Better known as the Iron Lady, Margaret Thatcher was the Prime Minister of Britain from 1979-1990 and is often credited for managing a period of great transformation in Britain. Excessive union power and double digit inflation were a part and parcel of the national life during 1970’s with Britain truly being designated as the ‘sick man of Europe’. Few economists or commentators would disagree with the fact that the Iron…

John Barton, the chairman of fashion retailer Next and Lloyd’s insurer Caitlin, has been chosen as the chairman of budget airline easyJet. The 68-year-old will take over from Sir Mike Rake as non-executive chairman on May 1. John Barton has a daunting task ahead in the role of easyJet chairman as he would have to manage the strained relationship between the company and its founder Sir Stelios Haji-Ioannou. John Barton…

Tesco has withdrawn from the US market after the supermarket chain’s profits fell 52% since the early 1990s. The exit from the US market has cost Tesco more than £1bn at a time when the Britain’s biggest retailer is experiencing slowdown in sales at home front too. After indicating US market exit in December last year, Tesco will be shutting down 199 Fresh & Easy stores, which have posted zero…

The Glencore-Xstrata merger has overcome its final regulatory hurdle as China has given a conditional approval for the $35bn (£22.8bn) merger, which is touted as the biggest merger in the sector to date. It was crucial for Glencore to obtain approval from China which is the biggest buyer of materials it trades and mines. The approval means that Glencore can now begin to sell off its assets its Las Bambas…

Dish Network has made a $25.5bn (£16.6bn) takeover bid for mobile phone firm Sprint Nextel which could launch a mobile bid war with Japan’s phone operator Softbank. Sprint shareholders would receive $7 a share, which is 13% higher than its closing price on Friday of $6.22. This includes $4.76 per share in cash and 0.05953 Dish shares for every Sprint share. Last year, mobile phone company Softbank announced a $20bn…

JPMorgan Chase reported steady revenues by cutting its expenses in the first quarter which helped its earning reach the golden figure of $6.5bn (£4.2bn), rising 33% and beating analysts’ expectations of $5.4bn (£3.5bn) in net income. The bumper earnings show that the economy is recovering from the London Whale grief. Contributors to JPMorgan’s excellent performance in the first quarter are retail banking, powered partly by mortgage originations, and corporate and…

Post Office has launched current account with a new banking deal for customers offering ‘simplicity, transparency and good value for money’. The move could pose a threat to the four big banks in the UK- Lloyds, RBS, HSBC, and Barclays as Post Office has a solid network of 11,500 branches. Post office will offer the current account in association with Bank of Ireland which operates Post Office’s mortgages and savings…

KPMG is slated to create 150 jobs in Glasgow at a new tax office which will handle tax compliance work from the firm’s 22 UK offices. The job creation move has been encouraged by Scottish Enterprise which has offered Regional Selective Assistance grant worth £1.7m. KPMG has signed a 10-year lease deal at 123 St Vincent Street in Glasgow. The move comes just as KPMG has quit as auditor to…

London property market was buoyed by overseas investors who helped lift house sales to a three-year high in March, and driving home commercial property sales of £2.75bn. Around 17 homes were sold on average over the three months to March, marking the highest number recorded since March 2010. Foreign buyers made up 71% of the sales figure, reiterating that London’s property remains a hot favourite among US, Middle Eastern and…