TESCO TO TRIAL LOYALTY CARD AT US OPERATION
Tesco is poised to trial a version of its successful Clubcard loyalty scheme in the US, as it strives to stem losses at its Fresh & Easy chain. Tim Mason, chief executive of Fresh & Easy, said the business, which currently has 176 stores and will have 214 by the end of February next year, was ready to support a loyalty scheme. It will be known as the Friends of Fresh & Easy card, but will be based on Clubcard.
DOUBTS OVER CHINESE STEEL OUTPUT
China is underreporting the amount of steel it makes by about 40m tonnes a year – roughly the amount made by Germany – according to a new analysis that provides insights into the recent high prices for the main raw material used by the world steel industry. Detective work by Meps, a UK steel consultancy, indicates that Chinese steel output last year was 672m tonnes as opposed to the 627m tonnes reported by the Chinese authorities.
AIRCRAFT MAKERS STRUGGLE TO FILL BACK ORDERS
US airlines contemplating a splurge of spending on new aircraft may struggle to secure the jets they want, according to senior industry executives, as record backlogs at leading manufacturers such as Boeing and Airbus squeeze out new orders.
US STEPS UP FOREIGN ANTI-GRAFT SCRUTINY
State-owned companies in emerging markets are facing greater scrutiny in the US as the Department of Justice and Securities and Exchange Commission step up enforcement of the foreign corrupt practices act, regulators and executives say. Executives at state-owned companies are considered government officials by law.
MARKET FOR BROKERS “MUST GET WORSE BEFORE IT CAN GET BETTER”
The chief executive of finnCap has warned of a wave of redundancies across the stockbroking industry as specialists in smaller companies are forced to make severe cost cuts. Sam Smith said that fees had dwindled as far fewer companies were floated in London and because corporate finance business had all but evaporated. Far fewer shares were being traded in the secondary market and commission here had also fallen dramatically.
ASTRAZENECA AWAITS RULINGS WORTH BILLIONS
AstraZeneca is facing a “make or break” week with billions of pounds at stake as American officials deliver verdicts on potential blockbuster drugs such as a new pill that regulates glucose excreted by the body.
The Daily Telegraph
TWITTER’S GROWING INVASION OF UK PLC
Chipmaker Arm gets the gold medal for most industrious tweeter. Burberry scoops the prize for having the most friends on Facebook and the most followers on Twitter, and BP’s videos hauled in more YouTube viewers than any FTSE 100 peer in the first half of the year. The findings are from the latest survey of how UK plc is using and adapting to the social media that has transformed how information is spread and shared online over the last five years.
BBC SPEND NEARLY A MILLION POUNDS ON ACTORS TO HELP TRAIN MANAGERS
The BBC has been accused of acting like a real life version of the comedy The Office after spending nearly £1m on actors to role play as disgruntled staff. Managers hired the actors to teach staff how to handle employees.
THE WALL STREET JOURNAL
HERTZ TO BUY VEHICLE-FLEET LEASING FIRM
Hertz Global Holdings Corp. will acquire vehicle-fleet leasing and management company Donlen Corp. for $250m, and is also assuming $680m in debt, in a deal the two companies said they plan to announce today. The deal is easily digestible for Hertz, which has a market capitalisation of $6.2bn, and isn’t expected to affect its efforts to acquire Dollar Thrifty Automotive Group, said Hertz Chief Executive Mark Frissora.
OBAMA TO BYPASS WARREN, TAP CORDRAY TO HEAD CONSUMER AGENCY
President Barack Obama ended speculation about who will lead the Consumer Financial Protection Bureau by saying he would nominate former Ohio Attorney General Richard Cordray for the job.