Online sales grew in July as store sales fell – despite desperate discount offers from retailers August 9, 2016 Online sales performed well in the past three months, but store sales declined as retailers struggled to lure shoppers onto the high street with discount deals. In the three months to July, the online sales of non-food products grew 11.1 per cent as compared to the same period last year, according to research by the British [...]
Government could pocket £2.7bn in profit if it sold Lloyds shares now August 8, 2016 The government could rake in more than two billion pounds in profit if it shed its remaining shares in Lloyds Banking Group today, new research has found. The analysis by Hargreaves Lansdown discovered, thanks to a cocktail of dividends, fees received for underwriting loans and previous share sales at higher prices, it could turn a profit of £2.7bn if it [...]
Oxford Economics study finds soft drinks tax will cost UK economy £132m and put 4,000 jobs at risk August 8, 2016 The sugar tax will put more than 4,000 UK jobs at risk and will cost the economy £132m as a result of lower sales, research from global forecasting group Oxford Economics has found. The levy on soft drinks, which was a surprise announcement in the March Budget, will have the biggest impact on the hospitality sector and [...]
The pound has not been so sterling after Brexit: How currency weakness will hit our travel plans, inflation and trade August 8, 2016 The pound has been steadily falling as the Brexit referendum and Bank of England’s moves to shore up the economy have pushed investors into selling the pound. Its downward slide over the last 12 months means sterling is now worth 16 per cent less against the dollar, at £1/$1.31, compared to £1/$1.56 previously. It’s even [...]
Shares, stocks and corporate news: What you need to know before the open August 8, 2016 The FTSE is expected to begin the week cautiously as the markets continue to absorb a dramatic week in the UK and a pair of surprises from overseas. The FTSE 100 is expected to open trading up 3 points at 6,796, while the German DAX is predicted 14 points higher at 10,381, and the French [...]
City Moves for 8 August 2016 | Who’s switching jobs August 8, 2016 Currencies Direct Currencies Direct, a UK non-bank provider of foreign exchange and international payment services, has appointed Antony Jenkins, formerly CEO of Barclays, as the company's non-executive chairman. He will focus on further advancing Currencies Direct’s digital offering and expanding its existing international footprint, supporting the company’s strong growth potential. For three years, until July 2015, Antony led Barclays [...]
Rio 2016: As non-sponsoring brands get more scope to cash in on Olympic fever, official partners may be getting a bum deal August 8, 2016 Rio 2016 may have be tainted by doping scandals, the threat of the Zika virus, and worries of violence, but if you’ve got the money, sponsoring the Olympics seems like a no-brainer. Around 3.6bn people saw at least one minute of London 2012, and Rio’s audience is expected to be even bigger still, providing the 11 [...]
China dominates top spots in Global Cities 30 index while London’s place slides on Brexit vote August 8, 2016 China has claimed three of the top five spots in an inaugural Global Cities 30 index, while London has slipped from its intended fourth spot to 10th following the vote to leave the EU. Shanghai was crowned the top global city in the list, compiled by real estate fund Schroders out of an analysis of 161 cities, [...]
Frank Field has met with the director of the Serious Fraud Office to talk about BHS August 5, 2016 Frank Field, chair of the Work and Pensions Committee, has met with the director of the Serious Fraud Office to discuss the ongoing investigation into BHS and Sir Philip Green. Field said the discussion with the SFO's director David Green came about because of concerns surrounding assurances made about Retail Acquisitions (RAL), the company majority-owned by [...]
High street sales flat in July despite retailers peddling giant discounts August 5, 2016 Retail sales were flat in July despite outlets trying to haul shoppers to the till with massive discounts. Shops have been tempting consumers with discounts as high as 70 per cent – Sports Direct is now having a "flash sale" offering discounts of up to 90 per cent – but there has been no growth in year-on-year [...]