Mothercare’s American bidder Destination Maternity rattled by profit warning July 10, 2014 Destination Maternity saw its share price tumble more than eight per cent yesterday, weakening its proposal to take over Mothercare, after it issued a profit warning following weak third quarter sales. The US-based baby retailer, which made two attempts to take over British business Mothercare last week, warned that quarterly takings were “considerably weaker than [...]
Surveillance law a worrying new development July 10, 2014 THE LAW Society has called new emergency surveillance legislation announced by the government yesterday “worrying”, adding that it goes against a court judgement on human rights. The new measures, set to be introduced with cross-party agreement from Labour, the Liberal Democrats and the Conservatives next week, will firm up government powers to force phone and [...]
Marks & Spencer boss Alan Stewart jumps ship for Tesco after sales drop July 10, 2014 Alan Stewart, chief financial officer at Marks & Spencer, is leaving the struggling retailer for supermarket giant Tesco, it was announced yesterday. Stewart will fill former Tesco CFO Laurie Mcllwee’s shoes at the retailer, where his pay packet is set to rise from £579,000 to £750,000 a year. Mcllwee stepped down from his role at Tesco [...]
Royal Mail deal was poor value, MPs complain July 10, 2014 A commitment of MPs has slammed the controversial Royal Mail sell-off, finding it was undervalued by up to 1bn. Taxpayers will also miss out on millions from the future sale of property assets. The report by the Business, Innovation and Skills select committee also concluded that advice given to the government ahead of the sale [...]
Government adviser Anthony Odgers snared by Osborne tax crackdown July 10, 2014 A government adviser charged with ensuring taxpayers get value for money from public investments is embroiled in an alleged tax-avoidance scheme being pursued by HM Revenue and Customs. Anthony Odgers is deputy chief executive of the Shareholder Executive, a part of the Department for Business, Innovation and Skills (BIS) that offers corporate finance advice [...]
Royal Mail sale set for new probe July 9, 2014 The government has launched an investigation into the way it disposes of state assets like Royal Mail, ahead of a report to be published tomorrow that slams the sale of the postal business last October. Business secretary Vince Cable has appointed former Labour City minister Lord Myners to lead the probe, which will look at [...]
Tories will take action to limit public sector strikes in manifesto July 9, 2014 David Cameron announced yesterday that his party will take tough action on strikes if he is re-elected in 2015, as schools across the country prepare to walk out today. During Prime Minister’s Question time in the House of Commons yesterday, Cameron condemned the union walkout which will affect thousands of children, telling MPs “the time [...]
Smashing! Car insurance prices decline for a record 10th quarter July 9, 2014 Car insurance premiums have fallen for a record tenth time in a row according to new research. Consumers are seeing even cheaper prices as premiums are pushed down by a further £17 in the second quarter of 2014, a new survey by Towers Watson and Confused.com has found. Prices for new comprehensive policies fell by [...]
Admiral share price sinks after insurance firm announces £200m bond issue July 9, 2014 Shares in Admiral hit the rocks yesterday after the insurance firm announced a £200m bond issue, a first for the group. Chief executive Henry Engelhardt said the group is seeking to diversify its capital base amid “favourable” market conditions and reasonable rates. “It is an opportune time to strengthen and diversify our capital resources as [...]
Vince Cable vows not to follow French example on Pfizer takeover July 8, 2014 The British government will not seek to follow the French in their bid to block the GE Alstom takeover if Pfizer revives its takeover plan, business secretary Vince Cable told a select committee yesterday. Warning that interventions like the one by the French government in the GE deal could drive away foreign investment, Cable added [...]
