S&P 500 rises to record high on Yellen’s speech February 27, 2014 THE S&P 500 soared to a record high yesterday after US Federal Reserve chair Janet Yellen said harsh winter weather may have been behind recent US economic softness. Appearing before the Senate Banking Committee for the first time since taking over as chair of the US Fed, Yellen said it wanted to get a “firmer [...]
Sainsbury’s online boss promoted February 27, 2014 Sainsbury’s has promoted the head of its £1bn online business Jon Rudoe to the operating board, as the supermarket chain ramps up its online efforts. Sainsbury’s said the move reflected “the rapidly growing importance of online and digital sales channels,” with Rudoe taking over all responsibility for IT. Before joining Sainsbury’s in 2011 Rudoe was [...]
H&T spots golden opportunity to polish up poor set of results February 27, 2014 SHOPPERS on the hunt for jewellery and watches are set to be targeted by struggling pawnbroker H&T in a bid to boost its profits. The company said a plunge in the gold price meant there was a growing opportunity to sell trinkets more cheaply to punters. It came as the company reported a 61 per [...]
New York Report: S&P hits fresh record high on Fed assurance February 27, 2014 THE S&P 500 closed at a record last night and ended in positive territory for the year after Federal Reserve chair Janet Yellen said harsh weather seems to be to behind recent US economic softness. Her comments gave some relief to investors who supported the view that heavy snowstorms and unusually cold weather – and [...]
RBS still years from recovery February 26, 2014 ■ Bank offloads £1bn stake in Direct Line■ Set to slash costs as its losses mount■ No return to profit expected until 2018 RBS will today launch a new plan to slash costs and re-focus on the UK in a bid to convince markets and the government it is at last on the path to [...]
Inside Track: Essar deal could hurt JP Morgan February 26, 2014 IN the ultra-polite language of the City, even the biggest failures among departing bosses often leave with good wishes and gratitude for their contribution ringing in their ears. So when blue-chip fund managers dispense with pleasantries and bandy words such as “cynical” around, it’s clear that somebody is seriously unhappy. Having bought Essar Energy shares [...]
Westfield eyes London listing for overseas empire as earnings rise February 26, 2014 AUSTRALIAN shopping centre giant Westfield said yesterday it is eyeing a listing in London after a full break-up of its Australian and international retail businesses. Westfield announced plans in December to sell its 50 per cent stake in its mature Australian and New Zealand assets to focus on the fast-growing part of the business – [...]
What you need to know before the US open February 26, 2014 It looks like US stocks are set to open slightly up today, but with just new home sales figures for January out, it’s not an overly illuminating day for investors looking for more information on the health of the economy. Like a lot of data we've seen over the last few weeks, home sales will [...]
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 [...]
What you need to know before the open February 26, 2014 Markets are set to open mixed this morning ahead of UK GDP data, and with China fears pulling down metal prices. US markets finished a touch lower yesterday, but have weathered well the string of unimpressive data the country’s seen. Over in Asia, the Nikkei came down from a 4-week high, tainted by US data, [...]