CITY MOVES | WHO’S SWITCHING JOBS May 23, 2011 Agent Provocateur Retail veteran Chris Woodhouse has been appointed as non-executive chairman of luxury retailer Agent Provocateur. Woodhouse, director of Debenhams and chairman of restaurant group Gondola, which owns Pizza Express and ASK, will take a small stake in the lingerie business, which he will oversee alongside his existing role. Agent Provocateur, owned by private [...]
Morrisons is leading race for Iceland May 22, 2011 SUPERMARKET chain Morrisons is being touted as the frontrunner in the race to buy into rival Iceland, after majority owner Landsbanki officially launched a sales process for its holding in the company. The Resolution Committee for Landsbanki said last week that according to advisers UBS and Bank of America Merrill Lynch, “market conditions are currently [...]
Deal would shake up the supermarkets May 22, 2011 COMPETITION objections notwithstanding, Iceland’s 780 stores would be a huge boost to Morrison’s forecast earnings, giving it the foothold in the convenience store industry that chief executive Dalton Philips made central to its growth plans last year. They would also cement Morrison’s presence in the south of the country. Though the Bradford-based company has made [...]
Commodities rock FTSE as hits lowest level since April May 17, 2011 BRITAIN’S leading share index was driven down by weakness in commodity issues and banks on concerns over global growth which countered results-driven gains by market heavyweight Vodafone. At yesterday’s close, the FTSE 100 index was off 62.69 points, or 1.1 per cent, at 5,861.00, extending its losing streak to a fifth session. It ended below [...]
UK retailers are serving up higher high street prices May 16, 2011 ACCORDING to a report issued by economic forecasting group Ernst and Young ITEM Club yesterday, UK retailers are in for a difficult time in the years ahead. The report points to rising inflation and energy bills – without corresponding wage increases – leaving households with less disposable income. “World prices for food, fuel and fibres [...]
MEET: TEAM CITY A.M. NEW YORK May 12, 2011 City A.M. is proud to once again sponsor the New York team at MINT Polo in the Park. Victorious in last year’s event after a thrilling final against IG Index – Paris, team captain Jack Kidd will be hoping that he can lead it to victory again this year. NAME : Jack Kidd POSITION : [...]
Oil price fall fuels hopes of cheaper petrol May 11, 2011 CRUDE oil prices dropped below $100 a barrel and US petrol futures slumped yesterday, fuelling hopes that UK forecourt prices may fall substantially soon. Crude futures plunged more than five per cent in the week’s second major oil price fall, with light sweet crude for June hitting a low of $97.50 (£59.55). Brent crude traded [...]
Sainsbury’s shifts focus to non-food May 11, 2011 SAINSBURY’S yesterday said 40 per cent of its sales would be “non-food” by 2020 as it increasingly relies on clothing and other products for growth. The supermarket chain is in the middle of huge expansion with clothing and general merchandise being given more space. Sainsbury’s reported a 12.8 per cent jump in annual pre-tax profits [...]
RADIO SILENCE BY SKY BOSS ON MURDOCH BID May 11, 2011 INNOVATION was the theme for BSkyB chief executive Jeremy Darroch at the Institute of Directors’ convention yesterday, where fellow speakers included McDonald’s chief executive Jill McDonald, chancellor George Osborne and shadow chancellor Ed Balls. “The most successful businesses are those that constantly seek to adapt and renew themselves,” said Darroch, as he charted the broadcaster’s [...]
Morrisons FD gets £1.25m bonus May 11, 2011 Supermarket chain Morrisons gave finance director Richard Pennycook a £1.25m bonus in shares last year according to its annual report. Pennycook was one of the contenders for the chief executive job when Marc Bolland left the company for Marks & Spencer, but he lost out to Dalton Philips. He was paid £981,000 for 2010 before [...]