DEBATE: With House of Fraser closures, does it matter if consumers desert the high street for online outlets? June 8, 2018 With House of Fraser closures, does it matter if consumers desert the high street for online outlets? John Phillips, general manager (EMEA) at Zuora, says YES. Yes, it does matter if consumers desert the high street. Bricks-and-mortar retail is in trouble. Across the US and Europe, online retail is growing exponentially, while offline sales seem [...]
What is a CVA? Insolvency process used by House of Fraser, Carluccio’s, Mothercare and more June 7, 2018 What is a CVA? A company voluntary arrangement (CVA) is a type of insolvency process used to pay creditors over a fixed period. It means a company may not have to pay back all of its debts. Unlike going into administration, the company does not fall into the hands of a third party. Instead, an [...]
RBS boss Ross McEwan is ‘confident’ the bank will pass stress tests and could have news on a dividend by August June 7, 2018 Royal Bank of Scotland (RBS)’s chief executive Ross McEwan has today given a strong hint that the bank will be able to resume paying dividends within just a few months. McEwan, who took the helm of the bailed-out bank in 2013, said at a conference organised by Goldman Sachs in Frankfurt today that he is [...]
Mail on Sunday editor Geordie Greig lined up to be new editor of the Daily Mail after Paul Dacre exits the role June 7, 2018 Mail on Sunday editor Geordie Greig is set to be the new editor of the Daily Mail, replacing Paul Dacre. The appointment of Greig is expected to be announced officially within the next few days, according to well placed sources. Greig has been the editor of the Mail on Sunday since 2012, after previously being [...]
Foreign Office minister Sir Alan Duncan admits second referendum on exit deal “possible” June 7, 2018 Foreign Office minister Sir Alan Duncan has suggested British voters be given a say on the final terms of the Brexit deal. Speaking today in Berlin, Boris Johnson’s deputy said while the government would not consider holding another vote on whether to leave the EU, people could be granted an opportunity to give their verdict [...]
Venezuelan crude exports faced with 24m barrel backlog as export bottleneck continues June 7, 2018 The struggling Venezuelan oil production is nearly a month behind in crude shipping as tankers waiting to transport over 24m barrels still sit in Venezuela’s main port. PDVSA, the Venezuelan state-run oil company, has warned that if the tanker bottleneck causing a stagnation in exports continues, it could mean that deliveries to some of the [...]
Former Airports Commission chairs urge MPs to back Heathrow third runway in summer vote June 7, 2018 Two former chairs of the Airports Commission have written to MPs urging them to vote in favour of a third runway at Heathrow after the Cabinet approved the government’s controversial expansion plans earlier this week. Sir Howard Davies and Sir John Armitt said the impression among other countries with rival hub airports was that the [...]
Co-operative Bank boss Liam Coleman to step down June 7, 2018 The boss of Co-operative Bank Liam Coleman is to step down after five years at the bank. A statement from the board today said that Coleman made the decision after successfully completing the lender’s recapitalisation process last year. The board said it was “mindful” of the need to manage a timely and orderly succession, telling [...]
Wages and domestic inflation pressure to rise says Bank of England boss June 7, 2018 Wages for British workers will rise further in the coming months, stoking inflationary pressures, a top Bank of England policymaker said today, in a sign the central bank still has its sights set on an interest rate hike. Sir Dave Ramsden, a member of the rate-setting monetary policy committee (MPC), said that he expects wage [...]
Prime Minister backs down on customs backstop deadline to keep Brexit secretary David Davis from resigning June 7, 2018 David Davis has backed down from his threats to resign after the Prime Minister added a date to the Brexit backstop proposal. According to the document published this afternoon, the government is proposing a UK-wide temporary customs arrangement with the EU in which the two sides will continue to trade on the same basis as [...]