Buffett not so sage after S&P outclasses him March 3, 2014 STOCK picking guru Warren Buffett failed to beat America’s S&P 500 again last year, marking the first time he has lost to the index over a five-year period since he started in 1965, results show. Buffett’s Berkshire Hathaway saw its book value per share rise by 18.2 per cent in 2013, while the S&P 500 [...]
London Report: Tesco drags FTSE lower as analyst downgrades hit February 26, 2014 ANALYST cuts prompted a rush to the exits for investors in retailer Tesco, weighing on the blue-chip FTSE 100 yesterday and dragging it further away from a recent multi-year high. Nomura, Oriel, Cantor and Jefferies were among those brokers yesterday that cut ratings or price targets on Tesco, the world’s third-largest retailer, just a day [...]
Here’s what 3 banks are saying about Tesco’s latest turnaround plan February 26, 2014 Tesco’s shares are down more than four per cent, after the supermarket chain scrapped its profit margin target and laid out plans to invest in lowering its prices, prompting analysts cuts their ratings and price targets. Deutsche Bank cut its earning before interest and tax (EBIT) forecast of a £50m decline in the year to [...]
Tesco retreats as Clarke puts the brakes on February 25, 2014 Supermarket pulls out of the space race with plans to slash spending and cut prices TESCO’S chief executive pledged yesterday to put the brakes on its UK expansion and spend £200m slashing prices as Britain’s biggest grocer seeks to revive sales and win back falling market share. Speaking at an investor conference, Philip Clarke laid [...]
Tesco to scrap profit target to revive UK sales February 23, 2014 TESCO is set to abandon its industry-leading profit target as it attempts to win back customers and revive flagging UK underlying sales. At an investor event tomorrow, chief executive Philip Clarke is expected to announce it will not stick to its 5.2 per cent margin guidance – the highest in the country – so it [...]
Metro Bank: First London – next, the rest of the UK February 23, 2014 Metro Bank’s chairman and founder tells Tim Wallace he wants to take the Southern-focused lender out to a national audience IT HAS shaken up London’s retail banking scene, with bright new branches on busy high streets, and a bold American-style service ethos. But although Metro Bank startled the market as Britain’s first lender in more [...]
The week in brief February 23, 2014 Coca-Cola to reinvest $1bn in marketing after fall in sales The soft drinks company – one of many struggling to deal with declining demand – plans to make an extra $1bn (£600m) in productivity savings by 2016, most of which will then be reinvested back into marketing. Earlier this month, it announced a drop in [...]
Asda hurt by first sales drop in three years February 20, 2014 ASDA chief executive Andy Clarke yesterday admitted it had been a “tough year” after the supermarket chain reported its first fall in sales for three years. The Walmart owned chain said like-for-like sales fell 0.1 per cent in the 13 weeks to 3 January, compared to the same period a year ago, marking its first [...]
Brand Index: New banks on the block will find it tough to win custom February 18, 2014 NOT LONG ago, the British retail banking sector was dominated by just a few big brands. That is undeniably starting to change, and yet our research shows that people may say they have a fairly low opinion of the traditional players, but there is also a strong preference for the devil they know. According to [...]
Tesco Bank up to 7m accounts February 17, 2014 THE CHALLENGER bank run by grocer Tesco has opened 7m accounts for customers, across its whole range of products including insurance, savings and credit cards, it revealed today. The landmark figure covers just over 5m customers, as some have more than one product with the retailer-based bank. The figures put it ahead of other large [...]