‘The last thing commuters need’: London business groups slam rail fare hike August 16, 2023 London business groups have slammed a significant government hike in rail ticket fares set to hit commuters next March. The Department for Transport (DfT) has committed to ensuring any fare increase falls below the nine per cent rise in the Retail Price Index (RPI) inflation measure, announced by the ONS on Wednesday morning. Regulated rail [...]
‘Disastrous’: London airports slam UK Government’s tourist tax August 16, 2023 Bosses at three leading UK airports have warned the government that its so-called ‘tourist tax’ is already making Britain a less appealing tourist destination. Senior figures at London City, Heathrow and Gatwick argued that the return of airside VAT-free shopping would be critical for the sector to finally shake-off Covid-19 and keep pace with international [...]
Harvey Nichols boss Manju Malhotra exits after three years August 15, 2023 The boss of Harvey Nichols, Manju Malhotra, will step down from her role as head of the luxury retailer. Malhotra, who led the business for three years, will temporarily be replaced by Pearson Poon the son of Dickson Poon who has owned Harvey Nicholls since the 1990’s. Poon, who currently serves as executive director has [...]
FTSE 100 close: Wage growth fuels rate fears as M&S soars and B&M drops on Wilko speculation August 15, 2023 London’s FTSE 100 ended Tuesday down more than 1.6 per cent, as record-breaking wage growth fueled speculation of a 15th straight Bank of England rate hike. The capital’s blue-chip index was down 1.63 per cent by close of play to to 7,384.94, weighed down by listed investment firm Abrdn, down three per cent, alongside Pheonix [...]
L&G tops expectations with £940m profit as it reveals scale of accounting tweak hit August 15, 2023 Legal & General beat market expectations this morning as it posted profits of £941 for the first six months of the year, as Nigel Wilson prepares to step away
London losing out due to ‘tourist tax’ as US and Gulf visitors opt for Paris and Milan instead August 14, 2023 London is losing out on wealthy foreign visitors splashing their cash in Oxford Street due to the so-called ‘tourist tax’, amid renewed calls to scrap it and make the capital more competitive. The removal of VAT free shopping for international tourists continues to hurt London retailers, with visitors from the US and the Gulf cutting [...]
Shaftesbury secures £200m loan as property giant juggles debt arrangements August 14, 2023 Newly formed London property giant Shaftesbury Capital has launched a new 10-year loan of £200m secured against a portfolio of assets within the Carnaby estate. The major London landlord said the financing highlights the “attractiveness” of the company’s mainly retail and leisure portfolio to a “broad range of institutional capital”. The loan will sit alongside [...]
Plus500 unveils $120m payout in bid to turn around share price slump August 14, 2023 Fintech trading firm Plus500 has unveiled a fresh $120m payout for investors this morning despite reporting a slump in profits compared to last year amid “quieter market conditions”.
British Land ‘considering’ offloading some assets to US property giant: reports August 13, 2023 Property developer British Land is considering selling a number of its assets to US real estate group Realty Income, reports say. The potential £300m deal would involve selling a portfolio of six London-based data centres and offices, currently leased to Vodafone, and three shopping centres, according to The Sunday Times. Realty first entered the UK [...]
I’ll be right there – or my hologram will be. The weird future of your lifesize AI boss August 8, 2023 A hologram powered by AI? There's a company that does that and more, from holograms of birds to a hologram of yourself to save you from board meetings, writes Elena Siniscalco