BAE Systems to cut 371 UK jobs in Lancashire as it scales back Typhoon production November 12, 2015 BAE Systems is cutting 371 UK jobs, as part of plans to scale back its production of Typhoon fighter jets. In a trading update today the firm said it was cutting the jobs at its military air and information business "to ensure production continuity at competitive costs over the medium term". The majority of the [...]
Co-Op Bank given breathing space on capital requirements by Bank of England body Prudential Regulation Authority November 12, 2015 The Bank of England's Prudential Regulation Authority (PRA) has said the Co-Operative Bank does not need to issue more debt to cover its capital requirements this year. The Co-Op Bank was the only UK lender to fail the BoE's stress tests last year. The minimum capital ratio needed to pass the test was 4.5 per cent; [...]
The Co-operative Bank swerves £120m fine despite being slammed by Prudential Regulation Authority and Financial Conduct Authority for “serious and wide-ranging failings” November 12, 2015 The Co-operative Bank has been slammed by two of the UK's biggest regulators for “serious and wide-ranging failings” over its control and risk management between 2009 and 2013 – but has managed to swerve being fined. The Bank of England's Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) found that the Co-op [...]
Halfords turnaround plans steps up a gear after sales missed expectations November 12, 2015 Halfords is literally stepping up a gear on its plans to rebuild the company. The cycle business has just completed a three-year initial strategy called "Getting into Gear" – and is now replacing that with a new initiative called "Moving Up a Gear". See what they did there? The new strategy has five key "pillars": investing in [...]
Morrisons hires Post Office boss Paula Vennells as “restructuring” board strategist November 12, 2015 Could there be more changes in store for Morrisons? The struggling supermarket has hired Paula Vennells, the boss of the Post Office, citing her "restructuring" experience as being "invaluable". Vennells will join the board as non-executive director from 1 January. She is taking over from Johanna Waterous, who is leaving after six years. Vennells has been chief executive of [...]
Burberry beats expectations with flat profits and revenue November 12, 2015 Burberry has beaten expectations, staving off a challenging environment to post a marginal rise in profits and revenue. The figures The luxury brand nudged sales up from £1.1bn to £1.104bn for the six months to 30 September, while adjusted pre-tax profits rose from £152.2m to £152.9. UBS had estimated that profits would drop seven per cent [...]
UK house prices will rise by 25 per cent in the next five years as demand outstrips supply: Royal Institute of Chartered Surveyors November 12, 2015 House prices will rise by 25 per cent over the next five years, The Royal Institution of Chartered Surveyors has estimated, issuing another warning that supply is failing to keep up with demand. Properties sold at higher prices throughout the UK for the third consecutive month in October, with 49 per cent more chartered surveyors seeing an increase, [...]
Fleet Street fire: 30 firefighters put out blaze in flat above historic Ye Olde Cheshire Cheese pub November 11, 2015 The London Fire Brigade has brought a blaze under control in a flat above the infamous Cheshire Cheese pub on Fleet Street this afternoon. The emergency service sent 30 firefighters and six fire engines to deal with the incident. No one was injured. LFB were called at 2.32pm, to a fire in a four room flat on the first floor, a [...]
Black Friday 2015 UK: After Asda pulled out of the big deals day, will it fade to grey? November 11, 2015 Asda’s decision to opt-out of the US-imported shopping holiday begs one question: Could this be Britain’s last Black Friday? With high-street retailers like Primark and Oasis also deciding to pull out of the Black Friday race, this is a huge sign that perhaps this one-day shopping bonanza could be abandoned by the majority of the [...]
Sainsbury’s share price falls as profits plummet 18 per cent, dividend slashed in going price war November 11, 2015 Update: Sainsbury's share price has fallen six per cent so far today, after revealing a nearly 18 per cent fall in profit, despite slashing its interim dividend by a third. The figures Sainsbury's group sales were down two per cent to £13.6bn for the 28 weeks to 26 September, while retail sales were down 0.1 per cent excluding fuel. Like-for-likes dropped [...]
