Sainsbury’s sales and market share rise March 21, 2012 J Sainsbury, Britain’s third-biggest supermarket group, beat forecasts for fourth quarter sales growth as it won market share from rivals. “We continue to outperform the market and gain market share,” said chief executive Justin King. He said although the economic climate was likely to remain challenging Britain’s roster of summer events, including celebrations to mark [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 20, 2012 FINANCIAL TIMES CANACCORD AND COLLINS STEWART TO AXE 100 JOBS Nearly 100 staff will be made redundant tomorrow when Canaccord Financial completes its acquisition of Collins Stewart Hawkpoint, as London’s stockbroking industry continues to shed capacity. The Vancouver Group agreed to buy Collins Stewart for £253.5m in December EU DEFIES CARBON TRADE WAR THREAT The [...]
Miners peg back FTSE as UK inflation dips again March 20, 2012 Miners pegged the FTSE 100 back in early trading as fears that demand from China for metals was falling sapped investor confidence. BHP Billiton, the world’s biggest miner, fell 1.9 per cent after saying it was seeing signs of “flattening” iron ore demand from China. The sector is pinning its hopes on continuing fast growth [...]
Crowdfunding is a fresh new way to back business March 19, 2012 THE emergence of crowdfunding, a new method of raising capital over the internet, is set to test how adept the coalition is at adorning London’s financial services crown with new jewels, particularly as attitudes to regulation turn from light touch to intensive interference. Crowdfunding is a web-driven means of raising money from the mass market. [...]
Boris Johnson names Chelsfield as developer in £1.2bn London project March 18, 2012 LONDON MAYOR Boris Johnson has revealed that Chelsfield, the property firm run by Sir Stuart Lipton, has been picked for the fiercely contested £1.2bn regeneration of Silvertown Quays in London’s East End. The 50-acre site owned by the London Development Agency is one of the largest derelict sites within the proposed Royal Docks Enterprise Zone. [...]
Japanese help to boost UK tourist trade March 18, 2012 JAPAN’S economic recovery has fuelled a resurgence in Japanese travellers to the UK, helping to boost overall tourist spend by 46 per cent last month compared with the same period last year. Japanese shoppers spent an average of £449 per store when shopping in the UK, with overall spend up by 35 per cent in [...]
Sales drop at owner of Argos and Homebase March 15, 2012 Home Retail, the owner of Argos and Homebase, reported a big drop in sales in the eight weeks to 25 February, sending shares down 0.6 per cent. Argos sales decreased 8.5 per cent, while like-for-like sales at Homebase dropped 6.5 per cent, worse than the full year decline of 2 per cent. Despite this Home [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 14, 2012 FINANCIAL TIMES FINANCIAL AUTHORITY URGED TO DROP OPAQUE CHARGES The new Financial Conduct Authority should use its powers to remove opaque banking charges and make it cheaper for new lenders to enter the market, a panel that represents the interests of retail customers has urged. In a paper to be published today, the Financial Services [...]
Greggs hopes special offers will reverse its slowing sales March 14, 2012 GREGGS said it has introduced extra promotions and discounts in its worst performing regions to entice cash-strapped customers, as sales slowed in the first weeks of the year. Chief executive Ken McMeikan said the 1.8 per cent fall in like for like sales in the first 10 weeks of 2012 reflected a four per cent [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 14, 2012 FINANCIAL TIMES CAR LOANS SPEED UP AT CLOSE BROTHERS Close Brothers has reported strong growth at its banking arm in the six months to 31 January, but profits were held back by its securities and asset management divisions. Profits at the banking division have grown since the start of the financial crisis, as it expanded [...]