Chancellor Rachel Reeves delivered Labour’s first Budget in 14 years, announcing £40bn of tax rises, Central London Alliance comments
Mothercare in talks to spin off struggling UK stores July 25, 2019 Mothercare is set to sell or separate its 79 UK stores as part of the struggling retailer’s ongoing evolution towards an international franchising model. Read more: Mothercare annual loss jumps to £87m, delayed results reveal The retailer for parents and young children is in conversations with prospective groups about the deal, according to Sky News, [...]
Business groups cheer new government’s change of tune on migration cap July 25, 2019 Britain’s biggest business groups yesterday welcomed signals from Downing Street that the new administration has all but abandoned the target to bring net migration below 100,000. Read more: Boris Johnson takes aim at Brussels in fresh Brexit battle Both the Confederation of British Industry (CBI) and the Institute of Directors (IoD) said the government’s turn [...]
American Airlines to take $400m hit from Boeing 737 Max groundings July 25, 2019 American Airlines shares dropped today after it said the Boeing 737 Max groundings would likely dent its 2019 pre-tax earnings by around $400m (£320m). Read more: Boeing loses $3.4bn on 737 Max groundings in second quarter Yet in its second quarter results, released today, the world’s biggest airline said its revenue grew by 2.7 per [...]
ECB prepares stimulus to kickstart stalling Eurozone economy July 25, 2019 The European Central Bank (ECB) kept interest rates on hold today but signalled it will ease policy to kickstart the Eurozone economy unless growth picks up. Read more: Tepid Eurozone inflation stays well below ECB target It said it now expects its main interest rates will stay at “present or lower levels at least through [...]
Demand for retail property in London falls as sector’s woes continue July 25, 2019 Demand for retail property continued to fall across London in the second quarter of the year and is now approaching financial crisis-level lows, according to a new survey. Read more: UK retail industry battles ‘toughest ever’ trading conditions Meanwhile, demand from overseas investors has also continued to drop as Brexit looms, showed the latest commercial [...]
Tesla revenues fall short of expectations despite record cars built July 24, 2019 Electric car company Tesla posted second-quarter revenue below analysts’ expectations, pushing its shares down 10 per cent to $239.24 in after-hours trading. Read more: Tesla shares rally as firm makes record number of deliveries Total revenues climbed to $6.35bn (£5.09bn) from $4bn a year earlier, but this was below the $6.41bn expected by analysts. Yet [...]
Uber and rival Ola sniffing around London’s Addison Lee July 24, 2019 Uber and Indian ride-hailing firm Ola are mulling bids for London-based taxi firm Addison Lee, which could create a powerful force in one of the world’s biggest private transport markets. Read more: Uber rival Viavan wins three year license renewal from TfL The US giant and Ola are two of “a handful” of companies talking [...]
Glaxosmithkline revenue growth boosted by shingles vaccine July 24, 2019 UK drugmaker Glaxosmithkline (GSK) today said it expects higher earnings in 2019 than previously thought after sales of vaccines jumped 23 per cent in the second quarter of the year. Read more: Glaxosmithkline chairman Sir Philip Hampton to step down The higher vaccine sales of £1.6bn were mostly due of GSK’s shingles vaccine Shingrix, sales [...]
Spending watchdog slams failure to sell public land for homes July 24, 2019 The UK’s public spending watchdog has slammed the government for failing to sell enough public land for houses to be built on, saying it has prolonged “the nation’s housing crisis”. Read more: UK house sales plummet in June, held back by Brexit ‘ball and chain’ The government set itself the target of selling enough publicly-owned [...]
Snap boosts revenue and users with new “augmented reality” features July 23, 2019 Snapchat parent company Snap boosted its user numbers and revenue in the second quarter of the year as customers lapped up its “augmented reality” filters, although it is yet to turn a profit. Read more: Snap smashes expectations with narrowed losses and surprise user additions Revenue at the US social media firm rocketed by 48 [...]
