Tesco in £1bn plan to breathe new life into business April 18, 2012 Tesco said it would spend £1bn this year overhauling its underperforming UK business and will rein in expansion as it seeks to win back market share and calm nervous shareholders. It said that the blueprint to revitalise its most important market, which it conceded was not a radical change of direction, would focus on improving [...]
Dairy Crest loses Tesco contract April 17, 2012 Dairy Crest said yesterday it has lost its contract to supply milk to Britain’s largest retailer Tesco and that it was looking at closing two facilities, which will affect about 470 staff. The manufacturer of Country Life butter, Cathedral City cheese and flavoured milk drink Frijj, said Tesco had decided not to renew its contract [...]
American buyout giant’s gem plan could quickly lose sparkle April 15, 2012 KKR’s plan to merge the diamond operations of Rio Tinto and BHP Billiton might sound ambitious, but the deal loses its sparkle upon closer inspection. The market for the proverbial girl’s best friend is hot, about that there is no doubt. Demand is holding up even in mature markets while emerging countries are quickly falling [...]
Tesco to unveil shake-up amid dismal figures April 15, 2012 TESCO is expected this week to reveal further dismal trading in the fourth quarter of this year as Britain’s largest supermarket unveils plans for its strategic overhaul of the business. In its full-year results on Wednesday, the retailer is expected to reveal a one-1.7 per cent fall in UK like-for-like sales in the three months [...]
News from retailers and job figures will make the week ahead April 15, 2012 WHILE the first couple of days indicate a quiet start for the UK market, activity is likely to increase by the middle of the week. All eyes will be on consumer price index data tomorrow for any signs of inflation moving one way or another. Tesco reports full year numbers on Wednesday. The supermarket lost [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 12, 2012 FINANCIAL TIMES EU seeks new curbs on bonuses Bankers’ bonuses across Europe would be capped at no more than their fixed salaries under strict new curbs sought by senior lawmakers in response to continued public anger over financial sector pay. EU parliamentarians are drawing up new caps on bonuses to be included in the latest [...]
Travelodge chief Guy Parsons to be replaced by former boss April 12, 2012 GUY PARSONS has stepped down as chief executive of Travelodge to allow executive chairman Grant Hearn to take full control of the debt-laden group. The budget hotel chain, which owns nearly 500 hotels across the UK, Ireland and Spain, said Hearn will resume the role as chief executive which he held until 2010. The move [...]
Former Blair adviser sells his PR agency April 12, 2012 TIM Allan, the former spin doctor for BSkyB who started his professional career as a press adviser to Tony Blair, has agreed to sell a majority stake in his public relations firm Portland to the global marketing group Omnicom. The deal values Portland at around £20m (depending on the group’s performance over the next three [...]
BEST of the BROKERS April 12, 2012 GKN Credit Suisse has upgraded the carmaker from “neutral” to “outperform” and has left its target price unchanged at 240p. The broker points out that GKN’s shares have underperformed the sector by four per cent in the last month, thanks to concerns over its possible purchase of Volvo Aero, providing a buying opportunity. Credit Suisse [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 11, 2012 FINANCIAL TIMES Aviva considers plans for sale of US division Aviva is considering plans to sell its life assurance business in the US in a move analysts estimate could raise at least £1bn and mark an exit from one of the UK-listed group’s core markets. Andrew Moss, chief executive, told investment managers at a recent [...]