London Report: FTSE in negative territory for 2014 as retail stocks fall January 8, 2014 THE top share index fell yesterday, slipping back into negative territory for the year, after concerns about a smoking ban in China knocked back tobacco companies and following a cautious outlook from Sainsbury. The FTSE 100 closed down 33.67 points, or 0.5 per cent, at 6,716.16. It remains pinned in a 70-point trading range this [...]
What the other papers say this morning – 8 January 2014 January 7, 2014 FINANCIAL TIMES UBS and Credit Suisse to pare back Switzerland’s two largest lenders are prepared to scale back their investment banking operations further if the country’s strict capital rules become even more onerous, their chairmen have said. UBS and Credit Suisse have made cuts of different magnitudes to their investment banks, but a heated political [...]
M&S investor piles pressure for cash return January 7, 2014 MARKS & Spencer shareholders are putting pressure on the high street retailer to buy shares or increase its dividend, as the City braces itself for a gloomy trading update tomorrow. One top 20 investor told City A.M. “There is some pressure on management somewhat given that we are at the end of the turnaround strategy [...]
Land Securities plots designer outlet at the O2 January 6, 2014 THE O2 arena could become one of London’s top shopping destinations after Land Securities began talks with its owner to open a designer outlet centre on the site. The property giant has signed a six-month exclusivity agreement with AEG Europe to explore options for creating a designer outlet scheme in an unused part of the [...]
Bottom Line: Bicester faces stiff competition as London bares its retail teeth January 6, 2014 UNTIL recently, “designer outlet” was usually preceded by three very specific words – out of town. The UK’s biggest designer outlet, Bicester Village, is officially billed by owner Value Retail as being its London village. In fact, it’s a 63 mile drive – or hour-long train journey – from central London, nestled in a market town [...]
Net-a-Porter losses narrow as plans pay off January 6, 2014 NET-A-Porter, the luxury online retailer, said it narrowed its losses by around £4m last year as its investment in growing its presence overseas began to pay off. The group, which is owned by Swiss luxury conglomerate Richemont, made a loss before tax of £23.2m in the year to 31 March 2013. That compares with a [...]
The year in preview: Our in-depth guide January 5, 2014 City A.M.’s journalists take a wide-ranging look at what 2014 has in store for the world of finance and business BANKINGRestoring faith means costly overhaulsA CAUTIOUS optimism pervades the British and European banking system at the start of 2014. The incoming economic recovery is at last improving customers’ creditworthiness, while the hard work running down [...]
London Report: Retailers set to reveal scale of 2013 hangover January 5, 2014 RETAIL figures due this week will reveal whether Britain’s major brands are going into the New Year with a Christmas hangover. Marks & Spencer and Tesco are both set to report on Thursday, and J Sainsbury on Wednesday, with figures likely to show retailers faced a dismal festive season. Debenhams has already set the tone, [...]
What the other papers say this morning – 20 December 2013 December 19, 2013 FINANCIAL TIME Taper pressures emerging markets Markets soured on the day after the US Federal Reserve’s dramatic tapering of its asset purchases from $85bn to $75bn per month as the dollar climbed and vulnerable emerging markets came under pressure. The taper heralded a new era of dollar strength, with the US currency up by 0.6 [...]
The Long View: Celebrate your festive commercialism – it’s an act of love in a free society December 19, 2013 IT’S A SHAME all the shopping has to spoil the true meaning of Christmas. Or so we get told at this time of year, usually by the same prophets of good cheer who want us to celebrate the season by donning hair shirts and cutting back on the booze. How wrong they are. And how [...]