Chinese dragon needs to regain its fire: Falling competitiveness could be the hidden force behind the slowdown September 8, 2015 China's unravelling has had repercussions all over the world, from the $3 trillion (£1.96 trillion) wiped off global stock markets in the space of days, to fears of deflation in the UK and currency devaluations in places as distinct as Vietnam and Kazakhstan. The Shanghai stock market – which is down 40 per cent [...]
Ex-Sainsbury’s boss Justin King takes on first big role since leaving September 7, 2015 The former chief executive of Sainsbury's, Justin King, is set to take on his first major role since leaving the supermarket last year. King, who is widely credited with reversing the fortunes of the supermarket chain, is due to become vice-chairman of private equity firm Terra Firma Capital Partners. "A source close to Terra Firma [...]
Pound ends longest losing streak since 2008 September 7, 2015 Sterling has risen for the first time in 10 days, ending what's been its longest losing streak in seven years. Global financial market turmoil and fears about the strength of the UK economy sparked a sell-off which saw sterling shed nearly four per cent of its value in just two weeks. Read more: Carney says China [...]
European stocks show resilience to China market fall September 7, 2015 European markets went up today, showing resilience to yet another decline on China's key index. The FTSE 100 closed 0.5 per cent higher at £60.75, while the Germany's Dax and France's Cac 40 rose 0.7 per cent and 0.6 per cent, respectively. Read more: China's stock market turmoil could spell bad news for London [...]
Sports Direct shareholder Royal London Asset Management to vote against Mike Ashley at AGM September 7, 2015 Mike Ashley is no stranger to investor unease, but he could be heading towards a bigger upset at this week's AGM. Following guidance issued by shareholder group Pirc, now Sports Direct shareholder Royal London Asset Management (RLAM) has said it will vote against Ashley's reinstatement on the board this year. Ashley Hamilton Claxton, [...]
“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 [...]
Network Rail: Hungry shoppers and record car manufacturing keep Britain’s freight trains chugging ahead September 7, 2015 Rising consumer spending, faster delivery services and a jump in UK car manufacturing has sent the number of goods needing to be sent up and down the country by freight trains steaming ahead, according to new research from Network Rail. In a report published in partnership with Royal Mail and the Co-Op, Network Rail said [...]
Royal Mail buys stake in Australian tech start-up Market Engine Global September 7, 2015 Royal Mail has bought a stake in Australian technology start-up Market Engine Global. The size of the stake and the amount paid by the FTSE 100-listed company have not been disclosed, but the move represents Royal Mail's continued attempt to diversify its business. Read more: Royal Mail posts flat revenue as letter sending continues [...]
Cala Homes targets £1bn sales by 2020 after record profits September 7, 2015 Upmarket housebuilder Cala Group delivered a record number of house sales last year as part of a major expansion drive that will see it reach £1bn sales in the next five years. The Edinburgh-based group, which was sold by Lloyds Banking Group to Legal & General and private equity firm Patron Capital a year ago, [...]
Barclays sells UK secured lending portfolio September 7, 2015 Barclays has sold off another of its non-core assets, just days after offloading most of its Portuguese business. The bank has now sold its UK secured lending portfolio to a group led by Goldman Sachs for an undisclosed sum, which it said would reduce its risk-weighted assets by £1.2bn and improve its capital ratio. Read [...]
