China creates 100bn yuan fund to cut jobs in steel, coal sectors February 29, 2016 China announced today that it's created a 100bn yuan fund to lay off nearly two million workers in its embattled coal and steel sectors. Yin Weimin, the minister for human resources and social security, told a news conference that 1.3m workers in the coal sector could lose their jobs, in addition to 500,000 from the steel [...]
FTSE 100 effective tax rate falls to 22.6 per cent – the lowest level since the recession February 29, 2016 The average effective tax rate paid by FTSE 100 companies has fallen to 22.6 per cent, the lowest level since the recession, according to research published today by accountancy group UHY Hacker Young. The effective tax rate, which is the average percentage at which overall company profits are taxed, is down a quarter from 30.1 per cent [...]
Yu Energy sets sights on £7.5m flotation on London Stock Exchange by end of March February 29, 2016 Yu Energy, an independent gas and electricity supplier that focuses on SMEs, has announced it will float on Aim, in conjunction with a placing to raise around £7.5m of new capital. The junior market listing is expected to take place before the end of March. Shore Capital is acting as the sole adviser. Yu Energy was [...]
IG Group offers customers commission free trading on ETFs and cuts rates on stockbroking trades February 29, 2016 Online trading firm IG Group has made a push to become more competitive and attract new business with an offer of commission free exchange traded fund (ETF) purchases on ISAs and cuts to commission rates on stockbroking trades. The group said the "changes come as IG Group continues to grow and develop its stockbroking offer, and [...]
Businesses in Marble Arch team up to launch improvement district February 29, 2016 Businesses in Marble Arch and Edgware Road have backed plans to invest £2.5m in sprucing up the west London area after launching a new business improvement district (BID). Over 78 per cent of businesses, retailers, restaurant and hotels from Marble Arch and northern Park Lane voted in favour of setting up the new group to [...]
Un frappucino, per favore! Starbucks to open in Italy February 29, 2016 Starbucks hopes to win over a nation of coffee lovers after announcing plans today to expand into Italy. The Seattle-based coffee chain said it has signed a licensing deal with Italian entrepreneur Antonio Percassi to open stores in cities across the country, with the first cafe due to open in Milan in early 2017. Percassi's eponymous firm operates several franchises and has overseen the [...]
One million retail jobs at risk from rising wages and tax costs, warns British Retail Consortium February 29, 2016 One million retail jobs could disappear in the next decade as high street shops across the country struggle to cope with drastic changes in shopping habits and rising costs. The British Retail Consortium (BRC) has warned that government policies including the new national living wage, the apprenticeship levy and rising business rates will add as much as £14bn [...]
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 [...]