One in three Tory MPs said to back eurosceptic group Conservatives for Britain June 15, 2015 More than one-third of Conservative MPs have put their weight behind a new eurosceptic group, just one week after it was set up. Conservatives for Britain founder Steve Baker, the MP for Wycombe, told Morning Wire yesterday that over 110 MPs have expressed interest in the group. Baker added that while the group is preparing [...]
House of Fraser owner Sanpower eyes takeover of toy shop Hamleys June 15, 2015 The Chinese owner of House of Fraser is rumoured to be planning another buying spree in the UK with the country’s most famous toy shop Hamleys next on its shopping list. Yuan Yafei, the chairman of Nanjing-based conglomerate Sanpower, is understood to be in talks to buy the famous chain from its French owner, [...]
RBS hiring drive to aid challenger bank Williams & Glyn disposal June 14, 2015 One-fifth of the hires RBS is looking to make fall within the Williams & Glyn challenger bank being carved out of the state-backed lender, illustrating the scale of the task at hand as RBS readies itself to launch the revived brand as its deadline draws nearer. Of the 1,235 open positions being advertised on the [...]
Saudi Arabian stock exchange to open up to foreign investments June 14, 2015 The Kingdom of Saudi Arabia is today opening its $500bn-plus Tadawul stock exchange to direct foreign investments, with the move to be closely watched by investors seeking opportunities in the Middle East. Under the new rules, qualified foreign investors with a minimum $5bn in assets under management and at least five years’ experience in the [...]
Insurance giant Aviva to slim down with sale of property debt June 14, 2015 Aviva, the FTSE 100 insurance firm, is said to be selling off property loans to the value of billions of pounds. One source familiar with the matter told Morning Wire that big four audit firm Deloitte is currently working with Aviva. The property debt reportedly includes loans secured against House of Fraser’s department store in [...]
Apprenticeships will be treated same as degrees under new law June 14, 2015 Apprenticeships will be given protected legal status under a new law to be introduced later this year, the government announced yesterday. The business department said that the forthcoming enterprise bill will make the term “apprenticeship” protected in law, in the same way as a university degree. “If university graduates have their moment in the sun [...]
City firms in rush to hire contract workers to deal with regulation June 14, 2015 Demand for contract workers within London’s financial services sector is soaring, new figures show. The number of contract vacancies, which are short-term, jumped 45 per cent between April and May, according to data released today by recruiters Venn Group. Demand is still high for compliance positions, with financial services firms adjusting to the new regulatory [...]
Shoppers abandon trips to the high street at faster pace in May June 14, 2015 UK high streets and shopping centres faced mounting pressure in May as shoppers made fewer visits to their stores. Footfall dropped by one per cent in May compared with the same time last year, according to new figures from the British Retail Consortium (BRC) and Springboard. This was greater than the 0.8 per cent fall [...]
FTSE 100 miner Vedanta Resources merges Indian branches June 14, 2015 Vedanta Resources, the FTSE 100 Indian resources company, is undertaking more work to simplify its structure, confirming plans to merge its Indian subsidiaries, Mumbai-listed Vedanta Limited and Cairn India. Cairn India minority shareholders will receive one equity share in Vedanta Ltd, as well as one 7.5 per cent preference share with a face value [...]
HMRC pays out its highest ever amount to tax whistleblowers June 14, 2015 HMRC paid a record amount to tax informants in the year ending 31 March, City law firm RPC said today. The state tax collector paid out £605,000, up 50 per cent on the previous year. Experts suggest it is because of increased awareness of the rewards available for information. “HMRC does not widely publicise the [...]