Clarke: Tesco at start of journey to its recovery October 3, 2012 TESCO chief executive Philip Clarke insisted that the group’s £1bn turnaround plan was paying off, yesterday, stressing “it was just the beginning” despite the group suffering its first profit fall in nearly 20 years. Although half-year profits fell 10.5 per cent to £1.6bn due to the cost of the recovery plan, Clarke highlighted that the [...]
Big supermarkets fight to master a changing market October 3, 2012 TESCO’S first fall in profits for almost two decades suggests a watershed moment for the supermarkets. On one side, the race for space against a backdrop of generous margins; on the other, an altogether tougher battle for bargain-conscious, internet-savvy and convenience-oriented customers as margins shrink. Yesterday’s results were a worrying suggestion that Tesco is losing [...]
Sainsbury beats expectations but warns of food price rises October 3, 2012 J SAINSBURY warned yesterday that shoppers face an increase in food prices this Christmas after one of the worst harvests in decades, as the grocer posted better-than-expected quarterly sales growth. Commercial director Mike Coup said the wet summer weather made it difficult to plant crops of winter vegetables like carrots and potatoes. It may for [...]
Victoria rebels oust chairman of carpet firm October 3, 2012 A SHAREHOLDER rebellion at carpet firm Victoria yesterday saw the firm’s chair, Katherine Innes Ker, ousted and two directors re-appointed to the board, less than two months after they were forced to stand down. More than two-thirds of votes at a special general meeting yesterday were made in favour of removing Innes Ker and non-executive [...]
4G in the UK at month’s end after talks clear EE to launch October 3, 2012 HIGH-SPEED mobile internet will be coming to the UK at the end of the month, the country’s first 4G operator announced yesterday. EE – the owner of Orange and T-Mobile – said it will launch its new network, also called EE, on 30 October. The company has been able to launch the network after the [...]
Prospect of economic recovery in US is boosted by strong data October 3, 2012 HOPES for a sustained recovery in America were boosted by the publication of three sets of positive economic data, yesterday. The pace of growth in the US service sector picked up in September, a widely regarded business survey showed, while an ADP report said that private employers across all sectors added 162,000 jobs in the [...]
Freud enjoys record year October 3, 2012 FREUD Communications boosted profits for 2011 by 28 per cent to £7.9m, the PR agency’s Companies House filing revealed yesterday. Founder Matthew Freud took complete control of the firm in April last year and set about investing in the business, growing revenues eight per cent to £37.6m. Key contracts included the main London 2012 account, [...]
Scardino exit at Pearson sparks FT sale rumours October 3, 2012 THE FTSE 100’s first female chief executive Dame Marjorie Scardino stepped down as head of Financial Times owner Pearson yesterday, after more than 15 years in charge. Scardino, who has transformed Pearson since she took charge in 1997, will be replaced by the head of the firm’s successful education unit John Fallon. The move sparked [...]
De Beers hires new chairman October 3, 2012 DIAMOND miner De Beers said yesterday it had chosen Anglo American chief executive Cynthia Carroll as its new chairman. She replaces Nicky Oppenheimer, who stepped down in August after selling his family’s 45 per cent stake in the firm, bringing one of the world’s longest-running corporate dynasties to an end. Anglo American has historic ties [...]
Britvic-Barr merger on ice October 3, 2012 THE TWO British firms behind soft drinks Tango and Irn-Bru yesterday delayed a proposed £1.4bn merger to give both sides more time to undertake due diligence on the deal. Britvic, which also makes Robinsons fruit squash, and AG Barr, based in Scotland, asked the Takeover Panel to extend a deadline set for 5pm last night [...]
