HSBC to move 1,000 jobs from Canary Wharf to Birmingham March 24, 2015 HSBC will move 1,000 jobs from its Canary Wharf headquarters to Birmingham from 2017, the bank said today. In a statement today, it added that the jobs will be head office roles at its ring-fenced bank. Under rules due to be set out by the Prudential Regulation Authority (PRA), banks must separate their "core" retail [...]
Game Digital share price tumbles as profit falls and CFO steps down March 24, 2015 Game Digital’s share price slumped more than seven per cent in early morning trading on Tuesday after announcing a hefty fall in profits in its maiden interim results. The company’s chief finance officer Benedict Smith, who helped oversee its listing on the London Stock Exchange last year, will step down later this year. The figures [...]
French Connection, Conde Nast and Champneys named and shamed for failing to pay minimum wage March 24, 2015 French Connection, Conde Nast and Champneys have been named and shamed by the government for failing to pay their workers the minimum wage. In total, 48 companies spanning fashion, publishing, hospitality, health, car, care and retail have been identified today by the Department for Business, Innovation and Skills. They owed workers £162,000 in arrears between [...]
Blackstone buys Land Securities’ Times Square London office development in £268m deal March 24, 2015 Private equity group Blackstone has snapped up Times Square for £268m – although it's bought a new office development in the City, rather than the more famous New York landmark. Property giant Land Securities will retain a five per cent stake in the 380,000 sq ft building near Blackfriars Station, which has Bank of New York [...]
Fever-Tree toasts fizzing first set of results since its float March 23, 2015 UPMARKET drinks firm Fever-Tree raised its glass yesterday to a 49 per cent jump in revenue in its debut set of results since floating on the London stock market in November. The 10-year old business reported sales of £24.7m, which in turn lifted adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) by 48 per [...]
House of Fraser cannot cushion sofa chain’s fall March 23, 2015 SCS GROUP, the sofa chain that listed on the London stock market last month, reported widening losses in the first half of the year blaming costs relating to the launch of its House of Fraser concessions. Pre-tax losses for the 26 weeks to 24 January rose to £13.1m from a £2.54m loss the same time [...]
RBS cuts stake in US with $3bn Citizens sale March 23, 2015 RBS WILL cut its stake in US bank Citizens to below half this week, as it yesterday announced plans to sell off more shares in the lender. The bailed-out British bank is cutting down its overseas presence to focus on the UK market. It floated Citizens on the New York Stock Exchange six months ago, [...]
Turn failing council estates into city villages to provide the homes Londoners need March 23, 2015 There is no single solution to London’s housing crisis. But a key element is the systematic regeneration of the huge tracts of land owned by the capital’s 32 local authorities, much of it occupied by council estates in desperate need of renewal. Hundreds of new “city villages” should be created, improving the lot of existing [...]
Jimmy Choo’s sales rise as it strides into Asia March 19, 2015 LUXURY shoemaker Jimmy Choo said it more than halved its losses last year, thanks to its expanding footprint in Asia, despite shouldering £7.8m of initial public offering (IPO) costs. The company, which floated on the London stock market in October, reported a 7.2 per cent rise in earnings before tax, interest, depreciation and amortisation (Ebitda) [...]
FTSE is lifted to a record high post-Budget – London Report March 19, 2015 BRITAIN’S benchmark share index touched record highs yesterday, with gold miners outperforming, after the US Federal Reserve and Bank of England both dampened prospects of interest rate rises in the near term. The FTSE 100 index rose as much as 0.5 per cent to a record high of 6,982.79 points, beating the earlier record of [...]