Private equity firm Inflexion raises £1bn in two buyout funds April 29, 2019 Private equity firm Inflexion, which owns retailer Mountain Warehouse and previously backed clothing brand Jack Wills, has raised £1bn from US investors attracted to the UK by the Brexit related slide in sterling. The two funds, which are expected to be officially announced this week, will target small and mid-sized deals and co-investment opportunities with [...]
Rolls-Royce, Vodafone and Interserve among firms kicked off government’s anti-late payment scheme April 29, 2019 The public sector’s war on late payment intensified today as 17 big hitters in British business were kicked off a voluntary scheme intended to crack down on the problem, including several blue-chip firms. Read more: Number of firms paid late by Cabinet Office nearly triples since 2016 Rolls-Royce, Vodafone and BHP Billiton were among the [...]
MPs to ramp up pressure on Asda over ‘appalling’ wage shake-up plans April 29, 2019 Asda is set to face fresh pressure from politicians this week amid accusations that new pay proposals could leave thousands of workers financially worse off. Read more: Watchdog kills Sainsbury's-Asda merger: What went wrong? A campaign addressed to Asda demanding the grocery giant rows back on "unscrupulous contract changes" is set to be backed by a [...]
Visa and Mastercard agree deal with EU to cut card fees April 29, 2019 Mastercard and Visa have agreed to slash the fees charged for payments within the EU using debit and credit cards issued in a foreign country, the European competition watchdog said today. Multilateral exchange fees that are charged to retailers will be cut by around 40 per cent , which will “significantly reduce the costs for [...]
Board to hold crunch meeting over Sir Philip Green’s Arcadia restructure tomorrow April 29, 2019 Bosses at Sir Philip Green’s Arcadia are reportedly set to discuss the fate of the troubled fashion firm at a crunch meeting tomorrow. Read more: Sir Philip Green appoints restructuring specialists to Arcadia's board The future of the fashion tycoon’s retail chain, which includes brands such as Topshop and Dorothy Perkins, is set to be [...]
Dark clouds gather as one-sixth of British businesses struggle financially April 29, 2019 Nearly a sixth of British businesses are in financial trouble, amid concerns the UK could suffer a wide-ranging economic slowdown in the coming months, according to research. Read more: Natwest increases small business loan programme amid Brexit uncertainty A report by a leading insolvency firm has revealed there are 484,000 UK firms in “significant financial [...]
British voters torn over President Donald Trump’s UK state visit in June April 29, 2019 With President Donald Trump’s state visit to the UK in June already provoking fights between politicians, a new poll shows voters are as split as their Westminster representatives. Read more: Corbyn snubs invite to state banquet for Trump Just under half of the UK (47 per cent) is opposed to Trump's visit in June, according [...]
US inflation cools in March, adding to pressures on Federal Reserve April 29, 2019 The US inflation rate fell in March, the latest official figures have revealed, in a development that will keep the pressure on the Federal Reserve to hold back from raising interest rates. Read more: Analysts expect outward looking Fed to keep rates on hold The core annual inflation rate fell to 1.6 per cent in [...]
German insurer Allianz close to deal for L&G’s general insurance business April 29, 2019 German insurer Allianz is in advanced discussions to buy Legal & General’s (L&G) general insurance arm, which was put up for sale last year. Allianz has fended off rivals, including Direct Line, and a deal is understood to be close, according to Sky News. Read more: German insurance giant Allianz unveils record €11.5bn profit The deal [...]
Spotify reaches 100m premium subscribers as it marks milestone in first quarter April 29, 2019 Spotify hit 100m premium subscribers in the first quarter of this year, as the music streaming platform expanded into India and saw a positive uptake of new services. The number of premium subscribers paying for the streaming service jumped 32 per cent to 100m driven by the expansion of its Google Home Mini promotion, which [...]