Still no "green shoots of recovery"

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Re: Still no "green shoots of recovery"

confused of hornchurch

M&S To Axe 500 Head Office Jobs As Chief Battles Sales Slide

The high street chain will announce job cuts as its new chief battles to improve its sales performance, Sky News learns.

11:51, UK,
Saturday 03 September 2016  

By Mark Kleinman, City Editor

Marks & Spencer will axe 500 jobs at its head office next week as its new chief executive attempts to halt a protracted slump in sales which has left the company facing renewed questions about its strategy.

Sky News has learnt that M&S is to cull roughly 15% of the roles at its headquarters in Paddington, London - with more than half of the cuts affecting contractors.

Sources said the cuts, which will follow a statutory period of consultation with employees, are likely to be announced next Thursday.

M&S's announcement - which will affect head office rather than shop floor staff - may threaten to further strain relations with employees after a public row over pay and conditions.
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Re: Still no "green shoots of recovery"

confused of hornchurch

John Lewis and Waitrose owner posts 75% profits slump

The chairman of the John Lewis Partnership blames "far reaching changes" in society for the slump in half-year earnings.

10:36, UK,
Thursday 15 September 2016  

The owner of John Lewis and Waitrose has reported a 75% fall in half-year profits to £56.9m.

Sir Charlie Mayfield, chairman of the John Lewis Partnership, said the fall reflects "market conditions" and "steps we are taking to adapt the Partnership for the future".

The slump in profits for the six months to 30 July includes a £25m charge for the write-off of sites it no longer intends to develop, following a strategic review.

It compares to a period last year when the Partnership made a one-off gain of £128m from a profit sale.

Even stripping these out, profits for the latest half-year were down by 15%, blamed on "deep structural changes in the retail market".

"Our commitment to competitive pricing, excellent service, increasing pay and investing for the long term have held back profits," Sir Charlie said.
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Re: Still no "green shoots of recovery"

confused of hornchurch

Not worth a Barclays?

Government abandons Lloyds retail sale

Kamal Ahmed
Economics editor
38 minutes ago

 
The government has abandoned plans to launch a major retail share offer of the 9% of Lloyds Bank it still owns.

The chancellor said market volatility meant it was not sensible to attempt to sell the multi-billion pound stake it still owns to members of the public.

The shares will now be sold via a "trading plan" - small tranches of shares sold to institutional investors.

Philip Hammond said the private sale would ensure the taxpayer recovered the "full investment" made in the bank.

He said that £17bn of the £20bn invested by the government, when it bailed out the bank during the financial crisis, had already been sold back to the market.

"We need to recover the taxpayers' money," Mr Hammond said, saying that he wanted Lloyds to be fully back in the private sector.

"The proceeds of the Lloyds bank sale - the priority is to turn those assets into cash and use those to reduce debt," Mr Hammond said.

He said that the sale of the government's stake in the Royal Bank of Scotland was "not practical at the moment" whilst the bank was under the threat of fines from the Department of Justice in America and was struggling to sell its Williams and Glyn branch network.
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Re: Still no "green shoots of recovery"

confused of hornchurch

Lloyds Banking Group cuts 1,230 jobs as part of strategic overhaul
 

State-backed Lloyds Banking Group (LLOY.L) said on Wednesday it planned to axe 1,230 jobs as part of a three-year restructuring plan aimed at cutting costs and improving returns for shareholders.

Employee union Unite branded the job losses, expected to hit the lender's retail banking, Group Operations, Customer Products & Marketing, and Finance and Risk divisions, as "horrific".

The net total of planned layoffs is inclusive of 110 new roles that will be created across these business areas, the bank said.

Lloyds announced in July it would cut a further 3,000 jobs and close 200 branches amid a more testing economic environment caused by Britain's vote to quit the European Union.

The bank has already cut about 4,000 positions from its 75,000-strong workforce in 2016 and has closed around 100 branches so far this year.
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Re: Still no "green shoots of recovery"

confused of hornchurch


Travis Perkins owner Wickes closing 30 shops – 600 jobs at risk due to 'uncertain' trading

WICKES owner, Travis Perkins, the UK’s biggest builders merchant, is closing 30 shops possibly putting 600 people out of work.

 PUBLISHED:  09:12, Wed, Oct 19, 2016    | UPDATED: 09:28, Wed, Oct 19, 2016  
 

The company is shutting down branches over weak sales

The company, which employs 28,000 people across its 2,060 stores, said it was taking the steps due to an “uncertain UK outlook” for next year.

Profits will also be lower than expected this year due to weak sales in its plumbing and heating division.

The firm is closing branches of Travis Perkins, Benchmarx, BSS and PTS, but not Wickes.

Chief executive John Carter said : “It is still too early to predict customer demand in 2017 with certainty and we will continue to monitor our lead indicators closely. Given this uncertainty we will be closing over 30 branches and making further efficiency driven changes in the supply chain, resulting in an exceptional charge of £40-50 million this year.”

We will be closing over 30 branches and making further efficiency driven changes

John Carter, chief executive

The 600 affected workers have been told of the changes, while the firm is also closing 10 smaller distribution centres and writing off IT equipment.

Shares in the company fell 5 per cent in early trading today, and are down more than 22 per cent since June.
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Re: Still no "green shoots of recovery"

confused of hornchurch

Marks & Spencer to shut 60 stores after half-year profit plunge warning
 
 07:28, 8 Nov 2016
Updated  08:42, 8 Nov 2016  
By Graham Hiscott ,  Gavin Allen
 
The retail giant has posted an 18.6% plunge in half-year underlying profits as it announces more detail of the closures plan
 
A number of Marks and Spencer stores will close in an overhaul across the company
   
Marks & Spencer is to close 60 clothing and home stores as it posts an 18.6% plunge in half-year profits.

In a radical shake-up of its business model to cut costs as part of a revival plan, will close about 30 full line UK stores and change around 45 stores to only sell food. Other UK stores would be re-located.

The full list of closures has not yet been revealed but M&S plans to shut 53 stores across 10 international markets - including 10 in China and seven in France, while pulling out of Belgium, Estonia, Hungary and Lithuania - putting around 2,100 jobs at risk
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Re: Still no "green shoots of recovery"

confused of hornchurch
 Skint Britain.

Great Western electrification: Branch line work 'deferred'

42 minutes ago

 From the section England
 
Lines affected include major routes to Bristol, Oxford, and Berkshire

A £2.8bn project to electrify four rail lines on the Great Western route has been "deferred".

The plan was to fully electrify the route from Cardiff to London by 2018, but the scheme has already been delayed.

It was estimated to cost £874m in 2013, but spending has spiralled out of control, causing some MPs to call it "staggering and unacceptable".

Lines affected include major routes to Bristol, Oxford, and Berkshire.
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Re: Still no "green shoots of recovery"

confused of hornchurch

Another one bites the dust.

Staples to disappear from UK high streets after sale by US owner

The struggling UK arm of the American firm, which employs 1,100 staff across 106 stores, has been bought for a "nominal sum".

11:35, UK,
Thursday 17 November 2016  

Staples made a loss of £5m according to its last set of annual accounts
Image Caption:
Staples is loss-making in the UK, according to its last set of accounts

Office stationery brand Staples will disappear from the UK high street after its US owner sold the struggling business.

Staples Inc, which had put its European operations under review in May to save cash after authorities blocked a merger with Office Depot, said the struggling UK operation was bought by restructuring specialists Hilco Capital for a "nominal sum".

It has over 100 stores in the country and employs more than 1,100 staff.

Hilco, known in retail circles for its rescue of HMV, said while it would phase out the Staples brand in the UK over the coming months it did not yet know whether there would be any impact on the workforce.

Hilco's Paul McGowan said: "While retail in the UK has been challenged recently, a team led by retail veteran Alan Gaynor will work alongside the existing management team to build a plan for success for the business."

Staples has been battling stiff competition from supermarkets and in the digital marketplace in the UK, where it has been offering a price match pledge.

The digital age has also been blamed for taking its toll on the business, which recorded a pre-tax loss of £5m in its latest annual accounts to January 2015.
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Re: Still no "green shoots of recovery"

dalek1
Not surprised Staples went tits up.
They are so bloody expensive and when you can buy stationary in the pound shops as I get for Little Miss D1 its understandable.
Still as with BHS my heart goes out to the staff of the firm.
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Re: Still no "green shoots of recovery"

confused of hornchurch

Co-op Bank to cut 200 jobs in Manchester and Stockport

1 hour ago

 From the section Manchester
 
Deputy chief executive Liam Coleman said the job losses were "critical"

Co-operative Bank is cutting 200 jobs as it looks to continue its recovery.

Staff have been told the posts will go by March and will mainly affect management and head office roles in Manchester and Stockport.

Deputy chief executive Liam Coleman said the cost reductions were "critical" as it continues its three-year plan to rebuild the business.

The bank almost collapsed in 2013 and it expects to continue to be loss-making until the end of next year.

'Difficult journey'

Mr Coleman said: "These cost reductions are critical to progressing our turnaround and delivering a cost base which supports a sustainable core bank."

He said it would continue to consult colleagues and trade unions on the proposals over the coming weeks.

"We have made progress in turning the bank around since 2013, but have always been clear that the bank's recovery is a difficult journey."

He said the business would not make a profit this year or next year while it continues its "turnaround plan in a challenging economic environment".

'Real blow'

Rob MacGregor, national officer at trade union Unite, said: "The speed and breadth of these cuts will hit the Co-operative Bank's much cherished customer service and with it the bank's unique selling point.

"Compulsory redundancies are anathema to all trade unions, but the timing of this exercise just before Christmas is a real blow to our members."

He said the union would be supporting members and pressing the bank to reconsider the cuts where possible.

The bank was owned by the Co-operative Group until 2013, when a £1.5bn hole was discovered in its finances.

The group had to go to outside investors to support the Co-op Bank, which is now 80% owned by US hedge funds, with the remainder held by the Co-op Group.
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Re: Still no "green shoots of recovery"

confused of hornchurch


Real wage growth will be worst in 70 years says IFS

Pay in real terms will still be below 2008 levels by 2021 after a sharp deterioration in the outlook, says a leading think-tank.

12:59, UK,
Thursday 24 November 2016  

Pay growth is forecast to slow while inflation is on course to rise, according to forecasts

UK households are facing their worst period for earnings growth for 70 years after a sharp downgrade in the economic outlook, a leading think-tank has warned.

The Institute for Fiscal Studies (IFS) gave the gloomy assessment in its briefing a day after the Chancellor's Autumn Statement.

It said new forecasts produced by the independent Office for Budget Responsibility (OBR) showed that the outlook for living standards "has deteriorated rather sharply since March".

IFS director Paul Johnson said that lower wage growth and higher inflation over the next five years meant that real wages would still be below their 2008 level in 2021.

Mr Johnson said: "One cannot stress enough how dreadful that is - more than a decade without real earnings growth.

"We have certainly not seen a period remotely like it in the last 70 years."
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Re: Still no "green shoots of recovery"

confused of hornchurch

Austerity drink-up.


Bank of England spent £100K on summer party as country grappled with Brexit vote
Saphora Smith |
4 hours  ago|

          markcarney-futureforum.jpg
Mark Carney: The Governor of the Bank of England PA

The Bank of England spent almost £100,000 of public money on its annual summer party at a time when the country was reeling from the Brexit vote, it has been revealed.

A fortnight after the UK voted to leave the European Union, governor Mark Carney and around 2,500 Bank staff and their families partied at the annual summer sports day, spending £99,035 of tax payers' money.

The Bank said it "carefully budgeted" for the Governors' Day party on July 10 which was held at its sports grounds in Roehampton, south west London.
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Re: Still no "green shoots of recovery"

Percy
Come on the money did not exist they simply created the £100,000
Revolutions are always verbose.
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Re: Still no "green shoots of recovery"

confused of hornchurch

Better than running a piss up in a brewery is funding one with a bank.
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Re: Still no "green shoots of recovery"

confused of hornchurch

Monarch Airlines goes into administration: 110,000 customers to be flown home in biggest ever operation of its kind in peacetime
Monarch tells customers: Do not go to the airport
Tom Powell
1 hour ago

The Evening Standard

The UK's biggest peacetime repatriation operation is under way to return 110,000 Monarch Airlines customers after the airline, which employs around 2,750 people, collapsed into administration.
The Civil Aviation Authority (CAA) said it has been asked by the Government to charter more than 30 aircraft to bring the passengers back to the UK after the airline failed to renew a crucial licence.
Some 300,000 future bookings have been cancelled as a result of the company's failure, the largest to hit a UK airline, and customers have been told to keep away from airports as there will be no more flights.

CAA chief executive Andrew Haines said: "We know that Monarch's decision to stop trading will be very distressing for all of its customers and employees.

110,000 people now need to be flown back to the UK (Reuters)
"This is the biggest UK airline ever to cease trading, so the Government has asked the CAA to support Monarch customers currently abroad to get back to the UK at the end of their holiday at no extra cost to them.

"We are putting together, at very short notice and for a period of two weeks, what is effectively one of the UK's largest airlines to manage this task.

"The scale and challenge of this operation means that some disruption is inevitable. We ask customers to bear with us as we work around the clock to bring everyone home."

A warning to customers seen at Gatwick Airport (Reuters)
Customers affected by the company's collapse have been urged to check a dedicated website monarch.caa.co.uk for advice and information on flights back to the UK.
It also gives information to those passengers that have future bookings with Monarch but are yet to leave the UK.
The CAA said all Monarch customers who are abroad and due to return to the UK in the next two weeks will be flown home.

An airport staff member directs passengers to a gate after Britain's Monarch Airlines announced the cancellation of its flights at Gatwick Airport (Reuters)
The flights will be at no extra cost to passengers and they do not need to cut short their stay, the regulator said.
The Government has warned passengers to expect disruption and delay as it works to ensure there are enough flights to return the "huge number" of passengers.
Commenting on the "extraordinary operation", Transport Secretary Chris Grayling said: "This is a hugely distressing situation for British holidaymakers abroad - and my first priority is to help them get back to the UK.

A message on Monarch's website this morning telling customers the company had gone under
"That is why I have immediately ordered the country's biggest ever peacetime repatriation to fly about 110,000 passengers who could otherwise have been left stranded abroad.
"This is an unprecedented response to an unprecedented situation. Together with the Civil Aviation Authority, we will work around the clock to ensure Monarch passengers get the support they need.
"Nobody should underestimate the size of the challenge, so I ask passengers to be patient and act on the advice given by the CAA."
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Re: Still no "green shoots of recovery"

dalek1
Ryannair not far behind I would wager.
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Re: Still no "green shoots of recovery"

Percy
Do we need airport expansion now?
Revolutions are always verbose.
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Re: Still no "green shoots of recovery"

confused of hornchurch
In reply to this post by dalek1

They can recruit some of Monarch's pilots now.
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Re: Still no "green shoots of recovery"

confused of hornchurch


Turns out Britain is £490 billion poorer than everyone thought  (surprise surprise)
The Office for National Statistics has revised its figures and a quarter of GDP has disappeared
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Mikey Smith
08:56, 16 OCT 2017Updated09:33, 16 OCT 2017
News

Britain is £490 billion poorer than everyone thought.
The Office for National Statistics has revised its assessment of the country's accounts, and decided Britain has overestimated its international assets.

And we owe far more to foreign investors than previously thought.
Overall it amounts a quarter of the UK's Gross Domestic Product.
It comes just six weeks ahead of Philip Hammond's first Autumn budget - and Treasury officials are reportedly braced for "gloomy" forecasts.

When is the Autumn Budget 2017? Predictions and rumours for Philip Hammond's big financial statement
The ONS says the UK's stock of wealth - much of which is in international investments - has collapsed from a surplus of £469 billion to a net deficit of £22 billion.
"Half a trillion pounds has gone missing," Mark Capleton, the UK rates strategist at Bank of America told the Telegraph.

The mind-boggling shrinkage of Britain's wealth leaves Britain with no reserve of foreign assets to help protect against Brexit.
It comes as the Chancellor is under increasing pressure to demonstrate how the country would deal with the increasingly likely prospect of a 'no-deal' Brexit.
It's thought crashing out of the EU without a deal could cause GDP to retract by a further 7.8% - and it would be increasingly difficult for the government to defend against a run on the pound.
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Re: Still no "green shoots of recovery"

confused of hornchurch

Sainsbury's plans to cut 2,000 UK jobs in payroll and HR
The UK's second-largest supermarket chain follows rivals in announcing a shake-up of its office functions in a bid to save money.
19:33, UK,
Tuesday 17 October 2017

Sainsbury's has unveiled plans to cut up to 2,000 UK jobs as part of its programme to save hundreds of millions of pounds in costs.
The UK's second-largest supermarket chain said it was consulting on a series of measures that would mainly affect human resources and payroll staff - freeing up cash for the continuing price war with rivals.

The FTSE 100 company wants to remove all HR and payroll clerk roles from in-store completely - hitting around 1,400 people.
It said 600 further roles were under threat from a restructuring that would consolidate HR and other support roles across its grocery chain, Argos and Sainsbury's Bank.
A spokesman said: "The UK grocery market is changing at a rapid pace and it's crucial that we transform the way we operate to meet future challenges and continue to provide customers with best in class service.
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