Business

JD Sports to buy Footasylum for £90m

Image copyright Footasylum JD Sports has made an offer to purchase clothing and shoe retailer Footasylum for £90.1m. JD Sports already owns 18.7% of Footasylum – buying a stake last month. Footasylum has been going through a difficult period. In September, it warned of weaker than expected profits following poor trading over the summer. Shares […]

Business

Deutsche Bank and Commerzbank in formal merger talks

Image copyright Reuters Germany’s two biggest lenders, Deutsche Bank and Commerzbank, will hold formal talks about a merger. The announcement caps months of speculation that the two struggling banks would attempt to combine. A merger could result in massive cost savings, in particular by closing branches. But critics say integrating the firms would be complicated […]

Business

Sir Philip Green’s Arcadia Group seeks to to cut costs

Image copyright PA Sir Philip Green is working on a restructuring of his Arcadia Group retail empire that includes Topshop and Miss Selfridge. The billionaire’s company said in a statement that it was suffering “an exceptionally challenging retail market” in the UK. Arcadia was therefore “exploring options” to bolster the business. Job cuts and store […]

Business

Interserve: UK outsourcing giant loses rescue vote

Image copyright Creative CommonsImage caption Interserve has a cleaning contract for Network Rail stations Outsourcing giant Interserve has failed to persuade shareholders to approve a rescue plan for the company. Interserve said it would apply to the High Court later on Friday for the business to be put into administration. Although the firm says services […]

Business

Contactless card use surges as doubts ease

Image copyright Getty Images Two in five card payments are made using contactless technology as consumers appear to have cast aside any doubts of paying without a Pin. The number of transactions using contactless rose 31% in 2018 compared with the previous year, banking trade body UK Finance data shows. Adoption of this technology on […]

Business

Volkswagen and former boss face US lawsuit over Dieselgate

Image copyright Getty ImagesImage caption Former VW chief Martin Winterkorn is being sued by US authorities The US is suing Volkswagen, accusing the German carmaker of “massive fraud” over the diesel emissions scandal. The Securities and Exchange Commission (SEC) claims the firm misled investors by issuing billions of dollars worth of bonds and securities, without […]

Business

Wetherspoon’s profits plunge by 19%

Image copyright Getty ImagesImage caption Wetherspoons warned last year that food and drink prices would rise due to increased costs Profits at UK pub chain JD Wetherspoon fell 19% in the six months to the end of January. It blamed a rise in labour costs, interest payments, utility bills, repairs and depreciation for the fall. […]