London Report: FTSE rises as Ukraine-Russia fears subside August 18, 2014 THE FTSE 100 yesterday climbed on the back of investor relief that a feared escalation in the Ukraine crisis had failed to materialise. Tensions spiked on Friday when Ukraine said it had partially destroyed an armoured column that had crossed the border from Russia, triggering a sell-off in global shares. But Moscow made no threat [...]
Concern over Tesco dividend August 17, 2014 FEARS that Tesco may have to cut its £1bn dividend increased yesterday after a fresh warning from one of the supermarket’s activist investors. Harris Associates, which owns a three per cent stake, told The Sunday Times that the dividend “should be cut if it’s paid for by borrowing” and not covered by free cash flow. [...]
Asda sales ahead despite profit warning from owner Wal-mart August 14, 2014 ASDA is outperforming its leading supermarket rivals in the battle for customers’ loyalty after reporting a 0.5 per cent increase in like-for-like sales in the second quarter. The US-owned chain was the first of the big four to take action against the discounters by cutting its prices when it pledged in November to invest £1bn [...]
Dash! Trademark blues as Tesco’s Tevron dismissed as “devoid of any distinctive character” August 14, 2014 Tesco has lost its latest round with the Intellectual Property Office (IPO). The supermarket giant was hoping to trademark the blue dashes underneath the word Tesco in its logo, but the powers that be deemed the marks (known by Tesco insiders as Tevrons, our spies tell us) were too simple to represent the brand on [...]
Mitie forecasts good full-year revenue growth after securing £250m Vodafone deal August 11, 2014 Outsourcing firm Mitie yesterday said it expects good full-year revenue growth, after securing a string of high-profile contracts including a £250m deal with telecoms giant Vodafone. The FTSE 250-quoted company had already secured 90 per cent of budgeted revenues for this financial year by 30 June, with the start dates of a number of contracts [...]
Who will tell all? Tesco’s tricky results question as new CEO takes the reins August 11, 2014 The day one chief exec hands his reins over to the next is always going to be a complicated one, fraught with political tension and potentially awkward exchanges. Holding this momentous occasion on the same day as your half-year results certainly won’t help. Enter Tesco, stage left. On 1 October, the supermarket giant will wave [...]
Lansdowne takes a stake in luxury online retailer Achica August 10, 2014 Lansdowne Partners, one of the world’s largest hedge funds, has bought a stake in online luxury lifestyle store Achica. Lansdowne’s investment was disclosed in documents filed at Companies House, which also said that the company is considering an initial public offering at some point in the future. Achica’s chief executive Steve Robinson, who previously headed [...]
Tesco’s credit rating downgraded by S&P amid profit fears August 8, 2014 Tesco suffered a fresh blow yesterday after Standard and Poor’s (S&P) downgraded the troubled supermarket’s credit rating over concerns of rising competition in its home market and its recent profit warning. S&P said it had cut its long-term rating on Tesco to “BBB” from “BBB+”, but reiterated its “A-2” short-term corporate credit rating on the [...]
Ed Ballsed-up behind wheel but it’s (a) fine – and five points on his driving licence August 5, 2014 Ed Balls managed to swerve a driving ban yesterday, his lawyers racing away from Leeds magistrates with just a £1,000 fine and five points for the shadow chancellor. The charge? He failed to stop after hitting a parked car. Of course, the Labour shadow minister is walking (or, driving) a thin line – he’s already [...]
Sally Weavers of IPG Mediabrands’s Initiative agency on thinking laterally August 3, 2014 Liam Ward-Proud talks to Sally Weavers, UK managing director of IPG Mediabrands’s Initiative agency. Initiative holds a fairly unique place among UK media agencies. It’s big, placing thirteenth in last year’s rankings, with billings of over £169m, but nowhere near the scale of the outfits owned by the industry’s behemoths. According to Sally Weavers, [...]