Cenkos mulling bid for Panmure January 8, 2012 BROKER Panmure Gordon could be sold to rival Cenkos Securities as the sector’s weak performance prompts another round of consolidation. Directors at Panmure have spoken to their counterparts at Cenkos and are also believed to have held discussions with another suitor. Sources said “it is right that board members talk” to other firms given the [...]
News Corp shares hit year’s high January 8, 2012 News Corp shares rose to a 52-week record last week, topping the highs it hit before the 4 July story that News of the World had hacked murdered Milly Dowler’s phone. The media conglomerate lost nearly a quarter of its market capitalization, some $11bn, in just four weeks. But the market has reacted to strong [...]
Pets at Home reports £75m profit January 8, 2012 Pet care seller Pets at Home has defied the retail sector slump by reporting full-year pre-tax profits of £75.2m, up 11 per cent on the previous year. The figures, filed in Companies House on Friday, show the retailer increased turnover 11 per cent to £512m in the year to 31 March, opening 25 new stores [...]
City jobs fear as RBS in race to sell broker January 8, 2012 RBS could revive the faltering shake-up of its investment bank by paying bidders to take its stockbroking arm off its hands. The state-owned bank is considering offering the eventual buyer of the equities business a multi-million pound “dowry” in an attempt to avoid closing it, which could result in up to 5,000 job cuts and [...]
Retailers’ warning: more woes to come January 8, 2012 RETAILERS fell into administration at a faster rate last year, with a leading industry body warning that tax hikes will see even more high street stores going bust in the months to come. Retail administrations totalled 183 in 2011, according to data released today by Deloitte — an 11 per cent rise on the previous [...]
Footfall still declining on the UK’s high streets January 8, 2012 FOOTFALL on the UK high streets fell by 1.1 per cent last year, according to data released this morning. The decline was not as steep as the 3.5 per cent drop recorded by Springboard — which conducts the research — in 2010. “Despite year-round negative news from retailers, footfall on UK high streets declined at [...]
Self-employed would let SMEs avoid red tape January 8, 2012 SMALL and medium sized companies should be able to swerve burdensome regulations by employing their workers as self-employed contractors, a think tank will argue today. “SMEs currently face prohibitive levels of regulation and taxes, and the government must focus on reducing these costs rather than pushing a myriad of schemes of government assistance and support,” [...]
Tesco set to unveil bleak Christmas January 8, 2012 TESCO is set to deliver its worst Christmas trading performance for decades this week after the supermarket’s £500m price cutting campaign failed to gather pace in the fierce battle for supermarket sales. Deutsche Bank, a house broker to Tesco, is forecasting a two per cent decline in like-for-like sales from UK stores in the six [...]
Morrison eyes Best Buy deal January 8, 2012 SUPERMARKET giant Wm Morrison is in advanced talks with Carphone Warehouse to buy 11 “big box” stores occupied by electronics chain Best Buy in order to convert them into its fast-growing Kiddicare brand. Britain’s fourth-biggest grocerbought the online baby products retailer Kiddicare last year for £70m in its first step to building a business selling [...]
Don’t be unnerved by this retailer’s blip January 8, 2012 IN A WORLD of fierce supermarket price wars, and in the words of a well-known supermarket chain, every little helps. And every percentage point change in sales growth or underperformance can send alarm bells through the industry. Tesco’s own house broker signalling a two per cent decline in UK sales has surely raised some fears [...]