Bloodbath: Bonmarche, Carpetright and Dignity share prices plummet more than 20 per cent January 19, 2018 Shares in two of the UK’s largest companies fell more than 40 per cent this morning, after they put out disappointing trading updates. Carpetright fell 44.1 per cent to 90p in early trading, while Dignity shares lost 51.3 per cent, falling to 933.5p. Meanwhile retailer Bonmarche also plummeted by 24 per cent to 96.1p in [...]
Google and Tencent announce tie-up to cross-license patents January 19, 2018 Google has signed a tie-up with Tencent in a bid to enhance its presence in China. The patent cross-licensing agreement will be “long-term” and covers a range of technologies, according to Google. Further terms of the deal were not disclosed but the company said it could open the door to closer collaboration in the future. [...]
Carpetright share price drops nearly 50 per cent as it warns profits will be “significantly” lower January 19, 2018 Troubled retailer Carpetright has slashed its full-year profit expectations after a “sharp deterioration” in UK trading. Shares in the firm dropped more than 48 per cent to 85p at the market open. UK like-for-like sales dropped by 3.6 per cent in the period due to lower customer footfall, the company said in a gloomy trading [...]
Esure boss Stuart Vann steps down with immediate effect January 19, 2018 Esure boss Stuart Vann is stepping down with immediate effect after 17 years with the group, in order to help the company “evolve its long-term strategy”. Until a replacement for Vann is found, the group’s finance chief, Darren Ogden, will step in on an interim basis. He will be supported in the role by chairman [...]
City offices set for bumper demand in 2018 as more businesses expected to come to the Square Mile January 19, 2018 City office take-up will soar in 2018 with businesses expected to lease more than 5m square feet (sq ft) of space this year. According to real estate advisers CBRE, Brexit has had minimal impact on financial and insurance firms’ appetite for office space it the City. It also forecasts demand for co-working spaces will continue [...]
New venture capital fund Sure Ventures is listing in London for £3.3m, to focus on fintech, internet of things, augmented reality and virtual reality January 19, 2018 London’s public market has welcomed a new venture capital fund to its ranks this morning, as Sure Ventures listed for £3.3m. Sure is set to focus on companies which develop augmented reality, virtual reality, fintech and internet of things (IoT) products. Managed by Shard Capital, which also runs funds under the names of Rubrics Asset [...]
More restaurant chains could close stores after poor Christmas sales January 19, 2018 Christmas trading was disappointing at Britain’s restaurant and pub groups, with sales slightly down on 2016. Like-for-like sales declined 0.1 per cent against the previous year’s festive period, according to the Coffer Peach Business Tracker. Drinks-led businesses fared better than restaurants and gastro pubs, with drinks sales up 1.8 per cent across pubs while food [...]
Populists have hijacked the concept of ‘inequality’ for their own political aims January 19, 2018 Jeremy Corbyn’s rise in power and popularity has gone hand-in-hand with an increased focus on inequality – a word that, these days, has fully negative connotations. According to the Momentum brigade, “neoliberalism” has created an impenetrable divide between the “haves” and the “have-nots”, the fat cat boss versus the company’s janitorial staff, the tech entrepreneur [...]
Forget the fearmongering and embrace the internet of things January 19, 2018 Has your smart refrigerator been infected by a strain of zombie malware? Or maybe spies have been listening to you via your networked alarm? For some reason, the idea of connected devices – a vital part of the internet of things (IoT) – has sent the imaginations of some organisations into overdrive. Last February, Germany’s [...]
Debate: In light of beating its expansion target, can China sustain its ambitious growth? January 19, 2018 In light of beating its expansion target, can China sustain its ambitious growth? Dr Savvas P Savouri, chief economist and partner at Toscafund Asset Management, says YES. It has become something of a tradition at this time of year for people to call the top to China’s growth. The precise explanation for why we should [...]