Sainsbury’s sales grow at sluggish pace June 16, 2010 SAINSBURY’S followed its arch-rival Tesco in unveiling lethargic first quarter sales growth yesterday, weighed down by low food inflation and a challenging consumer environment. Like-for-like sales for the first quarter grew at their slowest rate in five years, just 1.1 per cent, excluding fuel sales, which jumped due to inflammatory oil price pressures. Including petrol, [...]
Fed to keep power post reform June 16, 2010 AFTER heavy criticism of its handling of the financial crisis, the US Federal Reserve yesterday appeared likely to escape the most aggressive congressional scrutiny of its interest rate deliberations. Lawmakers finalising a sweeping overhaul of financial regulations have indicated they may back away from a measure that would subject the US central bank’s monetary policy [...]
Nokia warns on profits as competition gets tougher June 16, 2010 Nokia warned yesterday second-quarter sales and profits at its key phones unit would be weaker than expected as it struggles to compete against Apple’s iPhone. Nokia said profit margins at its key cellphone unit would be at the lower-end of its forecasts, or below, in the second quarter and in 2010, citing tougher competition, particularly [...]
MUSIC STARS BID FAREWELL TO UNIVERSAL BOSS LUCIAN GRAINGE June 16, 2010 A rapturous reception on Tuesday evening for Lucian Grainge, the current head of Universal Music’s international division, who is moving to New York next month to become chief executive of the group as a whole. Grainge, on crutches owing to a recent leg injury, stood near the stage area in a room at the Knightsbridge [...]
HOW DOES SAINSBURY’S PERFORMANCE COMPARE TO ITS PEERS? June 16, 2010 JAMES MONRO | S&P EQUITY RESEARCH “These results put Sainsbury’s in line with Tesco in terms of growth, adjusting for Clubcard sales, but we would have liked to see more given the benefit of two weeks of World Cup sales. But Sainsbury’s may need more margin investment to keep up with its rival over the [...]
City warns on dangers of a fiscal squeeze June 16, 2010 BUSINESS leaders have sent a stark warning to chancellor George Osborne ahead of the Budget next week, arguing that substantial tax increases would threaten to derail the fragile economic recovery. The Institute of Directors yesterday called on the government to set out credible, hard-hitting plans to cut the deficit quicker and further than the financial [...]
Summer quaffing June 16, 2010 AH, summer. Despite a frosty few days, the sun is shining and it’s the season for lovely uplifting wines. We’ve got two of our favourite City wine experts to tell us their top summer wine picks. Neleen Strauss is the co-owner and sommelier at Thames-side restaurant High Timber (the cellar has 40,000 bottles in it) [...]
PwC unveils £7.3bn Lehman pay out plan June 16, 2010 THE ADMINISTRATORS of Lehman Brothers’ European business could start to divvy up roughly £7.3bn in cash from the fallen bank if creditors give a new claims plan the green light. PricewaterhouseCoopers (PwC), which was appointed as joint administrator of Lehmans in 2008, unveiled the plan referred to as the “Consensual Approach” that could see the [...]
Private equity industry will fight CGT hike June 16, 2010 CONCERNS are mounting in the business world over the scope of the government’s proposed hikes to capital gains tax (CGT), as lobbying intensified ahead of the emergency Budget next week. The latest form of income to come under the spotlight is the so-called “carried interest”, or share of profits, that private equity bosses receive as [...]
Where to eat out this Father’s Day June 16, 2010 PROMISED you’d see Dad on Sunday but not sure what to do with the old man? Fear not: many of London’s best dining establishments have Father’s Day deals on offer so the two of you can have a good catch up over a great meal. Michelin-starred favourite Arbutus (63 Frith Street) will be offering an [...]
