City Moves for 24 April 2019 – Who’s switching jobs at Al Rayan Bank, Collibra and Air Partner? April 24, 2019 Today's City Moves includes Al Rayan Bank, Collibra and Air Partner. Al Rayan Bank Al Rayan Bank has confirmed the appointment of Amir Firdaus as chief financial officer. The role will be based at the bank’s operational headquarters in Birmingham. Amir, who has been interim chief financial officer since December 2018, has been promoted to [...]
Competition regulator set to launch reforms to beef up consumer protection February 24, 2019 Consumer protection is set to be beefed up with bigger fines and disqualification for company directors under a new set of proposals to be announced tomorrow by the competition watchdog. The chairman of the Competition and Markets Authority (CMA) Lord Tyrie will announce a set of proposed reforms at an event with the business secretary Greg [...]
MPs to ramp up pressure on Asda over ‘appalling’ wage shake-up plans April 29, 2019 Asda is set to face fresh pressure from politicians this week amid accusations that new pay proposals could leave thousands of workers financially worse off. Read more: Watchdog kills Sainsbury's-Asda merger: What went wrong? A campaign addressed to Asda demanding the grocery giant rows back on "unscrupulous contract changes" is set to be backed by a [...]
Provident puts up staunch defence against ‘risky and flawed’ £1.3bn Non-Standard Finance takeover bid March 24, 2019 Provident Financial urged shareholders to reject the “risky and flawed” £1.3bn bid from rival Non-Standard Finance (NSF) as the two doorstep lenders continued their war of words. Provident issued a 47-page defence against its smaller rival’s hostile takeover bid and strengthened its own board over the weekend. Read more: Provident restores dividend as doorstep lender [...]
British Land swings to a loss as retail troubles hit property values May 15, 2019 British Land became the latest in a string of property giants to reveal a fall in the value of its assets today, swinging to a loss amid turmoil in the retail sector. The FTSE 100 group, which owns developments such as Broadgate campus in the City of London, reported a £300m loss in the 12 months [...]
Tesco CEO Dave Lewis quits as supermarket declares turnaround ‘is complete’ October 2, 2019 Tesco chief executive Dave Lewis is stepping down from the Big Four supermarket, it revealed today as it declared its turnaround is complete. The CEO will leave the business next summer after chairman John Allan said he had accepted his resignation letter “with regret”. Read more: Tesco sells mortgage arm for £3.8bn Lewis called the [...]
Asda and Sainsbury’s slash petrol prices as Black Friday shopping event begins November 23, 2018 Asda and Sainsbury’s have slashed petrol prices today as UK consumers participate in Black Friday. Both supermarkets have cut 1p per litre off the price of unleaded and 2p off each litre of diesel following a decrease in the wholesale cost. Customers of the UK’s second and third largest food stores will pay no more [...]
Morrisons and Tesco flag concerns over Sainsbury’s-Asda merger December 4, 2018 Morrisons and Tesco have added their voice to the growing chorus of retailers which have spoken out against the proposed £12bn merger between Asda and Sainsbury’s. Both grocers have this week brought into question Sainsbury’s planned takeover of rival Asda, which would see Britain’s second and third largest supermarkets overtake Tesco to the top spot. [...]
Aisle be damned: The knives are out for big UK grocers January 9, 2019 Aldi and Lidl’s tills jingled all the way in December – handing them their highest-ever combined market share for the festive season, data from Kantar Worldpanel showed this week. All the major supermarkets lost market share in the 12 weeks to 30 December as Aldi’s sales jumped 10.4 per cent while Lidl’s were up 9.4 [...]
Competition watchdog warns of casework impact in event of no-deal Brexit February 14, 2019 The UK’s competition regulator warned it would have to take “tough decisions” on its casework in the event of a no-deal Brexit. The Competition and Markets Authority (CMA) said investigations into markets and price fixing could be impacted if it is forced to take on additional work after the UK leaves the EU. All antitrust [...]