Asda promises turnaround after sales hit rock bottom August 19, 2015 ASDA chief executive Andy Clarke insisted that the company was seeing the first “green shoots” of a recovery despite revealing its worst ever quarterly result in the 16 years it has been owned by US chain Wal-Mart. The supermarket chain, which recently lost its position as Britain’s second-largest food retailer to Sainsbury’s, said like-for-like sales [...]
Wal-Mart puts drag on Wall Street shares – New York Report August 18, 2015 US STOCKS fell yesterday, with the S&P 500 trading in its tightest daily range in nearly a month, weighed by earnings-related selling in Wal-Mart and a drop in materials stocks on concerns about China’s economic health. The Dow Jones industrial average fell 33.7 points, or 0.19 per cent, to 17,511.48, the S&P 500 lost 5.56 [...]
Don’t fear low inflation: It’s great news for consumers while it lasts August 18, 2015 The latest retail figures in the UK showed good growth. Things are also looking up in the US and in much of the euro area. The world economy has settled into a period of steady growth with very little inflation in the major economies. Indeed, just yesterday, official figures revealed that consumer price index inflation [...]
China slowdown: The two reasons British business should remain optimistic August 18, 2015 It’s easy to be down on China. Last week’s negative headlines after the unexpected devaluations of the renminbi (RMB) played into the “China slowdown” narrative which has taken root as this year’s accepted story. But we’re not giving China enough credit. By opening up the RMB to more market forces, it has moved one step [...]
Austin Reed puts Regent Street flagship store up for sale August 18, 2015 Austin Reed has put its flagship store on Regent Street up for sale just months after undergoing a painful restructuring that involved closing 31 stores to pay down debts. The 114-year-old tailor, which counts International Monetary Fund chief Christine Lagarde among its customers, has instructed agents James Andrew International to sell the lease on its [...]
H&M July sales beat expectations August 18, 2015 SWEDISH fashion giant H&M posted a better-than-expected rise in sales last month, thanks to improvements to its website and after broadening its home and beauty ranges. The world’s second-biggest clothing retailer said sales in local currencies rose by 16 per cent in July, compared with the same time last year, beating expectations. Analysts on average [...]
Wall St rises as home building sentiment up – New York Report August 17, 2015 US STOCKS rose yesterday after strong economic data boosted the housing sector and as investors bought recently battered shares in biotech and media. The Dow Jones industrial average rose 67.78 points, or 0.39 per cent, to 17,545.18, the S&P 500 gained 10.9 points, or 0.52 per cent, to 2,102.44 and the Nasdaq Composite added 43.46 [...]
Eurozone economic growth misses expectations in the second quarter August 15, 2015 The Eurozone economy put in a disappointing performance in the second quarter, held back by France, despite the European Central Bank's (ECB) generous stimulus package. A flash estimate from Eurostat showed the 19-country bloc grew 0.3 per cent in the three months to June, down from 0.4 per cent in the first quarter, and coming [...]
City analysts baffled as Greek economy expands August 14, 2015 EXPERTS were left searching for answers yesterday as Greece, which has seen nine months of economic uncertainty and a slow-motion bank run, posted strong economic growth. In the three months ending 30 June, the economy grew by 0.8 per cent. “We had feared a big contraction,” said Jonathan Loynes from Capital Economics. “Though note that [...]
Poundland’s bosses fail to get bonuses August 14, 2015 BOSSES at UK discount retailer Poundland did not receive a bonus for 2015, despite both sales and profits at the company improving last year. Poundland’s annual report said the bonus payments were “self-funding” and “as such, this year’s underlying profit after tax achievement of £33.95m did not trigger payment of bonuses to colleagues.” The company’s [...]