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Published: Thu, 22 Mar 2018 17:48:50 +0000

Last Build Date: Thu, 22 Mar 2018 17:48:50 +0000

Copyright: Copyright 2018 Associated Newspapers Ltd

Trade war fears send the FTSE 100 index diving below 7,000

Thu, 22 Mar 2018 17:32:28 +0000

Trading screens were a sea of red across Europe, as the FTSE 100 index dropped 1.2 per cent to go back below the 7,000 mark for the first time since November 2016.

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FTSE CLOSE: Shares on the slide after US Fed raises rates

Thu, 22 Mar 2018 17:11:47 +0000

The Footsie closed 86.38 points, or 1.2 per cent lower, to 6,952.59. It fell steadily on the back of the stronger pound, then losses were exasperated as the US opened.

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De La Rue shares fall after missing British passport contract

Thu, 22 Mar 2018 16:05:12 +0000

De La Rue's boss spoke out today against the Government decision to award the contract to Gemalto, which is headquartered in France, instead of his Gateshead-based firm.

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Ted Baker defies high street gloom with 12 per cent jump in profits

Thu, 22 Mar 2018 10:22:12 +0000

The upmarket fashion retailer, which has fans including Kate Middleton and Amal Clooney, posted a 12 per cent rise in pre-tax profits to £68.8million for the year to January 27.

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PwC paid £20.5m to wind up bust builder Carillion

Wed, 21 Mar 2018 22:02:41 +0000

PwC has been charging an average £360 per hour for each worker on the case since mid-January, and has around 112 staff working on Carillio - £12,500 per week per worker.

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Battle to save GKN boosted as US customer comes out in support

Wed, 21 Mar 2018 21:53:29 +0000

US engineer Agco Corporation, which makes tractors and other agricultural equipment, said GKN’s plans to team up with US ally Dana would be good for the industry.

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DAILY BRIEFING: Lloyd's of London boss takes a 15% pay cut

Wed, 21 Mar 2018 21:51:20 +0000

Inga Beale, 54, pocketed £1.3m but missed a £200,000 bonus because of the insurance market's poor performance. Lloyd's lost £2bn, down from a £2.1bn profit a year earlier.

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MARKET REPORT: Interserve soars 25% as it secures vital funding

Wed, 21 Mar 2018 21:51:05 +0000

The refinancing deal will see Interserve receive a £196.6 million cash injection and £95 million in bonds following talks with its banks, which include HSBC, Lloyds, RBS and Barclays.

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Hermes £6,000 Birkin bags help boost French fashion firm's profits

Wed, 21 Mar 2018 21:51:00 +0000

Hermes is famous for its Birkin bag, (pictured with Khloe Kardashian) inspired by singer and actress Jane Birkin after chief exec Jean-Louis Dumas sat next to her on a flight to London in 1983.

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Warning to Barclays about activist investor Edward Bramson

Wed, 21 Mar 2018 21:50:56 +0000

Rodger Booth was pushed out his job as chairman of 4imprint in 2003 by Bramson, an activist shareholder who has built up a £1.9bn stake in Barclays.

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IN THE MONEY: Cobham boss David Lockwood

Wed, 21 Mar 2018 21:50:46 +0000

The 55-year-old agreed to live in Wimborne, Dorset, and compensation for relocating included £177,000 for tax, £203,000 for purchase costs and £7,000 for removal fees.

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FTSE LIVE: Carpetright to close stores

Wed, 21 Mar 2018 17:06:57 +0000

Retailers dominated the business news once again today. Struggling Carpetright announced details of its plan to turn things around. The FTSE 100 closed down 22.30 points at 7038.97.

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DAILY BRIEFING: Trump bans Venezuelan crypto currency

Wed, 21 Mar 2018 00:26:51 +0000

Donald Trump has banned US firms and citizens from handling petros, an online currency launched by collapsing socialist state Venezuela that was intended to get around sanctions.

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Ousted LSE boss will still get £9m in bonus payouts for next 3 years

Wed, 21 Mar 2018 00:26:46 +0000

Xavier Rolet, pictured with wife Nicole at their vineyard in Provence, was forced out by his own board last year after rumours he had a hard-driving, dictatorial management style.

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MARKET REPORT: 888 sinks as it says Auf Wiedersehen to Germany

Wed, 21 Mar 2018 00:25:57 +0000

A German court dealt 888 and rivals a blow last week when it ruled it was illegal for online gambling sites to operate in the state of Baden Württemberg, home to Stuttgart.

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Jamie Oliver's restaurant chain owes thousands to suppliers

Wed, 21 Mar 2018 00:25:41 +0000

Jamie Oliver is under pressure to fork out for £6.7m owed to creditors, including millions to small businesses, after his upmarket steak restaurant crashed into administration.

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The Gym Group considers opening clubs in old Toys R Us sites

Wed, 21 Mar 2018 00:20:33 +0000

The firm said it was looking at moving into sites left by collapsed retailers Toys R Us and Maplin. It has already opened gyms in disused Sainsbury’s sites and an abandoned BHS store.

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The £42bn social media backlash: Facebook slumps after data scandal

Wed, 21 Mar 2018 00:18:36 +0000

Facebook has lost 10 per cent of its value so far this week – costing founder and chief executive Mark Zuckerberg £5bn. Shares in Twitter and Snapchat also fell heavily.

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Oil price rise sparks North Sea bonanza

Wed, 21 Mar 2018 00:15:15 +0000

Despite billions of pounds of cost cutting and 175,000 job cuts, the North Sea still has more rigs than any other region in the world. Estimates believe a further 10bn barrels can be extracted.

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Mothercare appoints accountants KPMG in bid to stave off collapse

Wed, 21 Mar 2018 00:12:32 +0000

Mothercare has appointed KPMG to help it obtain waivers for loan agreements with HSBC and Barclays. Since the start of the year, its share price has plunged more than 76 per cent.

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FTSE CLOSE: Shares start to bounce back from torrid start to week

Tue, 20 Mar 2018 17:20:47 +0000

The FTSE 100 closed 18.34 points higher at 7,061.27 after a major sell-off in both the UK and US yesterday. 

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Banknote maker De La Rue sees shares tumble 13% after profit warning

Tue, 20 Mar 2018 11:44:49 +0000

The news sent shares in the FTSE 100 company more than 13 per cent lower, or 82p, to 520p.

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Housebuilder Bellway expects to sell record 10,000 new homes

Tue, 20 Mar 2018 11:24:36 +0000

It said it continued to be supported by a ‘robust’ housing market, propped up by low interest rates, the Government’s Help to Buy loan scheme and lower stamp duty for first-time buyers. Houses under construction on a new development (PA)

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Ocado hit by snow and winter storm disruption

Tue, 20 Mar 2018 10:29:21 +0000

The online grocer saw retail revenues rise by 11.7 per cent to £363.4million in the first quarter to March 4, but said growth would have been stronger had it not been for weather disruption.

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Cursed merger knocks £4bn off tech giant Micro Focus

Tue, 20 Mar 2018 10:05:43 +0000

Micro Focus said revenues were dropping faster than expected after its controversial £6.6bn takeover of Hewlett Packard Enterprise’s software arm. Chris Hsu also left.

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Royal Bank of Scotland could launch online bank

Mon, 19 Mar 2018 22:23:45 +0000

The internet lender would likely be separate from the bank’s existing brands, similar to HSBC’s First Direct.

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Michelin swoops on British manufacturer Fenner with £1.2bn bid

Mon, 19 Mar 2018 22:23:37 +0000

Michelin announced the deal after markets closed, offering 610p per share. Fenner’s shares had closed at 490.6p, after climbing 5.1 per cent, or 24p.

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Barclays bank raid: Threat to the board as activist builds stake

Mon, 19 Mar 2018 22:23:20 +0000

New Yorker Edward Bramson has built a holding of more than 5 per cent in the lender and could be about to demand a seat on its board.

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LK Bennett axes Darren Topp and Bargain Booze dumps Diana Hunter

Mon, 19 Mar 2018 22:03:56 +0000

Topp will quit the womenswear retailer, a favourite of the Duchess of Cambridge, next month, while Hunter leaves the drinks business with immediate effect.

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MARKET REPORT: Carpetright plunges 12pc and sinks Mothercare too

Mon, 19 Mar 2018 21:58:57 +0000

Carpetright lost more than a fifth of its value following reports that it may be forced to close dozens of stores and slash jobs to stay in business. Mothercare's shares slumped 14.2 per cent.

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Shopping malls fend off £5bn bid: But Hammerson may face new offer

Mon, 19 Mar 2018 21:58:50 +0000

Paris-based Klepierre, which runs more than 100 shopping centres across Europe, tabled an offer of 615p a share for the British owner of the Bullring shopping centre in Birmingham.

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BT sees off threat of strikes after reaching deal with union chiefs

Mon, 19 Mar 2018 21:58:42 +0000

The telecoms company will close its final salary pension scheme in May, a move bosses say is crucial to its finances. The deal followed talks with the Communication Workers Union

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Emoji-themed birthday cakes cheer up Finsbury Food Group

Mon, 19 Mar 2018 21:58:28 +0000

Its birthday cakes business lifted sales in the last six months of 2017, rising by 2.5 per cent to £144.8m. Cakes inspired by emojis proved a major hit with its customers.

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FTSE CLOSE: Shares tumble at the start of the week

Mon, 19 Mar 2018 17:03:57 +0000

The FTSE 100 slipped 0.6% at the opening bell as the steam ran out of a positive sentiment trend that had taken hold towards the back end of last week.

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Carpetright and Mothercare shares plunge in retail bloodbath

Mon, 19 Mar 2018 15:53:06 +0000

The Press Association reported that the floorings retailer - whose shares were 13 per cent down at 48.4p - is considering a company voluntary arrangement.

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Micro Focus shares plunge 56% as tech firm warns of slowing sales

Mon, 19 Mar 2018 14:15:30 +0000

Micro Focus paid £6.8bn for Hewlett Packard Enterprise's software business in September and difficulties integrating it mean that annual revenues are now expected to fall by 6-9%.

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Melrose says offer is twice amount of GKN plans to reduce deficit

Mon, 19 Mar 2018 13:16:34 +0000

Melrose has stepped up its takeover bid for UK engineering giant GKN by pledging to inject £1bn into the company’s pension fund

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Former Carillion finance chiefs face probe over 2014-17 statements

Mon, 19 Mar 2018 12:57:00 +0000

Two former Carillion finance bosses are to be investigated over their conduct by the UK’s accounting watchdog

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French property firm's 615p per share bid turned down in 24 hours

Mon, 19 Mar 2018 12:44:59 +0000

European shopping centre giant Klepierre has revealed that it has had a £5bn takeover bid for UK mall operator Hammerson rejected

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DAILY BRIEFING: House prices in London to see slower growth

Mon, 19 Mar 2018 08:46:22 +0000

Prices in the capital will grow on average 1.5 per cent a year over the next five years, compared to 1.9 per cent in the Northeast, 4.3 per cent in the Southwest and 3.8 per cent in the West Midlands.

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Backers of Clearscore celebrating £275m Experian swoop

Sun, 18 Mar 2018 21:51:19 +0000

Clearscore, which lets customers find out their credit score for free, was snapped up by the Dublin-based finance giant as it seeks to boost its online operations.

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Ex-boss of Capita expected to be stripped of his £845,000 bonus

Sun, 18 Mar 2018 21:51:17 +0000

The pay committee is expected to punish Andy Parker after successor Jonathan Lewis launched an emergency overhaul of the firm in January.

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Ted Baker set to defy doom and gloom on High Street

Sun, 18 Mar 2018 21:51:15 +0000

The £1.4bn listed firm is tipped to post profits of £74m, some 12 per cent higher than the previous twelve months. The brand has fans including Kate Middleton and Amal Clooney

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Next set to be latest to uncover dramatic drop in profits

Sun, 18 Mar 2018 21:51:12 +0000

Analysts expect profits at the firm to fall 8 per cent to £725m as the rout of bricks and mortar retailers by online behemoths such as Amazon continues.

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