High street turmoil: Debenhams cancels dividend as it confirms £500m loss October 25, 2018 Debenhams scrapped its dividend this morning as it confirmed a loss of almost £500m amid plans to close up to 50 stores, after news of the troubled retailer’s desperate outlook broke late last night. The department store’s biggest loss in its 240-year history came as chief executive Sergio Bucher insisted the company remains a “profitable business”, [...]
BT names Worldpay chief Philip Jansen as its new CEO October 25, 2018 BT has announced Worldpay’s Philip Jansen as its new chief executive, joining the telecom giant early next year after current boss Gavin Patterson steps down. Jansen, who has led payments services company Worldpay for five years as co-chief executive, will be paid a £1.1m salary as well as an annual bonus of up to 240 [...]
‘Leading businessman’ wins injunction to prevent publication of harassment claims October 24, 2018 A “leading businessman” has won an injunction against the Telegraph to prevent it from publishing sexual harassment and racial abuse claims against him. Five staff who allegedly experienced harassment while working with the figure were silenced with the use of non-disclosure agreements (NDAs), according to the publication. An eight-month investigation into claims of harassment and bullying [...]
Mortgage approvals fall to six-month low in September as experts warn of ‘fragile’ housing market October 24, 2018 Mortgage approvals fell to their lowest value in half a year in September, according to the latest data from UK Finance, meaning every month of 2018 so far has dropped against 2017 approval numbers. Lending amounted to £21.5bn for the month, the lowest since the £20.6bn recorded in April and a drop of 1.2 per [...]
Patisserie Valerie survives HMRC’s winding up petition as it looks into share option accounting irregularities October 24, 2018 A winding up petition against debt-ridden cake shop Patisserie Valerie has been dismissed, the company confirmed today. HMRC had sought to liquidate the scandal-hit firm over unpaid tax of £1.14m by seeking the order against parent company Patisserie Holdings' principal trading subsidiary, Stonebeach Limited, yesterday. Read more: HMRC seeks winding up order against Patisserie Valerie [...]
UK energy supplier Yu Group shares plunge 80 per cent as it warns profits will vanish on bad debt and accounting concerns October 24, 2018 Shares in gas and electricity provider Yu Group collapsed today, plunging by as much as 80 per cent in early morning trading after a profit warning. The energy supplier to the UK’s corporate sector told investors that profits would fall by £10m, leading to a loss for this financial year. Read more: Neptune Energy hires [...]
Deutsche Bank profits beat expectations but investment banking slides October 24, 2018 Deutsche Bank posted a faltering set of numbers this morning, experiencing falls in its corporate and investment bank as well as a drop in profit that still beat expectations. The figures Pre-tax profit plunged 46 per cent to €506m (£447m) year-on-year for the bank’s third quarter, it revealed today. However, these still surpassed analyst expectations [...]
BMW widens diesel car recall to encompass 1.6m vehicles October 23, 2018 BMW has tripled the number of diesel cars it is recalling amid concerns around a leaking exhaust cooler. The car manufacturer is recalling a total 1.6m vehicles in total due to the fault, with a reported 268,000 from the UK, and including 480,000 it has recalled from Europe and Asia in August. Read more: BMW prepares to [...]
FTSE 100 falls to seven-month low amid Europe-wide sell-off of stocks October 23, 2018 The FTSE 100 fell to a seven-month low this morning as a Europe-wide sell-off of stocks saw shares drop 1.1 per cent. The index opened below the 7,000 mark today as investors were rattled by world events including Italy’s expansionary budget, Brexit, Saudi oil prices and a poor run of third quarter results this morning. It [...]
Intu’s property empire loses £300m of value as retailers shut up shop October 23, 2018 Intu took a £300m hit to its property valuation in its latest quarter, also cutting its rental growth forecast amid the UK’s high street decline, it revealed today. The shopping centre chain is currently mulling a £2.9bn takeover offer from a consortium including British billionaire John Whittaker, Saudi investment group Olayan, and Brookfield Property Group. [...]
