Monday newspaper round-up: Phones 4u, Alibaba, Lloyds, Royal Bank of Scotland
Mobile operator EE is set to takeover about 60 shops from the stricken retailer Phones 4u, in a move that will save hundreds of jobs, The Guardian reports.
FTSE 100
7,861.69
15:05 19/04/24
Lloyds Banking Group
50.90p
15:05 19/04/24
NATWEST GROUP
276.50p
15:04 19/04/24
Vodafone Group
66.42p
15:05 19/04/24
Phones 4u entered administration last week, after EE cancelled its contract with the phone retailer just a few months after Vodafone had made a similar decision, prompting Phones 4u to accuse both mobile operators of being responsible for its downfall.
If the negotiations are successful, EE will save between 300 and 400 jobs, with another combined 1,687 jobs to be saved by separate initiatives carried out by Vodafone and Dixons Carphone.
The number of empty shops along Britain’s high streets is falling at the fastest rate in eight years, reports The Daily Telegraph.
Having been as high as 15.1% in March, the vacancy rate on high streets across Britain has fallen to 13%, the biggest fall since the first survey of this kind was conducted in October 2006 and further proof that the UK economy is on the road to recovery, the broadsheet suggests.
The report also highlights the decline in the number of high-profile businesses entering administration, after JJB Sports, Woolworths and Comet had fallen victim of the recession in 2008.
Alibaba has increased the size of its initial public offering to $25bn, after exercising an option to increase the size of the deal by 15%, reports The Financial Times.
The decision means that the Chinese company, which debuted on the New York Stock Exchange on Friday, has now secured its place as the world’s largest-ever stock market floatation.
Lloyds Banking has refused to publicly deny or confirm rumours that it might move its headquarters to the City, despite the ‘no’ vote in the Scottish referendum, says The Times.
Along with Royal Bank of Scotland (RBS), TSB and Clydesdale, Lloyds had disclosed contingency plans in the event of a ‘yes’ win and had warned it would move its headquarters south of the border in case of a win for the pro-independence campaign.
However, while on Friday RBS confirmed its contingency plans were no longer required and that it will remain based in Edinburgh, Lloyds went only as far as saying it intended to retain a “significant presence” in the Scottish capital.