THIS IS NOT JUST ANY CHIEF EXEC… November 18, 2009 MARKS & Spencer yesterday stunned the City by naming WM Morrison’s successful boss Marc Bolland as its new chief executive. The shock move was widely welcomed by investors in M&S – but Morrisons’ shareholders suffered heavy losses. Sir Stuart Rose, who has been holding the position of executive chairman in defiance of corporate governance rules, [...]
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 [...]
M&S and ITV brighten up dull day of trading for FTSE November 18, 2009 THE UK’s main market ticked down slightly yesterday, as an unexpected drop in US housing figures spooked investors and weakness in food retailers and tobacco firms outpaced gains in miners and energy companies. The FTSE100 closed 0.1 per cent lower at 5,342.13 with Cable & Wireless, Unilever, Vodafone and HSBC going ex-dividend. Marks & Spencer [...]
Loopsign brothers bank dividend November 17, 2009 Ian and Richard Livingston, the billionaire brothers who own David Lloyd Leisure, received £242m each in dividends for the year to the end of September 2008, according to accounts filed by their property firm Loopsign. However the firm, which owns the Marks & Spencer building on Baker Street and land in Russia and the Turks, [...]
M&S launches first ever bond buy-back plan November 17, 2009 MARKS and Spencer yesterday announced it would be embarking on its first tender offer to shareholders in its 125-year history. The retail bellwether said it plans to buy back up to £225m of bonds from investors and issue new debt, becoming the latest firm to take advantage of attractive market conditions. The clothing, homewares and [...]
Icap looks to grow abroad November 17, 2009 ICAP, the interdealer broker founded by Conservative Party treasurer Michael Spencer, said it would accelerate its international expansion after a dip in first half profit. Icap, the world’s biggest interdealer broker, is one of the few companies doing worse than last year, with pretax profit slipping five per cent to £166m. Icap, like its rivals, [...]
Debenhams kicks off retail price war November 16, 2009 Debenhams yesterday announced it will be slashing £250m off prices in a four-day sale this week, in a move which it predicts will spark a price war similar to the frenzied discounting seen last Christmas. Rival Marks & Spencer’s executive chairman Sir Stuart Rose, said earlier this month he did not expect a repeat of [...]
BA PENSIONS CHIEF IS URGED TO RESIGN November 16, 2009 THE row over British Airways’ retirement scheme intensified yesterday as an independent group of pensioners called for the urgent removal of Roger Maynard as chairman of the trustees. Anger is building over the perceived conflict of interests in Maynard’s chairmanship of both BA’s pension funds – whose huge deficits are potential stumbling blocks in its [...]
THE TIPSTER RETAILERS TRY TO BEAT THE RECESSION November 15, 2009 SO FAR, so good for the British retailers, it would seem. The likes of Marks&Spencer, Next and J Sainsbury have all released better-than-expected third quarter figures, and the latter is once again looking like an attractive proposition. Although lower food inflation might be expected to hit bumper sale figures, both the supermarket and its rival [...]
M&S offers penny delivery November 15, 2009 Marks & Spencer kick-started its Christmas online sales campaign today by offering shoppers delivery for a penny. The penny delivery deal, which only lasts until Saturday, is part of the retailer’s 125th birthday celebrations but is also likely to boost online sales. M&S usually charges £3.50 for UK standard delivery.