House of Fraser reports strong Christmas trading period after first full year of being owned by Chinese conglomerate Sanpower January 11, 2016 House of Fraser appears to have shrugged off the festive blues plaguing other retailers, with sales up 5.3 per cent for the six weeks to 2 January. The figures The Chinese-owned department store, said it had had a strong Christmas trading period, starting with Black Friday, when sales were up 10 per cent on the previous [...]
UK Christmas sales 2015: Online shoppers boost consumer spending in December January 11, 2016 More shoppers took to their mobiles and laptops to buy their Christmas presents this year instead of venturing out on the high street, new figures show helping to fuel a rise in consumer spending. Data compiled by Markit on behalf of Visa Europe found that spending growth rose to 2.3 per cent year-on-year in December, from [...]
New Axa Insurance boss Amanda Blanc on the company’s plans for growth January 11, 2016 Amanda Blanc began the new year as chief executive of a reorganised Axa Insurance. Previously the head of Axa Commercial Lines and Personal Intermediary, as of 1 January Blanc has taken on responsibility for the French group’s insurance business in the UK and Ireland, a change that doesn’t seem to have phased her. “I feel like [...]
UK grocers Morrisons, Sainsbury’s and Tesco set to show their hand in Christmas battle for sales January 10, 2016 The winners and losers of the battle for this winter’s Christmas dinner will be laid bare this week as Morrisons, Sainsbury’s and Tesco prepare to report tough trading amid intense competition in the grocery sector. Morrisons will report its Christmas trading figures on Tuesday, with the Bradford-based chain expected to post a two per cent decline [...]
Russian guests rack up a five-figure bill on their Christmas day January 10, 2016 FOR THOSE not in the know, Russia celebrated its own Christmas day last week, with a few of the capital’s wealthiest visitors racking up a very impressive bill at City eatery M’s Westminster outpost. A party of six headed straight for M’s members bar, starting as they meant to go on with six bottles of [...]
Shire and Baxalta’s £22bn merger on the verge of completion January 10, 2016 On Monday 11 January, the deal was announced. Read more here: Shire and Baxalta agree $32bn merger It will be the first mega-deal of 2016, Shire and Baxlata are on the verge of completing their $32.5bn (£22bn) merger. After a five month wait, and the lawyers working over Christmas hammering out the details, the deal could be [...]
Euribor trial: 11 former Barclays, Deutsche Bank and Societe Generale employees set for first court appearance over rate fixing allegations January 10, 2016 Nearly a dozen people accused of manipulating a key rate of lending between European banks are due to make their first appearances in court this week in the latest of several rate rigging prosecutions brought by the Serious Fraud Office. 11 former employees of Barclays, Deutsche Bank and Societe Generale will appear at Westminster Magistrates’ Court on Monday over alleged manipulation of the Euro Interbank Offered Rate (Euribor). The men and [...]
Asda boss Andy Clarke adds £500m fuel to the supermarket price war with Tesco, Sainsbury’s, Morrisons as well as discounters Aldi and Lidl ahead of supermarket Christmas earnings bonanza January 10, 2016 Asda is throwing a further half a billion pounds at the supermarket price war as boss Andy Clarke predicted another "challenging" year for the sector. "There is currently no growth in the food market and the rise of the limited assortment discounters means that we must take radical action to win back our customers," said [...]
At the close: FTSE 100 index falls further to cap off a bad week January 8, 2016 The FTSE 100 index fell again on Friday, finishing just under 6,000 to cap off a bad week, as concerns over the Chinese economy continued to weigh. "A turbulent start to 2016 has seen investors adopting the brace position, as a combination of factors have driven global markets lower," Richard Hunter, head of equities at Hargreaves Lansdown, said. "With [...]
China cracked, Bolland bowed out and Dry January got drier: Here’s what got us talking this week January 8, 2016 The Jetsons' family car got a bit closer to reality, and a base-jumper around Canary Wharf gave us all vertigo while Donald Trump got punchy over the impending Commons debate on whether he should be banned. Here's what got us talking this week How low can yuan go? (Source: Getty) 1) China cracked Stock markets were suspended twice [...]