Tesco’s rivals eat into its market share August 18, 2009 TESCO, the UK’s biggest retailer, is continuing to lose market share, according to new figures, despite relaunching its Clubcard. The supermarket recently beefed up its loyalty card scheme, offering shoppers two points for every £1 spent, as opposed to just one. It had hoped the tactics would stop customers shopping at rivals like Asda and [...]
WILL TESCO’S CLUBCARD STOP IT FROM LOSING MARKET SHARE? August 18, 2009 KEITH BOWMAN HARGREAVES LANSDOWNI’m sure it’s being done as a way to fight back against the competition. There are groups of shoppers who chase the cheapest deal, so this may encourage more customer loyalty. NICK BUBB PALI INTERNATIONALIt’s Tesco’s trump card. Whether it will attract away from the competition is another matter. WM Morrison doesn’t [...]
TRAIN FARES SET TO DROP NEXT YEAR August 18, 2009 &9632; Rail fares to be cut for first time since privatisation&9632; Cuts come as train firms struggle with franchise payments&9632; Rail companies could hike non-regulated fares to plug gap RAIL fares are set to come down for the first time since privatisation, but there were fears yesterday that commuters might be hit by rising railway [...]
CAMERON WARNS ON BRITISH DEBT August 18, 2009 TORY leader David Cameron came under fire from the Labour party yesterday after he warned that Britain could struggle to repay its debt. Speaking at the Royal Society of Arts, Cameron said that increased government debt runs the risk of higher interest rates and “not being able to meet your obligations”. However, the opposition leader [...]
Countrywide boss in scrap August 18, 2009 COUNTRYWIDE chairman Harry Hill has triggered a fierce City row by trying to oust board members from an Aim company in which he is a shareholder by sending out pre-ticked voting cards. The activist investor, who owns 19 per cent of Sovereign Reversions, has been slammed by the firm’s board, with executive director Rupert Pearce [...]
Time is right for Broadgate stake sale August 18, 2009 NOTHING symbolised the post Big Bang world in the City more than the development of the Broadgate complex near Liverpool Street and Moorgate in the 1980s. The ice rink and the gleaming buildings fitted out for the likes of Shearson Lehman and SGWarburg were the focal point for the new City, before even the first [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 18, 2009 FINANCIAL TIMES THOMAS COOK SALE PLANA large part of Arcandor’s 53 per cent stake in Thomas Cook could be sold to institutional investors as early as next month as creditor banks of the insolvent German retailer try to claw back their loans. Two people close to the banking consortium said a share placing “theoretically still [...]
IMF: slump has left scars August 18, 2009 THE GLOBAL economic recovery has begun but the downturn has left deep, long-lasting scars, the International Monetary Fund’s (IMF) chief economist, Olivier Blanchard, said yesterday. “The turnaround will not be simple,” he said. “The crisis has left deep scars, which will affect both supply and demand for many years to come.” The economist warned that [...]
US wanted Citi to oust its CFO August 18, 2009 American regulators are thought to have piled the pressure on US bank Citigroup to replace its finance head weeks before his shock departure. The development confirms investors’ belief that the replacement of Ned Kelly by Citi veteran John Gerspach in July after fewer than four months in the job had been triggered by the key [...]
Corporate bonds hit $1,000bn August 18, 2009 Global corporate bond issuance has risen to a record $1,103bn (£666bn) in 2009, with four months of the year to go, according to data provider Dealogic. The boom is because of the difficulty firms face in getting loans and strong demand from investors, who can gain big yields on corporate paper compared with government bonds. [...]