Nisa shopkeepers try to block Co-op takeover ahead of vote November 5, 2017 A set of Nisa shopkeepers are hoping to block a takeover of the business by the Co-operative Group. The Co-op made an offer to buy convenience store Nisa for £137.5m last month, with the board unanimously voting in favour of the deal. The shopkeepers will vote on the merger on 13 November. More than half [...]
Christmas shopping: Argos opens new fulfilment centres in Reading and Birmingham in time for Christmas rush November 3, 2017 Argos has opened two new regional fulfilment centres, boosting its online capacity ahead of the hectic Christmas shopping season. The centres in Birmingham and Reading will add 200,000 square feet of space for products offered on Argos’ next-day and same-day delivery services. Read more: Sainsbury’s suits up: Supermarket to sell smart mens clothes The new [...]
Shadow MPC: Majority backs the first Bank of England interest rate hike in a decade November 1, 2017 The Bank of England is expected to raise interest rates tomorrow, bringing an end to an extraordinary decade without a single hike. City A.M.’s shadow monetary policy committee (MPC), including some of the most prominent economists in the Square Mile, narrowly backed the move, but remained split by five votes to four in favour of [...]
Credit Suisse’s ex-digital chief Marco Abele launches ICO (initial coin offering) for blockchain-based investment co-sharing platform Tend November 1, 2017 The former digital chief of Credit Suisse is launching a blockchain-based investment platform that lets people share ownership of “experiential” assets such as artwork or a classic car, and is seeking to raise funding for the startup via an initial coin offering (ICO). Marco Abele, who left the investment bank this summer, is offering investments [...]
Next’s (NXT) sales return to growth with strong online performance November 1, 2017 Next sales returned to growth last quarter, bolstered by the retail chain’s online division. The figures In the quarter to 29 October, Next’s retail sales fell 7.7 per cent, but its directory sales, which includes website and catalogue sales, jumped 13.2 per cent. Total sales for the period rose 1.3 per cent. For the year [...]
HMV overtakes Amazon in fight for dwindling DVD and Blu-ray sales October 30, 2017 The decline of DVDs and Blu-rays has allowed HMV to overtake Amazon to be the biggest seller of physical films in the country. HMV has fared well with new releases such as Beauty and the Beast and Logan to take its market share of physical video sales up six points to 22.5 per cent. Amazon’s [...]
HSBC’s (HSBA) profits jump as the bank looks to Asia for growth October 30, 2017 HSBC’s third-quarter profits have jumped as the bank looks to Asia to fuel its growth. The figures For the three months to the end of September, HSBC reported quarterly profits of $4.6bn (£3.5bn), up 448 per cent from $843m at the same point last year. Read more: HSBC appoints John Flint to succeed Stuart Gulliver [...]
Restaurant sector faces risk of thousands of insolvencies as Brexit bites October 30, 2017 A fifth of Britain’s restaurants are showing signs they could go bust, according to research released today. Almost 15,000 eateries are facing a real insolvency threat as rising staff costs and the fall out of Brexit put a strain on the sector. Over half of all food is imported, with three-quarters coming from the EU. [...]
Owner of book shop Waterstones drafts in Rothschild to consider sale and new loans October 29, 2017 Book retailer Waterstones could be put up for sale next year as its owner, the Russian tycoon Alexander Mamut, explores options with bankers from Rothschild. Waterstones, which Mamut bought from HMV in 2011, has weathered the rise of e-readers to return to profits in the past year. It is understood that Mamut brought in NM [...]
Short of civil war markets have the measure of the Catalonian crisis October 25, 2017 Spain’s political crisis could have sent European markets into freefall last week. Instead they brushed it off with a continental shrug of the shoulder. While most European markets trended lower when Madrid said it planned to reassert its authority over Catalonia and impose direct rule over the autonomous region on Thursday, the falls were by [...]