Tag: expansion

Euro zone summit approves fresh Greek bailout

Euro zone summit approves fresh Greek bailout

Euro zone leaders met in Brussels yesterday and have agreed a further €109 billion (£96.3 billion) bailout for debt-laden Greece. A further €135 billion will come from the private sector during the next three decade, which will include a debt buy-back programme. Stock markets have risen today following the news with the Japan’s Nikkei closing [...]

China’s ICBC branches out in Spain

China’s ICBC branches out in Spain

Industrial & Commercial Bank of China (ICBC) has opened its first branch in Madrid, Spain, which will provide a wide range of financial services to 166,000 Chinese nationals living in the country. ICBC, which is the world’s largest bank by market value, has a total workforce of 386,723 and operates more than 150 foreign branches [...]

Waitrose to open more stores in 2011

Waitrose to open more stores in 2011

Luxury supermarket chain, Waitrose, will open 39 new stores this year in the UK, creating 3,000 new jobs. The chain, which is part of the renowned employee-owned department store, John Lewis, is quickly becoming one of the UK’s fastest growing supermarkets. Twenty seven of the new outlets will be in the new convenience store format, [...]

Supermarket giant to create thousands of UK jobs

Supermarket giant to create thousands of UK jobs

Asda, which is the UK’s second largest supermarket, has today announced it will create 7,500 new jobs in the UK next year through expansion and new store openings. The supermarket giant said it will recruit 3,500 staff at new stores, 2,400 for its home shopping service and a further 100 in new pharmacies. In addition, [...]

Metro Bank plans to wow customers

Metro Bank plans to wow customers

Metro Bank, which is Britain’s first new high street lender for more than a century, opened its doors today in Holborn, central London. The bank welcomed dogs with a bowl of water and a bone and offered their owners free breakfast. Dog lover, US billionaire and former Commerce Bank owner, Vernon Hill, said “dogs rule [...]

New High Street bank opens in London today

New High Street bank opens in London today

Metro Bank, which aims to make banking a “fun retail experience” opens in Holborn, central London today. The bank is Britain’s first new high street lender for more than a century and it has pledged to return to “core banking values”. The bank said it will employ more cashiers than the existing “big four” banks, [...]

BlueOrchard plans to expand microfinance

BlueOrchard plans to expand microfinance

BlueOrchard, the world’s biggest private sector investor in microfinance loans, has raised $195 million for a fund to help microfinance institutions (MFIs) expand and modernise. The private equity fund will buy minority stakes in MFIs to pay for their expansion and modernisation. BlueOrchard claims many MFIs need capital injections to improve their corporate governance and [...]

NIESR: UK GDP to be revised upwards

NIESR: UK GDP to be revised upwards

Influential think tank, the National Institute of Social and Economic Research (NIESR) said the UK economy expanded by 0.5% in the three months to April. The Institute is expecting the Office for National Statistics (ONS) to upwardly revise its initial first quarter growth estimate. Last month, the ONS said the economy grew by just 0.2% [...]

Metro Bank pledges to return to “core banking values”

Metro Bank pledges to return to “core banking values”

Metro Bank, which was recently granted a banking licence by the Financial Services Authority (FSA), has told Sky News that it plans to make banking a “fun retail experience”. The bank, which is set to become Britain’s first new high street lender for more than a century, is set to open two branches in central [...]

FSA grants licence to Metro Bank

FSA grants licence to Metro Bank

City watchdog, the Financial Services Authority (FSA), has granted a banking licence to Metro Bank - which is set to become Britain’s first new high street lender for more than a century. Metro Bank, which is backed by US billionaire and former Commerce Bank owner Vernon Hill, is planning to open two branches in central [...]

John Lewis posts further double-digit rise, Waitrose eyes growth

John Lewis posts further double-digit rise, Waitrose eyes growth

The John Lewis Partnership, which is seen as a barometer of British retailing, today announced sales grew 14.8% to £50.4 million in the week to 27 February compared with the same period a year ago. The figures at the renowned employee-owned department store suggest consumer spending recovered in February since it was the seventh consecutive [...]

Strong performance at Primark boost ABF

Strong performance at Primark boost ABF

A strong performance at discount clothing retailer Primark has boosted parent group, Associated British Foods (ABF), which today reported an 8% rise in sales in the past six months. According to ABF, like-for-like sales at its 196-strong Primark chain, which strip out the impact of new stores, were boosted by “exceptionally strong performance” from the [...]

H&M eyes expansion as Q4 profit soars

H&M eyes expansion as Q4 profit soars

Swedish budget retailer, Hennes & Mauritz (H&M), has today announced it is to open 240 new stores this year in Europe, Asia and the US after it posted a better than expected 21% rise in Q4 profits. The fashion chain also said it was about to enter the Israeli market, with outlets in Tel Aviv, [...]

Primark sees bumper Christmas sales

Primark sees bumper Christmas sales

Discount clothing retailer Primark joins other major retailers by announcing bumper sales over the festive period. Primark’s parent group, Associated British Foods, said the chain is benefiting from consumers opting for cheaper clothes with sales particularly strong in the UK and Spain. The group said: “Trading results for this period were very encouraging and ahead [...]

Travelodge embarks on expansion plan with 26 new hotels

Travelodge embarks on expansion plan with 26 new hotels

Budget hotel group, Travelodge, continues to defy the recession as it embarks on a £115 million expansion programme which will see it open 26 new hotels. In October 2008, the group, which is owned by Dubai International Capital, the private equity group owned by the Arab Emirate’s ruling sheikh, said it would open almost two [...]

Sainsbury’s profits up 32%

Sainsbury’s profits up 32%

Tesco Bank creates 1,000 new jobs, while Best Buy announces 8,000 new jobs

Tesco Bank creates 1,000 new jobs, while Best Buy announces 8,000 new jobs

Tesco Bank has announced today it is to create 1,000 new jobs in Newcastle next year. The news follows Tesco Bank’s insurance partnership with Fortis UK, with the joint venture forming a new motor and household insurance company. The move is part of the supermarket giant’s plan to step up its presence in the banking [...]

MPC member warns of ‘lost decade’

MPC member warns of ‘lost decade’

Bank of England’s Monetary Policy Committee (MPC) member, Adam Posen, has warned that the UK is facing a Japan-style lost decade. Japan, which is the world’s second largest economy, endured a so-called “Lost Decade” in the 1990s, whereby economic expansion grinds to a halt. In a speech, Mr Posen warned that Britain’s dysfunctional banking system [...]

Tesco and Fortis team up to form Insurance Partnership

Tesco and Fortis team up to form Insurance Partnership

Supermarket giant Tesco is continuing its expansion into financial services by agreeing a partnership with Fortis, which will form a new motor and household insurance company. Tesco, which has a 30% share of the grocery market, already offers credit cards, savings accounts and insurance via its Tesco Personal Finance (TPF) brand and announced plans late [...]

The Nottingham launches financial planning arm

The Nottingham launches financial planning arm

The Nottingham has announced plans to provide pensions, investments, and insurance products in its 32 branches across the East Midlands. Branch-based financial advisers will advise customers on the best products to meet their needs. The building society said the new products are part of its plans to expand and evolve, and will help it to [...]