RBS retreats from global ambitions January 12, 2012 ROYAL Bank of Scotland and Barclays both finalised new rounds of job cuts yesterday, with nearly 4,000 posts to go between the two lenders. RBS, which is 83 per cent state-owned, said it would cut 3,500 people from its investment bank through lay-offs or asset sales “in light of a changed market and regulatory environment”. [...]
Lloyds wholesale bank hires former MF Global Europe boss January 12, 2012 LLOYDS has hired the man who used to head up the European operations of bankrupt broker MF Global, despite the firm currently being investigated by US authorities in relation to missing client money. Richard Moore will join Lloyds as head of trading in its wholesale division in March, provided his appointment is approved by the [...]
FORMER POLLY PECK BOSS DENIES £33M THEFT January 12, 2012 BUSINESS tycoon Asil Nadir, who returned to Britain last year after 17 years abroad, yesterday pleaded not guilty to 13 charges of theft from his collapsed Polly Peck conglomerate. The 70-year-old Turkish-Cypriot appeared at the Old Bailey and denied theft of £33.1m from the business between 1987 and 1990. He had been due to face [...]
Home Retail to slash divi January 12, 2012 HOME RETAIL GROUP warned it was set to slash its dividend after a declining electronic goods market caused Christmas sales at Argos to slump by more than £150m. The near-nine per cent fall in sales at Argos stores open more than a year in the 18 weeks to 31 December means the group now expects [...]
Mothercare sales suffer as stores close and supermarkets compete January 12, 2012 MOTHER and baby products retailer Mothercare reported lower third quarter sales yesterday, mainly as a result of store closures due to tough economic conditions. Mothercare is battling intense competition in the UK from supermarkets and internet players, as well as consumer uncertainty in the face of a difficult economic climate. Last November, the group launched [...]
Festive gloom leaves Tesco’s stock sinking January 12, 2012 NEARLY £5bn was wiped off the value of Tesco yesterday after it issued a profit warning on the back of its worst Christmas in decades. Shares in Britain’s biggest retailer fell by 16 per cent before closing down 15.99 per cent at 323.45p. The firm shocked analysts when it said sales at British shops open [...]
ANALYST VIEWS: WHAT HAS HAPPENED TO TESCO? January 12, 2012 CLIVE BLACK | SHORE CAPITAL In light of the work that must be undertaken and the need to see its output, we are downgrading our recommendation from Buy to Hold… Whilst today’s update is a major disappointment, the downgrades reflect not just poor recent trading but a build up of matters, particularly in the core [...]
JD Sports sees small sales rise January 12, 2012 JD Sports Fashion said yesterday its acquisition of loss-making Blacks Leisure’s assets would lead to a small reduction in earnings but it expected its full year results to be within the current range of forecasts. The clothing and footwear firm said sales at shops in Britain and Ireland open more than a year increased by [...]
Thorntons hit by discounting January 12, 2012 Chocolatier Thorntons said sales over the Christmas period had been below its expectations and its profitability would be hit by heavy discounting, in a retail environment it called “extremely tough”. Derbyshire-based Thorntons, which operates around 600 stores across the UK and employs more than 4,000 staff, said sales in its own stores declined in the [...]
Bump in the road at Halfords January 12, 2012 Bicycle and car parts retailer Halfords reported a drop in sales in the run-up to Christmas, as mild weather made Britons even less inclined to spend money on maintaining vehicles. Halfords said sales at stores open more than a year in Britain and Ireland fell by 4.8 per cent in the 13 weeks to 30 [...]
