FTSE rises as miners gain and euro hope pushes bank stock October 12, 2011 STRONG miners and banks boosted Britain’s top shares yesterday, keeping the index on an upward tilt, underpinned by progress in tackling the Eurozone sovereign debt crisis and recent upbeat US data. The mood, already elevated by hopes European leaders will unveil new measures to solve the crisis by the month’s end, was further lifted when [...]
FTSE flat after Slovak vote blow October 12, 2011 The FTSE 100 was flat this morning after Slovak lawmakers rejected a plan to expand the Eurozone rescue fund and the US earnings season kicked off with disappointing results. Slovakia’s decision rattled world markets as the plan — which would see Greece saved from economic abyss through new loans — is central to hopes that [...]
Aldi market share lifts in tough climate October 11, 2011 BUDGET supermarket groups are growing sales faster than rivals in Britain’s grocery sector as cash-strapped shoppers battle to preserve their income by trading down, market research showed yesterday. Kantar Worldpanel said grocery sales rose 5.1 per cent year-on-year in the 12 weeks to 3 October, up from 4.5 per cent in the previous 12 week [...]
Leahy looks for £500m for his China venture October 11, 2011 FORMER Tesco boss Sir Terry Leahy is looking to raise up to £500m to invest in Chinese shopping centres with the support of a former colleague. Leahy and Paul Mercer are working with stockbroker Numis to handle a fundraising in the hope of capitalising on China’s economic growth, which has remained strong despite the global [...]
RBS and Lloyds asked to explain cash machine restriction plans October 10, 2011 THE Treasury select committee has called for an explanation from banks planning to restrict which cash machines basic bank account holders have access to. Committee chairman Andrew Tyrie wrote to RBS and Lloyds about their schemes after consumer groups said the they could affect some of the most vulnerable in society. A million RBS customers [...]
Sainsbury’s to join price match battle October 9, 2011 SAINSBURY’S will turn up the heat this week in the price war between the UK’s leading supermarkets with a pledge to match thousands of prices at rivals Tesco and Asda. The supermarket announced yesterday that it will start its “brand match” campaign this Wednesday, just two weeks after Tesco launched a £500m “Big Price Drop” [...]
Legal market overhaul starts as Tesco law comes into force October 6, 2011 SUPERMARKETS, banks and other high street stores are now able to offer legal services to their customers, after a new law to liberalise the UK’s legal sector came into force yesterday. The Legal Services Act, dubbed the Tesco law, introduces the idea of alternative business structures (ABS), which allow law firms to seek outside investment, [...]
Tesco sees UK sales hit by shopper woes October 5, 2011 TESCO yesterday reported its weakest six-monthly UK sales growth figures for 20 years as higher food and fuel costs took their toll on household budgets. UK like-for-like sales, excluding petrol and VAT, fell by 0.5 per cent in the six months to 27 August. The retailer said that underlying sales of food were up but [...]
ANALYST VIEWS: HOW SERIOUS IS TESCO’S RECENT SALES SLIP? October 5, 2011 DAVID MCCARTHY | EVOLUTION SECURITIES Our overriding impression is that the UK business remains disappointing and we are unconvinced that enough has been done to put it back on track. We are concerned strategically on Tesco. We had hoped that the Big Price Drop would be a significant event, but it looks increasingly disappointing. ANNA [...]
Greek progress lends a hand to FTSE despite retail worries October 5, 2011 RALLIES by hard-pressed banks, insurers and commodity stocks led a bounce back by Britain’s top shares yesterday as support for debt-laden Greece revived investor appetite for riskier assets. Financial issues were boosted after the International Monetary Fund said it “definitely participate” in a second bailout package for Greece if the Washington-based lender was happy about [...]