National Living Wage to cost businesses £11bn by 2020, report warns May 4, 2016 Businesses will have to stump up much as £11bn in extra wage costs over the next four years to meet the chancellor's National Living Wage (NLW) target of £9 per hour, new research has warned. The report, by property firm Bilfinger GVA, estimates that the new hourly rate of £7.20 per hour for over 25 year olds will cost businesses around [...]
Before the bell: What you need to know before the US market open May 4, 2016 US stock futures are heading south in New York, following most European markets moving downwards in early afternoon trading. Asian markets recorded small losses by their close this morning. A little earlier the S&P was down by 0.64 per cent, while the Nasdaq was off by 0.72 per cent, and the Dow 0.53 per cent [...]
Adidas tees up and prepares its golf brands for sale May 4, 2016 Adidas has confirmed plans to sell its loss-making golf business after putting it up for review last year. The German sportswear group said it will start seeking out buyers for its TaylorMade, Adams and Ashworth golf brands. However, it plans to keep Adidas-branded golf shoes and clothing, which account for about 40 per cent of the business. "TaylorMade [...]
At the open: FTSE 100 falls as gold and oil lose their shine May 4, 2016 There was no "dead cat bounce" on European markets this morning as they continued to crash, hitting three-week lows on the back of a smorgasbord of mediocre economic data. The FTSE 100 sunk 0.6 per cent in the first few hours of the day to stand at 6,150.48. The German Dax is now more than 100 [...]
Are emerging markets getting their mojo back? May 4, 2016 Emerging markets may be getting some of their mojo back after a tough couple of years. So says Goldman Sachs Asset Management (GSAM), citing a rally in emerging market bonds. Yacov Arnopolin, a portfolio manager for the GSAM emerging markets debt team, is encouraged that the recent interest in emerging markets has been broad-based and [...]
Property wealth is worth more than pension savings for more than half of over-55s May 3, 2016 Over 55 year-olds have more wealth locked up in their property than their total pension savings combined, a new survey shows. The study, by high net worth adviser Bower Private Clients, found that 58 per cent of over 55 year-olds estimate that their mortgage-free home is worth more than the combined value of their and their partner’s pension [...]
Business secretary Sajid Javid orders investigation into BHS collapse May 3, 2016 Business secretary Sajid Javid has ordered a government investigation into the collapse of high street retailer BHS and the conduct of the directors involved. BHS entered administration in April after running out of cash. Speaking in the House of Commons, Javid confirmed that he has written to the chief executive of the Insolvency Service, Sarah Albon, instructing her to [...]
At the close: FTSE 100 goes away in May as miners prove the movers May 3, 2016 Traders are superstitious folk, and today – the first day of trading in the month of May – they headed for the hills as the FTSE 100 tumbled to a three-week low. The bluechip index closed down 0.9 per cent on the day at 6,185 in a bad day all round for Europe. The German Dax [...]
Sainsbury’s to double the number of click and collect grocery sites as full-year results loom May 3, 2016 Sainsbury's is doubling the number of click & collect sites in its store car parks over the next 12 months to take the total number to 200. The supermarket chain said its "drive thru" service was proving popular with customers as shopping habits change and plans to launch a further 100 sites by May 2017. “We know that time is precious [...]
Costa Coffee owner Whitbread orders a salad to go after buying a £6.8m stake in Pure May 3, 2016 Whitbread, the hospitality company behind Costa Coffee and restaurants including Beefeater Grill, is balancing out its diet after buying a 49 per cent stake in a healthy food-to-go chain for £6.8m. Pure, which was founded by entrepreneur Spencer Craig in 2009, has eight outlets serving up salads and wraps to health-conscious commuters in locations including Moorgate and Soho. Craig said [...]