Ex-Tesco boss to advise US firm May 17, 2011 Former Tesco’s boss Sir Terry Leahy is to become a part-time senior adviser to US private equity house Clayton Dubilier & Rice. The position will be Sir Terry’s first major role since standing down as chief executive of the supermarket chain earlier this year.
Hilton Food in line with forecasts May 17, 2011 Hilton Food Group has said its trading is in line with expectations, and is set to continue that way for the remainder of the financial year, despite falling consumer spending. The meat packaging company has revealed that volumes continue to build at Tesco stores abroad, resulting in double-digit volume growth.
Mary Queen of Shops in high street review May 16, 2011 RETAIL guru Mary Portas is launching a rescue campaign to save Britain’s struggling high streets, after being called in by Prime Minister David Cameron. TV’s “Queen of Shops” wants giant supermarket chains like Tesco to hand over some of their profit to help independent shops. The management consultant has been identified as someone with the [...]
UK retailers are serving up higher high street prices May 16, 2011 ACCORDING to a report issued by economic forecasting group Ernst and Young ITEM Club yesterday, UK retailers are in for a difficult time in the years ahead. The report points to rising inflation and energy bills – without corresponding wage increases – leaving households with less disposable income. “World prices for food, fuel and fibres [...]
RSA limits losses and boosts income May 12, 2011 HOME insurer Royal and Sun Alliance (RSA) reassured investors yesterday with solid quarterly numbers that moved on from heavy winter losses in the UK and Europe. RSA’s net written premiums rose eight per cent to £2.1bn in the three months to March from 2010 as rates rose and it felt the benefit of takeovers in [...]
Oil price fall fuels hopes of cheaper petrol May 11, 2011 CRUDE oil prices dropped below $100 a barrel and US petrol futures slumped yesterday, fuelling hopes that UK forecourt prices may fall substantially soon. Crude futures plunged more than five per cent in the week’s second major oil price fall, with light sweet crude for June hitting a low of $97.50 (£59.55). Brent crude traded [...]
RADIO SILENCE BY SKY BOSS ON MURDOCH BID May 11, 2011 INNOVATION was the theme for BSkyB chief executive Jeremy Darroch at the Institute of Directors’ convention yesterday, where fellow speakers included McDonald’s chief executive Jill McDonald, chancellor George Osborne and shadow chancellor Ed Balls. “The most successful businesses are those that constantly seek to adapt and renew themselves,” said Darroch, as he charted the broadcaster’s [...]
Tesco names City grandee as new chair May 11, 2011 TESCO yesterday announced that Sir Richard Broadbent will become its next chairman. Sir Richard (pictured), who is deputy chairman at Barclays, will join Tesco as a non-executive director in July. He will take over the reins from Tesco chairman David Reid, who retires in November. The City grandee was tipped to take over at insurer [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 10, 2011 FINANCIAL TIMES PACE OF UK GROWTH UNDER THREAT Britain’s economy is unlikely to grow as fast as before the financial crisis because its most productive sectors have been hardest hit, jeopardising government plans to cut the deficit. A Financial Times analysis of the sectorial performance of the economy before and after the crash highlights how [...]
Tesco appeals to aspirational customer base May 10, 2011 TESCO plans to create new brands to spruce up its product ranges and appeal to increasingly aspirational shoppers across the world, its new chief executive said yesterday. Phil Clarke, outlining his strategy, said Tesco would be online in all 15 of its markets this decade and, while it would continue to expand rapidly in its [...]