70,000 retail jobs lost in 2018, says trade body BRC January 24, 2019 Panic over further troubles on the high street has been underlined this morning, with new figures showing that some 70,000 retail jobs were lost last year. A retail employment monitor out today from the British Retail Consortium (BRC) has found that the total number of jobs was down 2.2 per cent in the fourth quarter of [...]
Dixons Carphone enjoys gaming boost but signals more trouble in mobile market January 22, 2019 Dixons Carphone retained its full-year profit guidance this morning as a surge in gaming and super-size TV sales over the crucial Christmas trading period helped counter a persistent slump in demand for postpaid mobile phones. Buoyed by foreign demand from markets such as Sweden, Denmark and Greece, the FTSE 250 kept its profit guidance of roughly [...]
Murdoch eyes up mega-merger between The Times and The Sunday Times January 18, 2019 Media baron Rupert Murdoch is seeking permission to merge The Times and The Sunday Times in a bid to cut costs across the newspapers. News UK, the holding group for the two titles, has made an application to the government to overturn a law that prevents the titles from merging. Read more: ITV shares tumble [...]
The rise of digital tech innovation will drive sports revenue boom, report states January 15, 2019 The global sports industry is on the brink of “unprecedented commercial growth” as digital technology innovation kicks in, according to a new report. Broadcasters, rights holders and sports organisations are set to see a huge boost in revenues thanks to the rise of new tech such as streaming platforms, esports and virtual reality (VR), a [...]
Mark Kleinman’s big predictions for the Square Mile in 2019 January 11, 2019 Sir Martin Sorrell’s WPP exit, Unilever’s HQ U-turn, Melrose’s swoop for GKN: 2018 was a year full of surprises in the City. And while forecasting might be a fool’s errand, here are 10 predictions for the year ahead. •Theresa May will decisively lose next week’s “meaningful vote” on Brexit: that’s not a punt that will [...]
Virgin Atlantic and Stobart Group poised to make takeover move for Flybe January 10, 2019 Richard Branson’s Virgin Atlantic and the Stobart Group are close to securing the takeover of embattled regional airline Flybe, according to reports in Sky News this evening. Flybe, which recently reported a 54 per cent drop in half-year profits, could be acquired by a consortium led by Virgin Atlantic in an offer that would represent [...]
UK tipped to remain attractive location for M&A in 2019 after deal value surged in 2018 January 9, 2019 The UK has been tipped to remain one of the most popular locations for M&A in 2019 after the value of deals with a UK target in 2018 surged 40 per cent to £413bn. Research published today by Willis Towers Watson and Cass Business School showed that globally 2018 was the worst year for shareholder [...]
Watchdog plans for audit sector shake-up set to draw backlash from businesses January 6, 2019 Finance bosses at some of Britain’s largest FTSE companies are set to hit out at new proposals put forward by the UK’s competition regulator, it emerged this evening. Plans by the Competition and Markets Authority (CMA) to make publicly listed firms appoint two sets of auditors are expected to receive a harsh backlash from a [...]
UK M&A value soars by more than a quarter in 2018 as number of mega-deals increases January 3, 2019 The value of merger and acquisitions involving UK companies soared by more than a quarter last year as the number of mega-deals surged. Deal activity reached a three year high in 2018, while M&A activity involving UK firms hit £359.9bn which is 28 per cent more than the value recorded in 2017, according to data [...]
Interserve agrees key terms of rescue deal with lenders and is considering handing off building materials unit to lenders December 21, 2018 Interserve has agreed on the key terms of a rescue deal with its lenders and is still considering a debt-for-equity swap by handing off subsidiary RMD Kwikform to the holders of its debt. The British business support services provider said on Friday that its rescue plan will see a big part of the company’s £500m debt converted into [...]