All the big high street retailers that collapsed in 2019 December 23, 2019 It has been another turbulent year for the UK high street, which has struggled to adapt to changing consumer behaviour while battling rising overhead costs. Household names such as Debenhams, Mothercare and Clintons hit the news after they were forced to launch restructuring plans, close stores or simply stop operations. Read more: Why high street [...]
Vimto owner Nichols warns on profit due to sugar tax December 23, 2019 Vimto-maker Nichols has warned that profits will be lower than expected next year after Saudi Arabia and the United Arab Emirates implement a 50 per cent excise sugar tax. The company said the impact of the tax, which will be levied on all drinks containing either natural or artificial sweeteners so product reformulation is not [...]
Softbank’s Wework financing talks stall December 23, 2019 Softbank’s attempts to secure $3bn from three Japanese banks have stalled, creating a hurdle for the firm’s $9.5bn rescue plan for Wework. Softbank is now likely to start the new year without the funding for the office sharing company in place, after two of the lenders hit internal lending limits to the firm. Read more: [...]
China to cut tariffs on hundreds of products December 23, 2019 China is preparing to slash tariffs on hundreds of products next year in a bid to bolster the economy. Import tariffs on 859 items, ranging from frozen pork to technology products, will be cut from 1 January in order to “increase imports of products facing a relative domestic shortage, or foreign speciality goods for everyday [...]
Bank of England refers hedge fund eavesdropping to regulator December 19, 2019 The Bank of England (BoE) has referred the hacking of its market-sensitive press conferences to the financial watchdog, after it emerged that an audio feed was supplied to high-speed traders moments ahead of the official broadcast. The Bank confirmed what it called a “wholly unacceptable” use of a back-up audio feed by a third-party supplier, [...]
London’s commercial property market bounces back in fourth quarter December 19, 2019 Investment in London’s commercial property market rebounded in the fourth quarter as the capital’s risk profile began to improve, strengthened by Boris Johnson securing a majority in last week’s General Election. Investment jumped 15 per cent compared to the previous quarter, rising to almost £2.8bn, according to preliminary figures. Read more: Fintech boom drives central [...]
Retail sales dip in November despite discounting December 19, 2019 Retail sales dipped last month as UK shoppers showed signs of “discount fatigue” in the run up to Black Friday and Cyber Monday. The amount spent in the three months to November dropped 0.3 per cent compared to the previous three months. Read more: Are there any signs retailers could be in for a merry [...]
Vodafone sells Malta business for €250m December 19, 2019 Vodafone has sold its business in Malta to Monaco Telecom for €250m (£212m). The deal, which is expected to complete in the first quarter of next year, will see the Malta division continue to trade under the Vodafone brand for a transitional period. Read more: Vodafone threatens to withdraw from India over tax dispute In [...]
Watchdog extends Thomas Cook probe December 19, 2019 The UK’s accounting watchdog is extending its investigation into the collapse of travel operator Thomas Cook. The Financial Reporting Council (FRC) announced a probe into EY’s audit of Thomas Cook’s financial statements for the year ended 30 September 2018 following the company’s collapse earlier this year. Read more: Thomas Cook went bust with liabilities of [...]
Donald Trump: US president to face Senate trial after impeachment December 19, 2019 Donald Trump became the third US president to be impeached after the House of Representatives yesterday charged him with abuse of power and obstructing congress. The move by the Democrat-led House sets the stage for a trial next month in the Republican-controlled Senate, which could see Trump convicted and removed from office. The House of [...]
