Slash and burn: Samsung just cut profit forecasts by a third October 12, 2016 Samsung has slashed its profit outlook for the quarter by a third after the feted launch of its flagship Galaxy Note 7 ended in a fiery recall. In an update to markets, the South Korean firm slashed its estimates for the quarter to the end of September to 5.2 trillion won (£3.8bn), dialling back on initial [...]
Sainsbury’s plans Argos presence in all larger stores October 11, 2016 Sainsbury's chief executive Mike Coupe has confirmed plans to put an Argos in every one of its large stores. The supermarket completed a £1.4bn takeover of Home Retail group, which owns retailers including Argos and Habitat, in September in a deal that it hoped would expand its online offering and increase its footprint in the UK. Read more: Sainsbury's [...]
EU financial transaction tax to be unveiled this year October 11, 2016 Plans for an EU financial transaction tax (FTT) could be published by Christmas after politicians in 10 Eurozone countries agreed to push ahead with plans. After a meeting in Luxembourg late last night, officials declared this morning they would start drafting the legislation which will allow them to place a levy on the trading of financial [...]
CMA launches consultation to pave way for prepayment meter price cap October 11, 2016 Britain's competition watchdog today started consulting on a draft order to show how its promised price caps for pre-payment energy meters can be implemented. The price cap for around four million households on prepayment meters was one of the 30 measures put forward by the Competition and Markets Authority as a result of its two-year investigation into the Big Six energy suppliers. [...]
Q&A with Andrew Kerr: how you can help shape Edinburgh’s future October 11, 2016 Edinburgh’s residents, businesses and partners are being invited to help shape the capital’s future under the 2050 Edinburgh City Vision project. We spoke to City of Edinburgh Council chief executive Andrew Kerr to discover more. What is the 2050 Edinburgh City Vision? Edinburgh has always been known as a city of innovation and change. The last 30 [...]
Summer sun and price cuts drive best quarter for food sales since 2013 October 11, 2016 The food sector has had its best quarter of sales in two years, according to new figures. Like-for-like sales across all retail categories increased 0.4 per cent year-on-year in September, according to data from the British Retail Consortium (BRC) and KPMG. Read more: Rosé wine, gin and ice cream sales gave Waitrose a summer boost last [...]
Make America Great Again: This is where you can buy Kenneth Bone’s red knit jumper October 10, 2016 Forget Donald or Hillary, Kenneth Bone was the stand-out star of the US Presidential Election debate last night. In a sometimes shocking debate, Bone was an instant hit on Twitter when he raised the tone with an intelligent question about the candidates' energy policies. Read more: In quotes: The most shocking moments from the US presidential debate [...]
Michelin Guide 2017: The 15 new Bib Gourmand restaurants in London October 7, 2016 The UK’s Michelin Guide 2017 has been unveiled, and there’s new addition to the accolades handed out to restaurants with exceptional cuisine. Bib Gourmands are given to less formal restaurants offering exceptional good food at moderate prices. Restaurants which achieve this special honour are not required to offer the same level of service as those [...]
Frosty reception for sterling as pound slips again October 6, 2016 Sterling is under immense pressure again today, as it slipped below the crucial $1.27 mark for the second day in a row, setting new post-referendum lows against both the euro and the dollar. In another brutal day for the pound, it lost 0.8 per cent against the US dollar to hit $1.2645 – a new 31-year low [...]
Lloyd’s insurer swallowed up by Japanese giant in a multi-billion dollar deal October 5, 2016 Lloyd's insurer Endurance Specialty has been bought by Japan's third largest insurance company in a deal worth $6.3bn (£5.0bn). Sompo, which has a market capitalisation of £9.4bn, has agreed to buy Endurance Specialty shares for $93 each, a value that is around 40 per cent higher than the average trading price New York-listed company over the last few months. The [...]