Lloyds cuts a further 1,200 jobs July 16, 2009 LLOYDS Banking Group said it is cutting 1,200 jobs in its group operations and insurance business, taking its layoffs to over 8,000 since it bought rival HBOS in January. Lloyds, 43-per cent owned by the government, yesterday announced a net reduction in staff of around 650 permanent roles by the end of March 2010. The [...]
Tesco slams Competition Commission July 16, 2009 TESCO, Britain’s biggest retailer, yesterday hit back at plans by the Competition Commission to introduce a new test into the planning system to combat the dominance of big supermarket chains. Tesco supermarket director Lucy Neville-Rolfe said the move “will cost jobs by deterring investment in the areas that need it most, in what is already [...]
Mothercare cheers boom in home delivery baby products July 16, 2009 BABYCARE chain Mothercare yesterday showed it was shrugging off the retail gloom, reporting a 9.4 per cent jump in group sales, as shoppers flocked to stock up on summer lines of baby products due to the warm weather. Underlying UK sales rose 5.1 per cent for the 15 weeks to 10 July, while sales at [...]
Enterprise to support pubs July 16, 2009 ENTERPRISE Inns, Britain’s second biggest pub company, said yesterday it was raising the level of support it gives to struggling tenants after the number of closures across its estate rose by 50 per cent. Enterprise, which has around 7,500 leased and tenanted pubs, said it had increased the assistance, which is given through rent concessions [...]
Bluebay shares boosted after assets rise 35pc July 16, 2009 SHARES in fixed income manager BlueBay Asset Management rose yesterday, after it reported strong assets under management (AUM) for its fourth quarter to June. The company said end-June assets were up 35 per cent on end-March to $24.3bn (£14.8bn) — 16 per cent better than a UBS forecast of $21bn, and 17 per cent better [...]
Sports Direct axes dividend as profits fall July 16, 2009 SPORTS direct, the retail chain controlled by Mike Ashley, yesterday said it was scrapping its final dividend to slash debt after its profits collapsed. The sportswear retailer reported a 91 per cent nose-dive in pre-tax profits to £10.7m from £118.9m the year before. It was forced to write off £53.1m of shares held in rival [...]
BEST OF THE BROKERS July 16, 2009 CAPITA GROUPDeutsche Bank upped its target price for Capita Group from 635p to 678p, but retained a “hold” rating, saying the stock deserves a premium but there may be better times to buy. The broker said the outsourcing group is well placed to grow and will remain a premium stock in its sector. It also [...]
CITY MOVES WHO’S SWITCHING JOBS July 16, 2009 Dairy CrestDiary Crest announced that Anthony Fry (pictured), who was appointed to the board in July 2007, took on the role of deputy chairman yesterday. He will take over from Simon Oliver as chairman on 1 January 2010 when Simon will retire from the Board. Simon will take on the position of honourary group president. [...]
Demand for flatscreen TVs pushes LG to profit July 16, 2009 SOUTH Korea’s LG Display returned to profit after two quarters of losses, spurred by robust demand for flat-screen TVs that is expected to power the industry through most of the year. The LCD sector, one of the few bright spots in the weak global technology sector, is benefiting from the popularity of liquid crystal display [...]
Sales slump at Spectris July 16, 2009 Precision instrument and controls company Spectris said sales took a further hit in the first half on weak car and mining sector demand, hurting its shares and prompting analysts to cut 2009 forecasts again. The British company, whose products have helped reduce fuel costs at power stations and cut the noise made by Japan’s Bullet [...]