Morrisons puts faith in roll out of local stores September 6, 2012 MORRISONS yesterday batted off concerns that it is slipping behind rivals, unveiling plans to roll out convenience stores across London and step up its fresh food offer in a bid to stem declining sales. Britain’s fourth largest supermarket said like-for-like sales, excluding VAT and fuel, fell 0.9 per cent in the first half of the [...]
Dixons wins Olympic boost from TV sales September 6, 2012 DIXONS Retail said this summer’s sporting events helped boost trading at its UK and Irish operations, as Europe’s second largest electricals retailer posted a five per cent rise in first quarter like-for-like sales. Chief executive Sebastian James said customers bought five times as many 55 inch TVs and treble the amount of Smart TVs than [...]
Analyst Views | What performance can we expect in the second half of the year? September 6, 2012 KATE CALVERT SEYMOUR PIERCE Morrison has always been scale disadvantaged relative to its peers and the pace of change from Dalton Philips has not turned out to be fast enough. As we expect the industry to remain just as competitive and consumer demand to remain subdued…we feel Morrison will struggle to outperform its peerS. PHILIP [...]
Mayfair tempts horse racing TV investors to sell September 6, 2012 TOTTENHAM Hotspur’s owner Joe Lewis yesterday moved to boost his sporting investment empire by bidding to buy the company which beams horse racing TV footage into betting shops. Mayfair Capital Investments, Lewis’s fund management business, said it had put in an offer to increase its 29.99 per cent stake in Timeweave – which part owns [...]
Nomura to cut London jobs in $1bn shake up September 6, 2012 JAPANESE bank Nomura’s equities and investment banking businesses are facing major cuts over the next two years as it tries to slash costs globally. It hopes to trim $1bn (£627m) off its cost base in the departments by the end of 2014, with roughly $450m of those hitting Europe, the Middle East and Africa (EMEA). [...]
Selecting the fittest as a bank reshapes itself September 6, 2012 NOMURA just evolved. Under its new chief executive, Koji Nagai, the Japanese bank chose the language of natural selection to describe its mutating strategy, announcing “the next step in the evolution of its Global Equities franchise” on the day it also said that it would make half of its planned $1bn savings in EMEA. Nagai [...]
New rules aim to prevent MF Global repeat September 6, 2012 REGULATORS want to create a “radical shift” in the way clients’ money is protected by investment firms, yesterday announcing a new effort to prevent savers from losing out when companies go bust – in part in reaction to the collapse of brokerage MF Global last year. The Financial Services Authority (FSA) launched the consultation on [...]
Oriel appoints Knox as chief executive as Bragg steps aside September 6, 2012 INDEPENDENT broker Oriel Securities yesterday appointed former JP Morgan Cazenove banker David Knox as its permanent chief executive. The firm’s co-founder Simon Bragg, who has been on a three month sabbatical, takes up a new role as chairman of corporate finance. The move comes at the end of a week which also saw one of Oriel’s [...]
Post-merger team unveiled at Investec September 6, 2012 INVESTEC Wealth & Investment (IW&I) yesterday unveiled a raft of fresh senior appointments as it completed the transfer of client accounts from Williams de Broë – the firm that it acquired in October last year. The Williams de Broë brand has now been officially dropped, with the two separate businesses now fully integrated. The group [...]
RBS cuts precious metal trading arm and commodities research September 6, 2012 ROYAL Bank of Scotland plans to close down its precious metals trading operation, an industry source said, and the bank confirmed it was halting commodities research due to an internal review. “We are conducting a review of our client offering with respect to commodities research, and as a result we will not be producing anything [...]
