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 [...]
Sainsbury’s sales edge up October 5, 2011 Sainsbury’s posted an expected rise in second-quarter underlying sales as store extensions and growth in convenience stores, online and non-food ranges helped it to overcome tough trading conditions. The group, which trails Wal-Mart’s Asda and market leader Tesco by annual sales, said on Wednesday sales at stores open over a year rose 1.9 per cent [...]
Tesco sees overseas sales offset weak UK October 5, 2011 Tesco has posted a 3.7 per cent rise in first-half profit as overseas growth helped it to overcome one of its worst ever falls in underlying sales in its main British market. Tesco, which takes more than one in every ten pounds spent in British shops, said on Wednesday it made an operating profit of [...]
Aldi revenues up as shoppers eye deals October 4, 2011 PROFITS at Aldi have jumped as British shoppers increasingly hunting for ways to cut their shopping bills. Discount supermarkets Aldi and Lidl have stolen market share from the likes of Tesco, as “the squeezed middle” – which Tesco believes constitutes 80 per cent of its customer base – look to cut down on household expenditures. [...]
Another low for the FTSE as banks and miners take a hit October 4, 2011 BRITAIN’S top share index hit a 15-month closing low yesterday, with banks and commodity stocks leading a broad-based sell-off, as growing doubts over Greece’s ability to stave off a debt default triggered fears of financial turmoil. The UK benchmark ended down 131.06 points, or 2.6 per cent, at 4,944.44, its lowest close since 5 July [...]