TK Maxx owner’s thrill at the tills as savvy shoppers seek bargains May 19, 2015 TJX Companies, the US-listed firm behind discount fashion retailer TK Maxx, said sales increased by six per cent to $6.9bn (£4.5bn) in the first quarter, as demand for its cut-price products continued to grow. TJX runs 3,441 discount fashion and homeware shops across the US, Canada and Europe, and trades under brands including TJ Maxx, [...]
Eurozone prices bounce back as deflation ends May 19, 2015 The Eurozone has escaped deflation, officials figures yesterday confirmed. Annual inflation in the Eurozone was zero per cent in April, according to Eurostat, the EU’s statistical office. It means that prices of goods and services typically consumed by households were the same price in April as a year earlier. The data, which is in line with [...]
Euro tumbles as policy makers bring forward bond purchases May 19, 2015 The European Central Bank (ECB) will buy extra bonds during May and June to make up for the amount it believes it will be unable to purchase in July and August, an ECB official said yesterday. Analysts have noted that July and August can be quiet months for the bond market, and it may be difficult [...]
Land Securities share price rises as property developer hikes dividend amid lettings boom May 19, 2015 Shares in Land Securities rose almost three per cent yesterday, after the property developer hiked its dividend by 3.7 per cent, saying a boom in demand for commercial property had boosted its net asset value. The FTSE 100 company, which jointly owns the Walkie Talkie skyscraper in the City with Canary Wharf Group, said [...]
Crest Nicholson sees trade rise in a competitive housing market May 19, 2015 Housebuilder Crest Nicholson said yesterday that revisions to stamp duty and increasingly competitive pricing in the mortgage market led to strong trading in the six months ending 30 April. Sales per outlet per week for the six-month period were at 0.93, a 12 per cent increase on 0.83 in the first six months of 2014. [...]
WPP buys stake in Ascot and Liverpool FC sports marketers Two Circles May 19, 2015 WPP has gained a majority stake in Two Circles Limited, a London-based, data-driven sports marketing agency. After the deal, Two Circles will become part of ESP Properties, GroupM’s newly launched company serving rightsholders in the worlds of sports and entertainment. Founded in 2011, Two Circles has become the market leader for a data-driven approach to [...]
Yahoo’s share price plummets as IRS gets ready to make it harder to sell its Alibaba stake May 19, 2015 Shares in US tech giant Yahoo plummeted 7.5 per cent as trading finished in New York, after reports suggested the US' Internal Revenue Service (IRS) is getting ready to introduce new rules which might make it more difficult for the company to shed its stake in Chinese online retailer Alibaba. Yahoo has already made it [...]
Euro falls below 1.2 against the dollar as ECB hints it will ramp up QE May 19, 2015 The euro fell back below $1.12 today, after a European Central Bank (ECB) policymaker hinted that the Bank is preparing to ramp up its bond-buying programme before the summer. By mid-afternoon in New York, the currency had fallen 1.42 per cent to $1.1154 – the first time it has dropped below the $1.12 mark since [...]
As UK enters deflation, Asda boss Andy Clarke calls 2015 supermarkets’ “most challenging year yet” May 19, 2015 On the day the UK was pushed into deflation for the first time since 1962 by a dive in food prices, Asda chief executive Andy Clarke has called 2015 the "most challenging year" of the recovery for supermarkets. Read more: Analysts say deflation will not be here to stay In the supermarket's first quarter results statement [...]
HMRC wins challenge over Next’s “artificial” tax avoidance scheme May 19, 2015 HMRC has won its challenge against high street retailer Next over an "artificial" tax avoidance structure. The First-Tier Tribunal (FTT) has ruled in favour of the government, which brought the case against Next Brand, part of the wider group. The FTT found the scheme, known as a rate-booster, allowed the business to artificially [...]