London Report: Survey figures forecast to show more UK growth February 2, 2014 MANUFACTURING data, due out today, is the first of the UK survey figures that will be the highlights of this week’s economic calendar. Construction figures will follow tomorrow and services data on Wednesday, with all sectors expected to show further growth. Industrial production data is due on Friday. Martin Beck of Capital Economics said: “On [...]
We’re seeing respectable growth for a New Normal but real risks still remain February 1, 2014 UK ECONOMIC growth is looking up. The 0.7 per cent GDP increase in the fourth quarter of 2013 might not have been as strong as some commentators were expecting, but it means economic activity is up a full 2.8 per cent on a year ago. It’s not as strong as the 3.3 per cent growth [...]
City & Gild: As the economy improves, a new battle between value and volume emerges January 31, 2014 What should the consumer make of the recent spat between Adidas and Sports Direct, and how will the unfolding saga affect each brand? At the end of last year, the German sportswear giant refused to supply the retail chain with Chelsea latest replica kit. From my perspective, there will no doubt be some turbulence in [...]
3i sambas out of Brazil market in concerns over economic growth January 30, 2014 THE UK’S oldest private equity group has quit Brazil due to the Latin American country’s deteriorating economic promise. 3i Group, formed in 1945, said it will stop investing in the country and cease raising a Brazilian-focused fund due to slowing economic growth. Its Sao Paulo office, which contains eight staff, is also set to close. [...]
3i takes £14m write-down on Hobbs January 30, 2014 Private equity firm 3i denied reports today that it is looking to sell Hobbs after taking a huge write-down in the value of its investment in the fashion group, blaming poor sales over Christmas. The company, which bought Hobbs in 2004 from Barclays Private Equity for £111m, said it was forced to write down the [...]
Sainsbury’s chief to step down after ten year rule January 29, 2014 SAINSBURY’S chief executive Justin King is to step down after ten years at the helm, having overseen nine years of consecutive growth and restored the company’s status as Britain’s second largest supermarket chain. King will step down at the company’s annual general meeting in July, when he will be replaced by Sainsbury’s commercial director Mike [...]
Inside Track: Ross’s brutal shake-up could prove painful for taxpayers January 29, 2014 ROSS’S Brutal Shake-up – come next month, that will be the most appropriate use of the initials of Britain’s most troubled lender. After Monday’s kitchen and bathroom sinking all rolled into one, it’s not difficult to see why. McEwan’s predecessor as chief executive of Royal Bank of Scotland (RBS), Stephen Hester, was fond of describing [...]
Merkel calls for integration to end euro crisis January 29, 2014 GERMAN Chancellor Angela Merkel yesterday warned that the Eurozone is not out of the woods yet, and called on the troubled currency bloc to make a “quantum leap” in order to escape its economic crisis for good. Warning of “deceptive calm” surrounding the Eurozone, Merkel used her state of the nation address to urge further [...]
Mulberry profit warning sends shares tumbling 27pc January 29, 2014 Luxury brand Mulberry has issued a surprise profit warning this morning, after Christmas trading in the UK got worse and wholesale cancellations in Korea were worse than anticipated. Shares have nosedived on the news, currently down well over 25 per cent. The fashion house, which has furnished the likes of Victoria Beckham and Katherine Jenkins [...]
Justin King to leave Sainsbury’s in July January 29, 2014 Justin King is stepping down as chief executive (CEO) of Sainsbury’s in July, it's been announced. King’s been in charge for ten years; he’ll be replaced by Mike Coupe, current group commercial director. He only formally told chairman David Tyler that he was stepping down this morning. The decision, he said, was entirely his own [...]