‘Techlash’ risks making us less secure, as we swipe right for the Wild West of apps August 1, 2019 It’s fair to say there’s been a lot in the news across the world recently. Between a new British Prime Minister, protests in Hong Kong and Russia, foreboding temperatures, and Marks & Spencer scrapping its free biscuit offering, things have been uncharacteristically busy for this usually sleepy time of year. As a result, I wouldn’t [...]
City bigwig Michael Spencer blasts ‘politically motivated’ regulators July 28, 2019 City grandee Michael Spencer has launched a scathing attack on “politically motivated” regulators after his firm successfully challenged a €15m (£13.5m) fine over the Libor rate-rigging scandal. The former Tory party treasurer urged banks to stand up to regulators after his brokerage firm Icap won its court battle against the European Commission earlier this month. [...]
British Gas owner Centrica ‘to cut dividend and sell off oil and gas business’ July 21, 2019 Centrica is said to be planning to cut its dividend and start looking for a buyer for its oil and gas business. The British Gas owner is reportedly planning to cut its payout in a bid to keep its credit rating. It would join the likes of Vodafone, Marks & Spencer and BT in doing [...]
Vodafone rings cynical tone with token gesture on executive pay July 12, 2019 Talk about a late call. By the time Vodafone signalled a concession this week over long-term share awards granted to its top executives, the damage had already been done. The “voluntary request” (a phrase underlining the City’s talent for tortured tautology) made by Nick Read and Margherita Della Valle has stuck in the craw of [...]
M&S clothing boss steps down as CEO takes over role July 11, 2019 Marks & Spencer head of clothing Jill McDonald is leaving the company and is set to be replaced by chief executive Steve Rowe. McDonald, the former chief executive of cycling retailer Halfords, joined the high street giant less than two years ago. Read more: M&S seeks to persuade investors of Ocado deal benefits Sky News, [...]
Immigrants are building Britain’s fastest-growing businesses July 11, 2019 Too often, immigrants get a bad press. But we’re trying to change the narrative in today’s report Job Creators: The Immigrant Founders of Britain’s Fastest Growing Businesses. It reveals that – despite just 14 per cent of UK residents being foreign-born – 49 per cent of the UK’s fastest-growing businesses have at least one immigrant [...]
City Moves for 11 July – Who’s switching jobs? July 11, 2019 Today’s City Moves includes Norton Rose Fulbright, BDO and Historic Royal Palaces. Norton Rose Fulbright Global law firm Norton Rose Fulbright is to launch a legal operations consulting practice led by Stephanie Hamon, formerly of Barclays. The practice will launch in August and will provide management and operational advice to in-house legal teams at major [...]
M&S seeks to persuade investors of Ocado deal benefits July 9, 2019 Marks & Spencer today insisted its £750m joint venture with Ocado would boost profits as it aimed to persuade uncertain investors on the benefits of the deal. The high street giant is aiming to double the size of its food business and said the tie-up with the delivery service would set it “well on the [...]
Losses deepen as Ocado reveals cost of Andover fire July 9, 2019 Ocado suffered a sharp downturn in losses during the last six months as a devastating fire at one of the firm’s flagship warehouses scolded the firm’s performance. The delivery giant’s pre-tax losses slid to £142.8m in the first half of 2019, plunging from £13.6m during the same period in the previous year, as a major [...]
ii view: Sales retreat at Sainsbury’s July 8, 2019 By Keith Bowman from interactive investor. Tough comparatives have impacted results for this supermarket, but that is no surprise. First quarter trading for 16 weeks to 29 June 2019 Total sales down 1.2 per cent (excluding fuel) Like-for-like sales declined 1.6 per cent (excluding fuel) Grocery sales fell 0.5 per cent General merchandise sales down 3.1 per cent [...]