ITEM: cuts won’t cause double-dip October 17, 2010 THE UK faces a slow economic recovery but fears of a double dip recession are overdone, one of the UK’s top forecasters will say today. The Ernst & Young Item Club – which uses the Treasury’s own economic model to make its predictions – also suggests that far from hurting the economy, Wednesday’s Comprehensive Spending [...]
Osborne gets boost from 35 top business leaders over spending cuts October 17, 2010 DOZENS of business leaders have backed George Osborne’s swingeing spending cuts, saying hesitation could cost £100bn in extra debt, more taxes and an increase in the rate of interest. A total of 35 captains of industry, including BT chief executive Ian Livingston and Asda chairman Andy Bond, penned a letter to the Daily Telegraph urging [...]
Asda closes final salary pension scheme October 8, 2010 Asda is closing its final salary pension scheme as it seeks to tackle a soaring deficit, in a move affecting around 4,000 of its staff, it said. The Walmart owned chain closed the final salary scheme to new members in 2005, said it would compensate affected employees with a cash sum equivalent to 25 per [...]
Freud Communications profit soars October 8, 2010 Freud Communications bucked the recession with a 28 per cent increase in pre-tax profits to £6.7m last year. Annual accounts for the PR agency, which is majority-owned by French advertising giant Publicis Groupe, show revenues rose 23 per cent to £33 million. It is understood that significant growth at teh firm run by Matthew Freud, [...]
Henry: Self-made millionaire who brought Red Sox glory October 6, 2010 PROSPECTIVE Liverpool owner John W Henry knows what it takes to revive the dwindling fortunes of a world famous sporting name, having done as much with Boston Red Sox. Henry, 61, and his holding company New England Sports Ventures took control of the baseball franchise in 2002 and by 2004 had ended their 84-year wait [...]
Non-food lifts J Sainsbury October 6, 2010 J SAINSBURY yesterday reported a sales rise in the second quarter as it pinned its hopes on catching Asda by rapidly expanding store space. The UK’s third largest chain behind Tesco and Asda, said non-food items were fuelling its performance. Sainsbury’s saw a 2.9 per cent like-for-like increase in sales in the period, which also [...]
Sainsbury’s beats forecasts with sales hike October 6, 2010 J Sainsbury has posted second-quarter sales towards the top end of forecasts, as new stores, online shopping and demand for non-food lines helped it to grow share in a tough market. The group said it expected conditions to remain difficult for shoppers as the government hikes taxes and cuts spending to rein in its debts. [...]
Pandora lists in strong $2bn market debut October 5, 2010 Pandora, the Danish jeweller, made a strong debut in one of Europe’s largest bourse listings this year, worth up to $2.1bn (£1.3bn), as investors bought into prospects for its main product – charm bracelets. Analysts said Pandora’s high growth and strong margins made its initial public offering (IPO) attractive to investors hungry for new stock [...]
Retailers go head to head with results October 3, 2010 SUPERMARKETS are set for a showdown this week as Tesco, J Sainsbury and Marks & Spencer post interim results. Smaller retailers Ted Baker, Halfords and Greggs are also due results, in a week that will indicate how the High Street has fared since the general election. Tesco is expected to post a 10 per cent [...]
ITV offloads 50pc stake in Screenvision September 28, 2010 ITV has offloaded its 50 per cent stake in cinema advertiser Screenvision to US private equity fund Shamrock Capital for $80m (£50m). ITV chief executive Adam Crozier called the deal an “important step” for the firm as it works to consolidate its broadcasting empire. He said the deal fits into ITV’s “transformation plan to focus [...]