SSE confirms agreement of merger with Npower as it reveals drop in profits November 8, 2017 Energy firm SSE today confirmed it has agreed the first steps of a proposed merger with German-owned Npower to form a new UK gas and electricity business. The FTSE 100-listed firm said yesterday that it was in talks with its rival, owned by Germany's Innogy. In a statement to the London Stock Exchange this morning, [...]
The Foschini Group buys fashion brand Hobbs as 3i exits November 7, 2017 Hobbs, the British high street fashion retailer known for being a favourite of the Duchess of Cambridge, has found a new owner in the form of South African retailer The Foschini Group (TFG). Hobbs chief executive Meg Lustman said this would help the brand to become "truly successful". "With TFG’s existing experience managing desirable brands, [...]
Former Lloyds head was aware HBOS could be nationalised but denies government pressured for a takeover November 6, 2017 Lloyds TSB’s former chief executive Eric Daniels took to the witness stand to deny that the bank had been pressured to take over HBOS at the height of the financial crisis. Daniels is the most senior executive to take to the witness stand, in an ongoing £550m trial which has seen around 6,000 shareholders attempt [...]
The rise of young Asia: how millennials are transforming a region November 6, 2017 There seems to be a growing view that Asia has a problem with ageing. It is certainly true that maturing populations will soon be putting pressure on workforces in countries like China, Korea and Taiwan. But, this misses the point: there is a huge shift of economic power to a growing and increasingly wealthy Asian [...]
Billionaire Hollywood bad boy Alki David is resurrecting the dead with holograms | City A.M. November 6, 2017 There’s a rather bonkers Russian chap named Dmitry Itskov who claims that by the year 2045 his team of scientists will have achieved human immortality by uploading brains onto a computer. That’s a little way off, though. In the meantime, if Frankenstein’s monster meeting Blade Runner doesn’t tickle your fancy, one can achieve a rather [...]
UK chancellor Philip Hammond poised to reduce burden of business rates in Autumn Budget | City A.M. November 5, 2017 The chancellor could be set to alleviate the burden of business rates in his upcoming Autumn Budget by reducing an increase in the tax due in April next year. The 2018 rise in business rates is currently pegged to the retail prices index, meaning firms face a £1.1bn hike in property taxes. Business groups have [...]
The AIMperor’s new clothes: Sosandar and Footasylum notch up share price rises after IPOs November 2, 2017 Two clothing retailers entered London’s junior market today, with shares in both jumping during their first day of trading. Footasylum, the sportswear retailer which is the branchild of JD Sports co-founders John Wardle and David Makin, debuted on the market with a price of 164p per share. They hit a high of 207p and closed [...]
Open Banking and PSD2 are a boon to banks, not a burden October 30, 2017 The EU’S second payment services directive (PSD2), set to come into force next year, will require banks to share current account information with third parties through APIs — providing the customer gives consent. This will allow new companies to innovate with an important data source, giving the market a much-needed competition boost. While these innovations [...]
Restaurant sector faces risk of thousands of insolvencies as Brexit bites October 30, 2017 A fifth of Britain’s restaurants are showing signs they could go bust, according to research released today. Almost 15,000 eateries are facing a real insolvency threat as rising staff costs and the fall out of Brexit put a strain on the sector. Over half of all food is imported, with three-quarters coming from the EU. [...]
Heathrow boss John Holland-Kaye calls London airport ‘a critical national asset’ as profits and revenues rise October 26, 2017 Heathrow’s boss said today it had become “a critical national asset” as London’s biggest airport posted rising revenues and profits for the nine months ended 30 September. The results come in the same week the government reopened a consultation into Heathrow expansion for the public to view fresh evidence. Read more: London airports will be [...]