Amazon makes London its base for digital R&D July 22, 2012 AMAZON will open an international development centre in London, its latest investment in the city’s growing technology scene, the company announced today. The web retail giant’s eight-floor Digital Media Development Centre in Glasshouse Yard, Barbican will house teams of engineers working on Amazon’s digital projects, including creating services for internet televisions and smartphones. The centre [...]
Sunday shoppers give London retailers a run for their money July 22, 2012 AS THE Olympic torch wound its way around the streets of London yesterday, the city’s shopkeepers did their best to tempt milling spectators through their doors by using new powers to extend their Sunday trading hours. Recent profits at several high street names have fallen flat as the expected Jubilee Jump failed to materialise, and [...]
The City must aspire to the Olympian ethos of competitive sportsmanship July 22, 2012 NOW THAT the Olympic Flame is in London – having made a dramatic aerial entrance last Friday, courtesy of the Royal Marines – this is the capital’s moment to shine. The weather forecasters are doing their bit by suggesting we’ll continue to bask in glorious sunshine, and boroughs across London are putting finishing touches to [...]
FTSE edges down as UK borrowing rises July 20, 2012 Telecoms giant Vodafone pushed the FTSE 100 lower while UK government borrowing came in above estimates this morning. The Office for National Statistics said that public sector net borrowing excluding financial sector interventions rose last month to £14.4bn from £13.9bn in June 2011. On London’s blue chip index Vodafone fell 1.3 per cent after the [...]
CITY VIEWS | DO YOU THINK THE OLYMPICS WILL BE A BOOST TO THE ECONOMY? July 19, 2012 ALEX TROTT ABERDEEN ASSET MANAGEMENT I think it mainly will affect the retail sector, because of the amount of people coming into the area. I agree that London will attract more attention than usual. It’s a big player in the world. JOE CHICK SEB KEY ASSET MANAGEMENT I doubt there will be a profit overall, [...]
Next governor of the Bank must not be paid for failure July 19, 2012 IN 2008, an elderly lady asked a killer question about the credit crunch which left the so-called economic experts red-faced. During a briefing by academics at the London School of Economics on chaos in the international markets, the Queen asked: “Why did nobody notice it?” Another Old Lady – she of Threadneedle Street – had [...]
Mothercare looks overseas as UK business shrinks July 19, 2012 Baby products retailer Mothercare, facing intensifying competition in Britain, said its overseas sales rose 11 percent in the first quarter, contrasting with a more than 10 per cent fall in total sales in its home market. The company, which also sells maternity wear, said comparable sales in the UK fell 6.7 per cent in the [...]
Land Securities vacancies up as woes continue July 18, 2012 LAND SECURITIES, the UK’s largest landlord, has been hit by a fall in visitors to its shopping centres in the three months to July, which the company blamed on “ongoing uncertain economic news”. The company reported yesterday that footfall in its shopping malls fell by 2.8 per cent on the same period last year, and [...]
ANALYST VIEWS | WHAT DOES TODAY’S STATEMENT MEAN FOR LAND SECURITIES? July 18, 2012 ALAN CARTER INVESTEC Land Securities always does developments well, or at least that is what we have been told by them. This statement is going to need to hold true over the coming two years as developments come to fruition, at a time when the first signs of weakness are starting to appear. ‘Hold’. ALISON [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 17, 2012 FINANCIAL TIMES M&S to charge for current accounts Marks and Spencer is set to become the first UK bank to shun free current accounts as it plans to charge all customers a monthly fee for banking services when it launches later this year. The retailer said it would offer two accounts, priced at £15 and [...]