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Embattled HMV has been handed a lifeline of £220m by its state-owned lenders which will see them gain a five per cent stake in the business. The retailer, which has already issued four profit warnings in 2011, came to a refinancing agreement with its banks, Lloyds Banking Group and Royal Bank of Scotland, following months [...]
(Read More)7th Jun 11
Retailers expecting bad sales report
by Sally Davies
Retailers are preparing for more bad news with key figures expected to show that consumer spending last month was again disappointing, amid concerns that the continuing tightening on disposable household incomes could depress the retail sector for the remainder of 2011. The British Retail Consortium is likely to reveal that May’s shop sales were far [...]
(Read More)6th Jun 11
Criminal investigation for failed M&S bet
by Sally Davies
A disastrous bet on the share price of Marks and Spencers, which generated debts of nearly £75m, has been handed over to criminal investigators in Iceland following the collapse of the firm which made the wager, leaving creditors with below nine pence in the sterling. The M&S derivative wager was taken on by a joint [...]
(Read More)3rd Jun 11
Nokia boss denies Microsoft takeover
by Sally Davies
Nokia has described speculation that Microsoft is in discussions to purchase it as “completely baseless”, with the company’s chief executive Stephen Elop informing a US audience that there are no negotiations on the subject between the two companies. Elop said during the D9 conference, held near Los Angeles, that the rumours are baseless because there [...]
(Read More)1st Jun 11
Train companies to face fines for overcrowding
by Sally Davies
Proposals to penalise companies that breach overcrowding limits are set to be included in a White Paper which will be unveiled later this year. It was among Sir Roy McNulty’s key recommendations in his rail industry report published earlier in May. Overcrowding is defined as transporting passengers in excess of capacity, known as PIXC within [...]
(Read More)30th May 11
Social care failing disabled over 65s claims report
by Sally Davies
A new report has stated that England’s social care is grossly inadequate and completely failing to meet the requirements of disabled people who are over 65. Research carried out by Age UK has discovered that of the two million elderly people in the country with care-related requirements, only 800,000 receive formal support from private or [...]
(Read More)23rd May 11
Morrisons consider takeover bid for Iceland
by Sally Davies
Supermarket chain Morrisons is considering a possible bid for Iceland which is likely to change hands for as much as £2bn this summer. Failed Icelandic bank and the frozen food chain’s biggest shareholder Landsbanki hired investment banks Bank of America Merill Lynch and UBS to find a potential buyer for its 67 per cent share [...]
(Read More)20th May 11
Mobile wallet offered to British shoppers
by Sally Davies
The first service which permits users to pay for products using their mobile phone has been introduced in the UK. Among the companies which have agreed to the new system are McDonalds, Pret-a-Manger, EAT and some Boots shops. Users wishing to try out the system – referred to as Quick Tap – will need Barclaycard [...]
(Read More)17th May 11
Armed forces face further cuts
by Sally Davies
The armed forces are to be faced with a new wave of cuts over the coming financial year as the Ministry of Defence aims to create more savings. A three-month-long study, reporting in July, is due to consider how more equipment and personnel programmes could be cut. It follows the controversial Strategic Defence and Security [...]
(Read More)13th May 11
Dixons pins hopes on iPad 2 and new megastores
by Sally Davies
Dixons is putting its faith in its new megastores and the iPad 2 after announcing that the company’s sales continue to drop. Like-for-like sales throughout the group fell by four per cent over the 28 weeks leading up to 30 April, with figures in the UK and Ireland dropping seven per cent while the firm’s [...]
(Read More)