Tesco retreats as Clarke puts the brakes on February 25, 2014 Supermarket pulls out of the space race with plans to slash spending and cut prices TESCO’S chief executive pledged yesterday to put the brakes on its UK expansion and spend £200m slashing prices as Britain’s biggest grocer seeks to revive sales and win back falling market share. Speaking at an investor conference, Philip Clarke laid [...]
What the other papers say this morning – 26 February 2014 February 25, 2014 FINANCIAL TIMES Osborne under pressure to cut taxes George Osborne, chancellor, is under pressure from Tory MPs to use next month’s Budget to announce pre-election tax cuts to offset the prospect of a politically damaging rise in interest rates before polling day. One Tory MP said the idea of the Bank of England raising base [...]
Retail sales rise at fastest pace since mid-2012 February 25, 2014 RETAIL sales have surged in February, rising at the fastest pace in nearly two years and beating expectations, the Confederation of British Industry (CBI) said yesterday. A net balance of 37 per cent of retailers said sales volumes have risen from the same point last year, according to the CBI’s latest distributive trades survey. Only [...]
City Moves for 26 February 2014 | Who’s switching jobs February 25, 2014 Menzies Business Recovery The recovery and insolvency arm of Menzies has hired David Thurgood as a director. He joins from Grant Thornton, where he spent 30 years working on receiverships, administrations and liquidations. Aldermore Bank The bank has appointed Stuart Williams as a property development manager. He was most recently at Bridgebank Capital, where he [...]
New York Report: Poor housing data prompts shares decline February 25, 2014 US STOCKS edged lower last night, easing back from record territory a day earlier as weak economic data offset gains in Home Depot and other retail shares. Seven out of the 10 S&P 500 sector indexes ended lower, led by industrials while consumer discretionaries led on the upside. Gains in US home prices slowed in [...]
Letters to the Editor – 26/02 – Peak holidays, Fantasy oil, Best of Twitter February 25, 2014 Peak holidays [Re: Holidays cost more at peak times. The reason is basic economics, yesterday] My argument is that companies don’t charge “extra” during school holidays. That’s the normal price. Instead, they offer discounts out of season. Mark Wadsworth It’s not just about supply and demand, but about when parents can take their kids on [...]
What you need to know before the US open February 25, 2014 Housing and retail are in focus today, with figures just in. House prices are still rising, but the pace has moderated a bit. The house price index for December increased 0.8 per cent – a revised figure showed they fell 0.1 per cent in November. The S&P/Case-Shiller indices rose 13.4 per cent in the month. [...]
Dixons boss set to be chief exec if deal happens February 24, 2014 DIXONS Retail chief executive Sebastian James is expected to head one of the high street’s biggest chains if talks with Carphone Warehouse lead to a merger, with Sir Charles Dunstone expected to become chairman. The two companies yesterday confirmed “very preliminary” merger talks that could create an electricals and mobile phone giant with a market [...]
What you need to know before the open February 24, 2014 European markets are expected marginally lower this morning, following Asian counterparts, which were left unsatisfied by the G20’s commitment of an extra $2 trillion in output over the next five years. The UK market posted its third successive gain last week, but things in the rest of Europe and the US weren’t as positive, following [...]
Primark sweetens outlook for AB Foods as sugar disappoints February 24, 2014 Associated British Foods has reported that it expects operating profits for the first half of the year to be in line with that of the previous year. The company expects low profits from sugar to be offset by a stella performance from Primark. Primark enjoyed strong sales in the first half and they are expected [...]