FTSE 100 down as US budget deal hopes fade December 21, 2012 The leading share index slipped back this morning – the final full trading day before Christmas – and fell 0.7 per cent in early deals, as a deal on the US budget looked less likely. US Republican lawmakers have rejected party leader John Boehner’s proposal in the fiscal cliff talks, leading to fears that $600bn [...]
What the other papers say this morning December 20, 2012 FINANCIAL TIMES Trafigura earns $1bn twice in a row Trafigura, the commodities trader, earned about $1bn for the second year running in 2012, indicating that the profitability of the world’s top houses that dominate raw materials has remained high in spite of slower economic growth in China. The privately held company, based in Geneva and [...]
Festive trading is slow for UK supermarkets as sales weaken December 19, 2012 SUPERMARKET grocery sales have slowed in the past four weeks, held back by weak general merchandise sales and the continued squeeze on consumer budgets. According to the latest data from Nielsen, grocery sales in the four weeks to 8 December rose 1.3 per cent year-on-year. That compared with a two per cent growth in the [...]
What the other papers say this morning December 17, 2012 FINANCIAL TIMES G4S set to win child benefit role G4S, the company at the centre of the Olympics security fiasco, is set to win a role in implementing the government’s contentious and complex changes to child benefit and the universal credit. The FTSE 100 group is among six companies selected to run call centres that [...]
Trevor to take the Strain as Morrisons FD December 13, 2012 MORRISONS, the UK’s fourth biggest supermarket, has chosen Trevor Strain to replace Richard Pennycook as its new group finance director, it said yesterday. Strain will be officially appointed to the main board in June 2013, but will take on Pennycook’s responsibilities next spring after a handover. Strain joined Morrisons in 2009 as commercial and operations [...]
Greggs’ pasty tax rebel flakes away to Brakes December 10, 2012 PASTY shop Greggs yesterday began the search for a new chief executive after current boss Ken McMeikan, who led a rebellion against government proposals for a pasty tax, said he was quitting the business. McMeikan, who is credited with turning the high street Steak Bake maker from a small scale bakery into a thriving national [...]
Tesco US chief quits as retailer signals retreat December 5, 2012 TESCO shares climbed 3.3 per cent yesterday after chief executive Philip Clark revealed the likely closure of its loss-making US chain and the departure of the division’s head. The supermarket giant has hired investment bank Greenhill to conduct a strategic review of Fresh & Easy that could lead to the sale or closure of its [...]
It is never easy to attempt something this fresh December 5, 2012 AS TIM Mason departs and Tesco announces a strategic review of its US venture Fresh and Easy, it is Sir Terry Leahy’s judgement that is under scrutiny. But despite the failure of his American dream, critics should not use hindsight to throw too many brickbats Leahy’s way. It is important to remember both how bold [...]
Mining firms and Tesco help push UK’s bluechip index up 0.4 per cent December 5, 2012 MINING stocks helped Britain’s main share index rise yesterday on expectations of stronger demand from China, offsetting lingering concerns about the US and European economies. Miners added 1.8 per cent after the head of China’s Communist Party said the world’s largest consumer of metals will approve policies targeted aimed at helping the economic recovery. Britain’s [...]
Every little helps as Tesco boosts FTSE December 5, 2012 Tesco proved that every little helps by assisting the FTSE to a healthy rise in early trading. The supermarket group admitted last night that it is considering giving up on its struggling US venture, exciting investors who have grown exasperated with the company’s inability to transfer its success to the other side of the Atlantic. [...]