Ocado sales soar as Morrisons site gathers pace March 12, 2014 Online grocer Ocado has reported a jump in retail sales of 18 per cent to £218m, for the 12 weeks to 23 February. Average orders per week rocketed 18 per cent to over 155,000. Tim Steiner, chief executive officer of Ocado, commented: We are pleased with the continued growth in our business. We remain committed [...]
Ferrexpo profits jump as production booms March 12, 2014 Iron ore miner Ferrexpo has enjoyed a jump in profit before tax of 15 per cent to £305m, for the year ended 31 December 2013. Revenue also grew by 11 per cent to £1.5bn. The company, which has operations in Ukraine, expressed its condolences for those who have been impacted by the political turmoil in [...]
Asian markets slide as China fears hit commodities March 12, 2014 Asian markets are taking a beating this morning amid concerns of a weakening Chinese economy and tensions in Ukraine, ahead of Crimea's referendum on Sunday. Copper is suffering a significant fall while gold is making gains. Weak Asian markets reflect Wall Street's uncertainty over the strength of the US economy. However, many investors are remaining [...]
Co-op Group in turmoil: Sutherland quits and rival factions begin the fight for control March 11, 2014 THE CO-OP was plunged deeper into chaos yesterday as chief Euan Sutherland sensationally quit after just 10 months, inflaming a divisive row over modernising the mutual that threatened to split the board. Sutherland’s exit leaves serious question marks over the business’ future, with his resignation statement pointing to deep divisions at the top of the [...]
Bank of England plans shake-up to tackle forex probe March 11, 2014 GOVERNOR Mark Carney vowed to restore the Bank of England’s credibility and repair financial markets yesterday, hiring a new deputy governor to investigate foreign exchange market manipulation claims. Carney promised to “ruthlessly, relentlessly follow through with the investigation” into claims a Bank of England staff member had encouraged or turned a blind eye to traders’ attempts [...]
Carney says Scottish banks might have to move south March 11, 2014 SCOTLAND’S biggest banks may have to be rehomed in England if the country votes for independence, after Bank of England governor Mark Carney said yesterday it was unclear whether they could be run from Scottish head offices. During a quizzing by the MPs of the Treasury Select Committee, Carney admitted: “It is not clear in [...]
Ukraine pleads for action from UK and America March 11, 2014 THE NEW government in Ukraine has called on leaders in the UK and America to uphold their end of a bargain made in 1994 to protect the troubled state. The desperate call came as Russia said yesterday it would recognise the outcome of the vote in Crimea on Sunday, said to be a line in the [...]
What the other papers say this morning – 12 March 2014 March 11, 2014 FINANCIAL TIMES Brent crude contract underpinning Slowing output from the North Sea may require IntercontinentalExchange to add oil grades from beyond the offshore European fields to underpin its flagship Brent crude contract. The comments from David Peniket, president of the London-based ICE Futures Europe exchange, echo growing industry concern that the global crude oil benchmark [...]
Investors rush to grab a piece of Poundland March 11, 2014 POUNDLAND is expected to sell shares in its stock market float at the peak price of £3 each today after a hotly contested battle to own a piece of the discount retailer. The high street store, which sells all its items for £1, announced plans last month to float in a deal which values the [...]
Labour rules out EU referendum unless UK stands to lose powers March 11, 2014 LABOUR leader Ed Miliband will rule out a referendum on Britain’s membership of the European Union in a landmark speech this morning. In a bid to put clear water between himself and David Cameron, Miliband will seek to position himself as the party for business by promising there will not be an in-out referendum before [...]