Canon zooms in on £10m deal to help Jessops May 20, 2012 JAPANESE CAMERA giant Canon is poised to step in and come to the rescue of Jessops, as the ailing high street retailer battles with fierce competition online. The Tokyo-based company is expected to pump up to £10m in cash into the loss-making chain, which runs more than 200 stores, according to reports this weekend. Jessops, [...]
Marks & Spencer full-year profit expected to miss City forecasts May 20, 2012 MARKS AND SPENCER is expected to become the latest retailer to scale back on its growth targets when it posts preliminary full-year results tomorrow that are forecast to fall short of expectations. Two years ago, Britain’s biggest clothing retailer set itself an ambitious target to increase its sales by between £1.6bn to £2.5bn a year [...]
Broadgate tycoon to make bid for Battersea power station May 20, 2012 GODFREY Bradman, the property tycoon who built the Broadgate Circle in the City in the 1980s, is preparing to make a comeback with a bid for Battersea power station. Bradman is thought to have teamed up with Derrick Beare, nephew of South African financier Jonathan, and has secured the backing of billionaire Reuben brothers David [...]
High streets hit as rain keeps shoppers away May 20, 2012 UK HIGH STREETS suffered the sharpest drop in footfall in more than two years after the wettest April on record convinced already cash-strapped shoppers to stay at home. The number of visitors to stores and shopping centres between February and April was two per cent lower than a year ago, figures from the British Retail [...]
OLYMPIC MEDIA BUZZ LONDON 2012 PARTNERS May 20, 2012 IN ASSOCIATION with Repskan.com, City A.M. is measuring the relative Olympic media buzz around the London 2012 Olympic and Paralympic Games partners, week by week. The leaderboard, right, reflects their ranking over the past week, in this case from Wednesday 10 May to Wednesday 17 May. ArcelorMittal’s £19.6m Orbit sculpture, opened on 11 May, has [...]
City panel says Dimon at risk after $2bn loss while living wills are best regulatory response May 20, 2012 JAMIE Dimon is unlikely to hold on to his job as JP Morgan chief executive following revelations of a $2bn (£1.26bn) trading loss at the US investment banking giant, according to members of our readers’ panel. Excluding those who said they did not know, 53 per cent of panellists on our Voice of the City Panel [...]
Sky could win reprieve over pay TV probe May 20, 2012 THE COMPETITION Commission is to publish a preliminary report this week suggesting that BSkyB’s dominance in the pay-TV movie market has been weakened by new entrants, reducing the need to impose restrictions, it is understood. Following the entry of Amazon-owned LoveFilm and fellow US operator Netflix into the market – which both offer films online and [...]
Miliband pressured on EU vote May 20, 2012 LABOUR leader Ed Miliband is believed to be under pressure from party members to pledge that he will call an in-out referendum on EU membership should Labour win the next general election. Senior party figures apparently want Miliband to step up pressure on Prime Minister David Cameron well ahead of any election date by promising [...]
Darling: cuts have crashed the economy May 20, 2012 ALISTAIR Darling, the former Labour chancellor, yesterday accused the government of “crashing the economy” by cutting public spending while businesses and individuals were also spending less. He said: “There is no doubt that reducing public expenditure at a time when businesses and individuals stop spending does run the risk of crashing the economy, and that’s [...]
LIBYAN BOMBER DIES, SAYS BROTHER May 20, 2012 ABDEL Basset al-Megrahi, the Libyan convicted of the 1988 bombing of a PanAm flight over Lockerbie, died of cancer yesterday aged 60, according to his brother. Megrahi, the only person convicted for the bombing, was found guilty of secretly loading a suitcase bomb onto a plane at Malta’s Luqa Airport.
