Analysts spread gloom ahead of Tesco numbers November 26, 2013 TESCO received an unwelcome early Christmas message from City analysts yesterday, as predictions of a further decline in third quarter like-for-like sales sent its shares down 2.5 per cent. Barclays predicted yesterday that the UK’s largest supermarket will report a 1.8 per cent fall in UK like-for-like sales next week compared with flat sales in [...]
City watchdog grilled by MPs on ENRC’s stock market admission November 26, 2013 THE UK’S financial regulator faced a grilling from MPs yesterday over its decision to admit troubled miner ENRC to the London stock market six years ago. David Lawton, director of markets at the Financial Conduct Authority, told a committee of MPs that he was not aware of a report published by law firm Herbert Smith [...]
Prices up with permits in US house market November 26, 2013 US CONSTRUCTION is still building strength, according to official figures released yesterday, which showed that the number of building permits issued has risen back over 1m for the first time in five years. The upbeat figures helped propel the Nasdaq to its first close above 4,000 for the first time in 13 years. In October, [...]
Met police officer charged with misconduct over plebgate affair November 26, 2013 PC KEITH Wallis has been charged with misconduct in public office over the plebgate scandal that cost Andrew Mitchell MP his job. Mitchell was forced to resign as chief whip over allegations that he called police officers “plebs” when attempting to leave Downing Street last December. Wallis is the first police officer to be charged [...]
UK risks fiscal abyss unless debt pile is tackled, think tanks warn November 26, 2013 GEORGE Osborne must do more to address the threat to the UK’s recovery from its mounting public debt, according to warnings from two think tanks this morning. As next week’s Autumn Statement looms, researchers are warning that a hike in interest rates would rapidly raise the cost of government borrowing, throwing the UK’s nascent recovery [...]
HP results beat predictions but drop from 2012 November 26, 2013 REVENUES dipped for computer giant Hewlett-Packard (HP) during its fourth fiscal quarter, with a three per cent drop from the same period last year registered. HP’s revenues came in at $29.1bn (£17.94bn) during the three months to the end of October, but earnings per share dropped further, down 13 per cent to $1.01. In total, [...]
Asda hires new finance chief as Richard Mayfield joins Walmart November 26, 2013 ASDA has appointed a new chief financial officer after announcing yesterday that Richard Mayfield is to leave the retailer after just a year in the role to join parent company Walmart. The grocery chain said Alex Russo will join the group in January from Peruvian restaurant franchise specialist Delosi, which works with brands including Starbucks, [...]
UK food giant ABF is mulling Tilda takeover November 26, 2013 ASSOCIATED British Foods (ABF) was reported yesterday to be mulling a bid to take over rice producer Tilda for £250m. The British food giant, which already owns Primark and Twinings, is said to be interested in the popular rice brand, according to Sky News. The Thakrar family, which owns Tilda, are contemplating a sale, and [...]
Ofgem admits energy market is not working November 26, 2013 OFGEM’S interim chief executive Andrew Wright yesterday said he understood why the public mistrusted energy firms and denied allegations that the regulator was “feeble” and “seriously defective”. Wright told MPs on the energy and climate change committee that the retail market “isn’t working as well as it should do” and blamed a loss of confidence [...]
Crown Estate shelves plans for wind farm in Bristol Channel November 26, 2013 THE CROWN Estate, which controls seabeds around the UK, yesterday said there are no plans to build a wind farm in the Bristol Channel after RWE Npower pulled out of a £4bn project. “Having evaluated the site we feel this it is not a viable investment opportunity at the present time and we therefore have [...]