Sterling continues to slide as May interest rate hike bets shrink after Carney’s hesitant comments April 20, 2018 Sterling has continued to slide against the dollar this morning, as Bank of England Governor Mark Carney dampened expectations yesterday of a May interest rate hike. The pound was on a largely downhill trajectory in early trading, hitting lows of $1.4036 from Monday’s post-Brexit referendum high of $1.4339. Investors were down on the currency after [...]
Sterling falls as Carney suggests that interest rates might not go up in May April 19, 2018 Bank of England boss Mark Carney has suggested that interest rates may not rise next month, leading sterling to fall against the euro and the dollar. The pound went down 0.75 per cent to €1.14 against the euro and $1.41 against the US dollar as markets reacted to the fact that interest rates might not [...]
Retail sales fall on weather hit but department stores provide unlikely bright spot April 19, 2018 Retail sales fell in the three months to March as bad weather froze petrol sales, although department stores provided an unlikely bright spot thanks to improved web traffic. The volume of sales fell by 0.5 per cent in the three months to March, in line with economists consensus expectations, according to the Office for National [...]
Debenhams profit drops 84.6 per cent and CFO leaves for greener pastures April 19, 2018 Debenhams announced a dramatic drop in profits this morning, while its finance chief departed the company for a position at Selfridges. But chief executive Sergio Bucher insisted that the retilaer is on the right track to return to profitable growth. Shares in the company were down as much as 12.6 per cent in early trading [...]
Alibaba-backed Prenetics acquires UK-based genetic testing firm DNAFit April 17, 2018 Hong Kong-based genetic testing company Prenetics has acquired DNAFit, a British DNA testing company. With over $50m (£34.8m) in funding from Chinese retail giant Alibaba and Ping An Insurance, this is Prenetics’ first acquisition. The sale marks a further expansion into the UK market by Prenetics, although the company already has operations in the UK [...]
WeWork teams up with two investors to buy City of London’s Devonshire Square for around £580m April 16, 2018 Co-working group WeWork has chosen a City of London site as its biggest acquisition yet. The company has bought up Devonshire Square in a deal with two investors, The Times reported today. WeWork joined forces with Danish pension fund PFA Ejendomme and property investment managers TH Real Estate to buy the 13-building estate for £580m [...]
Return to growth for real wages on cards after year of struggle April 15, 2018 Wage growth will outstrip inflation for the first time in over a year if economists’ expectations are realised in data to be published on Tuesday, ending a year in which real-terms pay has sagged. The Office for National Statistics (ONS) is expected to report average earnings including bonuses picked up to an annual rate of [...]
Topshop boss Sir Philip Green takes no responsibility for BHS pension saga April 15, 2018 The previous owner of retail firm BHS Sir Philip Green has said that he regrets the decision to sell the chain to serial bankrupt Dominic Chappell, but that attacks on him as a result were fuelled by jealousy of his success and wealth. When asked if any of what happened as a result of the [...]
Playtech is snapping up Italian gaming firm Snaitech after buying an €846m stake April 12, 2018 Gambling software firm Playtech revealed a plan to buy Italian betting and gaming company Snaitech this morning after it bought a 71 per cent stake for €846m (£737m) this morning. Upon completion of the stake sale, which is expected in the third quarter, Playtech will be required to make a mandatory takeover offer for all [...]
Aldi’s £10 gin has been named one of the best in the world April 10, 2018 A £10 gin on sale at discount supermarket Aldi has been named one of the best in the world. The Oliver Cromwell London Dry Gin retails for just £9.99, but has been named a top tipple at the International Spirits Challenge (ISC). It adds another accolade to the gin’s cabinet, as the same spirit has [...]