Latest news with #Marks&SpencerGroupPlc
Bloomberg
02-05-2025
- Business
- Bloomberg
UK Tells Businesses to ‘Wake Up' After Marks & Spencer Hack
A senior UK minister next week will warn businesses to protect themselves against cyber threats after a spate of attacks on retailers including Marks & Spencer Group Plc. 'These attacks need to be a wake-up call for every business in the UK,' Cabinet Office Minister Pat McFadden, who is responsible for national security, will say in a speech at the CyberUK conference in Manchester next week, according to remarks released by his department.
Bloomberg
30-04-2025
- Business
- Bloomberg
UK Grocer Co-op Suffers Hacking Attempt, Shuts Down Some Systems
British supermarket chain Co-op said it was the target of a hack attempt, just days after Marks & Spencer Group Plc said it suffered a cyber incident that rendered some of the retailer's systems inaccessible. Co-op recently experienced attempts to gain unauthorized access to some systems, forcing it to take safety measures that had a 'small impact' on some back office and call center services, a spokesperson said by email Wednesday.
Bloomberg
11-04-2025
- Business
- Bloomberg
Revolut to Roll Out UK Stock Trading Amid Market Chaos
Revolut plans to add UK stocks to its trading platform in the coming days as some investors look to diversify away from US equities in the aftermath of Donald Trump's plans to raise tariffs on trading partners around the world. British blue-chips including Rolls Royce Holdings Plc, Marks & Spencer Group Plc and London Stock Exchange Group Plc will be among the equities offered, people familiar with the matter said, asking not to be named discussing non-public information. Revolut gained its UK trading license in November 2024 and already offers US and European equities.
Bloomberg
28-03-2025
- Business
- Bloomberg
Next Can Break the £1 Billion UK Profit Curse
Simon Wolfson, chief executive officer of Next Plc, on Thursday announced pretax profit of £1 billion ($1.3 billion) for the first time in the retailer's history. It's a level of earnings few British store chains reach. For some that have, it has been the prelude to a period of disappointment. But Next can escape the curse of the £1 billion profit retailer. Next's biggest rival Marks & Spencer Group Plc is perhaps best known for suffering from this affliction. The high street stalwart hit the magic number in 1997 and 1998, when it was enjoying a surge in fashion sales, which then accounted for the bulk of its revenue and was very profitable. But to reach that target, M&S invested more in its bodysuits and blazers than in equally stylish stores. Customers eventually noticed. By 1999, after a damaging succession battle, profit had halved.
Bloomberg
16-02-2025
- Business
- Bloomberg
UK's Much-Feared Wave of Job Cuts Is Failing to Materialize
A threatened avalanche of job cuts after Chancellor of the Exchequer Rachel Reeves unveiled her tax-raising budget has so far failed to materialize, with memories of how difficult it was to rehire workers following the pandemic persuading many firms to hang onto staff instead. The prospect of a £26 billion ($32.7 billion) hike in payroll taxes combined with another hefty increase in the minimum wage from April triggered a raft of warnings from business leaders including Stuart Machin, CEO of Marks & Spencer Group Plc, and billionaire James Dyson. Surveys too pointed to hefty cuts, with the closely watched PMI showing jobs being shed at a pace seen during the financial crisis.
