Analysts fear for Morrisons as sales plunge 7.1pc May 8, 2014 Morrisons has reported a 7.1 per cent drop in like-for-like sales in the 13 weeks to 4 May. That’s considerably worse than expected – and worse than the 5.6 per cent fall it saw over the festive season. Jefferies had forecast a seven per cent decline, whereas Barclays was predicting one of 6.3 per cent. [...]
Barclays to slash 20,000 jobs May 8, 2014 Barclays shares are up three per cent as the bank confirmed plans to cut up to 20,000 jobs, equivalent to 15 per cent of the workforce. 14,000 jobs are set to go this year, higher than the 10-12,000 than was expected. Roughly half of these positions are in the UK. A further 7,000 jobs at [...]
Chinese trade data and dovish Yellen boost Asian markets May 8, 2014 Asian markets have been boosted by a recovery in Chinese exports and imports as well as Federal Reserve chairman Janet Yellen's commitment that the Fed will continue to support the US economy. Chinese export growth rose from -6.6 per cent year-on-year in March to 0.9 per cent in April, outperforming Bloomberg's median estimate of minus [...]
Any Other Business – 08/05 May 8, 2014 NOT TO be outdone by hedge fund boss Guy Hands (who has just announced he’s donating £2m towards the construction of Mansfield College, Oxford’s new Love Lane Building) Sir Michael Hintze, chief exec of hedge fund CQS, has announced he’s donating £5m to the Natural History Museum. Hintze (who received his sir-dom for services to the [...]
I’ll face down critics says Pfizer’s boss May 7, 2014 THE BOSS of American drug giant Pfizer will jet into London next week for a crunch showdown with MPs over his plan to take control of UK drug giant Astrazeneca. Ian Read, the Scottish boss of Viagra maker Pfizer, will face off against backbench MPs on Tuesday and Wednesday next week to try and soothe [...]
China now has five of the world’s 10 biggest companies May 7, 2014 THREE Chinese behemoths top this year’s list of the world’s biggest public firms, while no European companies remain in the top ten, a dramatic signal of a changing world economy. The top spots are taken by the Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China and China Construction Bank. The country is [...]
Shareholders revolt over pay at Reckitt and Ocado May 7, 2014 OCADO and Reckitt Benckiser have become the latest companies to suffer an investor backlash over pay for the most senior staff. About 20 per cent of investors in the online grocer voted against the remuneration report while 13 per cent opposed Ocado’s pay policy. A person familiar with the situation said Ocado’s board had consulted [...]
Yellen signals an end to stimulus by this autumn May 7, 2014 FEDERAL Reserve chair Janet Yellen confirmed yesterday that a continuing US recovery would mean an end to the country’s quantitative easing (QE) programme this autumn. Though the Fed appears to be committed to trimming QE purchases by $10bn (£5.9bn) each month, the central bank has previously been reluctant to lay down an official timeline for [...]
Merged coffee colossuses aim to lead market May 7, 2014 MONDELEZ International and DE Master Blenders 1753 are set to merge their coffee businesses, with DE’s parent company in control, bringing the world’s second and third largest coffee firms together. Mondelez said that the new venture would be the “world’s leading pure-play coffee company,” a veiled nod towards Nestle, the market’s largest force by sales. [...]
What the other papers say this morning – 08 May 2014 May 7, 2014 FINANCIAL TIMES Former chancellors slam Help to Buy Three former chancellors of the exchequer have urged George Osborne to rethink his Help to Buy programme, with the OECD also calling on the government to scale back the mortgage support scheme. Lord Lawson, Lord Lamont and Alistair Darling – all predecessors of Osborne at the Treasury [...]