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 [...]
Tesco plots Thai property float September 21, 2011 Tesco Plc (TSCO.L), the world’s third-biggest retailer, plans to float its property assets in Thailand as it looks to highlight the value of its international businesses to investors. The British supermarket group said on Wednesday the property fund had an appraised value of more than 14 billion Thai baht (293 million pounds) and would include [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 20, 2011 FINANCIAL TIMES TESCO BANK FACES MORTGAGE DELAY Tesco faces a fresh delay to the roll-out of Tesco Bank, with mortgages unlikely to be launched until early next year. Britain’s biggest retailer by sales had been expected to introduce mortgages this autumn but, having bought out Royal Bank of Scotland’s 50 per cent share in their [...]
BEST OF THE BROKERS September 20, 2011 ANGLO AMERICAN Citi rates the mining group as “buy/medium risk” with a target price of £35, saying that pressure put on its shares by global economic concerns have left it attracitvely priced. The broker says near-term production growth should drive cash flow over the next two years. However, it has also reduced its earnings forecasts by [...]
Tesco’s head of clothing jumps ship to Dunnes September 19, 2011 TESCO’S head of clothing in the UK and Ireland, Richard Jones, has left the company to join Irish retailer Dunnes. Jill Easterbrook will repleace Jones, who was with Tesco for two years. Last month the retailer reshuffled its clothing team, appointing former M&S director Bernadette Lusher as buying director for UK clothing.
Why Ocado isn’t delivering as the markets hoped September 19, 2011 WHEN Ocado came to the market in July 2010, to some (its investors) it was a great opportunity to buy into a growth online market with a unique business model and amazing technology. The company had been going for ten years and was just about to break through the tipping point, which would lead profits [...]
Top retailers lose out on £500m in online market September 18, 2011 SOME of the UK’s retail giants are missing out on millions in online sales as they fail to grasp the potential of new technology, a survey shows today. The UK’s best known brands were found to have squandered a potential £500m in sales between 2007 and 2010. According to research from Oxford Economics, supermarket giant [...]
PUBS WAR CAN WAIT AS JOE LEWIS EXPECTS NEW GREAT-GRANDCHILD September 14, 2011 ALL EYES remain on financier Joe Lewis, whose surprise appearance in London on his superyacht Aviva ten days ago has been satisfactorily explained by this week’s hostile move to take control of pub chain Mitchells & Butlers. Case closed. Or is it? As ever with the enigmatic Bahamas-based billionaire, the truth is rather more surprising [...]