At the close: Markets enter reverse as Brexit strains stack up July 6, 2016 Sterling has been savaged today, the FTSE 100 has crashed and half of all assets in UK property funds have been frozen in a difficult day on the financial markets. The pound dropped down below $1.28 overnight, recovered briefly, but is now on the slide after a number of analysts published decidedly bearish forecasts. A [...]
Aldi is hungry for a 10 per cent share of the grocery market July 6, 2016 It's a tough time for supermarkets, but as the price war between the Big Four rages on, Aldi's UK chief executive says he is aiming to take a 10 per cent share in the grocery market. Speaking to City A.M., Matthew Barnes, Aldi's chief executive in UK and Ireland Matthew Barnes said: "We will have 10 per cent [...]
Supermarket sell-off: grocers’ share prices fall as HSBC analysts predict Asda will cut prices July 6, 2016 The big grocers' share prices fell today after analysts said Asda may cut its prices, trimming the industry's profits and intensifying the supermarket price war. HSBC analyst David McCarthy said: "We believe there are signs that Asda may be about to fundamentally reposition on price, bringing down sector profits. Read more: Traders betting against troubled supermarkets "Asda has been [...]
City A.M. Unregulated: Has Brexit ruined your pension? July 6, 2016 Brexit has thrown markets into uncertainty, which in turn has brought on a series of warnings about how people's personal finances will be affected – so this week's podcast takes a look at what impact the vote to leave the EU will have on pensions. Joining hosts Caitlin Morrison, City A.M.'s deputy digital editor, and usual [...]
City Moves for 5 July 2016 | Who’s switching jobs July 5, 2016 Bond Dickinson National law firm Bond Dickinson has appointed Charlie Reid as its new banking and finance partner in its London office. He joins the firm from Norton Rose Fulbright where he was a senior associate. Charlie gained experience in the London office of Morrison & Foerster developing its London banking practice for eight years. Prior to joining Morrison & [...]
Supermarkets under attack from the short-sellers July 4, 2016 Traders believe the worst is far from over for the UK's embattled supermarkets, as short-sellers have piled in to bet against the sector in the next few months. More than three times as many shares are held by people hoping to profit from a near-term fall in the share price of the UK's leading supermarkets as [...]
My Local formally collapses into administration putting 1,658 jobs at risk June 29, 2016 Convenience chain My Local has formally gone into administration putting 1,658 jobs at risk. The embattled retailer, which is set to shut 90 shops, has appointed KPMG to act as administrators. Formerly owned by Morrisons and called M Local, the supermarket chain was snapped up by Greybull Capital in a deal reportedly worth £25m last year. Morrisons has confirmed [...]
Retailers’ share prices are on the up as markets recover slightly June 28, 2016 Shares in retailers including Next, M&S and Associated British Food were on an upward trend this morning as stock markets recorded their first gains since the UK voted to leave the European Union. In morning trading, M&S' share price was up 5.10 per cent, Next's rose 8.40 per cent and Associated British Foods' shares climbed [...]
Here’s how the supermarkets were doing just before the Brexit vote June 28, 2016 In the immediate run-up to the EU referendum, supermarket sales were strong, according to data released today, but in the three month period before the vote, sales slipped. The figures from Nielsen show that in the four weeks ending 18 June, UK supermarkets had their first increase in year-on-year takings since July 2015. Sales were up 0.4 [...]
Amazon who? Ocado shares jump as it delivers 14 per cent sales rise June 28, 2016 Everyone and their mum may be trying to get into the food delivery business at the moment (Amazon and Uber have both just launched offerings…) – but Ocado has suggested with experience comes wisdom, after it posted a juicy rise in sales. The figures Retail sales rose 13.9 per cent to £582.9m in the 24 weeks to the end of May, [...]