HS2 Q&A: Where is the route, how much will it cost and when will it open? January 20, 2020 Today’s forecast that the cost of HS2 could soar as high as £106bn will come as no surprise to close observers of the project. The number, calculated by infrastructure consultant Michael Byng, is in line with Prime Minister Boris Johnson’s prediction last year that the project will come in “north of £100bn”. But the figure [...]
Matalan suffers sales and profit drop in challenging retail environment January 20, 2020 Budget retailer Matalan suffered a drop in sales and profit at the end of last year as it fell victim to the challenges facing the UK high street. The clothing and homeware brand said total revenue dropped to £311.7m in the 13 weeks ended 30 November, from £315.6m the previous year, as consumer confidence and [...]
JPMorgan Chase buys second building in Paris as it shifts teams from London January 20, 2020 JPMorgan Chase today announced plans to buy a building in Paris to house up to 450 more staff. The acquisition of the additional seven-storey building in central Paris is part of a wider move to bolster the bank’s operations in France. JPMorgan Chase plans to move over its sales teams and then its trading operations, [...]
Online fashion retailer Sosandar beats expectations as sales soar January 20, 2020 Online fashion brand Sosandar said it expects full-year sales to beat market expectations following soaring growth at the end of last year, avoiding the gloom affecting many high street retailers. The Aim-listed retailer said investment in customer acquisition drove revenue up 136 per cent to £3.8m in the three months to 31 December, exceeding the [...]
Tony Hall to step down as BBC director general January 20, 2020 The BBC has announced that Tony Hall will stand down as director general this summer after seven years in the role. In a email to staff, Hall said it had been “such a hard decision”, adding: “If I followed my heart I would genuinely never want to leave.” “However, I believe that an important part [...]
Apple boss Tim Cook calls for overhaul of corporate tax system January 20, 2020 Apple chief executive Tim Cook has acknowledged that the global corporate tax system needs to be overhauled, adding he was optimistic that upcoming reform would be fair. Tech giants such as Apple have come under increased scrutiny over their tax practices amid concerns they are dodging their liabilities by booking profit in low-tax countries. This [...]
HS2: Pressure mounts on Boris Johnson from all sides after leaked review January 20, 2020 Britain’s business groups have demanded Boris Johnson press on with the HS2 rail line as soon as possible, as the pressure mounts on the PM to make a decision on the divisive project. It comes amid today’s revelations that the government-commissioned review of the scheme is set to predict the cost could rise to £106bn. [...]
Reiss owner mulls selling high street retailer January 20, 2020 The private equity owner of high street retailer Reiss is mulling putting the fashion chain up for sale following a period of strong performance. Warburg Pincus has appointed investment bank Rothschild to launch a review of strategic options for the business, which could involve a sales process, Sky News reported. If the US firm decides to [...]
Rabobank invests in online mortgage broker Trussle January 20, 2020 Rabobank’s strategic investment arm, Rabo Frontier Ventures, has contributed to a £7.5m funding round in online mortgage broker Trussle. Rabo Frontier Ventures joined the latest round of funding alongside existing investors Goldman Sachs Merchant Banking Division, Finch Capital and Propel Venture partners. The fresh round of funding brings Trussle’s total to £26.7m after the tech [...]
Davos 2020: What is the World Economic Forum and what’s up for discussion? January 20, 2020 What is Davos? The World Economic Forum (WEF) is widely known as Davos, after the posh Swiss ski resort where it is held. It is a meeting of world leaders and chief execs, who gather each year to chew over the big issues facing business and the global economy. Davos 2020 is expected to be [...]