City Moves for 20 October 2015 | Who’s switching jobs October 19, 2015 CARTER JONAS The property consultancy has appointed Darren Yates as head of research. He was formerly a partner at Knight Frank, where he worked as head of global capital markets research. Yates has over 20 years’ experience, and has also worked at Cushman and Wakefield, and Management Horizons Europe. MAREX SPECTRON Andrew Strickland has been [...]
Aldi, M&S, Waitrose and Sainsbury’s rocked by investigation revealing dire working conditions October 19, 2015 Three UK supermarket giants are launching inquiries into working conditions at fruit packaging plants and another has suspended all its orders after a Channel 4 news investigation revealed harsh conditions for migrant workers at an FW Mansfield plant in Kent. Aldi has suspended all orders from one plant. An Aldi spokesperson said: Our terms and conditions clearly state that growers [...]
London Paramount resort and theme park in Kent gets £100 million after Chinese investor hops on for the ride October 19, 2015 A little known Chinese construction firm has agreed to inject £100m funding into the development of a new £3.2bn Hollywood theme park in north Kent. The developers behind Paramount Entertainment resort – which will have over 50 rides when it opens based on TV shows and popular Hollywood films – said China’s SinoFortone Group has thrown [...]
Asda backtracks on London expansion plans as it seeks to revive flagging sales October 19, 2015 Asda has become the latest supermarket to backtrack on store opening plans after scrapping ambitions to expand in London in favour of reviving deteriorating sales at existing stores. US-owned supermarket chain said it is “temporarily” slowing down the planned expansion of smaller format stores in London as well as its programme to develop more stand-alone petrol [...]
Barclays settles US mortgage claims for $325m with National Credit Union October 19, 2015 Barclays has agreed to pay $325m (£210m) to settle two civil lawsuits with the National Credit Union in the US relating to mortgages. The bank will include the provision in its third-quarter results, due at the end of October. The claims are related to residential mortgage backed securities (RMBS) sponsored or underwritten by the bank between 2005 [...]
Dairy Crest share price rises as CMA approves Muller takeover October 19, 2015 The Competition and Markets Authority (CMA) has cleared the £80m sale of Dairy Crest's dairy operations to Muller UK. The sale was referred to the CMA earlier this year over concerns there would be loss of competition to supply fresh liquid milk in the catchment area of Dairy Crest’s Severnside dairy, especially in the South West and Wales. Muller has [...]
Vodafone upgraded to “outperform” by Australian bank Macquarie October 19, 2015 Looks like Vodafone is turning a corner. At least according to Australian bank Macquarie, which has upgraded the British telecoms giant from “neutral” to “outperform”, suggesting a 235p price target. This will come as welcome news for Vodafone’s shareholders, as stocks have fallen 3.4 per cent in the year to date, with the company facing [...]
Steelmaker Caparo set to go into administration, with the loss of 1,800 jobs October 19, 2015 Steelmaker Caparo Industries has gone into administration, PWC has confirmed, as the crisis in the UK's steel sector deepens. Caparo is set to go into administration with the loss of around 1,700 jobs. The news follows the closure of the UK's second largest steelmaker, SSI steelworks in Redcar, which was announced this month. The liquidation will lead to over 2,200 [...]
London property prices: Global firms drive demand for prime flats in the capital – but at a bargain October 19, 2015 Global multinationals are feeling increasingly plucky about the economic outlook and their future assignments, which is helping to drive demand for prime residential accommodation in the world’s gateway cities such as London and Hong Kong. However, Knight Frank’s latest research shows they are becoming more price conscious – with their employees being encouraged to seek [...]
Reiss to ramp up expansion overseas after doubling full-year profits October 19, 2015 Family-owned fashion retailer Reiss has said it plans to ramp up expansion overseas next year by adding 40 new stores, after it revealed record sales and profits. The upmarket high street brand, a favourite with royals and celebrities including the Duchess of Cambridge and Olivia Palermo, said strong growth through its website and existing stores help drive a [...]