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Evening Standard
H&M sees slow start to spring season as cold weather hits sales
Fashion chain H&M warned that cold weather has delayed demand for spring ranges in many of its markets, but posted an unexpected quarterly profit thanks to a boost from its second-hand platform Sellpy.The group – the world’s second largest fashion retailer – said sales in local currencies for the three months to February 28 lifted …
Business
Evening Standard
Moonpig hails record sales before Mother’s Day
Moonpig has said it recorded its biggest week of sales in the UK before Mother’s Day earlier this month.The online greetings card business assured investors that trading had been “resilient” over the past six months, despite recently revealing it had taken a hit from Royal Mail postal strikes and waning consumer demand.It downgraded sales expectations …
Business
Evening Standard
SSE lifts full-year earnings outlook again despite widening renewables shortfall
Energy firm SSE has hiked its annual earnings outlook once again despite lower than expected power from renewable generation.The FTSE 100 group, which no longer supplies energy directly to households, said it now expects underlying earnings per share of more than 160p in 2022-23.The group had already upped its earnings expectations to more than 150p …
Business
Business Live
Mogers Drewett completes acquisition of Bath-based Freemans Solicitors
Mogers Drewett has completed a deal to buy Bath-based Freeman Solicitors, following Freeman director Shaun Freeman’s decision to retire. The South West legal and financial planning firm intends to grow its market share in both of its services areas with the acquisition. Freemans Solicitors was established in 1999 and has since developed a specialist private …
Business
Evening Standard
FTSE 100 Live: Next shares fall; steady start for London trade; Ermotti back at UBS, mortgage approvals up
London’s FTSE 100 made a steady start, with investors in cautious mood after US tech stocks stood out overnight during a fall for Wall Street markets. Consumer credit data for February will test improving sentiment toward banks and will also resonate in the housebuilding sector, via insight into demand for mortgages in the UK. Shared …
Business
Evening Standard
Unions say Illegal Migration Bill is a ‘gift to dodgy employers’
Correspondent unions say the Government’s Illegal Migration Bill is a gift to “dodgy employers”.The Trades Union Congress (TUC) said the legislation could lead to more migrant workers being exploited in the underground economy – a problem it says is already “rampant”.It says the Bill would leave nearly 200,000 asylum seekers in limbo indefinitely by trapping …
Business
Evening Standard
UBS appoints former boss to lead ‘urgent and challenging’ Credit Suisse merger
Swiss bank UBS has reappointed its former boss to lead the takeover of Credit Suisse after it rescued the beleaguered rival lender.Sergio P. Ermotti will replace Ralph Hamers as group chief executive as the bank faces the “urgent and challenging” task of merging the two global banking giants.UBS said Mr Ermotti, who led the group …
Business
Business Live
Billionaire Issa brothers make offer to get Asda’s £600m Co-op deal approved amid £8bn Subway move
The billionaire Issa brothers have made an offer which they hope will help get Asda’s £600m deal with the Co-op approved. The businessmen, along with their private equity partner TDR Capital, have proposed selling 13 petrol stations in a bid to persuade the Competition and Markets Authority (CMA) to back the deal. Earlier this month …
Business
Business Live
Good Energy profit margins cut by ‘rapidly increasing’ wholesale costs
Renewable electricity supplier Good Energy has seen its profit margins cut as its rising prices were unable to keep pace with “rapidly increasing” wholesale costs. The Wiltshire-headquartered company reported a 70% rise in revenue to £248.7m for last year – up from £146m in 2021. Bosses at the AIM-listed firm said the “knock on effects” …
Business
Evening Standard
Bank of England chief: HSBC was only reasonable bidder for Silicon Valley Bank UK
Bank of England governor Andrew Bailey said HSBC was effectively the only bidder remaining for failed lender Silicon Valley Bank’s UK arm once the sale process got fully underway.The Bank boss faced questions from the Treasury Committee today after tech-focused Silicon Valley Bank collapsed in the US earlier this month, which then led to the …
Business
Business Live
The St David’s Shopping Centre in Cardiff acquired by real estate giant Landsec
Real estate giant Landsec has acquired 100% ownership of the St David’s shopping centre in Cardiff as well as on taking on the adjacent former Debenhams store which is plans to transform with a focus on new bars and restaurants. Landsec, which previously had a joint stake in the flagship shopping centre with Intu, has …
Business
Evening Standard
Water firms urged to be more ‘creative’ in how they charge customers
Water firms have been encouraged to be more “creative” in how they charge customers to help them cut bills and save supplies.Under new Ofwat rules, Affinity Water, which supplies households across south-east England, will charge around 1,500 pre-selected households a cheaper rate for using a lower amount – or “block” – of water, and progressively …

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