UK shoppers are turning to websites overseas in search of a better bargain, says PwC February 29, 2016 Better prices would drive two thirds of UK consumers to shop from an online retailer outside of the country, according to a report that reveals dramatic changes in shopping behaviour over the last year. Accountancy firm PwC surveyed nearly 23,000 people across six continents about their shopping habits for its annual Total Retail report released [...]
Retailers John Lewis, Marks & Spencer, Home Retail Group, Kingfisher and John Lewis top list of offenders in late supplier payments February 29, 2016 Britain's five largest high street retailers were late in paying a shocking 80 per cent of their invoices to suppliers last year, a report today has revealed. MarketInvoice, a peer-to-peer platform for selling invoices online, has found that late payments to suppliers rocketed last year, with high street retailers John Lewis, Boots, Home Retail Group, Marks & [...]
Mike Ashley’s Sports Direct faces relegation from FTSE 100 index February 28, 2016 Sports Direct faces relegation from the FTSE 100 list when the blue chip index of top UK companies comes up for renewal next week, after a dismal performance this year. Shares in Mike Ashley’s troubled sportswear empire have plunged by 50 per cent since August last year amid growing criticism over its working practices and [...]
AstraZeneca warned over bonus changes February 28, 2016 Drug giant AstraZeneca is on course to fall out with shareholders at its April meeting after floating plans to lower the threshold for senior management bonuses. AstraZeneca tied bonuses to earnings at or above $4.20 (£3) per share after a takeover offer from US rival Pfizer was rejected in 2014. The firm’s remuneration committee has [...]
Miners look to asset sales for relief February 28, 2016 The mining industry is set for further pain this week, as Glencore and Fresnillo report preliminary results for 2015 tomorrow. Analysts are expecting a fall in pre-tax profit at Glencore of up to 80 per cent, as well as details of how the Switzerland based FTSE 100 miner will go about cutting its $13bn (£9.4bn) [...]
Steel sector renews calls for EU action February 28, 2016 The steel industry is calling on the government to fight for higher tariffs on imported steel at crunch talks in Brussels tomorrow. The European Union’s competitiveness council is set to debate whether further action should be taken to support the industry after Brussels imposed tariffs on some types of steel from China earlier this year. The [...]
GSK searches for successor amid break-up calls February 28, 2016 GlaxoSmithKline is gearing up its search for a successor to chief executive Sir Andrew Witty, as pressure mounts for a break-up of the company. Sir Andrew, who has increased the company’s share price by 20 per cent since taking the reins in 2008, is not expected to depart before 2017. A sharp downturn in GSK’s sales [...]
JP Morgan traders were sacked over allegations they ignored compliance procedures February 28, 2016 Investment bank JP Morgan Chase sacked two traders earlier this year because they allegedly circumvented the company's compliance procedures. Andrew Lombara, who was head of US Treasury trading, and Chi Lee, a junior Treasury trader, left JP Morgan in January. At the time, no reason was given for their departures. However, the Financial Times has [...]
Premier Oil brings Rothschild on board as it tries to ward off problems with its financial covenants due to oil price pressure February 28, 2016 Premier Oil has signed up Rothschild to lead negotiations with banks, as it prepares for the possibility that it may breach its financial covenants. In its annual results published last week, chairman Mike Welton said the group had successfully renegotiated its financial covenants with its banks and bondholders: “Our long-term, unsecured debt structure and supportive [...]
Barclays results: British bank expected to sell off African operations and pay former chief executive Antony Jenkins a £500k performance bonus as it announces full-year results this week February 28, 2016 Barclays' new chief executive Jes Staley is expected to announce plans to sell off the lender's African business when the British bank reports full-year results for 2015 on Tuesday. It was widely reported over the weekend that Barclays' board decided last week that it made sense strategically for the British bank to exit the continent and refocus [...]