Chinese steel and iron ore futures post worst monthly performance on record May 31, 2016 Chinese steel and iron ore futures clocked their worst monthly slump on record, amid a deepening crisis in the global steel industry. Rebar, or reinforcing steel, clocked a 23 per cent monthly decline, its worst on record since launching in 2009. The most-traded rebar on the Shanghai futures exchange closed down 0.8 per cent at 1,978 yuan [...]
Darty’s board has recommended that shareholders approve Fnac’s 170p per share offer May 31, 2016 The board of London-listed electricals group Darty has recommended that its shareholders approve a 170p per share offer from French retailer Fnac. Darty had been subject to a bidding war between Fnac and rival French homewares retailer Conforama, which is owned by South Africa's Steinhoff. Fnac had originally tabled a 101p per share offer last September, [...]
The anatomy of a FTSE 100 chief executive: From education to where you should live May 31, 2016 Reaching the corner office may take a certain amount blood, sweat and tears – but new research has suggested that it may help if you have certain qualities. Whether it's your education, background or just where you live, the FTSE 100 CEO Tracker, by recruiter Robert Half, suggests bosses of the UK's biggest businesses all tick similar [...]
Before the bell: What you need to know before the US market open May 26, 2016 The price of US crude oil has smashed through $50 per barrel after Brent crossed that mark last night. Meanwhile the world's leaders have assembled in Japan for the G7 meeting. Here's what you need to know before the US market open at 14:30 London time. The futures market is pointing up. The S&P is up by 0.1 [...]
City Moves for 26 May 2016 | Who’s switching jobs May 26, 2016 Ayming International business performance consultancy group Ayming has appointed Alejandro Alvarez as UK director for operations performance. Alejandro has been brought in to launch Ayming’s UK operations performance business unit, which will focus on helping clients to improve their operational efficiency, procurement & supply chain performance and working capital. Prior to joining Ayming, Alejandro was [...]
Revealed: Elephant & Castle’s shiny new town centre May 25, 2016 Elephant & Castle has a reputation of being one of London's grimmest areas – but developers behind its £3bn regeneration have just unveiled further plans for its shiny new overhaul. Developers Delancey, DV4 and APG said the new "must-visit" town centre will include a music venue for 500 audience members, as well as an integrated campus for [...]
Get ready for good, cheap wine in east London: Aldi opens first dedicated wine store May 25, 2016 Can you have too much of a good thing? Aldi doesn't seem to think so. The budget supermarket – which has won plaudits for its wine range, including beating Waitrose to be crowned supermarket of the year at the Drinks Retailing Awards – is launching its own dedicated "ultra-modern" wine store in Shoreditch's Boxpark. The store consists of glass wine [...]
Mrs M&S: Steve Rowe’s first blunder? May 25, 2016 Marks & Spencer's new chief executive Steve Rowe has been on the front foot today, setting out his new strategy of ditching promotions and fashion-focused clothing in favour of cheaper prices and wardrobe staples. It's well needed, given that the retailer announced profits down by almost a fifth today, driven by sluggish clothing sales. Under Rowe's [...]
Before the bell: What you need to know before the US market open May 24, 2016 China is trying to smooth US trade ties after threats of a tax hike on imports from Republican presidential nominee Donald Trump and the European Commission could decide today whether to allow ABInBev to buy SABMiller. Here's what you need to know before the open at 2:30pm London time. In the pre-market futures are pointing up. The [...]
City Moves for 24 May 2016 | Who’s switching jobs May 24, 2016 The Dining Club Group The Dining Club Group, owner of dining clubs, tastecard and Gourmet Society, has announced that Annette Court has been appointed as the group’s new chair. Annette brings a wealth of experience to the role. She is currently a non-executive director of the boards of Admiral Insurance Group, Jardine Lloyd Thompson Group, [...]