Ocado shares fall as finance chief resigns January 23, 2012 OCADO saw its shares fall yesterday after the online grocer announced that Andrew Bracey, its chief financial officer, has quit to join the recruiting agency Michael Page as its finance director. Bracey, who joined Ocado just 18 months ago ahead of its controversial flotation in 2010, will step down in April after completing the group’s [...]
Asda plans £500m expansion January 23, 2012 ASDA has announced it will create 5,000 new jobs in 2012 by opening 25 new stores and three depots across the UK. Britain’s second largest supermarket chain has earmarked £500m for the investment that will also expand and refurbish 43 of its existing stores. The 25 new shops will add over 600,000 square feet of [...]
Retail guru leaves the firm he helped to float January 23, 2012 ANDREW Bracey, who is leaving the world of online grocery shopping to join recruiter Michael Page, has been Ocado’s chief financial officer since November 2009. Prior to Ocado, he was head of consumer and retail investment banking at Jefferies International, with an 18-year career in investment banking and private equity behind him. After studying at [...]
Thomas Cook shares down as bookings drop January 23, 2012 THOMAS Cook’s shares took a battering yesterday after it emerged that its summer bookings by British customers were sharply lower in early January. The news further dents confidence in the embattled holiday operator after a string of profit warnings and a funding crunch. Reports yesterday claimed Thomas Cook’s sales had fallen by 33 per cent [...]
Associated Press chief to leave January 23, 2012 Global news network Associated Press (AP) announced yesterday that Tom Curley, president and chief executive since 2003, will step down this year. Curley boosted AP’s move into digital space by overseeing the creation of a digital database featuring AP content available in every format. Curley will continue in his role until a successor is in [...]
Digital consumerism on the up January 23, 2012 Almost two thirds of consumers are willing to pay to stream films online according to the latest media and entertainment survey from KPMG, which brings to light a breakthrough for online TV and movie streaming. While the report shows that the majority of respondents prefer traditional media such as physical books and scheduled TV, smartphone [...]
Revenues rise at bakery group January 23, 2012 Bakery group Finsbury Food yesterday announced its total revenues boomed in the first half of the financial year, passing £102m for the first time in its history. Growth occurred across all the company sectors, with the UK cake division up 10 per cent and “free from” sales increasing eight per cent. However, Finsbury’s operating margin [...]
Apache inks $2.8bn deal for Cordillera January 23, 2012 OIL and gas producer Apache is set to buy privately held Cordillera Energy Partners III for $2.85bn (£1.8bn) in cash and stock, expanding its holdings in one of the most lucrative emerging oil and gas fields in the United States. It is the largest US deal so far in 2012, and the second-largest deal worldwide. [...]
Mortgage lending edges up January 23, 2012 MORTGAGE lending rose at the end of last year compared to 12 months earlier, yet levels remain relatively deflated. Gross mortgage lending in quarter four of 2011 reached £37.2bn – up on £33.6bn in the final quarter of 2010. Yet total loans are significantly lower than before the credit crunch. Gross mortgage lending last year [...]
CITY VIEWS: DO YOU SUPPORT THE PROPOSED CAP ON BENEFITS? January 23, 2012 MARTIN WALLACE | MONTAGU EVANS “The concept of having a cap that equates to less than the average household net income is sound. Looking for work should be the more attractive option financially.” NICKLAS LORENTZSON | LORENTZSON CONSULTANTS “I agree that a lower cap should be implemented but child benefit should be calculated separately for [...]
