British retailer Next is the latest FTSE giant to invite companies to compete for its audit contract September 13, 2015 Recent regulatory changes have seen blue-chip companies enter an audit merry-go-round, with big names like Shell, British American Tobacco, Vodafone and RBS changing accountants. PwC, the market leader, is expected to lose out under the new rules, but chairman Ian Powell commented: “It’s obviously a challenge to the business, but actually our experience so far [...]
City Moves for 14 September 2015 | Who’s switching jobs September 13, 2015 IMPAX ASSET MANAGEMENT The specialist investment manager has appointed David Winborne as senior portfolio manager. He was previously a member of the in-house asset management team at Tesco Pension Investment. Winborne has also previously worked at Sarasin & Partners and Insight Investment Management. AVIVA INVESTORS John Osborn has been appointed real estate fund manager at [...]
Morrisons share price forecast: Supermarket warns of long recovery as profit slumps September 11, 2015 Morrisons chief executive David Potts warned yesterday that it will take “years not months” to turn the ailing chain around as first-half profit plunged by a third to its lowest level in nine years. Unveiling his plan for the business, the former Tesco director who took over in March said his main focus was on [...]
Queen Elizabeth II becomes longest reigning monarch: Here are the key facts and events that show just how different 1952 and 2015 are September 10, 2015 Queen Elizabeth II has become the longest-reigning monarch in the UK's history. Today marks the 63rd year, seventh month and second day she has ruled over the country, beating her great-great-grandmother Queen Victoria. Back when she ascended to the throne, the world was a very different place. The UK was at war (in Korea), tensions [...]
City Moves for 10 September 2015 | Who’s switching jobs September 9, 2015 CBRE The commercial real estate services firm has appointed Oliver Segal as an associate director in its Central London lease consultancy team. He joins from Capita Property and Infrastructure, where he has worked since 2006, working on landlord and tenant, asset and portfolio management. Sarasin & Partners The asset manager has appointed Simon Steele and [...]
Tesco: Here’s who is eyeing up its South Korean business Homeplus September 8, 2015 Embattled retailer Tesco has reportedly invited five private equity firms, and one department store chain, to bid for its South Korean unit Homeplus which is valued at around about $6bn (£3.9bn). US-based KKR and Carlyle Group are among the potential runners and riders, according to a report by Reuters. London-based CVC Capital Partners, Hong Kong-based Affinity Equity Partners and [...]
British Airways’ Gatwick pay cuts: Has BA’s restructuring appeared from thin air? September 8, 2015 It’s one of the oldest tricks in the book. Would you like to take a lower-paid role or face the exit? British Airways is waving the magic wand and a number of senior cabin crew are under its spell. Hundreds of senior cabin crew at Gatwick are faced with taking big pay cuts or being let go. BA [...]
Smartphones are making paying for the things we want even easier September 8, 2015 Payments are one of the big new features coming to smartphones over the next few years, and they’re going to make our lives even easier. The pitch is simple – especially in London where most people always have their smartphone in their hand. Now you can use that mobile device to pay for things at [...]
“Drastic Dave” Lewis is delivering at Tesco with £4.2bn sale of South Korean arm Homeplus to MBK September 7, 2015 Ever since Dave Lewis was appointed chief executive of Tesco last year, he has made strengthening the balance sheet a priority for the troubled retailer. Although Homeplus in South Korea was a profitable business, the focus has been on protecting Tesco’s UK market share in light of increasing competition from lower priced discounters, such as [...]
Milk emergency: Farmers face water cannons as they stage huge protest in Brussels against falling prices September 7, 2015 Today, thousands of farmers have driven their tractors into Brussels to protest against falling milk prices in Europe. They are gathering outside the headquarters of the European Union, bringing traffic to a standstill. The protest coincides with an emergency meeting held by the EU Agriculture Council in the Belgian capital. Anti-riot police have [...]