John Lewis sales rise March 23, 2012 John Lewis sales boosted by sun, mum, and iPads Kendal Gapinski John Lewis reported that last week’s volume of trade was a March record due to sunny weather, Mother’s Day, and the launch of the new iPad. Its sales jumped 20.9 per cent year-on-year to £63.1m. Britain’s biggest department store chain said that a sales [...]
FTSE edges up despite retail fears March 23, 2012 The FTSE 100 bounced back in early trading after falls mainly triggered by miners who are fearful of a slowdown of growth in China. However, gains were minimal with the tough climate for UK retailers being laid bare by data from Nationwide today showing that consumer morale is weakening. Blue chip retailer Kingfisher, which owns [...]
Japan’s AIJ loses $1.3bn with bad bets March 23, 2012 Tokyo-based AIJ Investment Advisors lost $1.3bn (£819.2m) in bad bets on equity and bond derivatives, losing the bulk of the pension funds it was managing, Japan’s financial regulator said on Friday after stripping the firm of its registration. The Financial Services Agency (FSA) said AIJ, whose offices were earlier raided by the Securities and Exchange [...]
Credit Suisse boss’s pay halved to £4m March 23, 2012 The pay of Credit Suisse chief executive Brady Dougan (pictured) fell by more than half last year to 5.8m Swiss francs (£4m) in salary and share-based bonuses as the bank’s profit shrank 62 percent and its stock dropped 41 per cent. “This level of compensation reflects the lower financial performance compared to the prior year [...]
BT to pay off pension deficit faster than expected March 23, 2012 British telecoms group BT said it would pay down its £4.1bn pension deficit more quickly than previously planned, removing uncertainty over the scheme and raising hopes it will pay a higher dividend in future. Shares in the former telecoms monopoly leapt to a four-year high on Friday after it announced a lump sum payment into [...]
Budget fuels crisis on the high street March 22, 2012 SOME of the UK’s most senior retailers yesterday slammed the chancellor’s supposedly pro-business Budget, saying his failure to address a planned hike in business rates will deal a blow to Britain’s ailing high streets. George Osborne has said he will cut corporation tax faster than planned to 24 per cent this year. But retailers were left [...]
Branch sale in danger as Lloyds delays signing deal with Co-op March 22, 2012 LLOYDS was forced to push back the deadline for signing its sale agreement with the Co-operative Group yesterday, in the clearest sign yet that its divestment of 632 branches, known as Project Verde, is in danger. The bank said it is now aiming to clinch the deal with the Co-op in the second quarter of [...]
Vodafone is split on deal March 22, 2012 VODAFONE’S board is understood to be divided over whether to pursue a £1bn acquisition of Cable & Wireless Worldwide (CWW), with some directors concerned about the reputational consequences of buying a group that has more than £5bn of UK tax losses. Chief executive Vittorio Colao is said to be broadly in favour of the deal [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 22, 2012 FINANCIAL TIMES SPAIN’S BORROWING COSTS SOAR Spain’s borrowing costs rose above 5.5 per cent for the first time since January as investors fretted about another escalation of the eurozone crisis amid signs of further economic weakening even in Germany. Investors pushed Spain’s benchmark 10-year bond yields up 14 basis points to as high as 5.53 [...]
Regulators say they want competition but actions speak louder than words March 22, 2012 WHAT does the FSA want? Like all of us, the regulator wants to have it all: a high street banking sector that is both competitive and ultra-safe. But when push comes to shove, it is clear where the watchdog’s priorities lie. Its commitment to competition has been sorely tested by Lloyds’ branch sale. First there was [...]