Low growth in emerging world as India hit hard in September October 8, 2013 INDIA recorded the sharpest contraction in activity for over four years this September, according to HSBC’s emerging markets index, released this morning. The index suggests that Indian activity declined in every month of the third quarter, seeing the worst period since the middle of 2009. Emerging markets pointed to another month of meagre expansion. The [...]
Researchers say Eurozone crisis unresolved despite new growth October 8, 2013 DESPITE signs of a recovery in the Eurozone, much of the region’s crisis remains unresolved, according to a report released yesterday. According to researchers at Capital Economics, with peripheral Europe still crippled by high unemployment and debt, and Germany still reticent to quicken steps towards banking union, the currency bloc is not out of the [...]
AG Barr hires its first female non-executive October 8, 2013 SCOTTISH soft drinks company AG Barr has appointed its first female non-executive to its all-male board. The Irn-Bru maker announced yesterday that Pam Powell, a UK-based American who also sits on the board of Premier Foods, will join the group on 1 November. The 50-year-old spent nine years at brewing giant SAB Miller as director [...]
John Lewis retains crown as Britain’s most trusted retailer October 8, 2013 JOHN LEWIS has been voted Britain’s most trusted retailer, according to research out today that showed that overall trust in retailers has hit a four-year low. Of the 10,000 shoppers surveyed by consultancy firm OC&C Strategy, 96 per cent said they trusted the department store group, followed by other heritage brands Marks & Spencer and [...]
Sainsbury’s sees fall in disposable income in 2013 October 8, 2013 BRITISH consumers are likely to have less disposable income this time next year, the boss of Sainsbury’s said yesterday, casting further doubt on the speed of economic recovery. Official data and surveys have shown an improving outlook for UK consumer spending, which generates about two-thirds of gross domestic product, but retailers remain wary as inflation [...]
Kingfisher to shift sourcing away from China October 8, 2013 KINGFISHER, Europe’s biggest home improvements retailer, said yesterday it planned to source more products from eastern Europe and Turkey to counter higher costs in China, and build a central warehouse in Europe to improve its supply chain. The company, which owns B&Q and has suffered from weak demand due to sagging housing markets in many [...]
Spanish fashion empire Mango plots launch of 200 megastores October 8, 2013 SPANISH fashion retailer Mango unveiled plans yesterday to launch 200 megastores by the end of next year that will house all of its brands under one roof. The brand is aiming to increase the size of its shops to between 8,600 square feet and 32,000 sq ft. The average size of Mango units is currently [...]
Alcatel-Lucent cuts jobs in new turnaround plan October 8, 2013 TELECOM equipment maker Alcatel-Lucent announced plans yesterday to cut an overall 10,000 jobs worldwide in what its chief executive called a last chance to turn the company around from heavy losses. Alcatel-Lucent, the product of a 2006 Franco-US merger aimed at creating a global giant, told a European works council meeting it intends to axe [...]
Aston Martin drops supermini Cygnet vehicle from its range October 8, 2013 BRITISH luxury sports car maker Aston Martin has ended its foray into the supermini segment by dropping its Cygnet city car from the range after poor sales, a source close to the company said. The source said Aston Martin’s two-door Cygnet, which was based on the Toyota iQ, had been dropped from the company’s line-up [...]
Ferrexpo has record production but weak metal prices hit hard October 8, 2013 RECORD production in the third quarter was not enough to stop FTSE 250-listed iron ore miner Ferrexpo’s shares sliding 2.5 per cent yesterday, as the low base metal price weighed down on the sector. Ferrexpo delivered 2,681kt of pellets from its own ore, up 3.2 per cent from the second quarter. Total pellet production for [...]