Rose believes activists will fail to deliver July 5, 2009 MARKS & SPENCER believes shareholder activists will not get the required 75 per cent vote in favour of a resolution at its AGM on Wednesday calling on the retailer to split the executive chairman role held by Sir Stuart Rose. The Local Authority Pension Fund Forum (LAPFF), has filed a resolution for Wednesday’s shareholder meeting [...]
The property boss who can see the light at the end of the tunnel July 5, 2009 The airy offices of Knight Frank chairman Nick Thomlinson are as good a place as any to survey the wreckage of the property market over the last two years. So it can only be good news that the head of the UK’s largest privately-owned property business shows no sign of panic as he holds court [...]
Britain’s transport policy in deep crisis July 1, 2009 BRITAIN’S transport policy is in chaos. This is hardly news, you might say, but the issue is once again at the fore. It is clear that there is a big problem with the way the rail franchises have been allocated. Firms have an incentive to bid too much for a franchise because they know that [...]
M&S has best performance in two years July 1, 2009 MARKS & SPENCER (M&S) said yesterday that its 125th anniversary celebrations, a late Easter and the arrival of summer had all helped drive it to the best quarterly performance in nearly two years. M&S reported a drop in UK like-for-like sales of 1.7 per cent for the first quarter, ending 27 June, compared to a [...]
FTSE gains on commodities rally after price of oil rises July 1, 2009 THE FTSE 100 closed 2.2 per cent higher yesterday, fuelled by a rise in the oil price which prompted a strong rally in commodity stocks, and on hopes that the recession may be drawing to a close. The index was up 91.50 points at 4,340.71, after closing 1 per cent lower on Tuesday. “When (the [...]
Rose row set to rumble on June 28, 2009 MARKS and Spencer is this week preparing to post better-than-expected sales figures for the first quarter, though the results will remain overshadowed by growing unrest among shareholders regarding Sir Stuart Rose’s dual leadership role. According to analysts, favourable weather patterns and a late Easter should have boosted the retailer’s performance over the first quarter. M&S [...]
When the going’s tough, the City goes shopping June 28, 2009 SIR Stuart Rose has recently waived more than £1m worth of Marks & Spencers share options, and could come under more pressure at this week’s annual meeting. Discount retailers like Aldi and Lidl have just announced a slowdown in growth, while on TV Mary Portas has moved from advising high street stores to charity shops. [...]
Investors hope for further optimism June 28, 2009 THERE has been a noticeable air of optimism about the markets lately, and investors will be looking for signs to validate their cheer. Premier Foods, kicking the week off today with its first half trading statement, should not disappoint. Analysts at Royal Bank of Scotland anticipate that Premier will reiterate good sales growth, costs under [...]
Rose braces himself for more dissent June 24, 2009 MARKS & SPENCER yesterday faced fresh pressure over Sir Stuart Rose’s dual role as chairman and chief executive as corporate governance body Pirc joined the growing calls for an independent chairman. Pirc said: “Combining the two roles in one person represents a dangerous concentration of power that is potentially detrimental to board balance, effective debate, [...]
Sants drops bonus payout June 24, 2009 FINANCIAL Services Authority (FSA) chief executive Hector Sants has turned down his £130,000 bonus for the last year, sending a message that the regulator is leading by example. “In view of the wider public debate relating to levels of bonuses payable in the financial services industry and the role of the FSA in seeking to [...]