Greek debt crisis: George Osborne backtracks on Athens loan pledge as EU readies aid July 15, 2015 The Treasury is preparing to co-operate with Europe over a short-term loan to Greece – but only if the cash is guaranteed – in an embarrassing about-face for chancellor George Osborne who on Tuesday promised not to offer bailout funds to aid Athens. A Treasury source said the European Commission was now proposing ways [...]
Barclays’ second boss in a week exits bank: Sir Mike Rake follows Antony Jenkins as chairman John “Mack the Knife” McFarlane wields axe July 15, 2015 Barclays deputy chairman Sir Mike Rake has become the second casualty of newly-installed chairman John McFarlane in a week, after he confirmed plans to leave the bank “by the end of 2015” yesterday – which leaves the rest of the Barclays board looking decidedly exposed, analysts have suggested. BT chairman and Confederation of British [...]
Severn Trent targeting positive 2016 performance as costs drop July 15, 2015 Utility firm Severn Trent issued a reassuring trading update yesterday, and told investors it is on track to deliver a full year performance in line with expectations. The update boosted shares by almost one per cent. Operating costs are expected to be lower compared with last year, which the company attributed to organisational changes and [...]
Burberry share price hit by slower trade in Hong Kong July 15, 2015 British fashion brand Burberry hopes to head off deceleration in the Hong Kong market with a variety of cost-reducing moves, including possible job cuts and downsizing. The company reported an eight per cent uplift in retail revenue to £407m in the first quarter of 2015. Shares in the group were down by 2.59 [...]
Cath Kidston moves towards global expansion with Japanese purchase July 15, 2015 Cath Kidston Group has taken a major step towards achieving its global expansion plan by buying back its Japanese franchise business from Sanei International. The company did not reveal how much it had paid to buy back the Japanese operations. Cath Kidston Japan will take full control of the Japanese business from 1 September. Sanei, [...]
Challenger banks face an uphill battle as George Osborne widens levy net July 15, 2015 The heads of the UK’s fast-growing crop of challenger banks were entitled to reach for a stiff lunchtime drink as they absorbed the first Conservative Budget for two decades last week. At a stroke, George Osborne’s decision to impose a super-tax on industry profits above £25m undermined everything he has said about broadening competition [...]
Lidl celebrates record £4bn turnover as discounter cements place in UK with new head office July 15, 2015 Lidl’s UK operation has announced plans to build a new head office in Tolworth, south west London, in a move seen as cementing its big player status in the UK supermarket sector. The expansion comes in the wake of what the company said is its most successful trading year yet. The new office [...]
JD Wetherspoon share price drops as founder Tim Martin attacks living wage July 15, 2015 Tim Martin, founder and chairman of 900-strong pub group JD Wetherspoon, has hit out at chancellor George Osborne’s living wage policy, claiming it could have an adverse impact on pubs. Martin warned: “The recent government announcement regarding the living wage adds considerable uncertainty to future financial projections in the pub industry.” He said: [...]
In photos: Riots erupt in Greece as Alexis Tsipras urges MPs to back bailout July 15, 2015 Anarchist protestors and Greek riot police clashed violently outside the Athens parliament while MPs gathered inside to vote on reforms demanded by its creditors in its bailout package. Read more: Referendum spurs Greek job hunters to search abroad… and the UK is a favourite Stones and molotov cocktails were thrown at Greek police and a [...]
Singapore developer Oxley buys stake in London house builder Galliard Group for £50m July 15, 2015 Singapore property developer Oxley has acquired a 20 per cent stake in Galliard, the leading London developer. Read more: London Octopus scrapped as Galliard Homes buys site The £50m investment from the Singaporean firm follows Galliard's ambitious £225m joint venture with US investment fund Cain Hoy to expand building in the capital. Galliard – London's second [...]