JJB hit with FSA fine October 29, 2010 Sportswear retailer JJB Sports has been fined £455,000 by the Financial Services Authority. JJB said the fine follows the end of an FSA probe into the company’s compliance with the regulator’s disclosure and transparency rules in the lead up to its interim results in September 2008. The 250-store JJB, which teetered on the brink of [...]
Betfair launches an online trading arm October 25, 2010 SHARE trading service LMAX opened for business yesterday, offering contracts for difference on US and European share indices, commodities and UK gilts. The platform, which is majority owned by online sports gambling firm Betfair, adopts its parent’s model as a peer-to-peer exchange rather than a traditional broker. It claims to be the first multi-asset trading [...]
At a glance: George Osborne’s first comprehensive spending review October 20, 2010 SPENDING FIGURES This fiscal year current expenditure will be £637.3bn. In 2011-12, current spending will be £651.1bn, followed by £664.5bn in 2012-13, £678.6bn in 2013-14 and then £692.7bn in 2014-15. The government will pay £43.3bn of gross government debt interest this fiscal year followed by £46.5bn in 2011-12, £52.4bn in 2012-13, £57.8bn in 2013-14 and [...]
Sports Direct in good shape October 20, 2010 SPORTS Direct, Britain’s largest sport retailer, warned 2011 would be extremely challenging for all retailers as it delivered a trading update yesterday. The company, controlled by Newcastle United football club owner Mike Ashley, said group sales for the nine weeks ending 26 September were up 5.4 per cent to £295m compared with £218m a year [...]
ANALYST VIEWS: HOW HAS SPORTS DIRECT PERFORMED October 20, 2010 DAVID BUIK | BGC PARTNERS Mike Ashley is incredibly market aware when it comes to capitalising on opportunities like the World Cup or other big sporting events, and when it comes to knowing what will fly off the shelves he has no peer in the realm. These solid results are just an endorsement of that [...]
Blacks fields potential buyers October 19, 2010 CAMPING and hiking retailer Blacks Leisure yesterday confirmed it has received several approaches to take over all or parts of its business. Shares in the company rose 25 per cent to 42.50p following the news that Blacks has taken on financial advisers McQueen to help field potential offers. The share price gives the company a [...]
Sport retailers cleared by fraud probe but individuals are still under scrutiny October 19, 2010 SPORTS Direct and JJB Sports have been cleared by a fraud probe, although investigations into unidentified individuals continue, the two companies announced yesterday. Britain’s Serious Fraud Office (SFO) had been investigating both sporting goods retailers over possible price fixing and fraud. “No charges are to be brought against the companies or any companies within their [...]
Sports Direct fraud probe dropped October 19, 2010 Sports Direct International has been told that no charges will be brought against it by the Serious Fraud Office. The SFO had launched an investigation into Sports Direct International and JJB Sports over alleged anti-competitive practices. Office of Fair Trading and the SFO officials visited Sports Direct’s head office in September 2009 as part of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 17, 2010 THE SUNDAYS The Sunday Telegraph LORD LAWSON URGES OSBORNE CUTS Lord Lawson of Blaby, the former Chancellor and a man used as a sounding board by George Osborne, has urged his successor to “be bold” when making cuts to expenditure in this week’s Comprehensive Spending Review. Lord Lawson said that in spite of fears of [...]
Eco-dazzle at Paris Motor Show October 12, 2010 Two key trends revealed themselves at this year’s Paris Motor Show. First, while the carmakers have showed eco concepts for years, this year was the first Paris Show where so many production versions of hybrid and electric cars were launched. Second, the sports and supercar brands proved that they too have a place in this [...]