Here’s what 3 banks are saying about Tesco’s latest turnaround plan February 26, 2014 Tesco’s shares are down more than four per cent, after the supermarket chain scrapped its profit margin target and laid out plans to invest in lowering its prices, prompting analysts cuts their ratings and price targets. Deutsche Bank cut its earning before interest and tax (EBIT) forecast of a £50m decline in the year to [...]
Calver resigns as Mothercare chief executive February 24, 2014 MOTHERCARE chief executive Simon Calver has stepped down just six weeks after a hefty profits warning that sent shares in the baby products chain tumbling by more than a third. The firm brought in the former head of online movie rental service Lovefilm two years ago to lead its turnaround and overhaul its UK estate. [...]
The week in brief February 23, 2014 Coca-Cola to reinvest $1bn in marketing after fall in sales The soft drinks company – one of many struggling to deal with declining demand – plans to make an extra $1bn (£600m) in productivity savings by 2016, most of which will then be reinvested back into marketing. Earlier this month, it announced a drop in [...]
Ukraine’s crisis sits on a knife edge as protest morphs into revolution February 20, 2014 THERE is almost nothing more difficult for a political risk analyst than assessing the dynamics of a revolution, a situation in which long-held conventional wisdom can be upended in a matter of minutes. For only one question matters in Kiev today: what is the likely end game for Ukraine, and how do we get there? [...]
Morrisons shares leap as banks step up to finance buyout February 19, 2014 SHARES in Morrisons surged almost five per cent yesterday amid rumours that banks are working on a £5bn financing deal to support a private equity buyout of the struggling grocery chain. The Morrison family, which owns a 9.5 per cent stake, has approached several private equity firms including Carlyle Group and CVC Capital with the [...]
London Report: FTSE pauses for breath as sharp rally peters out February 19, 2014 THE UK’S top shares steadied yesterday as analysts bet the strong rally that followed a slump in emerging markets has run out of steam, though Sports Direct gained on robust profits. The FTSE 100 closed up 0.28 points – flat in percentage terms – at 6,796.71 points. It hit 6,810.48, its highest since late January, [...]
Morrisons shares soar on sale reports February 19, 2014 Shares in Morrisons are spiking higher on news that of a potential sale of the supermarket. Reuters reports that bankers are working on a debt financing packages in the order of £5bn. The company is 9.5 per cent owned by its founding family, which is reported to have contacted buyout firms to gauge interest after [...]
City Moves for 18 February 2014 | Who’s switching jobs February 17, 2014 Morrison & Foerster The law firm has announced the appointment of Philip Slater as a partner in its financial transactions group. He joins from Reed Smith, where he led its acquisition and leveraged finance practice in London. Prior to that, Slater was a partner at Addleshaw Goddard. Santander Corporate & Commercial Charles Garfit has been appointed head [...]
Morrison set for loan move to QPR February 16, 2014 FOOTBALL: Ravel Morrison is expected to cross London and join QPR on a 93-day loan from West Ham this week, as manager Harry Redknapp looks to boost the Hoops’ bid for promotion back to the Premier League. The 21-year-old joined West Ham just over two years ago and scored five goals for the Hammers this [...]
Bottom Line: Family will struggle to get backers to bite February 12, 2014 INVESTORS in Morrisons clearly aren’t convinced that a private equity prince is waiting in the wings ready to swoop with a buyout offer for the struggling supermarket. After an initial leap upwards – recovering little of the downwards slump it has seen over the past two year – shares closed just 0.25 per cent higher, [...]