Budd insists that OBR is independent July 13, 2010 THE head of the Office for Budget Responsibility (OBR) was yesterday forced to deny there was a conspiracy to revise down how many jobs would be lost through George Osborne’s budget. Sir Alan Budd received a grilling from the Treasury select committee yesterday over accusations his Office for Budget Responsibility (OBR) came under government pressure [...]
Maersk lifts 2010 guidance July 8, 2010 DANISH group Moller-Maersk upgraded its earnings guidance for the full-year, yesterday saying its container shipping business had rebounded faster than expected. “The upgrade is due to a combination of (freight) rates and cost reductions,” chief executive Nils Smedegaard Andersen said. “We have taken $3bn out of the cost base on an annual basis, and that [...]
Amazon set to sell groceries July 7, 2010 Ocado’s £1.1bn float was dealt another blow yesterday when internet giant Amazon launched a competing grocery delivery business. Amazon has long toyed with the idea of branching into food delivery, and already does so in the US and Germany, but the timing of the decision heaps pressure on Ocado. Analysts have already questioned the value [...]
Tesco’s accounting methods in spolight June 30, 2010 TESCO yesterday saw its shares dip after Citigroup accused it of “consistently aggressive” accounting. Britain’s biggest grocery chain is using a different method from its rivals on everything from depreciation to pensions, an analyst claimed. Citigroup’s Alastair Johnston said: “If we put Tesco on more comparable accounting to other companies in our sector, it appears [...]
McBride hit by raw price surge June 24, 2010 OWN-BRAND personal care products supplier McBride yesterday warned that its raw material costs are set to soar next year and that there would be an inevitable delay before the increase can be passed on to its customers. McBride, which counts supermarket groups Asda and Tesco among its UK clients, went some way towards soothing investors [...]
Sainsbury’s supermarket to shuffle top jobs June 21, 2010 J SAINSBURY became the latest supermarket to shuffle its management team yesterday, in an attempt to cement its plans for long-term growth. The UK’s third-biggest grocer has promoted chief financial officer Darren Shapland to the post of group development director, overseeing business development and group strategy. Mike Coupe, currently trading director, will become the group’s [...]
The top team must drive a hard bargain with News Corporation June 15, 2010 THE eight independent directors charged with looking after interests of BSkyB shareholders are an experienced stellar bunch. But the group will come under scrutiny because they may be perceived as being too close to News Corporation head Rupert Murdoch who was chairman of Sky until 2007, and was replaced by his son James. The gang [...]
CITY MOVES | WHO’S SWITCHING JOBS June 8, 2010 Signia Wealth The ultra high net worth wealth manager has hired mobile phones tycoon John Caudwell to take up a seat on its advisory board. Caudwell will provide entrepreneurial leadership for the firm alongside its other advisers, including private equity guru Jon Moulton. Caudwell previously founded and led the Caudwell Group, including mobile phone retailer [...]
WM Morrison poaches Waitrose second in command as seeks to move upmarket June 8, 2010 WM Morrison yesterday lured Richard Hodgson from Waitrose to be commercial director to replace trading director Martyn Jones, who has been give the new role of corporate services director. Jones will take up his new position from September 2010 when he will step down from the Morrison’s board. Hodgson has experience across all areas of [...]
The grocer who says this year will test retailers as well as shoppers May 31, 2010 Much like the rest of the country, the chief executive of the country’s third largest supermarket group is trying to make up his mind about the coalition government. At the start of the election campaign Sainsbury’s boss Justin King was one of many who backed Tory plans to scrap national insurance hikes for employers, a [...]