Tesco eyes stake in Hi-Mart February 23, 2012 TESCO may bid for a controlling stake valued at about £570m in South Korean electronics retailer Hi-Mart, two sources with knowledge of the matter said yesterday, as the British grocer eyes growth markets to offset challenging times at home. Disposable incomes across much of Europe are being squeezed by rising prices, muted wage growth and [...]
New Argos boss handed free rein to shake-up firm February 23, 2012 THE NEWLY appointed managing director of Argos, the catalogue and shop chain, said he has been given a free rein to examine all options for the struggling business, including closing some of its 750 shops. John Walden, a 52-year-old American who started his job at the Home Retail owned business three days ago, said yesterday: [...]
BURBERRY SIGNS LEASE DEAL WITH DERWENT February 23, 2012 Burberry is expanding its footprint in London Victoria after signing a pre-let agreement with property developer Derwent London to take-up its entire proposed 127,000 square feet development on Page Street. The luxury brand will pay a rent of £5.3m per annum at the 11-floor building, located opposite its existing headquarters, also owned by Derwent.
Digital carries Centaur’s growth February 23, 2012 Centaur Media yesterday reported a three per cent drop in group revenue to £26.6m in the six months to 31 December despite growth in its digital operations. The business publishing and events group saw underlying digital revenues rise ten per cent, now accounting for 32 per cent of income. Underlying total revenues were up four [...]
Redrow’s family focus pays off February 23, 2012 Housebuilder Redrow said its recovery looked set to continue after a strong start to the second half as it reported an 80 per cent jump in first half profit, driven by a focus on higher priced family houses. The company delivered a pre-tax profit of £15m in the six months to 31 December on revenue [...]
Sears hopes sell-off will lift firm February 23, 2012 US retail giant Sears plans to raise about $770m (£489m) by spinning off more than 1,250 stores and selling some real estate, hoping to convince Wall Street that the struggling chain has enough assets to tap to pay down debt. The news boosted shares of the operator of Sears department stores and the Kmart discount [...]
Recession looms as EC slashes forecasts February 23, 2012 THE EUROZONE economy will contract by 0.3 per cent this year, according to updated forecasts published yesterday by the European Commission (EC). The forecast for a recession represents a sharp turnaround from the 0.5 per cent growth predicted just four months ago, as economic data since November has been much weaker than expected. The Greek [...]
Consumers pay off debts as businesses reduce borrowing February 23, 2012 GROWTH in mortgage lending fell to its slowest pace for eleven years in January while the amount borrowed by consumers and businesses also tumbled, according to figures released yesterday. The British Bankers’ Association (BBA) said net mortgage lending rose 1.3 per cent in the year to January, compared with growth of 2.3 per cent in [...]
Greek MPs approve debt swap as part of bailout February 23, 2012 THE GREEK parliament endorsed a debt swap with private bondholders yesterday that forms the core of its €130bn (£110.2bn) bailout, despite new protests against budget cuts demanded in return for the rescue deal. The swap, in which private investors exchange their bonds for lower-value debt, will slice €100bn off Greece’s debt, a vital part of [...]
German firms remain upbeat February 23, 2012 GERMAN business confidence rose again in February according to the IFO business index published yesterday, and the official Italian statistics agency reported consumers became slightly less pessimistic in the month. The IFO index rose from 108.3 in January to 109.6, while the expectations index increased from 100.9 to 102.3, pointing to modest economic growth. Italian [...]
