Retail banks moving in right direction on bonus schemes says regulator March 4, 2014 The Financial Conduct Authority (FCA) has said this morning that all major retail banks have replaced or made “substantial changes” to financial incentive schemes. “Significant improvements” in weak areas across the industry have been made, it added in its statement this morning, although it found that one in 10 firms with sales teams had "high-risk" [...]
What the other papers say this morning – 04 March 2014 March 3, 2014 FINANCIAL TIMES Nine private equity heads share $2.5bn The nine founders of the four big listed US private equity companies took home more than $2.5bn between them last year, with Apollo Global Management’s Leon Black alone receiving $546m. The dividend income, investment profits and other compensation shared by the founders of Apollo, Blackstone, Carlyle and [...]
MPs demand overhaul of business rates March 3, 2014 A GROUP of MPs has waded into the debate on business rates by demanding a complete reform of the current system, calling for a tax based on sales instead of the value of a property. Suggesting a series of reforms that could hit online retailers such as Amazon and Asos, the Business, Innovation and Skills (BIS) [...]
Profits surge at Thorntons after Christmas cheer March 3, 2014 THORNTONS posted a 47 per cent jump in first half profits yesterday as the chocolatier’s three-year plan to scale back its shops and grow its commercial and online channels continued apace. The retailer, which opened its first shop 113 years ago in Sheffield, reported pre-tax profits of £7.2m in the six months to 11 January, [...]
Tesco slashed the price of milk. Here’s how dairy farmers have responded March 3, 2014 Dairy farmers have accused Tesco of sparking a price war with its supermarket rivals that will cause further damage to an already fragile dairy industry, after the retail giant slashed the price of milk. Britain’s biggest food retailer delivered a fresh broadside in the battle for customers’ loyalty after cutting the price of a four [...]
Suitors abuzz over Maplin after backers plug in for £200m sale March 3, 2014 HIGH Street electronics retailer Maplin has been put up for sale with a price tag of up £200m after its private equity owners decided to exit the business. Maplin, which reported sales of £213.5m for the year ending 2012, is owned by Montagu Private Equity and has about 230 stores across the UK and Ireland, [...]
Retailers point to impact of flooding on February sales March 2, 2014 POOR retail sales in February were down to bad weather and fewer stores discounting products, according to BDO. The firm’s high street sales tracker, which follows like-for-like performance among mid-market British stores, showed sales down by 0.9 per cent in comparison to the same month last year. BDO suggested that flooding in the UK affected [...]
Innovation Diary: You can start a company and keep a career – and you don’t need to be a part-time entrepreneur March 2, 2014 WORKING 5 to 9 isn’t a Dolly Parton misprint, but the title of a book by Enterprise Nation’s Emma Jones on the growing popularity of part-time startups. Casual entrepreneurship, fostered by services like AirBnB and Rentmygarden.co.uk, can be an opportunity to make some money on the side by renting out your assets. And the already-wealthy [...]
What you need to know before the open February 28, 2014 European bourses are set to open slightly higher this morning, after Fed chair Janet Yellen yesterday acknowledged the possibility that recent severe weather in the US could have impacted economic data. She also confirmed the Fed remains on track with its tapering programme. US markets finished on a record high yesterday, with the S&P 500 [...]
Asian markets fall as Yellen fails to inspire February 28, 2014 Asian markets are falling across the board as investors failed to be inspired by Janet Yellen's testimony to Congress on the strength of the US economy. There continues to be significant uncertainty over China's economic outlook. Volatility in the yuan has picked up as the People's Bank of China attempts to weaken the nation's currency. [...]