Supermarkets’ shares tumble September 29, 2014 BRITAIN’S struggling supermarkets continued their bad run as the worst performing stocks of the year through September, falling by as much as 20 per cent across the month. Ocado led the plunge, with its share price falling 19.5 per cent, followed by Tesco’s 16.7 per cent. But the shops are fighting to win customers and [...]
Aldi undaunted by price war as profits surge September 29, 2014 GERMAN discounter Aldi said yesterday that the supermarket price war was helping to drive more customers into its shops as it reported a 65 per cent jump in full-year profits. The retailer, together with its German peer Lidl, has been stealing market share from the big four supermarkets as it ramps up its presence in [...]
Mortgages cool fears of bubbles and surprise hike September 29, 2014 LENDING in the UK economy contracted slightly in August as the number of mortgage approvals declined. It signals that the housing market may continue to cool off from its summer highs, which would be consistent with surveys published earlier in the month such as the Halifax house price index. The data released by the Bank of [...]
Surge in consumer confidence is slowed by poor wage growth September 29, 2014 THE RECOVERY in British consumer confidence has slowed down, GfK’s monthly survey showed yesterday, despite strong economic growth. Analysts believe poor wage growth and sustained inflation are to blame. GfK’s index surged up from sustained lows of minus 13 at the end of last year to plus one last month – well above the study’s long-run [...]
UK jobs boosted by EU migrant workers as businesses increase apprenticeships September 29, 2014 Immigrants from Europe are not undercutting the wages of young people in the UK, but may actually be increasing their chances of getting a job, according to a report released today. The research by the Chartered Institute of Personnel and Development also found that firms employing migrants often had more internship and apprenticeship opportunities, which [...]
St James’s Place dumps Pimco as fund manager September 29, 2014 Wealth manager St James’s Place (SJP) dealt another blow to under-siege US asset manager Pimco yesterday by firing it as manager of its £944m investment fund. The financial adviser, listed on the FTSE 100, will ditch the group from the SJP multi-asset fund and appoint a trio of rival firms on 10 November. Henley-on-Thames based [...]
Aberdeen stops the rot as tide of fund outflows slows to a trickle September 29, 2014 ABERDEEN Asset Management yesterday said customers pulled less cash from its funds over the summer, signalling the pullback from its key fund classes is slowing. The group, the largest independent fund house in Europe, saw outflows of £1.7bn for the two months ending 31 August, versus £8.8bn lost in the previous quarter. “Our equity capabilities [...]
Spie eyes float haul of €1.2bn September 29, 2014 FRENCH energy firm Spie yesterday said it aimed to raise as much as €1.2bn in its forthcoming stock market debut to value it at €2.75bn. Spie’s co-owner Clayton, Dubilier & Rice, which floated B&M Retail in London earlier this year, is hoping to sell €694m of existing stock alongside co-owner Ardian. A further €525m will [...]
Volution picks house brokers September 29, 2014 FAN maker Volution Group yesterday named Canaccord Genuity and Liberum Capital as house brokers. The appointment comes in the wake of Volution’s stock market debut in June and cements the relationship between the firms. Canaccord and Liberum both worked on the flotation deal. Canaccord Genuity was sponsor and joint bookrunner on the float while Liberum [...]
Bostock to lead Santander into UK flotation September 29, 2014 FORMER RBS finance boss Nathan Bostock will lead Santander UK into its stock market flotation after he was yesterday appointed as chief executive on a permanent basis. He took the reins earlier this month when Ana Botin moved to become executive chairman of the global Santander group, taking the role after the death of her [...]