British Gas boss slams rivals for not supporting plans to ringfence credit balances June 7, 2022 British Gas hits out at rival firms not backing its plans to ringfence the credit balances of customers, as part of plans to toughen up the energy sector.
Cazoo cuts 750 jobs to save more than £200m by end of next year June 7, 2022 Online car retailer Cazoo has announced it will cut 15 per cent of jobs to save more than £200m until the end of next year. Under its business realignment plan, the company will axe 750 UK and EU positions, cutting vehicle preparation as well as customer support sites. Cazoo’s focus will instead be driving its [...]
FTSE 100 brushes off Prime Minister’s no confidence vote June 7, 2022 The FTSE 100 opened flat on Tuesday as investors were largely unaffected by the Prime Minister narrowly dodging a vote of no confidence last night. The capital’s premier index was mostly unchanged at 7,610 points on opening on Tuesday. Tory MPs voted by 211 to 148 in support of the Prime Minister as part of [...]
Ted Baker’s chosen bidder drops takeover plans as hunt for buyer continues June 7, 2022 Ted Baker’s chosen suitor has decided to drop its sales bid for the fashion retailer at the eleventh hour. The London-listed company confirmed that it had selected a chosen firm to oversee a public to private takeover at the end of last month. There has been speculation that this firm was Reebok and Forever 21 [...]
No more Netflix and chill: Consumers cancel subscriptions and miss out on meals out amid historic inflation June 7, 2022 Consumers are tightening their purse strings by cancelling digital subscriptions and holding off on buying new sofas, as inflation sits at a 40-year high. Shoppers’ hesitancy to splash the cash on unnecessary treats or big ticket purchases has contributed to a retail sales growth slowdown, according to a tranche of spending statistics published today. May [...]
Richest in Japan: Uniqlo founder’s wealth collapses by 44 per cent since start of the year June 2, 2022 The billionaire founder of high street fashion brand Uniqlo has lost nearly half of his wealth since the beginning of the year. The staggering 44 per cent loss, revealed yesterday in Forbes’ list of the 50 richest people in Japan, has been spurred by a sales slowdown in Japan and China, which has hit Uniqlo [...]
Mark Kleinman’s Column: Walgreens needs different prescription for future of Boots June 1, 2022 As an octogenarian with a literary penchant and more than half a century in business behind him, Stefano Pessina will be as aware as anyone of “time’s winged chariot hurrying near”. But is his sense of the passing of time in danger of impairing the judgement of the notoriously dogged and astute Italian dealmaker? The [...]
The City View: Boris on his last legs? May 31, 2022 On today’s final episode of The City View, Andy Silvester talks to City A.M.’s Opinion and Features Editor Sascha O’Sullivan. They ask whether Boris Johnson is harming the Tory party’s chances of reelection, and if Starmer is the right man for the job as Labour leader. And in the business news: TUI has cancelled nearly [...]
Missguided workers eye legal action after “emotionless” redundancies May 31, 2022 Missguided workers are eyeing legal action against the fast fashion brand as it hashes out a sale. After calling in administrators yesterday, the beleaguered online retailer is facing criticism from suppliers and former employees. Law firm Aticus has said it is readying legal action after employees have claimed the redundancy process was not properly managed. [...]
Petrol retailers are not profiteering despite record prices at the pumps, say experts May 31, 2022 Petrol retailers are not engaging in wholesale profiteering amid record forecourt prices said industry analysts.