Ex-Tesco boss Sir Terry Leahy’s investment firm eyes New Look bid with China’s CDH May 5, 2015 The investment firm Clayton Dubilier & Rice (CD&R), which names supermarket supremo Sir Terry Leahy among its advisers, is assembling a bid for high street fashion chain New Look, according to reports. The private equity firm, which former Tesco boss Leahy joined in 2011, has held talks with Chinese group CDH to mount a bid for [...]
European markets shrug off jitters over Greece as IMF pushes for debt relief May 5, 2015 European markets kept calm this morning, despite more jitters as the Greek government entered yet another round of talks with its creditors. The FTSE 100 rose 0.43 per cent in mid-morning trading, suggesting market uncertainty over the election is muted, while Germany's Dax fell 0.23 per cent and France's Cac edged down 0.03 per cent. [...]
Cheaper fuel lifts Lufthansa’s first quarter results May 5, 2015 The figures Lufthansa said this morning it made a net profit of €425m (£313m) in the first quarter of 2015, up from a €252m loss during the same period a year earlier. The airline's revenues rose eight per cent to €6.97bn. Nonetheless it still made an adjusted loss before interest and tax of €144m (£106m), although this was slightly better [...]
Watford’s Steve Easterbrook lays out turnaround plans for McDonald’s to halt flagging sales May 5, 2015 The Brit tasked with stemming flagging sales at McDonald’s unveiled his masterplan to reverse the slide yesterday – by slimming down the fast food chain’s structure, cutting costs and selling more outlets to franchisees. Steve Easterbrook, the Watford-born accountant who spent two decades at McDonald’s British HQ in east Finchley, said he aimed [...]
Barclays’ Lehman Brothers deal to claim disputed assets will go ahead May 5, 2015 The US Supreme Court has cemented a 2014 ruling which allowed Barclays to claim about $4bn (£2.65bn) of disputed assets in its purchase of much of Lehman Brothers’ brokerage unit. Barclays, which already controlled $3.5bn of the disputed $4bn, was granted leave to take over the assets by the US Court of Appeal last year. [...]
Yanis Varoufakis gets official backing but Greek bailout deal proves elusive May 5, 2015 Greece's government yesterday said it backed finance minister Yanis Varoufakis and remained intent on securing extra bailout funding. However, comments from officials suggested talks with creditors may continue to stall ahead of two payments to the International Monetary Fund (IMF) – one tomorrow and another on 12 May totalling almost €1bn (£0.7bn). “The [...]
Investors wager Macau’s casinos still holding some trump cards May 5, 2015 Macau’s casino shares have risen in Hong Kong, as investors look past the gambling hub’s 39 per cent year-on-year revenue fall last month. Shares in Wynn Macau, Sands China and Galaxy Entertainment Group all advanced yesterday on hopes the industry’s slump has reached its nadir. Gambling revenue in the Chinese territory plummeted for an 11th [...]
Cost of the weekly shop declines as supermarket price war rages on May 5, 2015 The cost of the average weekly grocery shop plunged by eight per cent year-on-year in May as fierce competition between the grocers continues to impact the market. Research by mySupermarket’s Groceries Tracker showed that a basket of 35 staple products across all major grocers cost a total of £86.69 in May, down from £93.87 12 [...]
Vinyl revival prompts a boom in turntable sales for John Lewis May 5, 2015 Once seen as the domain of DJs and Hackney hipsters, the humble record has returned to its former glory as a mainstream trend. Past predictions that vinyl would go the way of the cassette tape have proved incorrect, according to John Lewis, which has reported a 240 per cent increase in turntables in 2015. The [...]
Sainsbury’s braced for first loss in a decade as supermarkets move to downsize May 5, 2015 Battling with excess space and a revival at Tesco, Sainsbury’s is having to fight harder than ever. It is early on a weekday morning, and the first wave of customers are yet to arrive at Sainsbury’s revamped store in Wandsworth – its aisles stacked high with everything from garden furniture to Le Creuset-style saucepans [...]