Sainsbury’s sales and market share rise March 21, 2012 J Sainsbury, Britain’s third-biggest supermarket group, beat forecasts for fourth quarter sales growth as it won market share from rivals. “We continue to outperform the market and gain market share,” said chief executive Justin King. He said although the economic climate was likely to remain challenging Britain’s roster of summer events, including celebrations to mark [...]
FTSE SUFFERS BIGGEST FALL IN TWO WEEKS March 20, 2012 BRITAIN’S top share index suffered its sharpest fall in two weeks yesterday, as concerns over materials demand in top consumer China hit commodities-linked sectors, marring a rally that had been part-driven by hopes for improving global growth. The benchmark FTSE 100 index closed down 69.7 points, or 1.2 per cent, at 5,891.41, having rallied more [...]
Miners peg back FTSE as UK inflation dips again March 20, 2012 Miners pegged the FTSE 100 back in early trading as fears that demand from China for metals was falling sapped investor confidence. BHP Billiton, the world’s biggest miner, fell 1.9 per cent after saying it was seeing signs of “flattening” iron ore demand from China. The sector is pinning its hopes on continuing fast growth [...]
Tesco Thai property float soars March 19, 2012 The property fund of Tesco’s Thai unit jumped nearly 10 per cent in its trading debut yesterday as investors who were shut out of Thailand’s largest IPO in six years scrambled to get a piece of the high-yielding security. The IPO raised about £378.8m, the biggest in Thailand since 2006, but the supply of units [...]
Clarke takes charge as UK chief departs March 15, 2012 TESCO chief executive Philip Clarke is expected to take the reins at the retailer’s UK business for at least a year until sales show signs of improving, after former head Richard Brasher abruptly stepped down. Tesco announced yesterday that Brasher was stepping down from the board of Britain’s biggest retailer with immediate effect, and would [...]
The clock is ticking for Philip Clarke March 15, 2012 HAVING initially rejected predecessor Sir Terry Leahy’s dual role of running the UK on top of being group chief executive, just one year later Clarke has conceded “there is just not room for two captains in the same team”. There would have been plenty of space had things been going well. But this is a [...]
FTSE pulled down by poor showing from energy stocks March 15, 2012 Britain’s leading share index slipped yesterday, weighed down by weakness in heavyweight energy stocks after recent gains, with investors also looking ahead to futures and options expiries. At the close, the FTSE 100 index was down 4.71 points or 0.1 per cent at 5,940.72, having shed 0.2 per cent in the previous session following five [...]
Tesco’s UK chief Richard Brasher set to step down March 14, 2012 TESCO’S chief executive of UK operations Richard Brasher is set to step down just one year after taking the position. Group chief executive Philip Clarke will assume responsibility for Tesco’s home operations. Richard Brasher joined Tesco in 1986 and was appointed to its board eight years ago today, on 15 March 2004. He took the [...]
Tesco: the fastest growing of the top four global grocers March 14, 2012 TESCO may be losing market share in the UK, but the supermarket chain is forecast to grow faster than its three main global rivals over the next three years, according to research by retail analyst IGD. The grocer is set to grow at an annual rate of 6.8 per cent between 2011 and 2015, compared [...]
Supermarket’s pension age to increase to 67 March 14, 2012 TESCO is looking to make major changes to its pension scheme, which will see the supermarket’s 172,000 staff wait two years longer to obtain their full pension. The grocer has begun a consultation about extending the retirement age for members of its pension scheme from 65 to 67 from 1 June as it looks to [...]