Buffett buys another 34m Tesco shares September 26, 2011 BILLIONAIRE US investor Warren Buffett has nudged up his stake in retailer Tesco in what is being seen as a vote of confidence in new chief executive Phil Clarke. Buffett’s Berkshire Hathaway last has bought around 34m Tesco shares for about £120m, lifting its stake in the British supermarket group to 3.64 per cent from [...]
Intertek names new chariman as David Reid September 26, 2011 BRITISH testing firm Intertek has announced that outgoing Tesco chairman David Reid will join the firm to fill the same role next January. Intertek, which tests products from toys and clothes to oil and renewable technology, said Reid, also a former chairman of Kwik-Fit Group, would replace Vanni Treves, who will retire on 1 January [...]
Global markets dragged down by Eurozone crisis September 26, 2011 Gains by banks were outweighed by heavy losses among miners in early trading today as Eurozone bailout fears and bleak forecasts on world economic growth cast a shadow over markets. After last week’s rollercoaster ride, volatility looked set to continue as Eurozone leaders conceded that they would have to pump in trillions to have an [...]
Buffett raises stake in Tesco September 26, 2011 Billionaire US investor Warren Buffett has nudged up his stake in Tesco, according to Reuters sources. Analysts said the move could be interpreted as a vote of confidence in new chief executive Phil Clarke. Buffett’s Berkshire Hathaway last month bought around 34m Tesco shares for about £120m, lifting its stake in the British supermarket group [...]
High Street boosts discounts September 25, 2011 HIGH street retailers stepped up the battle to win over cash-strapped shoppers this weekend by slashing prices and launching promotions, days after Britain’s supermarkets announced fresh price cutting campaigns. Top fashion retailers including Next and Gap launched a two day “flash sale” over the weekend, with items discounted at 50 and 30 per cent respectively [...]
FTSE closes narrowly up after fight back from banks September 23, 2011 A strong rebound in banking stocks saw the FTSE end higher on Friday after a turbulent week, with investors pinning hopes on more action from the European Central Bank to deal with the region’s debt crisis. As traders cited market talk of help from France with some form of capital injection to bolster French banks’ [...]
Tesco kicks off price war September 22, 2011 TESCO has kicked off a price war with rivals, announcing that it plans to splash out £500m on dropping prices on 3,000 food items. In an aggressive attempt to outflank the competition, the supermarket giant has vowed to focus the campaign on cheap, everyday products and to scrap complex promotions in favour of across-the-board price [...]
RETAIL BANK | OF THE YEAR September 21, 2011 LLOYDS BANKING GROUP The programme of change under new leader Antonio Horta-Osorio won the day for Lloyds, as it accelerates the sale of 632 bank branches. It also won praise for its bold stance on Payment Protection Insurance. SHORTLIST Santander UK Virgin Money Tesco Bank Co-op Bank
Tesco to float Thailand real estate fund September 21, 2011 TESCO has unveiled plans to float a property fund of 15 malls in Thailand with a value of over £300m. The float, which is likely to be the biggest in Thailand this year, will see the Tesco Lotus Property Fund established as a standalone public listed company, with Tesco Lotus – the group’s supermarket business [...]
Supermarket’s pricing war could put squeeze on Ocado September 21, 2011 TESCO is tipped to launch a price war next week, which one analyst says could put the squeeze on online deliver service Ocado under its pledge to match prices. The retailer was said by industry sources to be trying to dent Asda’s sales, but Ocado could be hit in the crossfire. Panmure Gordon’s Philip Dorgan [...]