Burberry boss banked big bucks and bonus despite investor row June 8, 2015 BURBERRY chief executive Christopher Bailey earned £8m last year in his first year as both chief executive and chief creative officer at the British luxury goods giant. The design house, famous for its trench coats and check patterns, gave a detailed breakdown of Bailey’s pay package yesterday in a move seen as an attempt to [...]
Commuters to be able to pay using iPhone June 8, 2015 COMMUTERS in London will soon be able to pay for travel on public transport journeys by touching their iPhones to the barriers, tech giant Apple revealed last night. Transport for London director of customer experience Shashi Verma said: “With around one in ten of all contactless transactions in the UK now taking place on our [...]
McDonald’s cannot drive through turnaround plans quick enough June 8, 2015 MCDONALD’S served up yet more disappointing sales figures for May, the food icon said yesterday. McDonald’s worldwide sales declined by 0.3 per cent in May, but still beat expectations thanks to strong performances in the UK. Sales in Europe rose 2.3 per cent in May. Strong results in western Europe were partly offset by slightly [...]
Total cash spent at UK retailers is on the climb June 8, 2015 UK retail sales are ticking upward with evidence that confidence is rising, as consumers spend more on big-ticket items. Total spending at retailers grew by 1.8 per cent in the three months to May compared with the same period last year, according to figures published today by the British Retail Consortium (BRC) and financial services [...]
The City tells Deutsche Bank: Hard work on costs is not over yet June 8, 2015 Shares in Deutsche Bank climbed sharply yesterday after its co-chief executives agreed to stand down over the weekend, to be replaced with a turnaround veteran. But analysts and investors said that the hard work still lies ahead of the bank, which will have to prove to investors that it can cut costs and grow [...]
Consumer spending surges as UK chows down and drinks up June 8, 2015 CONSUMER spending shot up in May as shoppers splashed out on pubs and restaurants. Spending rose by 4.2 per cent in May compared with the same month last year, according to figures released today by Barclaycard. Non-essential spending grew 6.2 per cent, which was boosted by a 16.7 per cent jump in the amount spent [...]
Morrisons back on the offensive: Has the retailer put its darkest days behind it? June 8, 2015 David Potts wasted no time in stamping his mark on Morrisons when he took the helm of the retailer in March. After years of haemorrhaging sales, the ailing supermarket was in urgent need of a turnaround. And for the 58 year-old retail evangelist, that meant not only making sweeping changes at the top – including [...]
Chemist Boots prescribes 700 job cuts as part of turnaround June 8, 2015 HIGH street chemist Boots revealed yesterday it plans to cut as many as 700 non-store roles as part of a major overhaul of its entire business. Boots, which completed its megamerger with US giant Walgreens last year, said the move was part of its efforts to “simplify” operations and “address the rapidly changing needs of [...]
New Look launches a £1.2bn bond issue June 8, 2015 NEW LOOK is launching a bond issue totalling £1.2bn to restructure its debt and pay off its high-interest loans as it transitions to new owners. The firm, recently sold to South African tycoon Christo Wiese for £780m, is issuing £1bn of senior secured notes due in 2022 and £200m of senior notes due in 2023. [...]
Phoenix IT rises from the ashes as profits return after difficult spell June 8, 2015 Phoenix IT yesterday released its annual results, which showed the beginnings of the IT firm again taking flight, after a difficult time. Chief executive Steve Vaughan told City A.M. “the results demonstrate we’ve got stability”. Referring to the firm’s previous problems, he commented: “A whole year without screw ups, hand grenades and ‘oh good griefs’ [...]
