Fashion retailer New Look to move 800 staff to new London headquarters at King’s Cross March 21, 2016 New Look is moving 800 staff to new headquarters at King’s Cross after signing up for seven floors on the 67-acre regeneration site. The fashion retailer, which was bought last year by South African billionaire Christo Wiese, has taken a lease for 123,000 square feet of space in building R7 on Handyside Street on the north-eastern part of the site. It [...]
Concerns for growth as Eurozone consumer confidence edges down to 13-month low March 21, 2016 Consumer confidence in the Eurozone has fallen to a 13-month low this month. Figures released today by the European Commission reveal the so-called flash consumer confidence index – an early estimate of data to be finalised at the beginning of next month – dropped to a score of minus 9.7. It marks the third consecutive month [...]
The UK’s giant current account deficit unlikely to create extra risk in the run up to EU referendum, says Bank of England’s Kristin Forbes. March 21, 2016 A top Bank of England official has said the UK's large current account deficit helps to share risk, as well as create it, in the face of domestic uncertainty. The current account deficit hit 5.1 per cent of GDP in 2014, the largest in 60 years of comparable records. It is the amount the UK [...]
CBI: UK factory output falls at fastest rate since 2009 March 21, 2016 Manufacturing output fell sharply over the past three months, but demand remains robust, according to a new survey data. Of the 471 manufacturers surveyed by the Confederation of British Industry (CBI), 18 per cent said output had gone up over the last three months compared with 33 per cent that reported a fall. The difference, [...]
Halfords and N Brown share price drops after UBS downgrade, blaming Brexit, Amazon and currency woes March 21, 2016 Shares in Halfords and N Brown have dropped sharply today after analysts at UBS slashed their ratings for both retailers in a bearish note on the sector. The Swiss bank's research arm, UBS Evidence Lab, has warned of on a whole shopping basket of challenges facing retailers this year, including short-term uncertainty over Brexit, wage inflation, currency and the increasing dominance of Amazon. [...]
Dixons Carphone snaps up broadband and TV price comparison site Simplifydigital March 21, 2016 Dixons Carphone has agreed to buy broadband price comparison site Simplifydigital for an undisclosed sum as it looks to become a one-stop shop for digital services. Founded in 2007 by former Sky sales executive Charlie Ponsonby, Simplifydigital is the UK's biggest TV, broadband and phone switching service, sorting through 11,000 products to find the best deals. Dixons Carphone said the deal will help further bolster its position [...]
Tesco’s share price rises as supermarket takes fight to the discounters with launch of seven value own-label ranges March 21, 2016 Tesco has added fuel to the supermarket price war after launching a range of entry level own-label brands that will challenge the discounters on price. The retailer's share climbed by more than one per cent this morning after it said it will sell around 80 fresh, meat and poultry products under seven new "Farms" brands which, in many cases, will either match or [...]
Australian Securities Exchange chief executive Elmer Funke Kupper steps down to deal with bribery allegations levied against Tabcorp, a betting company he used to run March 21, 2016 The chief executive and managing director of the Australian Securities Exchange (ASX) has stepped down from his role today, shortly after police launched an investigation into bribery allegations at a gambling company he used to run. Elmer Funke Kupper, who has been chief executive and managing director of ASX since October 2011, has resigned effective immediately. Funke [...]
Cybersecurity software company Osirium reveals plans to float on Aim in April, with Panmure Gordon acting as nominated adviser March 21, 2016 Osirium has today revealed its plans to start trading on the London Stock Exchange later this year. The UK-based cybersecurity software company, which focuses on monitoring how systems' privileged accounts are being used and how they can be protected, is aiming to raise at least £4m after expenses so that it can start trading on Aim in April. [...]
Bank lending to property developers halves in just two years to £16bn March 21, 2016 Bank lending to property developers has halved over the last two years, making it more difficult for companies to kick-start schemes that could help ease the housing crisis, a new report out today claims. Bank finance has dropped from £34bn in January 2014 to just £16bn the same month this year – with bridging finance [...]