Business

Blackberry loss widens to $670m

Image copyright AP Blackberry has reported a $670m (£450m) net loss in the last three months, almost triple the loss it made in the previous quarter. The heavy fall was due to restructuring costs and a write-down of some assets. Without one-off costs, the Canadian mobile phone company posted a $14m profit. Despite the hit, Blackberry shares gained in early trading as it said losses for the whole year would

Macy’s chief executive Terry Lundgren to step down

Image copyright Getty Images The US department store giant Macy’s has said that its chief executive Terry Lundgren will step down in 2017. Mr Lundgren will be replaced, in the first quarter, by Jeff Gennette, who is currently the firm’s president. Macy’s, the largest department store in the US, has been struggling to revive sales as it fights against growing online competition. Mr Gennette said Macy’s needs to become a

Chappell ‘tapped BHS for Bahamas flight’

Image copyright PA The former owner of BHS, Dominic Chappell, tried to buy family flights to the Bahamas on the company’s travel budget, new documents reveal. He also asked for his salary early ahead of taking his Christmas holiday to the Caribbean in December 2015. The flight purchase was stopped but BHS’ HR department approved the salary request on the basis of “hardship”. Mr Chappell has denied the allegations, accusing

Tesco shares bolstered by sales rise

Image copyright AFP (Noon): The London market was trading higher, with shares in Tesco up after the supermarket reported a second consecutive quarter of rising sales. The benchmark FTSE 100 index was up 94.19 points, or 1.5%, at 6,355.38. Tesco shares rose 1.7% to 169.35p after it said it was “encouraged” by its progress, with UK like-for-like sales up 0.3% in the 13 weeks to 28 May. The supermarket giant

Asian millionaires ‘top wealth rankings’

Image copyright Getty Images Image caption China added 144,000 more millionaires in 2015, Capgemini found Asian millionaires now control more wealth than those in North America, Europe and other regions, according to a report from finance firm Capgemini. Driven by China and Japan, Asia’s millionaires saw their wealth jump by 10% in 2015, the firm’s World Wealth Report found. Millionaires held nearly $60 trillion (£40 trillion) worldwide last year, four

Wholesale gas prices up as storage cut

Wholesale gas prices have risen sharply on news that the UK’s largest gas storage facility is being shut down for 42 days. Gas prices for the coming winter surged more than 8% after Centrica Storage announced that its Rough facility would be closed until 3 August. The plant accounts for 72% of the country’s gas storage capacity, but has been affected by safety issues. The move could push the UK’s