RBS to cut jobs to reduce costs January 8, 2014 ROYAL Bank of Scotland is expected to announce job cuts next month as part of plans to reduce its cost base. Chief executive Ross McEwan, who took the helm last October, said he wanted to cut the group’s cost base, reducing its cost to income percentage target to the mid 50s from its current 65 [...]
Fairfax buys Blackberry debt January 8, 2014 FAIRFAX Financial Holdings is set to buy another $250m (£150m) worth of BlackBerry’s debt, providing the struggling smartphone maker with much-needed cash. The move by Fairfax, the Canadian property and casualty insurer run by investment guru Prem Watsa, will double the company’s holdings of BlackBerry’s debt. Fairfax also owns a 9.9 per cent equity stake [...]
Terra Firma staff see pay double on bumper year January 8, 2014 STAFF at Terra Firma, the private equity firm controlled by seasoned investor Guy Hands, saw their salaries and bonuses double during the last financial year, according to figures released yesterday. Wages and salaries jumped to £35.6m for the year ending 31 March 2013, up from £17.6m during the year-ago period. The company had 91 staff [...]
Greek ministers hail recovery and hint at bond issue in 2014 January 8, 2014 SENIOR Greek ministers were in a bullish move as the country took up its six-month presidency of the European Union, claiming that the troubled Mediterranean state could return to the bond market this year. Speaking at the presidency’s launch ceremony yesterday, finance minister Yannis Stournaras and foreign minister Evangelos Venizelos talked up Greece’s recovery from [...]
New power-cut emergency line to be launched January 8, 2014 GOVERNMENT ministers and the energy industry have agreed to launch a new emergency phone line to help people who have had their electricity cut off. Energy secretary Ed Davey yesterday chaired a meeting of operators responsible for the UK power network to discuss lessons to be learnt from the recent poor weather and subsequent power [...]
Sainsbury says discounters an all-year threat January 8, 2014 SAINSBURY’S chief executive Justin King yesterday conceded the pressure from discounters was an “all-year” rather than a Christmas effect, as the group posted a sharp slowdown in sales over the Christmas quarter. Shares fell 2.4 per cent yesterday after the supermarket posted a 0.2 per cent rise in like-for-like sales in the 14 weeks to [...]
Supermarket retailers Waitrose and Co-op see mixed fortunes January 8, 2014 THE FESTIVE trading period produced mixed fortunes for supermarket retailers Waitrose and the Co-operative, which is fighting to turn itself around after a dire year for its banking arm. The Co-op’s food arm, which has been steadily losing market share, gained some respite after posting a one per cent rise in like-for-like sales in 13 [...]
Fat Face steps closer to float January 8, 2014 FAT FACE’S chief executive said yesterday the leisurewear retailer was “examining an IPO in more detail” as it delivered strong first half sales. Anthony Thompson said the group, which hired Lazard last year to explore options for the business, was now seriously considering an IPO off the back of a strong first half. Sales rose [...]
Analyst Views: What was your reaction to Sainsbury’s third quarter statement? January 8, 2014 GRAHAM JONES | PANMURE GORDONA very difficult October and November was made up by strong Christmas trading..we continue to view Sainsbury’s as the best placed of the UK food retailers, but our caution on the short-term sector outlook holds us back from having a more positive recommendation on the stock. JAMES GRZINIC | JEFFERIESKantar data [...]
Mothercare woes mount January 8, 2014 SHARES in Mothercare plunged 30 per cent yesterday after the mother and baby products retailer issued a profits warning more than halfway into its turnaround plan. Mothercare is the second listed-retailer to issue a Christmas profits warning after Debenhams’ shock announcement last week, also blaming higher levels of discounting activity on the high street as [...]