Morrisons share price falls as it announces 23 store closures after losses mount and sales drop March 12, 2015 A bad morning for Morrisons. The supermarket announced it will close 23 stores and cutting its future dividend pay-out after reporting a large full-year loss and falling quarterly sales. Shares in the retailer opened one per cent down this morning. The trading environment is a tough one, Morrisons said, and it isn’t expected to get [...]
Euro falls closer to parity with dollar March 11, 2015 The euro extended its seemingly unstoppable decline yesterday, with City analysts predicting that the currency will soon be on a par with the US dollar. A drop of more than one per cent pushed the euro to below $1.06 for the first time since 2003. The pound climbed to be worth over €1.42 in mid-day [...]
Self-employment is not bad, says Bank of England March 11, 2015 Self-employment has boomed in recent years because of changes in technology making it easier for people to set up on their own, a Bank of England analysis showed today. Its report came as the National Institute for Economic and Social Research (NIESR) said GDP growth is growing at a strong and steady pace. Self-employment accounts for [...]
Cement maker Holcim confirms Lafarge merger is still on track March 11, 2015 Swiss cement firm Holcim yesterday said its proposed merger with French competitor Lafarge was continuing “unchanged” despite reports that the deal had been derailed by concerns over price. Thomas Schmidheiny, Holcim’s largest shareholder with an almost 20 per cent stake in the company, was reported to be demanding a better deal in the Swiss press [...]
Founder Graeme Minto backs Brother Industries in take over of Domino Printing Sciences March 11, 2015 The founder of Domino Printing Sciences yesterday gave his blessing to the takeover bid by Japan’s Brother Industries, saying he believed the “very good ethos” at Domino would be shared by the Japanese firm. Graeme Minto, who founded the firm in 1978, spoke of his pleasure at being able to look back over the past [...]
Backing the USA: Dollar climbs as investors buy into recovery March 11, 2015 Amid much talk of a US rate hike, Chris Papadopoullos asks if it will happen as quickly as some think The Federal Reserve has a way with words. Last year, it prompted mass market confusion by saying it would wait for a “considerable time” before hiking interest rates. In December, it ditched the term and [...]
New chair Wolfhart Hauser aims to get FirstGroup back on track March 11, 2015 FirstGroup has announced new chairman Wolfhart Hauser will take over from John McFarlane in July, becoming the firm’s third chairman in less than 18 months. Hauser has been the chief executive of Intertek, the London-listed safety and quality service provider, since 2005. He is also is a non-executive director of Associated British Foods and of [...]
Hyatt Hotels eyeing up purchase of luxury Grosvenor House Hotel March 11, 2015 Hyatt Hotels is considering purchasing the Grosvenor House Hotel in London, after the landmark building was put up for sale earlier this month. The luxury five-star hotel on Park Lane in Mayfair was previously owned by troubled Indian conglomerate Sahara Grosvenor House Hospitality. However, its lenders called in administrators after it defaulted on a loan, [...]
UK house prices accelerate as drop in London moderates March 11, 2015 The fall in London house prices is moderating, an influential study of property surveyors showed today. The proportion of surveyors reporting falling prices in the capital outweighed those reporting a rise by a margin of 28 per cent in February, the Royal Institute of Chartered Surveyors (RICS) said. By contrast, the net balance seeing prices fall [...]
Former BBC and Yahoo exec Fabiola Arredondo is joining Burberry March 11, 2015 UK fashion house Burberry yesterday appointed former BBC and Yahoo executive Fabiola Arredondo to its board. It hopes the Spanish-American will bring her digital consumer savvy to the non-executive director role and the audit, remuneration and nomination committees. Once named the most influential woman in European business, Arredondo comes to Burberry after repeatedly smashing [...]