Business

House of Fraser to close stores in bid to stay afloat

Image copyright Getty Images House of Fraser plans to close stores as new owners look to turn around the department store chain. The retailer said China’s C.banner, which also owns Hamleys, is taking a 51% stake, shifting control from another Chinese firm, Nanjing Cenbest. House of Fraser intends to launch a company voluntary arrangement (CVA), […]

Business

Eurozone growing faster than the UK

Image copyright Getty Images The European Union economy slowed in the first quarter of the year, official Eurostat figures have showed. Economic growth in the eurozone slowed to 0.4% for the period from January to March 2018, compared with 0.7% in the previous quarter. Growth in the 19-country single currency bloc reached 2.5% year-on-year. However, […]

Business

Is Tesla heading for trouble?

Image copyright Getty ImagesImage caption Tesla chief executive Elon Musk also runs the SpaceX rocket venture Tesla is facing more questions about its financial viability ahead of its latest results on Wednesday. The electric car-maker is facing a cash crunch, caused by a combination of a major debt load and heavy spending. Tesla boss Elon […]

Business

McDonald’s says appetites remain strong

Image copyright Getty Images McDonald’s Corp has reported strong sales in the first three months of the year, causing share prices to jump about 5% in morning trade in New York. Profits increased 13% compared with the first quarter of 2017, hitting almost $1.38bn (£1bn). International demand, including in the UK and Germany, helped to […]

Business

Sainsbury’s vows Asda deal will cut prices

Media playback is unsupported on your device Media captionSainsbury’s boss says cost cuts will bring down prices Sainsbury’s has confirmed plans to merge with Asda, which is currently owned by US supermarket giant Walmart. The supermarkets said that grocery prices would fall in both chains as a result of the merger. Sainsbury’s chief executive Mike […]

Business

Carpetright warns of £9m annual loss

Image copyright PA Struggling floor covering chain Carpetright has warned it expects to make losses this year of between £7m-£9m, compared with a profit of £14.4m last year. It gave the warning on the day it asked shareholders to back a rescue plan, which includes closing 81 stores. Investors backed the plan, a Company Voluntary […]

Business

Trade tariffs: Deadline looms on US exemption for EU

Image copyright EPAImage caption The EU had a temporary exemption to steel and aluminium tariffs but that runs out on 1 May EU Trade Commissioner Cecilia Malmstrom is to hold last-ditch talks with her US counterpart aimed at exempting the 28-nation bloc from President Donald Trump’s steel and aluminium tariffs. The EU says it expects […]

Business

TSB computer fiasco enters second week

Image copyright Roger Harris Frustrated TSB customers are still locked out of their accounts as the bank’s IT fiasco enters a second week. Some have suggested the system is “going from bad to worse” as they are denied access to online banking and the bank’s mobile app. It has been announced that TSB chief executive […]

Business

Sainsbury’s and Asda in merger talks

Image copyright Getty Images Merger talks between British supermarket chains Sainsbury’s and Asda are at an “advanced” stage, Sainsbury’s has confirmed. The two brands are expected to be retained should a merger go ahead. Sainsbury’s and Asda – the UK arm of Walmart – are the second and third largest supermarkets in the UK. The […]

Business

TSB: How it all went so wrong for the bank

Image copyright TSBImage caption TSB boss Paul Pester swimming during a charity triathlon last year All surfers know the feeling of being hit hard by a wave, being left bruised and disorientated, and then having to get up and do it all again. TSB chief executive Paul Pester, a fanatical surfer, must have felt much […]

Business

Oil major ExxonMobil posts profit rise

Image copyright Reuters Oil giant Exxon posted first-quarter earnings of $4.7bn (£3.4bn) on Friday. Profit at Exxon jumped 16% from the same period last year but still missed analyst expectations, despite rapidly rising crude prices. Revenue at the Esso-owner rose 16.3% to $68.2bn, which beat analyst expectations of $66.1bn. Oil prices are rising after years […]