Squarestone in AIM float February 23, 2010 PROPERTY group Squarestone Brasil is planning to raise up to £250m in what would be the largest float on London’s Alternative Investment Market in a year. Squarestone plans to invest the cash in new Brazilian shopping-mall developments and future acquisitions. The company will be chaired by Asda veteran Tony Campbell with Liberum Capital acting as [...]
JP Morgan analyst in hot water after Asda meeting February 22, 2010 A JP Morgan analyst has been suspended after allegedly gate-crashing a private Asda supplier meeting. Rickin Thakrar, in his mid-20s, wrote an explosive research note, revealing management thought stores had become “boring”, despite being explicitly banned from attending the event. He gleaned private information about the firm’s plans just days before it released its results. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 18, 2010 FINANCIAL TIMES RIPOSTE BY 60 ECONOMISTS TO CALL FOR CUTS More than 60 leading economists have backed Alistair Darling’s decision to delay spending cuts until 2011, creating a dividing line within the profession on the crucial general election issue of how to tackle the UK’s huge public debt. Two letters in today’s Financial Times warn [...]
Walmart sees quarterly profits surge February 18, 2010 WALMART the world’s biggest retailer, yesterday reported a 22 per cent jump in profits for its fourth quarter, but left investors underwhelmed with its outlook for the current quarter. The world’s largest retailer made consolidated net income, or after-tax profits, of $4.6bn (£2.9bn) in the three months to 31 January on a 4.5 per cent [...]
Asda to concentrate on smaller stores February 18, 2010 ASDA said it would expand into smaller format stores, open more non-food shops and slash costs to drive growth in tough markets after posting its lowest quarterly sales growth in about two years. Chief Executive Andy Bond said the chain, owned by U.S. group Wal-Mart Stores, became too focussed on promotions in 2009, which clouded [...]
Flight to quality in stores February 2, 2010 Intense competition among Britain’s top grocers has hit sales growth at smaller hard discounters Aldi and Lidl, while Asda has suffered most from recent severe weather, market researchers said yesterday. Kantar Worldpanel, the new name for TNS Worldpanel, said sales at Britain’s grocers rose 5.2 per cent in the 12 weeks to 24 January, helped [...]
Allan Leighton: the man behind Crozier’s move January 28, 2010 ITV chairman Archie Norman yesterday said he had scoured the world for a new chief executive before finally settling on Adam Crozier. But the man he eventually chose came via a more direct route, through his friendship with long-time friend and former Asda colleague Allan Leighton. Norman – chief executive and then chairman of Asda [...]
The big freeze hits January retail sales as shoppers avoid high street stores January 27, 2010 THERE was more gloom for the UK’s economy yesterday after retail sales for January look likely to have stalled after snow and the VAT hike kept shoppers away from the high street. The Confederation of British Industry’s (CBI) monthly distributive trades survey showed that the balance of retailers reporting an increase in sales fell to [...]
Big freeze and VAT hike hit January sales January 27, 2010 RETAILERS suffered in Britain’s big freeze as shoppers deserted the high street at the start of the year. Figures from the CBI laid bare the grim news for shops with poor weather and the end of the VAT reduction taking their toll in January. The monthly survey found that 36 per cent of retailers saw [...]
250-YEAR OLD BOOZER BREAKS TRADITION TO BRING IN EARLY BIRDS January 25, 2010 TIMES really are a-changin’, aren’t they? We’ve all noticed a shift in the financial community’s attitude to wining and dining over the past few years, with slick power breakfasts replacing boozy lunches as the City’s repast of choice. But surely the old guard of the banking world never dreamed they’d see the day when Simpson’s [...]