Sports Direct scores profit rise but Mike Ashley’s company hurt by England’s poor World Cup September 10, 2014 Sports Direct enjoyed an 11.8 per cent rise in profit for the period ending 27 July 2014 , yet the sportswear retailer was hurt by England's early World Cup exit. The company founded by Newcastle United chairman Mike Ashley reported a 12.2 per cent increase in sales from £631m to £711.2m, while gross profit also [...]
Pound continues to fall despite Mark Carney’s speech September 9, 2014 After falling almost 1.4 per cent yesterday, the pound continued to slide today despite Mark Carney indicating there would be no interest rate hike this year. Speaking to the Trade Union's congress, Carney said there was still slack in the labour market and that he saw an interest rate rise as coming next spring, rather [...]
Why Richard Branson isn’t afraid to fail: Four Virgin businesses that didn’t work out September 9, 2014 It was only a year ago that Richard Branson was prancing around in a red kilt at the launch of Little Red, his domestic airline for the UK, which was designed to provide competition after British Airways owner International Airline Group acquired BMI. Since its launch, though, Little Red has been dogged by rumours [...]
So much for talk of a 2014 rate hike: Mark Carney says he “expects spring 2015 interest rate rise” at TUC speech September 9, 2014 Mark Carney has all but ruled out an interest rate hike this year. In a speech to the Trades Union Congress (TUC) this morning, the Bank of England governor said inflation lower than the Bank's two per cent target, slack in the labour market and downward pressure from strong sterling mean the current inflation environment [...]
Mark Carney to discuss wages in speech at Trades Union Congress September 9, 2014 Mark Carney will discuss his plans for real wages in an address to the Trades Union Congress (TUC) later today. The prospect of an interest rate rise continues to shadow the governor, and members of the TUC are expected to tell Carney to reject a hike until real wages show signs of strengthening. The Canadian [...]
Rail commuters get boost as Osborne caps fare rises September 7, 2014 Rail fare increases will be capped at 2.5 per cent for 2015 in a bid to help hard-pressed commuters, the government has announced. Chancellor George Osborne said the move, which limits price hikes of regulated rail fares to the rate of inflation, was a bid to help taxpayers, and was only possible because of other [...]
Obama to outline strategy for targeting Islamic State September 7, 2014 On Wednesday, US President Barack Obama will outline his strategy for targeting Islamic State (IS) – the extremist group currently taking over large parts of Syria and northern Iraq. "I'm preparing the country to make sure that we deal with a threat from Isil,” he said on NBC's Meet the Press. "On Wednesday, I'll [...]
Russian rouble rallies as Putin agrees Ukraine ceasefire September 5, 2014 The rouble rose 0.22 per cent against the dollar and 0.14 per cent against the Euro at pixel time after Ukrainian president Petro Poroshenko announced his government had reached a ceasefire agreement with pro-Russian rebels this afternoon. Earlier in the day, investors had piled into Russian stocks on rumours of an end to fighting, with [...]
New Look sells French arm Mim to newly-created business Main Asia September 5, 2014 New Look has sold its French business Mim for an undisclosed sum, to a Hong Kong-based company about which relatively little information has been made available. Main Asia (HK) was established earlier this year to acquire Mim, and the main shareholders and management are “active in apparel and textile manufacturing and trading, along with [...]
Tesco’s Dave Lewis in video interview addresses management shake up speculation September 5, 2014 Seven days into his tenure at Tesco, “Drastic Dave” Lewis has revealed how his “rollercoaster” first week in the new job went in a video posted on the supermarket’s YouTube channel. The former Unilever executive who replaced Philip Clarke said he won't shy away from making a call on management changes but would not make [...]