This Week: PMIs, Morrisons, Next, US unemployment, Fed, M&S January 4, 2021 City A.M. looks at the first business week of 2021 with Michael Hewson, chief market analyst at CMC Markets UK. Monday: UK PMIs for December Flash numbers in the middle of December were surprisingly encouraging, with manufacturing rising to 57.3. “No doubt due to some pre-Brexit stockpiling. services also managed to rebound a touch, coming [...]
Sir Philip Green makes bid to slash retail empire’s business rate bill June 2, 2019 Sir Philip Green is launching an audacious bid to slash the amount his retail empire pays in business rates, in a move likely to trigger fresh controversy around the embattled tycoon. Sources have warned that, if implemented, the demands made by Green’s Arcadia group not to pay some of its business rate bills until April next [...]
Intu share price fall continues after dividend cancellation August 1, 2019 Shares in retail landlord Intu continued to fall this morning after the Trafford Centre owner yesterday cancelled its dividend as it fell to a £900m loss. Intu’s share price was down as much as 6.7 per cent at 44.6p this morning before recovering slightly to 45.45p. Read more: Intu share price crashes at it cancels [...]
Sir Philip Green faces a crunch moment June 4, 2019 THESE are not good times for Sir Philip Green. The scandal-hit tycoon has been spending more days than usual at his Monaco base in recent months, laying low in the sunny tax haven while both his reputation and high street empire take a beating back in the UK. But even Green will struggle to avoid [...]
Sir Philip Green’s fashion empire hangs by a thread as CVA vote is delayed June 5, 2019 SIR PHILIP Green made a dramatic last-minute bid to stall the collapse of his retail empire tonight after postponing a crunch vote that threatened the future of his high street brands. In a shock move the Topshop tycoon decided to delay the final decision from creditors on whether to approve an insolvency process for his [...]
TK Maxx defies retail gloom as sales top £3bn October 25, 2019 Budget retailer TK Maxx topped £3bn in sales in the last year, shrugging off high street woes with a rise in profit. US group TJX US, which is the parent owner of the fashion group, has reported a 6.4 per cent rise in sales to £3.1bn in the 12 months to February 2019. Read more: [...]
Concerns mount over councils buying struggling retail properties November 24, 2019 The Treasury has attempted to guide local authorities away from a strategy of buying struggling retail properties over fears that the investments could force councils into bankruptcy. The rate at which local councils are able to borrow to invest was raised by one percentage point last week, as concerns mount over borrowing levels. Read more: [...]
Sir Philip Green to close 25 more stores than initially planned May 25, 2019 Sir Philip Green's Arcadia is set to close 25 more stores than the initial 23 it announced earlier this week. The Topshop and Dorothy Perkins owner revealed 23 stores would shut down earlier this week as part of plans to save the company. Read more: Sir Philip Green told to put his own cash into Arcadia [...]
Debenhams prepares to ask lenders for extra £50m lifeline July 18, 2019 Debenhams is preparing to ask lenders for an additional £50m lifeline as it approaches the critical Christmas trading period. The department store, which was taken over by its lenders after it fell into administration three months ago, could require access to additional borrowing facilities as soon as this autumn, Sky News reported. Read more: Debenhams [...]
Coronavirus crisis is putting the public good back at the heart of commerce March 26, 2020 Conservative chancellors are not usually known for their inspirational quotes. Rishi Sunak, however, channelled the mood of the nation when he unveiled his bold package to tackle the coronavirus crisis. Ending his speech on a stirring note, he set out how history would judge our response, highlighting the acts of kindness and decency that would [...]