UK consumer spending slows in November despite Black Friday sales boom December 7, 2015 Consumer spending edged higher in November as feverish demand for televisions and other bargains online over the Black Friday weekend helped to offset a decline on the high street. Figures released today based on credit and debit card transactions from Visa Europe show consumer spending rose by 1.1 per cent on the year, albeit at [...]
City Moves for 07 December 2015 | Who’s switching jobs December 6, 2015 IG GROUP The online trading firm has named Peter Hetherington (pictured) as chief executive. He took on the role of interim chief exec in October, and has been a member of the IG board since 2002. JP MORGAN JP Morgan Asset Management Global Insurance Solutions (GIS) has appointed James Peagam as head of GIS. He [...]
FTSE 100 hoping for festive cheer to follow European Central Bank’s Mario Draghi – London Report December 6, 2015 Following widespread market disappointment last week after the European Central Bank came in at below expectations with its interest rates and monetary easing policy, this week the big macro-economic numbers to look out for are coming from China We’ll get the country’s trade balance and then consumer price inflation figures tomorrow. Back here in Britain [...]
Big tobacco to fight in court against plain packaging December 6, 2015 Some of the world's biggest tobacco firms are going to court with the UK this week in a row over the introduction of plain packaging for cigarettes. British American Tobacco (BAT), Imperial Tobacco, Philip Morris International and Japan Tobacco International have teamed up in the High Court to argue the plan to ban branding on [...]
Funding crisis puts 1,700 jobs at risk over Christmas at printer Polestar December 6, 2015 An emergency financial review at printer Polestar has reportedly found the firm could run out of money by Christmas. According to a Deloitte report seen by the Sunday Times accountants at Deloitte have warned the printer, which produces the Radio Times, Private Eye and Top Gear, will need to take on additional immediate funding. It’s being [...]
Tata Steel nears sale of Scunthorpe plant as three bidders emerge December 6, 2015 Tata Steel is said to be nearing a sale of its business unit that includes its 150-year-old Scunthorpe plant, with a deal expected to be agreed as early as this week. The company is understood to have received formal bids from three interested parties, according to the Sunday Telegraph. These include Greybull Capital, the investment firm [...]
Home Retail Group’s DIY chain Homebase eyed up by French suitor for takeover bid December 6, 2015 Takeover interest in Home Retail Group’s Homebase is heating up amid reports that a French rival is eyeing a bid for the DIY chain. Leroy Merlin, the French home-improvement and gardening retailer with stores in 13 countries, is said to have examined a bid for the group. It is unclear whether the Family-owned group is [...]
Storm Desmond Carlisle floods close United Biscuits’ McVities factory as army drafted in and Cobra meeting called to handle flood fallout December 6, 2015 The Carlisle factory of United Biscuits, maker of McVities chocolate digestives and other biscuits, has flooded after storm Desmond wreaked chaos across the north of England. Read more: Insurers already ready for bad weather and Storm Desmond The factory in Church Street, Caldewgate is flooded by water more than a metre high, and staff have been told to remain at home, according to reports. [...]
Bank of England approves 19 insurers’ solvency II models for capital ratios ahead of EU 2016 rules, including Aviva, Prudential and Lloyds of London December 6, 2015 Several of Britain's biggest insurance firms, including Aviva, Prudential and Lloyds of London have been given the thumbs up by the Bank of England for new rules governing how much capital they should hold. The Solvency II capital rules which come into force across the EU from the start of next year, mean insurers are able [...]
Merry Christmas: Barclays could cut another 20 per cent of investment bank jobs December 4, 2015 Barclays is planning to cut another 20 per cent of jobs at its investment bank, it has been reported. The bank has already announced 7,000 job cuts at its investment bank, but these are thought to be on top of that. Last year it slashed 2,500 jobs, and expects to make a similar number of [...]