WHAT THE OTHER PAPERS SAY THIS MORNING January 16, 2012 FINANCIAL TIMES MORRISON COOLS INTEREST IN IRELAND Wm Morrison’s interest in Iceland Foods is cooling, raising doubts about whether Britain’s fourth biggest supermarket chain by market share will mount a £1.5bn bid for the frozen food specialist. Morrison was one of the companies expected to make an offer for Iceland Foods, for which second round [...]
Founder Walker moving ahead in race for Iceland January 15, 2012 RISING concerns over competition laws could clear the way for Iceland Foods founder Malcolm Walker to take control of the supermarket once again. Walker, the chief executive, has moved ahead in the race because Iceland is believed to be worried that a deal with another retailer would not be approved by the Competition Commission. Last [...]
TESCO TO BET £500M ON UK FIGHTBACK January 12, 2012 A RATTLED Tesco is set to splash around £500m on revamping its UK store network and recruiting new staff after it stunned the City with its first profit warning in twenty years. Chief executive Philip Clarke is ready to sanction an investment of “hundreds of millions” of pounds in Britain after the supermarket yesterday posted [...]
FTSE ends lower as retailers reveal a miserable Christmas January 12, 2012 BRITAIN’S leading shares fell yesterday after a profit warning from Tesco triggered sharp falls in retailers and eclipsed a lift for banks from a successful Spanish debt auction and restructuring at RBS. The FTSE 100 index closed down 8.40 points, or 0.2 per cent, at 5,662.42, once again missing out in a tilt at the [...]
Banks steady FTSE but retailers dive January 12, 2012 The FTSE 100 index saw modest rises this morning as banks performed well in stark contrast to the retail sector which was pulled down by a string of poor results from heavyweights including Tesco. Investors were also digesting the results of a Spanish sovereign debt auction which showed yields going in a positive direction. Spain [...]
ANALYST VIEWS: HOW DID SAINSBURY’S FARE AGAINST RIVALS? January 11, 2012 PHILIP DORGAN | PANMURE GORDON A continued strong performance from Sainsbury… we believe that it continues to be underestimated by the market. True, its reported sales growth period is longer than for Morrison… but we believe that it had a good Christmas. KEITH BOWMAN | HARGREAVES LANSDOWN In all, Sainsbury has again surprised on the [...]
Commodities spur FTSE 100 gains as banks bounce bank January 10, 2012 COMMODITY stocks led the FTSE 100 top share index higher yesterday, after Alcoa kicked off the US earnings season with an upbeat outlook and data from China lifted sentiment, while retailers rallied after some encouraging updates. London’s blue chip index rose 84.44 points, or 1.5 per cent to 5,696.70, making up for the 1.5 pe [...]
Our schools must be open to business so we can have a bright economic future January 10, 2012 NOW that pupils are back at school, it’s time to help them get down to business. One key question they need to be asked is: “Hands up who wants to go into business?” Their answer will not only shape the life chances of millions of young people, but will also have a dramatic impact on [...]
There’s no let up in City’s race to consolidate January 9, 2012 IT seems there is going to be no slackening of the consolidation process taking place in the financial advisory sector. Evolution has already been swallowed up by Investec, with fairly unpleasant consequences for many of its employees; Collins Stewart Hawkpoint is busy sorting out the finer details of its deal with the Canadian group Canaccord, [...]
Morrisons says its festive revenues gained slightly January 9, 2012 WM MORRISON said squeezed shoppers counted their pennies this Christmas, trading down on items like champagne for sparkling wine, as the supermarket chain reported a slowdown in like-for-like growth. Britain’s fourth-biggest supermarket said sales at stores open for at least a year rose 0.7 per cent, excluding fuel and VAT in the six weeks to [...]