London house prices fall as UK homes grow in value January 16, 2019 London house prices fell 1.2 per cent month-on-month in November, official data revealed today. Homes in the capital also experienced the greatest annual fall as they dove 0.7 per cent year on year in November, according to HM Land Registry figures. The drop left the average London home priced at £472,901. Read more: Falling fuel [...]
Consumer spending feels the pinch amid Brexit uncertainty January 16, 2019 Enduring political uncertainty was to blame for weak consumer spending over Christmas, according to figures released today. Consumer spending fell by one per cent in December compared to the same month in 2017, research from Visa and IHS Markit reveals, its biggest monthly drop since April. Read more: UK car sales decline for the second [...]
Business titans tell ministers ‘next six months are critical’ in post-Brexit vote conference call January 16, 2019 Some of the UK’s highest-flying executives reportedly lashed out at the government after its historic defeat on Theresa May’s Brexit deal in parliament yesterday. The bosses of Balfour Beatty, Amazon and Tesco confronted cabinet members who failed to rule out a no-deal Brexit following the government’s massive defeat in a heated conference call immediately after [...]
Reckitt Benckiser CEO announces plan to retire at the end of 2019 January 16, 2019 Reckitt Benckiser chief executive Rakesh Kapoor is set to retire at the end of 2019, the firm announced today, leading it to launch a formal search for its next boss. The maker of Nurofen and Clearasil said it is looking at both internal and external candidates to succeed Kapoor, as shares dropped by three per [...]
Huawei founder Ren Zhengfei rejects spying claims as daughter faces US extradition January 15, 2019 Huawei founder Ren Zhengfei today refuted claims the Chinese government is using his company to spy on foreign rivals. “I love my country, I support the Communist Party. But I will not do anything to harm the world. I don’t see a close connection between my personal political beliefs and the businesses of Huawei,” Ren [...]
Lender Provident Financial shares tumble on profit warning January 15, 2019 Provident Financial’s share price plunged more than 20 per cent in early morning trading after the sub-prime lender issued a profit warning. The FTSE 250 firm led the market fallers today after saying that it expects earnings for 2018 to be at the lower end of expectations, blaming modestly higher payment arrangements at its credit [...]
Budget airline Flybe shares nosedive despite revised bid from Virgin-led consortium January 15, 2019 Flybe shares nosedived again this morning as shareholders reacted to news they will not get a vote on a revised bid for the business from a Virgin-led consortium. Virgin Atlantic, Stobart Group and US private equity firm Cyrus Capital tabled a £2.8m bid for Flybe Limited and Flybe.com today after Friday’s £2.2m offer for the whole [...]
Boohoo shares drop despite retailer lifting 2019 guidance after strong sales growth January 15, 2019 Boohoo had no cause for tears this morning as it revealed rocketing revenue helped it end 2018 on a high, raising guidance for its full-year sales. Sales grew 44 per cent year on year to £328.2m in the four months to the end of December, up from £228.2m in the same period in 2017. Read [...]
Tory whip quits ahead of parliament’s crunch vote on Theresa May’s Brexit deal January 14, 2019 A Tory whip has resigned on the eve of a crunch vote on Theresa May’s Brexit deal in parliament. Gareth Johnson tendered his resignation from the Government Whips' Office in a letter to the Prime Minister today, saying it was “possibly the hardest decision I have ever made”. The Dartford MP criticised the so-called Irish [...]
EU repeats it does not want to use Brexit backstop in letter designed to help May win crunch vote January 14, 2019 EU leaders have released a letter reiterating the so-called backstop plan would only ever be temporary after Brexit, but have refused to reopen negotiations to amend the proposal in the withdrawal deal. European Commission president Jean-Claude Juncker and European Council president Donald Tusk gave the assurances in a letter published a day before MPs vote [...]
