Home Retail in line for profit warning March 14, 2012 HOME RETAIL Group’s profits for 2013 are expected to fall significantly short of expectations as sales at its troubled retailer Argos suffer from falling consumer demand and competition online. Analysts believe chief executive Terry Duddy and John Walden, the new managing director of Argos who joined last month, will issue a profit warning “sooner rather [...]
Tesco: the fastest growing of the top four global grocers March 14, 2012 TESCO may be losing market share in the UK, but the supermarket chain is forecast to grow faster than its three main global rivals over the next three years, according to research by retail analyst IGD. The grocer is set to grow at an annual rate of 6.8 per cent between 2011 and 2015, compared [...]
Supermarket’s pension age to increase to 67 March 14, 2012 TESCO is looking to make major changes to its pension scheme, which will see the supermarket’s 172,000 staff wait two years longer to obtain their full pension. The grocer has begun a consultation about extending the retirement age for members of its pension scheme from 65 to 67 from 1 June as it looks to [...]
AstraZeneca sues FDA over generic drug March 14, 2012 ASTRAZENECA said yesterday it was suing the Food and Drug Administration (FDA) after the US regulator refused to delay the market entry later this month of generic versions of top-selling antipsychotic Seroquel. The drugmaker is seeking an injunction barring the FDA from granting final marketing approval of generic forms of the drug, whose chemical name [...]
What policies do you expect to see in next week’s coalition Budget? March 14, 2012 This week we are asking members of our Voice of the City panel, run in conjunction with PoliticsHome, what they are expecting to see in next Wednesday’s Budget. Will George Osborne make concessions for the Liberal Democrats, for example on a mansion tax? Or will the chancellor budge on his fuel duty plans? And what [...]
GlobeOp investor switches sides March 14, 2012 SS&C’s takeover advances towards GlobeOp Financial Services got a boost yesterday when a prominent shareholder withdrew its support for a rival bid for the hedge fund administrator. Aberforth Partners, which controls around three per cent of GlobeOp stock, said it no longer intended to comply with its letter of intent in favour of TPG’s potential [...]
Game shares take a fresh fall March 14, 2012 Game shares crashed a further 10 per cent yesterday, leaving the stock worth a shade over a penny and the firm with a market cap of £4.5m, as it fights for its survival on the high street. The group warned on Monday that it was “uncertain” whether discussions with lenders and suppliers would succeed, and [...]
Hedge fund launches rebound March 14, 2012 The number of new hedge funds surged last year to the highest level since 2007, despite one of the most miserable annual performances in the industry’s history, according to data released yesterday. The number of new hedge funds totaled 1,113 in 2011, according to fund tracker Hedge Fund Research. While that figure did not eclipse [...]
Desmond hit by challenge to his lottery March 14, 2012 NATIONAL Lottery operator Camelot has launched a judicial review against the Gambling Commission for making a “fundamental error” in approving the Health Lottery, recently launched by Richard Desmond. Camelot said it has been in “ongoing correspondence” with the Commission since the Health Lottery was founded in September by Desmond’s Northern and Shell, which owns Channel [...]
Ofcom gives approval for 4G March 14, 2012 THE NEXT generation of mobile connectivity could be in the UK this year after Ofcom yesterday issued approval for Everything Everywhere to update the airwaves it already owns for 4G use. This comes less than a week after Apple revealed its new iPad would offer a fourth generation (4G) connection, which will give a significantly faster [...]
