Moviemaking app Qwiki is Yahoo’s latest attempt to turn around its fortunes. The app, which allows users to turn photos, music and videos into short movies automatically, is the most recent in a line of acquisitions, including Alike, Stamped, Snip.it and Summly, driven by Chief Executive Marissa Meyer. The deal was reportedly valued to be between $40m and $50m.
Ocado & loss
Although Ocado has not made a pre-tax profit since it was set up in 2000, its losses are widening despite increasing sales. Average order sizes are up 1.6% to over £114, but the firm is incurring higher costs apparently due to its distribution deal with supermarket chain Morrisons. Ocado will provide logistical support to Morrisons online grocery service to be launched in January 2014.
RBS & review
Tough restrictions on lending has meant that many small and medium enterprises have missed out on loans from the Royal Bank of Scotland, but the 81% government-owned bank has recently ‘found’ £20bn that could be lent to UK businesses. Despite RBS accessing the government’s Funding for Lending scheme, the bank’s net lending fell by £1.6bn in the first quarter of 2013. It has now launched an independent review, focused on the steps it can take to support small businesses in the future.
Nicole Farhi & administration
The upmarket fashion and homewares retailer Nicole Farhi, and sister company to French Connection, has gone into administration. Despite the business being a powerful retail brand, rising costs and the decline in high street spend has taken its toll. Customers with gift vouchers will still be able to use them and those who wish to exchange goods are advised to do so as soon as possible. No refunds will be given.
Dwell & reopening
The furniture retailer chain, Dwell, has been bought out of administration by the business’s co-founder Aamir Ahmad. Despite having left the business last year Mr. Ahmad has promised to save stores and jobs, help customers who have outstanding orders and renew suppliers’ faith in the Dwell brand. Three sites in London will reopen on Saturday, as well as the branch at Essex's Lakeside shopping centre and a store in Manchester.
Bebo & sale
The social network site, Bebo, very popular amongst teenagers in the early 2000s, is set to be relaunched by one of its co-founders, who recently bought the company at auction for $1m. The business was sold to AOL in 2008 for $850m, but lack of investment by the new owners and subsequent dwindling user numbers led to it being sold on for just $10m to Criterion Capital and a consortium of individual investors. Disputes led to Bebo seeking bankruptcy protection and being auctioned off. The site will be reinvented and relaunched by the founders’ other personal incubator business Monkey Inferno.
Royal Mail & rejection
A deal offered by the Royal Mail to its workers of a three-year pay rise of 8.6% and bonuses has been rejected by the Communication Workers Union (CWU), The main union body dismissed the offer as ‘a sweetener’ designed to cover up damaging changes to pensions and workplace uncertainty amid plans that the government has to sell the operator to the private sector. The CWU warned that industrial conflict was inevitable if the union did not get the assurances it wanted.
Uniqlo owner & rise
Uniqlo owner, Fast Retailing has announced that same-store sales in June this year are 20.5% higher than the same time last year. Total sales were up 24.6% indicating that Japan’s consumer confidence has improved. Uniqlo now makes most of its earnings from sales in Japan whose economy had, for more than a decade, been mired in deflation.
Abintegro
July 13
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