It’s official: Google is now Alphabet as restructuring process comes to an end October 5, 2015 Google's transition to Alphabet is now complete, the company confirmed last night. In a statement posted on its investor relations site, it said the restructuring process was due to be finished by the end of the day, and that on Monday Google shares will be traded under Alphabet for the first time. Google [...]
Losses widen at shirt-maker Austin Reed October 5, 2015 Losses at Austin Reed widened last year after a torrid trading period that resulted in the retailer closing 31 stores to pay down debts. The 114-year-old tailor, which counts International Monetary Fund chief Christine Lagarde among its customers, posted a £5.4m loss in the year to 31 January, compared with a £1.3m loss the previous [...]
HMV sets sights on international growth as turnaround pays off October 5, 2015 Music retailer HMV is gearing up for expansion overseas following a dramatic turnaround just two years after being rescued out of administration. The company is said to be in talks to take its website into 10 other countries, primarily in Europe. Paul McGowan, HMV’s chairman and the founder of restructuring firm Hilco, which bought the [...]
High street chain River Island in fashion as sales and profits soar October 5, 2015 River Island saw profits jump by almost 70 per cent last year, boosted by the rise in mobile shopping and recent collaborations with popular celebrities such as Rihanna. The fashion chain, which is privately owned by the Lewis family, reported pre-tax profits of £149.1m in 2014 compared with £88m the previous year. Sales increased by [...]
UK banks boost the number of female directors October 5, 2015 Women make up almost one-third of board members at Britain’s biggest banks, according to a new report out today from the financial services recruitment firm Astbury Marsden. The recruiters say that the share of female board members has risen by more than 50 per cent in just three years, from 19 per cent to 31 [...]
Shawbrook poaches big hitter Steve Patemen from Santander October 5, 2015 Challenger bank Shawbrook has snatched a top exec from Santander UK, saying over the weekend that Steve Pateman would take over as chief executive at the start of 2016. Pateman was an executive director and head of UK banking at Santander UK, running the firm’s corporate, commercial, business and retail banking operations along with wealth [...]
German chancellor Angela Merkel defends Germany’s reputation as a good place for business after the VW scandal October 4, 2015 German chancellor Angela Merkel has said that the emissions scandal engulfing German carmaker Volkswagen is "drastic" but shouldn't damage the country's reputation as a good place to do business. "I believe the reputation of the German economy and the trust in the German economy has not been shaken by this to the extent that we [...]
Insurer Prudential dusts off plans to leave the UK over EU regulations Solvency II October 4, 2015 One of the UK's largest insurers is reportedly mulling upping sticks in favour of Hong Kong or Singapore ahead of European Union regulations which are set to be introduced next year. Prudential is dusting off plans drawn up over three years ago to move its corporate base out of Britain and into Asia, according to the [...]
Tesco first half results: Three things to expect from half-year interims and Dave Lewis on Wednesday October 4, 2015 Tesco is due to reveal first half results on Wednesday, and just over a year on from the supermarket shocking the City with a quarter of a billion-pound black hole in its financials, all eyes are on how far through it really is in turning things around. With a bulging balance sheet and market share [...]
Secure Income Reit completes £903m loan deal October 2, 2015 Secure Income Reit, led by chairman Martin Moore, has today completed a £903m loan deal in a move that paves the way for the company to start paying out dividends to shareholders. The fixed-rate loan will last 10 years and is secured against the group's £1,3bn property portfolio. Today marks the third drawdown of a three-facility arrangement. The third and final loan is valued at £315.6m, [...]