Top financial PR firm cuts ties with Sir Philip Green amid conduct allegations February 27, 2019 Sir Philip Green’s financial PR firm is set to jump ship tomorrow in the latest corporate blow to the embattled mogul, just days after Baroness Karren Brady quit as chair of his retail empire. City A.M. understands that Green’s communications consultancy Maitland/AMO is ending its relations with the scandal-hit tycoon tomorrow evening amid mounting public [...]
CMA may block Sainsbury’s-Asda merger, finding deal could push up prices and reduce quality February 20, 2019 Sainsbury's suffered a 15 per cent drop in its share price this morning after the grocer's £12bn proposed merger with Asda was thrown into doubt following a swathe of concerns raised by Britain's competition watchdog. The Competition and Markets Authority (CMA) said the tie-up could lead to "a substantial lessening of competition at both a national and local [...]
Discounters win war of the supermarkets amid sluggish Christmas growth January 8, 2019 Aldi led the way during a record-breaking Christmas for groceries, even as sales growth slowed across the sector. The supermarket increased sales by 10.4 per cent, narrowly beating fellow discounter Lidl to the top spot, figures from Kantar Worldpanel show. “The discounters have continued to make their mark over Christmas: two-thirds of all households shopped [...]
Dodging a bullet: Japanese firm abandons safety drill that forced staff to squat inches away from high-speed trains October 31, 2018 A Japanese railway firm has pulled the plug on a safety training drill that forced employees to squat in a maintenance tunnel while bullet trains rushed past at 300 km/h. The unusual practice has been ditched by West Japan Railway company in the wake of mounting pressure from a staff union that feared for the [...]
Asian demand boosts L’Oreal’s higher-than-expected sales October 31, 2018 L’Oreal's share price has climbed more than six per cent today on the back of higher-than-expected sales growth. Late last night the French cosmetics giant posted revenues of €6.47bn (£5.75bn) in the July to September period, rising 6.2 per cent from the previous year and 7.5 per cent on a like-for-like basis. Buoyed by rising [...]
Jaguar Land Rover begins £2.5bn turnaround plan after second consecutive quarter of losses October 31, 2018 Bosses at Jaguar Land Rover embarked on a £2.5bn turnaround plan this afternoon, in an attempt to stem a rising tide of losses and lower sales at Britain’s largest car maker. Fears of job cuts swelled today in the wake of the firm’s strategy to slash costs by £1bn over the next 18 months. The [...]
Central London house prices set for sharp upturn on Brexit deal October 31, 2018 Central London’s waning high-end property market could be set for a resurgence over the next five years, with a new report forecasting that prime house prices could rocket by more than 15 per cent if an expected bounce in confidence returns to the capital. Despite stamp duty changes and political volatility causing a slowdown in [...]
New business jumps as Just Group hails ‘buoyant market’ October 31, 2018 British pensions provider Just Group posted a surge in new business sales in the third quarter of 2018, sending shares up by more than six per cent in early morning trading. Total new business sales hit £765m in the three months to the end of September, rising from £656m in the third quarter of 2017. [...]
Trade war fears take the shine off Standard Chartered’s rising profits October 31, 2018 Standard Chartered’s better-than-expected results were dampened by bleak warnings of trade war risks this morning, as fears mount that the firm’s emerging markets could be hit by escalating tensions between China and the US. The bank reported profits of $1.06bn (£830m) in the three months to the end of September, trumping forecasts of $978m and [...]
Tapestry beats estimates as Coach handbags lure in sales October 30, 2018 Luxury US fashion giant Tapestry beat Wall Street predictions in its first-quarter sales report this afternoon, amid rising demand for its flagship Coach handbag brand. Quarterly net income hit $122.3m (£95m), rising from a loss of $17.7m a year earlier, while first-quarter net sales jumped seven per cent to $1.38bn. Meanwhile, profits were slightly higher [...]