Finablr PLC (FIN) – Travelex has been criticised for leaving customers in the dark over a hacking attack after the currency transfer business refused to say if it had paid a $6m (£4.6m) ransom. Experts said it is crucial for the currency exchange business to be open with customers as a battle to bring its computer systems back online continues. Hackers behind the ransomware attack on New Year’s Eve claimed to have stolen customer data including credit card information, and threatened to publish it online if they weren’t paid the money within seven days. The attack took down Travelex’s online systems and has also hit banks including HSBC, Barclays and Natwest owner Royal Bank of Scotland which used its services for their own clients.
City heavyweights rowed in behind Bank of England Governor Mark Carney and former Chancellor George Osborne by calling on the UK to distance itself from Brussels after Brexit. The UK should “move as far away as we can” from EU rules without losing access to European markets, said Nigel Wilson, chief executive of FTSE 100 insurer Legal & General. Mr Carney said earlier this week there was no point in the UK aligning its financial rulebook entirely with the EU after Brexit in the hope of securing a better trade deal.
The departing boss of Tesco (TSCO) claimed the grocer had its busiest day ever during the festive period – despite recording flat sales. Tesco has emerged as frontrunner in the battle of the major grocers to win Christmas, with a modest 0.1% increase in sales during the six weeks to Jan 4. Third quarter revenues rose 0.4% in the UK, hitting £16.8bn. Chief executive Dave Lewis said the retailer sold more groceries on the day before Christmas Eve than any other day in its 100-year history. Mr Lewis, who is leaving this summer after five years in charge, said: “I’ve never seen the UK business run as well as it has this Christmas.” Tesco’s performance was boosted by cash and carry arm Booker, which it bought for £4bn in 2018.
A glut of extra food in the run-up to Christmas hit profits at Marks & Spencer Group (MKS), as sales of men’s skinny shirts and trousers failed to take off. Clothing and home sales in stores open more than year fell by 1.7% over the crucial festive period, more than analysts had expected. This was because it had too many shirts and trousers in small and medium sizes in contemporary styles and not enough of its regular fit shirts. Food performed better with sales up 1.4%. However, the retailer admitted its stores had overstocked with products which were not sold, leading to a bumper amount of waste and a hit to profit margins.
Outgoing International Consolidated Airlines Group SA (CDI) (IAG) boss Willie Walsh once said his best decision was hiring Luis Gallego to lead IAG’s Spanish airline Iberia. “He’s a fantastic leader and has made a tremendous difference – and his performance makes me look good!” he told the Belfast Telegraph in 2016. Walsh will have plenty of time to reflect on that decision now that the Spaniard Gallego is replacing him in the top job, taking the controls of the British Airways owner at a critical time. Gallego, 51, is credited with turning around an ailing Iberia, returning it to profitability in 2014 after facing down unions to cut thousands of jobs and salaries. Such skills will be useful as he tries to navigate IAG around fierce competition and high fuel prices – as well as the thorny question about how to balance growth with pressure to cut carbon emissions.
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