Start-ups hit by global recession January 12, 2010 THE number of new businesses being set up around the world has dipped in the global recession, a report has revealed. Start-ups were down 10 per cent down last year in 20 of the world’s richest nations, according to the annual Global Entrepreneurship Monitor (GEM). It found that the decline was the most severe in [...]
Cadbury chief’s plea: ‘Don’t let Kraft steal your company’ January 12, 2010 CADBURY has launched a renewed attack on Kraft’s unwanted bid for the company and issued upbeat trading figures to back its case. The British chocolate maker accused the US food giant of dramatically undervaluing the company. Revenues grew by 6 per cent in the second half of 2009 at Cadbury according to the figures issued [...]
Tesco sales surge after Clubcard bonus January 12, 2010 TESCO has had its best Christmas in three years after slashing prices and offering double Clubcard points to get customers through the door. Britain’s biggest supermarket chain reported that like-for-like sales at its UK stores jumped by 4.9 per cent during December and early January. Tesco saw a 35 per cent surge in sales of [...]
RBS is a ‘prisoner of the market’ on bonuses January 12, 2010 Royal Bank of Scotland is forced to pay large bonuses because it is a “prisoner of the market” chief executive Stephen Hester has told a parliamentary committee. Facing the cross party group of MPs he said that RBS was paying “the minimum we can get away with in the market place”. Hester also claimed that [...]
Debenhams sees slim sales rise January 12, 2010 DEBENHAMS has reported a marginal rise in Christmas trading figures – and vowed to step up its store refit scheme. The chain said the 0.1 per cent rise in like-for-like sales for the 18 weeks to 2 January was in line with internal forecasts. Debenhams said growth was limited by its decision to move away [...]
Co-op sales surge after price war January 10, 2010 THE Co-operative Group’s like-for-like sales rose almost 5 per cent after slashing prices in a battle with its rivals over Christmas. The UK’s fifth biggest food retailer – which now has 3,000 stores after buying Somerfield last year – was boosted by a massive advertising campaign and overhaul of brands. Like-for-like sales – including VAT [...]
Blacks Leisure in winter sales boost January 10, 2010 OUTDOOR retailer Blacks Leisure has said that it has benefited from Britain’s cold snap as it reported a 12 per cent hike in sales. Blacks, which runs its own brand shops as well as the Millets chain, said it had “significantly enhanced its recovery prospects” after a restructuring with the closure 87 of loss-making stores [...]
Tate pulls out of hedge funds January 10, 2010 THE trustees of the Tate Gallery have withdrawn from hedge funds after losing £1m on investments. Accounts show that the trust held £6m of its £27m investments in fund of hedge funds at the start of its last financial year. But by March 2009 the gallery had liquidated its entire hedge fund holdings – with [...]
RBS confirms Aberdeen deal January 8, 2010 The Royal Bank of Scotland has agreed to sell part of its asset management business to Aberdeen Asset Management for nearly £85m. The move is part of the restructuring plan hatched after RBS was bailed out by the government. Aberdeen is taking over £13.5bn worth of assets and said it will issue new shares to [...]
Virgin Money moves into retail banking January 8, 2010 VIRGIN Money has moved into the retail banking sector after taking over a small private bank in a £50m deal. The move to buy Church House comes two years after the company failed to win control of Northern Rock. Virgin Money will pay £12.3m for the bank while pumping in a further £37.3m of capital [...]
