ASDA appoints new top exec November 1, 2010 Asda yesterday announced that experienced retailer Simon King will join the WalMart-owned supermarket business as its new chief operating officer in January 2011. He is currently the chief executive of supermarket and hypermarket operator Panda Retail, a subsidiary of The Savola Group, based in Saudi Arabia. Until 2009 he was chief of Tesco Kipa in [...]
Three cheers for the stars of the Square Mile October 28, 2010 LAST night was truly an exciting and exceptional occasion: City A.M.’s inaugural awards celebrating the best and brightest of London’s business, financial and investment communities. Our inaugural awards ceremony saw more than 450 guests in their finery roll up at the Grange Hotel at St Pauls. Our winners, unique in that each was initially chosen [...]
Webb unveils pension plans October 27, 2010 INDUSTRY breathed a sigh of relief yesterday, after the government watered down plans to boost the number of private pension savers. The government is still pressing ahead with plans to enrol millions of workers into a pension scheme automatically from 2012 onwards, but made several concessions following intense lobbying from businesses. By 2017, the vast [...]
AUTO-ENROLMENT October 27, 2010 Q.HOW MUCH DOES SOMEONE HAVE TO EARN TO BE ENROLED? A.The earnings threshold for auto-enrolment into the National Employment Savings Trust (NEST) will be the same as the income tax threshold, currently £7,475 (much higher than the £5,035 level mooted by the last government). But Peter Woods, pensions partner at PwC, points out the coalition [...]
TONIGHT WILL BE A NIGHT FOR HEARTY CELEBRATION October 27, 2010 THIS evening will see 450 guests in their finery roll up at the Grange hotel at St Paul’s, as City A.M. proudly hosts its first ever awards ceremony honouring the UK’s business stars and City luminaries. The award winners will come from a diverse range of sectors, from investment to retail banking, fund management and [...]
Tesco launches barcode app October 26, 2010 TESCO has added a barcode reader to its Groceries iPhone app that can add items to a customer’s online home delivery order. Customers can scan any grocery item and add it to a home delivery order instantly. The barcode reader, which was added to the existing Tesco Groceries app available on the iPhone yesterday, is [...]
A SOBERING WARNING FOR OSBORNE AS CAM SWINGS INTO ACTION October 25, 2010 CHAOS as the great and the good gathered for the annual CBI conference on Park Lane yesterday. The delayed start gave David Cameron a chance to prove he’s been reading those zeitgeist briefings: “Sorry for the delay,” he told the gathered business chiefs and hacks. “Like Ann Widdecombe, I had to be hitched by a [...]
Stobart in shock profit warning October 20, 2010 FREIGHT company Stobart Group has cut its full-year profit forecast and warned that government spending cuts and tax rises could hit volumes in 2011. “We have slightly reduced our full-year profit expectations as a result of reduced spend by Network Rail and increased overall finance costs. We are also cautious that 2011 may see volumes [...]
FTSE 100 bounces back after a strong performance from the financial sector October 18, 2010 Britain’s top shares rebounded yesterday after falls in the past two sessions, boosted by oils and banks, with better-than-expected results from Citigroup and hopes of more US economic stimulus improving sentiment. The FTSE 100 index ended 39.15 points, or 0.7 per cent, higher at 5,742.52 after falling last Thursday and Friday. The index is up [...]
BEST OF THE BROKERS October 17, 2010 BARCLAYS According to Evolution, the UK is most likely to follow Switzerland and implement higher minimum Core Tier 1 ratios. Barclays will have a roughly 8.7 per cent Core Tier 1 by 2012: if the “UK finish” is a 10 per cent ratio, Barclays will be £7bn short of capital. The broker warns a “deal-cum-rights-issue” [...]