Bottom Line: Focus on staying number one at home April 16, 2014 BELEAGUERED Tesco boss Philip Clarke has declared he isn’t going anywhere. Unfortunately, on his watch, neither is the nation’s favourite supermarket. After twenty years of rising profits for the group, this is the second year in a row where they have fallen. Pre-tax profits were down 6.9 per cent: 7.7 per cent in constant exchange [...]
Burberry defies fears over Asia with sales jump April 16, 2014 BURBERRY once again defied fears yesterday of a slowdown in demand for luxury goods in China after shoppers in the country helped drive a 19 per cent rise in group half-year sales. The handbag and trenchcoat-maker reported total revenues of £1.2bn and retail sales up 13 per cent to £928m, thanks to double-digit growth in [...]
Alibaba heads towards $200bn New York float April 16, 2014 CHINESE e-commerce titan Alibaba could reach a market valuation of over $196bn (£116.7bn) on its stock market debut, according to IG’s grey market trading leading up to the float. Alibaba, which offers a mix of commerce services somewhere between Amazon and eBay with a transaction volume larger than both combined, is expected to file its [...]
London Report: China data and bullish retailers drive FTSE rally April 16, 2014 THE UK’S benchmark stock index rose yesterday after Chinese economic data came in a touch above forecasts, with Tesco rising on aggressive strategy plans and Sports Direct surging on a bullish note about the company. The sportswear retailer surged 5.6 per cent to the lead FTSE 100 gainers. Traders cited a note from Bank of [...]
Why Alibaba’s IPO will be the biggest tech float in history April 16, 2014 Alibaba, the Chinese e-commerce giant, is on track to reach a $188bn (£111.9bn) market valuation when it floats on the US stock market in coming weeks and is expected to raise $16bn, making it the biggest technology float in history. The debut, if it reaches IG’s grey market mid-point of trading, will surpass Facebook (which [...]
What you need to know before the open April 16, 2014 European bourses are expected to open higher today. After a very choppy day yesterday, US markets closed up, despite Russian claims that Ukraine’s “close to civil war”. Weak GDP data from China – growth slowed to 7.4 per cent in the first quarter – could add jitters to markets, though, but there's also UK unemployment [...]
Tesco’s 2013 pre-tax profit drops to £3.05bn April 16, 2014 Tesco, the world's third-largest supermarket, has announced a 6.9 per cent drop in full-year underlying profit before tax, to £3.05bn. Over the next three years, it's hoping to stake a claim as the multichannel, middle-market store. But the question is how easy that'll be in a climate of booming discounters and high-end stores, where consumers [...]
Asian markets advance after boost to US tech stocks April 16, 2014 Asian shares have been given a boost after US technology stocks led a better performance on Wall Street. Japanese tech and telecoms group SoftBank, enjoyed a strong rise in the wake of a solid earnings report from Chinese affiliate Alibaba. Official data showed the Chinese economy grew at the slowest rate for 18 months in [...]
House of Fraser sales hit record for new owners April 15, 2014 BOOMING online sales helped House of Fraser deliver record gross profits last year, the department group said yesterday in the wake of its acquisition by Chinese conglomerate Sanpower. House of Fraser’s adjusted earnings rose 8.3 per cent to £60.2m in the year to 25 January while gross profits hit £430.6m – its highest ever level, [...]
Asian markets dip as Chinese credit slowdown outweighs US optimism April 15, 2014 Asian shares are in retreat as tensions in Ukraine and the credit slowdown in China tempered investors optimism after improved US economic data. Western leaders have condemned Russia's President Vladimir Putin for escalating tensions in Ukraine where pro-Russian forces ignored warnings to leave areas of the eastern part of the country. Foreign secretary William Hague [...]