Tesco paves way for Dunnhumby sale with end to exclusive Kroger deal April 27, 2015 Tesco has taken a major step forward in paving the way for a sale of its lucrative Dunnhumby data business after agreeing a deal with US retailer Kroger to loosen an existing partnership which prevented the firm from expanding stateside. The joint venture with Kroger had been a thorny sticking point in any potential sale [...]
Apple earnings: Four things to expect after the iPhone 6 success and Apple Watch launch from the second quarter results April 27, 2015 Apple is expected to report another exceptional quarter, still riding high from the success of the iPhone 6. It's a tough act to follow after last quarter, its first since the new generation phone launched last year, when it sold a record 74.5m iPhone's and sales rose an astonishing 30 per cent to $74.6bn (yes, [...]
Another director leaves House of Fraser following Chinese acquisition April 27, 2015 House of Fraser is losing another member of its senior team, months into the department store's ownership transition. Chief financial officer Mark Gifford is leaving the company in September after eight years in the role, and 13 years at the company all told. Colin Elliot, a chartered accountant who has most recently worked [...]
European markets sink as Greece jitters continue April 27, 2015 Another week, another set of worries about Greece. Although European markets started the day well, that rally faded quickly, with the FTSE 100 falling 0.36 per cent by mid-morning. At the same time, Germany's Dax dropped 0.29 per cent and France's Cac 40 fell 0.9 per cent. Although the FTSEurofirst 300 opened 0.4 per cent [...]
HSBC share price continues surge in London and Hong Kong after UK HQ review and potential Brit spin-off revealed April 27, 2015 Shares in HSBC have surged in early trading extending last week's gains, made after it was revealed the bank was considering relocating away from the UK. HSBC shares opened three per cent higher in London today following reports over the weekend that Britain's largest bank could spin off its UK business into a separate division and [...]
RBS sells $5.6bn North American loan portfolio to Mizuho Bank April 27, 2015 The Royal Bank of Scotland (RBS) will sell a $5.6bn (£3.7bn) portfolio of loan commitments to Mizuho Bank, it said today – its second deal with the Japanese lender in three months. Around two-thirds of RBS' North American corporate loan portfolio has now been disposed of as the shrinking bank looks to exit many of [...]
Centrica expects choppy waters ahead as low oil and gas prices continue to weigh on peformance April 27, 2015 Centrica said this morning that the continued weight of low commodity prices meant it was unable to revise up the gloomy forecast it gave investors in February. The company's preliminary results, released on 19 February, revealed a full-year net loss of £1bn and left dividends slashed by 30 per cent. Also in that statement, the [...]
Diageo battles subsidiary boss Vijay Mallya after financial misconduct probe April 27, 2015 Diageo was forced to hold an emergency meeting over the weekend after the chairman of its Indian subsidiary, United Spirits, was accused of financial misconduct. Vijay Mallya, the former majority stakeholder in United Spirits, was asked to step down by Diageo, which purchased 55 per cent of the company for £1.8bn last year. Mallya is [...]
Confidence in economy climbs to highest level for four years April 27, 2015 People are more confident about the state of the economy than at any other time since 2011. Lloyds Bank’s spending power index climbed to a record high score of 158 in March, according to figures published today. This marks a four point gain on February’s 154 and is now the highest since the index began [...]
Brexit and the City: Business and Brussels – to stay or split? April 27, 2015 HSBC chairman Douglas Flint entered a political firestorm last week when he said Britain’s biggest bank was considering moving its headquarters out of the UK. Speaking at the company’s annual general meeting (AGM) in London on Friday, Flint said the bank was looking to relocate in part due to uncertainty over the UK’s relationship [...]