Walmart’s China boss Sean Clarke set to become Asda’s next CEO June 12, 2016 Walmart is set to name Sean Clarke, the retailer's boss of its Chinese operations, as Asda's new CEO. The Big Four supermarket chain's parent company could make an announcement as early as this week, Sky News reported. The news comes after current boss Andy Clarke confirmed in an interview with Retail week last week that he's going to [...]
Tesco takes a hit on sale of Giraffe restaurants June 10, 2016 Tesco has confirmed it will sell its Giraffe restaurant chain to British restaurateur and food empire giant Ranjit Singh Boparan, the owner of Harry Ramsden's for an undisclosed fee. The supermarket giant also announced today it will offload its Turkish supermarket arm, Kipa in a deal which reduces the company's debt burden by £110m. Tesco bought Giraffe [...]
UK records strongest export growth since crisis as economy shrugs off Brexit fears June 9, 2016 The UK posted its smallest trade deficit in seven months in April as bumper export performance proved the latest sign that Brexit uncertainty is failing to knock the UK economy. British firms and consumers bought £3.3bn more from abroad than they sold overseas in April, according to figures released by the Office for National Statistics (ONS) this [...]
The war on cash is raging – should we welcome or fear the death of hard money? June 7, 2016 Cash is no longer king. Although the Bank of England unveiled a new, polymer-coated £5 note last week, the seemingly unstoppable march towards paper-free transactions continues. Electronic payments overtook notes and coins last year in the UK, according to the Payments Council, an industry body representing the banks and card machine industry. They now account for [...]
Asda boss Andy Clarke to check out amid sales slump June 6, 2016 Asda CEO Andy Clarke, the longest-serving of the big four supermarkets' bosses, confirmed today he's stepping down. Asda's incoming chief operating officer Roger Burnley, who is not set to start his new job until October, is likely to be Clarke's successor. Asda poached Burnley, a former Sainsbury’s top director, last year to become Clarke's right [...]
Gallery: When Muhammad Ali came to London — rarely seen pictures of “The Greatest” in the Big Smoke June 4, 2016 Muhammad Ali's global status and following is illustrated in the long list of locations to stage his fights that stretches far beyond heavyweight boxing's traditional orthodoxy of Las Vegas casinos or New York's Madison Square Garden. From Bavaria to the Bahamas, from the "Thrilla in Manila" to "The Rumble in the Jungle" in Zaire, Ali's [...]
EasyGroup boss Sir Stelios Haji-Ioannou slams Fastjet for reporting 2015 results “two months late” June 2, 2016 Entrepreneur Sir Stelios Haji-Ioannou has issued another attack on African budget airline Fastjet, over its financial results for 2015, which were released earlier today. The low-cost carrier reported that revenue grew 21 per cent to $65.1m (£45.1m) from $53.8m in 2014, and also said it had narrowed its post-tax loss for the year to $16.9m from $58.5m. Haji-Ioannou, whose [...]
Saudi wealth fund invests $3.5bn in Uber June 1, 2016 Controversial taxi app Uber has raised $3.5bn (£2.43bn) from Saudi Arabia's sovereign wealth fund valuing the company at $62.5bn. The Saudi Arabian Public Investment Fund will now own approximately 5 per cent of Uber and the fund's managing director Yasir al-Rumayyan will join the company's board. Other board members include Benchmark Capital general partner Bill Gurley and Huffington Post co-founder Arianna Huffington. [...]
Before the bell: What you need to know before the US market open June 1, 2016 The Organisation for Economic Co-operation and Development (OECD) has warned that Brexit would play havoc with the global economy and Japan's Prime Minister Shinzo Abe says the country will get fresh new stimulus in the Autumn. Here's what you need to know before the market open at 14:30 London time. US indices are pointing the wrong way in the pre-market. [...]
Top banter: Unilad has just released its first financial figures May 31, 2016 Bearded bros Liam Harrington and Sam Bentley will be g-lad all over as they release their startup's first financial figures today. Harrington, 24, and Bentley, 25, founded the Unilad.co.uk in 2014. The website does not share the same origins as the controversial Unilad.com, which was closed in 2012 following negative press coverage around its apparent promotion [...]