Treasury Select Committee chairman Andrew Tyrie MPs demands proof that taxpayer is getting value for money in RBS sale September 21, 2015 Treasury Select Committee (TSC) chairman Andrew Tyrie is demanding to see what advice the government received from UK Financial Investments – the agency that manages the public stake in bailed-out banks – before it started to sell off shares in Royal Bank of Scotland last month. Tyrie has written to James Leigh-Pemberton, executive chairman of [...]
House of Fraser poaches John Lewis’ chief technology officer Julian Burnett September 21, 2015 House of Fraser has poached John Lewis' technology boss as its new chief information officer. Julian Burnett will join the business from its rival department store, where he had been chief technology officer for the past three years, on 5 October, taking on the reins from interim Peter Marsden. He will join the executive [...]
Volkswagen share price drops to near six-year low wiping billions from value after boss Martin Winterkorn apologises for misleading customers over emmissions September 21, 2015 Volkswagen (VW) shares are down 20 per cent, falling just shy of a six-year low, wiping billions from the company's value. The drop comes after chief executive Martin Winterkorn apologised on Sunday for manipulating the carbon emissions data from Volkswagen and Audi vehicles. He said in a statement: “I personally am deeply sorry that we [...]
AO World share price falls despite being on track for revenue jump September 21, 2015 Shares in AO World have fallen 3.9 per cent despite the online electricals giant saying it is on track to report a 20 to 21 per cent jump in second quarter sales. Speaking at a Capital Markets Day being held at its Bolton headquarters today, chief financial officer Mark Higgins said AO.com sales are expected [...]
CMA energy market investigation report pushed back six months September 21, 2015 Plans by the competition watchdog to remedy the energy market and make it easier for people to switch between providers have been put back by six months. The Competition and Markets (CMA) watchdog will now conclude their investigation by next summer rather than by the end of the year, as had been expected, giving energy [...]
Pan European Wi-Fi air passengers coming after partnership announced by Inmarsat and Deutsche Telekom September 21, 2015 European air passengers will now be able to Skype, shop online and send emails in-flight after Inmarsat and Deutsche Telekom announced they will team up to provide "in-flight high-speed internet access", providing greater connectivity than Wi-Fi currently offered on some flights. Under the partnership, Inmarsat, the FTSE 100-listed satellite communications company, will provide "pan-European" satellite [...]
French Connection share price falls seven per cent after company reports “tough trading period” September 21, 2015 French Connection has reported a “tough trading period” for the first six months of the year, with pre-tax losses widening on the back of a poor performance of the spring 15 collection. Shares in the company fell by seven per cent in early morning trading on the news. The figures The retailer reported loss before [...]
RSA share price plummets 20 per cent as Zurich Insurance says talks are off for possible takeover September 21, 2015 RSA Insurance Group's share price plunged this morning after rival firm Zurich revealed it was walking away from the £5.6bn takeover bid. RSA's share price was down 21.9 per cent in early morning trading as investors digested the shock news. Zurich's share price was also down, albeit a less remarkable 2.3 per cent. Zurich [...]
Banks brace for tax showdown: City giants warn jobs and growth are at risk from Whitehall interference September 21, 2015 Unpredictable and excessive taxes are pushing the British banking sector to the brink, according to a major new report by a leading industry body. The British Bankers’ Association (BBA) and PwC reveal that the UK banking sector contributed an estimated total of £31.3bn in taxes last year, and warn of the risk posed to [...]
UK house prices: Rightmove says the average London home could cost £1m by end of the decade September 21, 2015 London house prices are climbing at such a rapid rate that the average price could hit £1m by 2020. In news that will buoy homeowners but frighten Londoners with ownership aspirations, house prices in the capital jumped 2.2 per cent this month compared with August, according to figures published today by property website Rightmove. [...]