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Lloyds Banking Group to shut major office impacting 500 staff

January 14, 2025

Lloyds Banking Group will shut its office in Liverpool later this year, in a move set to impact the site’s 500 staff. The group said its decision to close its Speke location is part of broader plans to run “fewer, better-equipped” offices amid efforts to cut costs. In a statement, Lloyds said it has not [...]

Ashmore: Asset manager’s stock surges as investor withdrawals subside

January 14, 2025

Ashmore stock surged five per cent in early trading this morning after the asset manager reported a sharp reduction in outflows. Investors pulled $400m (£327m) from the emerging markets specialist over the last quarter, down from $700m (£572m) in the three months before and below the $1.1bn (£900m) expected by analysts. When excluding a liquidity [...]

Royal Mail IDS owner to return to profit as Kretinsky takes reins

January 14, 2025

The owner of Royal Mail is set to return to profit just as its long drawn out sale to Daniel Kretinsky nears completion thanks to a welcome uplift in the number of parcels it delivered over Christmas. International Distribution Services (IDS) said Royal Mail’s “successful Christmas period” saw it process 188m tracked parcels, a 19 [...]

Serco: FTSE giant bags £200m US army deal

January 14, 2025

British outsourcing giant Serco has secured a $247m (£203m) contract to enhance the health and fitness of US army soldiers. The government services provider will support 45 US army brigades across 15 locations, including bases in Alaska and Texas. Under the deal, the firm is set to drive soldier fitness, reducing injury rates and supporting [...]

Law firm RPC elects new managing partner

January 14, 2025

City-based law firm RPC has selected Antony Sassi to step up to the leadership role of managing partner of the firm, succeeding James Miller

UK gilt auction fails to roll back yield spike

January 14, 2025

A closely watched sale of UK government debt failed to roll back the alarming rise in yields after the £4bn auction did not drum up significant interest for gilts. The Debt Management Office (DMO) reported that the 2034 gilts were sold at a yield of 4.808 per cent, compared with 4.332 per cent in the last [...]

Microsoft and FTSE firm Pearson tie up AI deal after UK action plan

January 14, 2025

Microsoft and London-listed education giant Pearson have announced a multiyear partnership to address the global skills gap in artificial intelligence, as the UK prioritises AI. This collaboration will combine Microsoft’s cloud and AI technologies with Pearson’s learning and assessment expertise to provide AI tools. It will also offer tailored learning and certifications for workers and [...]

Government too involved in HS2, warns top infrastructure adviser

January 14, 2025

Too much government involvement in HS2 has hampered delivery and fuelled massive cost overruns and delays, according to a key infrastructure adviser. Sir John Armitt, chair of the National Infrastructure Commission, told MPs he had “never been convinced by the governance structure of HS2,” having been influenced by his own experience delivering the infrastructure for [...]

Former Lord Mayor named president of London business group

January 14, 2025

The former Lord Mayor of the City of London Michael Mainelli has been appointed as president of the London Chamber of Commerce and Industry (LCCI). Mainelli, who served as Lord Mayor from 2023 to 2024, is currently chair of think tank Z/Yen, which he founded in 1994. The former Lord Mayor has also held senior [...]

Asos to close US distribution centre with customers served from Barnsley instead

January 14, 2025

Online fashion retailer Asos will close its distribution centre in Georgia, USA, in another effort to boost profitability and streamline operations. From late this year, US customers will be served from Asos’ automated UK fulfilment centre in Barnsley, and through a “smaller, more flexible local US site”, the company said. The Atlanta warehouse will be [...]

Experian: Global data and tech operations drive growth

January 14, 2025

Experian reported an eight per cent increase in total revenue for the third quarter of fiscal year 2025, as the firm stressed the strength of its global data and technology arms. According to a trading update published this morning, the consumer and analytics firm maintained outlook, as its organic revenue rose by six per cent, [...]

Pub giants allay fears of hospitality crisis despite higher wage bills

January 14, 2025

Pub giants Mitchells & Butlers and Fuller, Smith & Turner have both expressed confidence as the firms adapt to higher wage bills, in a positive sign for an industry which warned of crisis last year. Mitchells, the owner of Harvester, Toby Carvery and All Bar One, reported like-for-like growth of 10.4 per cent over the [...]

Vistry: Housebuilder avoids fourth profit downgrade but warns of market uncertainty

January 14, 2025

Vistry has warned of uncertain market conditions as it reaffirmed previously downgraded profit guidance for the year ahead. The UK’s largest housebuilder by output said the outcome of the government’s spending review and a “recovery in consumer confidence” would prove pivotal in determining performance in 2025. Group adjusted pre-tax profit is forecast to be around [...]

Galliford Try: Shares rise as construction firm continues hot streak

January 14, 2025

Galliford Try has continued to its strong streak of performance over recent years, reporting profit and cash ahead of analyst expectations. The construction firm had £210m in cash by the end of 2024, while its order book had grown from £3.7bn to £3.9bn throughout the year, it said in a trading update today. In early [...]

Tesla shares rise to highest in over a year after Q3 earnings

January 14, 2025

Elon Musk attends a discussion session during the Cannes Lions International Festival Of Creativity in …