Tesco posts increase in UK like-for-like sales but profit drops 28 per cent October 5, 2016 Tesco's share price jumped nine per cent in early morning trading after it posted an increase in UK sales in its interim results. The company also confirmed its pension deficit has jumped by £3.2bn to £5.9bn "due to lower bond yields". The figures Tesco's like-for-like sales in the UK were up 0.6 per cent in the first [...]
British Airways’ move of dropping free meals is eating into its brand image October 5, 2016 British Airways has been in the news for a number of reasons over the last couple of months and YouGov’s brand tracking data indicates that perception of the brand has been impacted as a result. Just last week, the airline announced it was to cut its free meals on short haul economy flights. Passengers will [...]
Former Tesla rival Fisker is revved up to make electric cars again October 5, 2016 The man behind an electric car maker which was once a major rival of Tesla has just unveiled two new models. Henrik Fiske0'sr last company, Fisker Automotive, went bankrupt in 2013. It was known for building luxury cars, favoured by celebrities. Read more: Tesla delivered a record amount of cars in the third quarter Now, Fisker has created a high-end car aimed [...]
City A.M. Unregulated podcast: Aston Martin’s chief executive talks Brexit and Bond, James Bond October 5, 2016 Aston Martin may be a byword for luxury, but it has a troubled past, after seven administrations (which, incidentally, is the number of James Bonds there have been). With a Midlands twang and a background on the factory floor, chief executive Andy Palmer isn't what you'd expect from a luxury boss – but he may be just the tonic [...]
City Moves for 5 October 2016 | Who’s switching jobs October 5, 2016 Investec Wealth & Investment Investec Wealth & Investment (“IW&I”) has appointed Louise Hall as head of the firm’s London office. She takes over from David Bulteel, who is becoming head of IW&I’s international division. Louise Hall joined IW&I as a graduate trainee in 1989 and has led the firm’s specialist charities and not-for-profit division since [...]
Raise a dram to this 50-year-old whisky… If you have £20,000 to spare, that is October 5, 2016 A new whisky has been launched today that would leave Don Draper scrabbling for a dram – and his wallet. The world's number two whisky brand, Scotch giant Glenlivet, has unveiled the second release from its luxury Winchester collection, a 50-year-old Vintage 1966 worth an eye-watering £20,000 a bottle and created by then-master distiller Robert Arthur. [...]
UK business doubles security spend as cyber threat grows October 5, 2016 UK businesses are doubling down on cyber security – literally – as they spend twice as much on protecting themselves in the face of growing threats. Cyber security budgets have more than doubled this year compared to last, rising to £6.2m per business, on average, as the costs of incidents rise amid ever growing threats. The cost to [...]
Tesco’s Drastic Dave must keep delivering to revive fortunes of the supermarket giant October 5, 2016 Tesco's slogan “every little helps” was aimed at cost-conscious shoppers in the financial crisis, but the same could also be said of the grocer’s gradual recovery under CEO Dave Lewis. Two years into his tenure, the retailer can perhaps add a new catchline to its roster: buy everything here. Lewis is steering the Tesco juggernaut [...]
Parents with bulging pay packets are much more likely to work flexibly October 5, 2016 Parents picking up more than £70,000 a year are considerably more likely to work flexibly than those earning £10,000-£40,000, according to research from charity Working Families. Polling over 1,000 working parents, it found that 69 per cent of those with hefty pay packets (over £70,000) worked flexibly, compared to 47 per cent of those taking home pay in [...]
Bittersweet trading day leaves FTSE shy of record October 5, 2016 The FTSE 100 came close to an all-time closing high yesterday as shares were boosted by the fall in the pound. A lower pound lifts the earnings potential of some of the UK’s biggest companies that count their revenue in dollars and dominate the FTSE 100. When the closing bell rang at 4.30pm the blue-chip [...]