Clinton Cards facing tough times November 28, 2011 Struggling British cards and gifts retailer Clinton Cards has said sales are falling at a worsening rate as it battles tough trading conditions. The firm, also facing intense competition from supermarkets and the internet, said yesterday that sales at stores open over a year fell 2.4 per cent in the 16 weeks to 20 November. [...]
Shops cutting jobs as retail sales fall November 28, 2011 RETAILERS are taking a beating as consumers tighten their belts, according to the Confederation of British Industry’s (CBI) distributive trades survey, published yesterday, and the GfK consumer products study, out today. Almost half of retailers saw sales fall in the year to November, compared with 29 per cent who experienced an increase – a far [...]
Sainsbury’s stays neutral in supermarket price war November 28, 2011 J SAINSBURY says it will not join the wave of discounting sweeping the retail sector, believing shoppers will splash out on Christmas despite a gloomy economic backdrop. Commercial director Mike Coupe made the vow as Britain’s third-biggest supermarket group unveiled its biggest ever Christmas range, including around 500 groceries and 700 non-food items. “The evidence [...]
Rolls-Royce seals pension trust future November 28, 2011 ROLLS-ROYCE yesterday unveiled a deal with its pension trustees to offset the cost of paying out to employees who live longer than expected. The longevity swap deal will see Deutsche Bank taking on £3bn of the risk associated with the company’s pension. The world’s second-largest maker of aircraft engines said the agreement would give additional [...]
Olympus could face new probe November 28, 2011 Japan’s securities regulator the Securities and Exchange Surveillance Commission (SESC) has launched an on-site investigation of Olympus Corp to uncover the details of the company’s loss cover-up scheme, the Nikkei said. Invoking the Financial Instruments and Exchange Law, the SESC will ask Olympus to submit in-house financial documents concerning past mergers and acquisitions, it reported. [...]
Thomas Cook soars on new banking deal November 28, 2011 Shares in Thomas Cook soared yesterday after the announcement of a new £200m bank facility to help secure the troubled tour operator’s survival. The travel firm’s banking syndicate – led by Barclays, HSBC, RBS and UniCredit – has agreed to replace the £100m short-term facility announced last Monday with this new provision, available until 30 [...]
Digital sales grow for Trader Media November 28, 2011 Trader Media Group (TMG) yesterday reported solid sales for the six months to 2 October, buoyed by online growth. Jointly owned by Guardian Media Group and Apax Partners, TMG showed an underlying revenue increase of four per cent to £135.4m, with total digital revenue up 15 per cent to £96.4m. Its underlying earnings increased by [...]
Nomura cuts exposure to Italian government bonds November 28, 2011 NOMURA Holdings, Japan’s largest investment bank, has cut its exposure to Italian government bonds and other Italian securities to $467m (£301.6m) from $2.82bn in less than two months to reduce its risk in the region’s debt crisis. Nomura said the move was part of a broader reduction of its holdings in Europe. The bank said [...]
Sean Quinn is ordered to pay back state bank November 28, 2011 BANKRUPT billionaire Sean Quinn was yesterday ordered to repay €1.7bn (£1.5bn) to a state-owned bank in the largest judgement ever against an individual in Ireland. Quinn, whose €4bn empire collapsed after a disastrous investment in Anglo Irish Bank before its 2009 nationalisation, was ordered to pay the lender €417m, bringing his total liability to €2.1bn. [...]
CITY VIEWS: IS THE REFINANCING ENOUGH TO SAVE THOMAS COOK? November 28, 2011 JAMES HOLLINS | EVOLUTION Longer-term, the company will have to fundamentally adjust its business model; savagely cut costs; hope for more benign economic conditions; and wish for negligible external shocks such as the current events in Egypt. The required changes are a tall order in a structurally flawed industry. WYN ELLIS | NUMIS We believe [...]
