A general election cannot come too soon November 18, 2009 IF only life were this easy. So the markets are saying that the budget deficit is far too high? Simple, you pass a law stating that it must be cut and then abolished over the next few years (when you are no longer in power) – and then make speeches extolling your own virtues and [...]
Archie Norman to chair ITV November 17, 2009 STRUGGLING broadcaster ITV is today set to name former Tory MP and Asda chief executive Archie Norman as its new chairman, handing him the unenviable task of finding a new chief executive that will please investors. Michael Grade will now retire as chairman, and will step down as chief executive at the end of the [...]
Former Boots boss launches Matalan bid November 15, 2009 Former Boots chief executive Richard Baker is at the forefront of a £1.5bn private equity bid for out-of-town retailer Matalan. Advent International, where Baker was recently hired as an operating partner, is the latest name to be added to the string of private equity firms believed to be circling the retailer. Matalan, which specialises in [...]
Asda launches price cuts as discount war hots up November 12, 2009 ASDA has raised the stakes in the Christmas price war by slashing £150m from the price of products in a discount drive designed to put pressure on its rivals. Asda, which has based its marketing on being the cheapest of the big four supermarkets, said consumers were still unwilling to part with cash. A day [...]
Non-food to drive growth at Sainsbury’s November 11, 2009 J SAINSBURY has pinned its growth hopes on a bold expansion of its non-food offering, with plans to take on market leaders Tesco and Asda in larger-format stores. Unveiling a robust 18 per cent rise in first half profits to £307m yesterday, chief executive Justin King outlined a £2bn expansion programme for the next two [...]
Clubcard lifts Tesco’s share of customers November 10, 2009 SUPERMARKET giant Tesco is growing market share for the first time in two years as it fights back at its rivals, industry figures show. Tesco’s double Clubcard points promotion – which cost the group around £5m a week – helped its share of the grocery market climb to 30.7 per cent in the 12 weeks [...]
Wal-Mart’s Asda re-shuffle November 8, 2009 The ownership structure of Britain’s second biggest supermarket, Asda, has been re-vamped after Wal-Mart let its subsidiary sell the supermarket chain to a fellow Wal-Mart owned investment vehicle called Corinth Services. Last night it was revealed that the world’s largest retailer Wal-Mart embarked on a technical group restructuring. While Wal-Mart is still the parent company [...]
Asda and J Sainsbury to battle it out in crunch time for grocers November 8, 2009 J Sainsbury and Asda will go head -to-head this week to show the City how they have been faring in the consumer downturn. Sainsbury’s, Britain’s third-biggest grocer, is expected to post a 16 per cent rise in first-half profits on Wednesday and warn of a tougher second half amid stiff competition. And Asda, owned by [...]
Boots backs boss Hornby as sales jump November 3, 2009 ALLIANCE Boots, Britain’s biggest pharmacy chain, yesterday said that it was on track to beat current trading expectations after reporting a jump in sales at its Health & Beauty and wholesale divisions. Chief executive Andy Hornby, who formerly ran near-failed bank HBOS?and supermarket Asda, announced the good news as he unveiled his set of results [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 3, 2009 FINANCIAL TIMES INDIA SOLD ON GOLDGold surged to an all-time high after India bought 200 tonnes of the precious metal, swapping dollars for bullion as the finance minister warned the economies of the US and Europe had ‘collapsed’. India’s decision to exchange $6.7bn for gold equivalent to eight per cent of world annual mine production [...]