US convenience launch for Tesco August 3, 2011 UK SUPERMARKET Tesco announced plans yesterday to trial a series of smaller stores in the US, in an attempt to offset losses at its chain of Fresh & Easy outlets. Tesco launched in the US in 2007 and runs around 175 stores across the country, but has struggled to make a profit, with trading losses [...]
L&S takes on Tesco warehouse August 3, 2011 London & Stamford Property has snapped up a warehouse belonging to Tesco for £22.9m in the latest in a string of acquisitions, the firm announced yesterday. The company said the deal reflected a yield of 7.5 per cent, and that the distribution centre in Harlow will be rented out to Tesco for the remaining 12.5 [...]
When good news turns out to be bad July 28, 2011 SOMETIMES, it is hard not to be a glass half empty kind of person, even though I always try to see the bright side of life. Take the news yesterday that Britain’s borrowing costs fell below equivalent American rates for the first time in almost two years. The reason, of course, was the US debt [...]
WOULD YOU LIKE A WILL OR DIVORCE WITH THAT? July 28, 2011 WHEN the Legal Services Act was announced last year, it was quickly dubbed the Tesco law, due to rumours it could encourage supermarkets to start offering legal services to their customers. But come Monday the moniker may have to be altered. Despite news this week that the Act could be delayed until the end of [...]
Tesco law delayed as UK parliament takes holiday July 27, 2011 LEGISLATION to liberalise the UK’s legal market looks set to be delayed by several months, after parliament failed to agree key parts of the reforms ahead of its summer break. The Legal Services Act was due to come into force on 6 October, but the body set to license the new alternative business structures, the [...]
British Chambers of Commerce names John Longworth new director general July 25, 2011 LEADING industry group the British Chambers of Commerce (BCC) yesterday unveiled John Longworth (pictured) as its new director general, taking over from David Frost. Longworth joins the BCC after an extensive series of high profile roles in the British retail sector. Formerly a senior executive at both Asda and Tesco, he is currently a non-exec of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 24, 2011 FINANCIAL TIMES CHINA EYES BARTER PLAN TO BYPASS US SANCTIONS ON IRAN PAYMENTS Tehran and Beijing are in talks about using a barter system to exchange Iranian oil for Chinese goods and services, as US financial sanctions have blocked China from paying at least $20bn for oil exports. The US sanctions against Iran, which make [...]
Soaring tech stocks burnish banking rally to send FTSE up July 20, 2011 BANKING stocks led Britain’s top shares higher yesterday on strong corporate earnings and optimism over a deal in Washington to increase the US debt ceiling and avoid default. The UK benchmark index closed up 63.83 points, or 1.1 per cent, at 5,853.82, building on the previous session’s 0.7 per cent advance. Solid US earnings, including [...]
Aldi and Lidl grow their market share July 19, 2011 DISCOUNT supermarkets have grown their market shares as cash-strapped customers seek out bargains. Aldi and Lidl saw strong market share growth in the 12 weeks to 10 July, according to figures from the Kantar Worldpanel. Aldi achieved a 20.2 per cent rise in UK market share to 3.5 per cent. Lidl’s share rose 15.6 per [...]
BEST OF THE BROKERS July 19, 2011 TESCO JP Morgan Cazenove rates Tesco “overweight” with a 577p target price as it believes its growth story is defensive, multi-pronged, highly visible and sustainable. The broker sees its share price as depressed, and believes Tesco’s diversification and low reliance on UK consumers as increasingly important as the UK economic climate worsens, giving it a [...]