Carpetright bosses up their stakes in the company after sales drop October 26, 2016 Carpetright's chief executive Wilf Walsh and chief of finance Neil Page have bought shares in the company following a drop in sales at the retailer. Walsh and Page bought up 12,500 and 10,000 shares respectively. Read more: Carpetright says the pound's plunge is hurting margins The £25,000 purchase from Walsh brought his company shareholding to 53,778 shares, or [...]
M&S’ Brexit: Marks and Spencer to close its Paris flagship store October 26, 2016 Marks and Spencer is planning to shut its flagship store in Paris, according to reports. The British retailer wants to scale back its international operations to save on costs, Bloomberg has reported. Read more: MPs call for debate on "loopholes" in national living wage legislation The decision will be formally announced by chief executive Steve Rowe [...]
Hilton stocks slide after it cuts its forecasts but says spin-offs on track October 26, 2016 Hilton Worldwide Holdings cut its full-year forecasts for the third time today, citing weak travel demand in the US and political uncertainty in Europe slashing demand. The hotel chain giant, which is in the process of turning itself into three separate entities, grew less than expected in the last quarter and issued a downbeat view [...]
E-cigarette could stop quitters from putting on weight, new research suggests October 26, 2016 Switching to e-cigarettes could help smokers who are trying to quit from putting on weight, experts have suggested. Research in Britain and New Zealand have suggested that e-cigarettes which contain nicotine but no tobacco, may help prevent weight gain and tackle a growing obesity crisis. The report, 'Could vaping be a new weapon in the battle of [...]
Head to Paraguay, Serbia and the Czech Republic for a cheap bottle, Wine Price Index 2016 shows October 26, 2016 The UK is the 24th most expensive place to buy a bottle of wine, with an average price of £10.70, a new index shows. The latest research from SHAREaCAMPER looked at the cost of wine in 65 countries around the world, comparing local and imported averages. Wine-lovers should head to Paraguay for a cheap glass of red, [...]
Bottoms up: Net profit down but beer sales up for Heineken October 26, 2016 Dutch brewer Heineken's net profit is down on last year's figures but higher beer sales contributed to a better than expected performance, its latest results have shown. The world's second largest beer maker, which includes Tiger and Sol, sold more than expected in its third quarter, but saw its net profits plummet. The figures Net profit for [...]
Ofcom fines Vodafone £4.6m for multiple service failings and taking customers’ money without providing a service October 26, 2016 Regulators have slapped Vodafone with a £4.6m fine for "serious and sustained breaches of consumer protection rules" across two key investigations. Ofcom said that the telecoms giant failed to credit over 10,000 customers' accounts after they paid top-ups on pay-as-you-go contracts. Over a 17-month period, Vodafone customers missed out on £150,000 of money that should have been [...]
Ritz boss lashes out over business rates revaluation: “Most politicians have never had a job” October 26, 2016 The man behind London’s most iconic hotel has lashed out at politicians in charge of a shaking-up business rates, accusing them of failing to understand business because they have “never had a job”. Andrew Love, deputy chairman of the Ritz, told City A.M. a revaluation of business rates unveiled at the end of last month [...]
City A.M. Unregulated podcast: Ritz boss Andrew Love on running London’s most luxurious hotel October 26, 2016 Andrew Love is the man tasked with keeping up appearances at London's best-known hotel: the Ritz. He joins the Unregulated team in the Wimborne Room to discuss working with the Barclay brothers, his guests (including their outrageous requests), as well as talking about the changing face of London – and why supercars will never be welcome [...]
Procter & Gamble shaves its costs and rakes in a rise in sales October 25, 2016 US consumer goods giant Procter & Gamble has posted a surprise rise in sales that sent shares higher in New York, despite warning over growth in coming months. P&G, which owns a variety of brands including Head and Shoulders shampoo and Gillette razors, reported a profit for the quarter of $2.7bn (£2.2bn), or 96 cents [...]