeve Moorcroft and er, comedian [...]
Wonga and Poundworld scolded by ASA for misleading ads October 8, 2014 Troubled payday lender Wonga and value retailer Poundworld were rapped over the knuckles yesterday by the Advertising Standards Agency (ASA) for failing to include crucial price information in adverts. A Wonga advert failed to disclose the annual percentage rate on its loans, while Poundworld sells some items which cost more than a pound. Wonga has not advertised [...]
GW’s shares slump after NHS rejects cannabis drug over cost October 8, 2014 A PIONEERING cannabis drug developed by British firm GW Pharmaceuticals for treating spasticity in multiple sclerosis has been rejected as not cost-effective. The National Institute for Health and Care Excellence (Nice), which determines if medicines are worth using by the NHS, said yesterday the modest benefits and high cost of Sativex did not justify its [...]
Citi to float its credit business October 8, 2014 US BANKING giant Citi yesterday filed plans to float its consumer finance arm, OneMain Financial, further cutting down its non-core units to streamline the business. Citi has been trying to sell the business for several years, and is running a joint track process, preparing the initial public offering while also considering a sale to Springleaf [...]