Best of the Brokers for 24 July 2014 July 23, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com B&M RETAIL Jefferies has initiated with a “buy” rating, with the target price at 350p. The broker believes the retailer has an excellent track record, with clear scope to grow stores, particularly in the south of England, and thinks that B&M is likely [...]
UK retail sales on the rise in July July 23, 2014 Summer is smiling on the British high street as the good weather boosted retail sales beyond last months figure and above the expectations of a group of economists polled by Reuters. The Confederation of British Industry surveyed 133 different retailers and found that 46 per cent of retailers said sales volumes rose in the year to [...]
City Moves for 23 July 2014 | Who’s switching jobs July 22, 2014 Saxo Bank Alessandro Bressan has been appointed global head of equity products at the online multi-asset trading and investment specialist. He was most recently at Deutsche Bank, where he was global head of dbIntegrate sales. Bressan has also held roles on Morgan Stanley’s equities electronic trading desk. Atkins The engineering and project management firm has [...]
Tesco to splash £11m on Dave Lewis and Philip Clarke rescue operation July 21, 2014 Tesco will spend more than £1.8m on its new chief executive Dave Lewis but up to £9.6m on departing boss Philip Clarke as the supermarket puts its faith in the industry outsider to turn its sales around. Clarke’s shock departure and his replacement with Unilever’s president of personal care, who will start in October, comes [...]
Dave Lewis: Tesco banks on first outsider in its 95-year history. Will he make a difference? July 21, 2014 Tesco’ incoming boss Dave Lewis will have no easy task on his hands when he takes the reins at the UK’s biggest retailer and the world’s third largest chain in October. But while he lacks the Tesco genes that Philip Clarke had from spending 39 years at the grocer, Lewis makes up for it in [...]
Tesco share price up on CEO exit despite profit warning July 21, 2014 Shares in Tesco rallied almost two per cent this morning on the news that boss Philip Clarke is standing down, despite the retailer saying sales and profits would fall below expectations. Tesco's share price jumped 1.8 per cent as investors responded positively to Clarke's departure and his replacement, Unilever's Dave Lewis, the first outsider to take [...]
Tesco chief exec Philip Clarke relieved to be out as supermarket issues profit warning July 21, 2014 Tesco boss Philip Clarke has said he is relieved to be leaving the struggling supermarket as the retailer issued a profit warning. Britain's largest retailer said sales and profit in the first half of the year are below expectations. Clarke oversaw Tesco's attempt at repositioning in the face of tough market conditions and increasing competition [...]
London Report: UK’s second quarter growth and minutes from Bank in focus July 21, 2014 THE first estimate of gross domestic product data for the second quarter is likely to be closely watched after hints of a rate rise later this year. The minutes of the July meeting of the Bank of England’s Monetary Policy Committee will also be of interest, for the same reason, and retail sales figures will [...]
Heaven in a box: Rococo Chocolates’ Chantal Coady talks hurricanes and strong wine July 20, 2014 Luxury chocolatiers weren’t a common sight in 1983 England. Stalwarts like Thorntons and Prestat were around but, save imports from the continent, it was a market waiting to be tapped. And 24- year old Chantal Coady realised this. The founder of Rococo Chocolates was then participating in the Youth Training Scheme, an on-the-job training course [...]
Amazon Kindle Unlimited: £6 a month “Netflix for books” ebook subscription service launches July 18, 2014 Amazon has officially launched its new book subscription service Kindle Unlimited after details of the new offering leaked earlier in the week. Dubbed the “Netflix for books”, Amazon Unlimited will offer customers unlimited access to selected books and audiobooks, including best sellers such as Harry Potter and the Hunger Games, for a monthly fee of [...]