Company news, markets and financial talking points, available from 8am Monday to Friday
John Lewis profits fall by more than half
Profits at John Lewis Partnership have fallen by more than 50%, reports the BBC. After the retail group was hit by costs to re-organise its business, profit before tax fell 53.3% to £26.6m for the half-year ending 29 July, after a £56.4m charge mainly for restructuring and redundancy costs. “Look, nobody should be surprised that this is a tough market for retailers,” said chairman Sir Charlie Mayfield.
Dimon says Bitcoin is a fraud
JP Morgan boss Jamie Dimon says Bitcoin is a fraud that will ultimately blow up, reports The Guardian. Speaking in New York, the boss of America’s biggest bank said he would fire “in a second” anyone at the investment bank found to be trading in bitcoin. Morgan added that said the digital currency was only fit for use by drug dealers, murderers and people living in North Korea.
Britain reaches coffee shop saturation point
UK high streets are about to reach saturation point for coffee shops, according to analysts at Citigroup. The lender says that only “four to five years structural growth remain in the UK coffee market”. Ten years ago there were fewer than 10,000 places to buy coffee, according to market …read more
Source:: The Week – All news