London Capital & Finance savers left in the dark about compensation after losing millions March 21, 2021 Savers who lost millions of pounds when mini-bond investment firm London Capital & Finance (LCF) fell into administration in 2019 are facing a longer wait for compensation after the City minister refused to confirm when the aid scheme will launch. LCF collapsed in January 2019, impacting over 11,000 people who invested around £237m in the [...]
Sadiq Khan launches £6m campaign to get people back to central London March 20, 2021 Sadiq Khan has begun a £6m campaign to get workers and tourists back into central London, after a new report found the capital’s economy could be £36bn smaller in 2031 than pre-Covid projections. The new initiative will see City Hall encourage domestic and international tourists come back to the capital by putting on events that [...]
City Corporation launches public consultation for revised City Plan March 19, 2021 The City of London Corporation has today launched a public consultation for the revised City Plan 2036 and is calling on all those affected – including workers, businesses and residents – to provide feedback. The plan sets the strategic direction on future development of the City over the next 15 years and includes the vision, strategy, objectives and [...]
FTSE 100 falls as fresh lockdowns across Europe dampen economic outlook March 19, 2021 The FTSE 100 fell this morning as fresh Covid-19 lockdowns across Europe dampened hopes of a swift recovery in demand for industrial stocks including energy. London’s blue-chip index sank 1.2 per cent, before recovering slightly to sit 0.6 per cent down at 8.30am. Oil heavyweights BP and Royal Dutch Shell fell 3.2 per cent and [...]
Ocado CEO Tim Steiner: M&S products are more popular than Waitrose March 18, 2021 Ocado’s M&S products are favoured over the former Waitrose partnership products with customers, as the company enjoys a doubling of new registrations, the company’s chief executive said this morning. “The M&S product is more popular with our customers than the Waitrose products were,” chief executive Tim Steiner said during an investor call earlier this morning. [...]
Consumers to splash cash on haircuts and holidays – but retailers might have to wait longer for post-lockdown boom March 18, 2021 Consumers have big plans to spend when coronavirus restrictions are lifted, although retailers may have to wait until more vaccinations are rolled out before they benefit from a bounce back in trade. Brits are planning to spend more on holidays, haircuts and days out when the latest lockdown rules are eased, according to the latest [...]
HSBC poised to sell French retail network to US private equity subsidiary March 17, 2021 HSBC is poised to sell its French retail network to a subsidiary of US private equity firm Cerberus. Yesterday HSBC France chief executive Jean Beunardeau told employees the firm had decided to progress discussions with the subsidiary, though “discussions are still ongoing and are expected to be for some weeks,” the Financial Times reported. Beunardeau [...]
British fashion brand Ralph & Russo enters administration after Covid hits sales March 17, 2021 British luxury fashion brand Ralph & Russo has collapsed into administration after the coronavirus pandemic decimated sales. Ralph & Russo has appointed Begbies Traynor and Quantuma as administrators to investigate “all possible options” for the company. In a statement this afternoon, the company’s co-founder Tamara Ralph said trading conditions during the pandemic had put “tremendous [...]
Dija acquires Genie in bid to expand 10-minute delivery service March 17, 2021 London-based grocery delivery startup Dija has acquired Cambridge startup Genie as it expands its service across the UK. Dija, which was founded by former Deliveroo executives, launched earlier this month and promises to deliver groceries within 10 minutes. It is the latest player to join the ever-expanding food delivery space and already has four warehouse [...]
FTSE slips ahead of US Fed meeting March 17, 2021 The FTSE 100 dipped slightly this morning as investors awaited the outcome of the US Federal Reserve’s policy meeting for signs about upcoming interest rates. London’s blue-chip index opened 0.25 per cent down, with mining stocks including Rio Tinto, Anglo American, Evraz and BHP Group falling between 0.5 per cent and 2 per cent. BT [...]