Here’s why the UK’s food sector has a rocky road ahead March 11, 2014 With some dire Christmas sales, heavy discounting and a ramping up of online shopping, the UK food retail sector feels unloved. That’s according to Barclays, which points out that the UK’s sector is now trading at a clear price-to-earnings discount when compared with continental Europe. It hasn’t always been like this for UK companies. Expansion [...]
MtGox wins US bankruptcy protection March 11, 2014 Troubled Bitcoin exchange MtGox has received some welcome news as a Texas judge temporarily halted two US lawsuits, while bankruptcy proceedings continue in Japan. In February, MtGox filed for bankruptcy protection in Tokyo and said it had an outstanding debt of $63m (£37m). MtGox will return to court 1 April to attempt to extend the [...]
Co-op’s Sutherland writes letter of resignation March 11, 2014 Co-op Group’s chief executive Euan Sutherland has penned a letter of resignation, reports the BBC’s Robert Peston. Sutherland says in the letter that he believes the group to be “ungovernable”. Sky News understands he's resigned on a point of principle. Speaking on Radio 4, Peston said the group's board are trying to persuade him to [...]
Barratt Developments snaps up Dixons boss March 11, 2014 Barratt Developments has announced the appointment of Dixons chairman John Allan, as a non executive director and chairman designate. Allan will join Barratt's board on 1 August, and will succeed Bob Lawson who has been chairman since 1 July 2008 following the company's AGM on 12 November. Commenting on the appointment, Bob Lawson, chairman, said: [...]
What you need to know before the open March 11, 2014 European markets are expected to open higher this morning, with more economic data to focus on today – although there are still concerns over Ukraine and growth in China. The UK's Competition and Markets Authority has said it’s starting a new review into retail banking, focusing particularly on banking for SMEs. Corporate news Barratt Developments [...]
New competition regulator to begin review of banking March 11, 2014 The Competition and Markets Authority (CMA), the UK's new competition regulator, has announced today that it’s starting a short programme of work into the banking sector, with a decision on whether or not to make a market investigation by the autumn. It’ll publish its work on person current accounts and SME banking in the summer, [...]
Foxtons expands across London as profits boom March 11, 2014 London-focused estate agent Foxtons has reported a boom in profit before tax of 56.6 per cent to £38.9m, in preliminary results for the year ended 31 December 2013. Foxtons also enjoyed a jump in revenue of 16 per cent to £139m, while sales volumes grew by 22 per cent. The company said it had a [...]
Any Other Business – 11/03 March 11, 2014 TODAY marks the start of the horsey-betting-booze fest that is Cheltenham. One City figure who is unlikely to miss a day is former Barclays executive Rich Ricci who has got no fewer than six horses running this week. Noticeably absent from the line-up is Fatcatinthehat, the controversially-named bay gelding the banker entered into the festival [...]
Esure sees profits rise in first year as listed company March 11, 2014 Insurance group Esure has ended its first year as a listed company by reporting a rise in profit before tax of 2.5 per cent to £118m, for the year ended 31 December 2013. The company's final dividend was 13.3 pence per share. The full year dividend reached 15.8 pence per share. Esure saw a return [...]
Asian markets rise after Bank of Japan maintains monetary easing March 11, 2014 Asian markets are rising this morning after the Bank of Japan's (BoJ) decision to maintain its policy of monetary stimulus. However, the BoJ downgraded its forecast for Japanese exports. With the effect of a weak yen on consumer prices fading the BoJ's two per cent inflation target may become more difficult to achieve by the [...]