JC Penney sees losses widen but expects strong Christmas sales November 20, 2013 STRUGGLING retailer JC Penney yesterday said it was encouraged by business so far in November and forecast higher comparable store sales in the current holiday quarter. For the fiscal third quarter, ended 2 November Penney reported a net loss of $489m (£302m), or $1.94 per share, compared with a net loss of $123m, or 56 [...]
Royal Mail rival lands 63 per cent profit increase November 20, 2013 UK Mail group has reported 63 per cent increase in half year pre-tax profits. The private postal company reported profit before tax of £11.9m and post tax profit of £9.3m. The improving economy and rises in parcel revenue were major factors contributing to the company's bumper profits. Group revenues reached £243.4m compared with £225.7m, in [...]
Walmart offers $98 flat-screen TV in bid to lure holiday shoppers November 19, 2013 As competition heats up in the US retail sector in the run up to the holidays, Walmart is seeking to entice shoppers with a 32-inch flat-screen TV for only $98 (£61). The world's second largest corporation has also promised to match its competitors' best Black Friday deals a week early. Duncan Mac Naughton, chief merchandising [...]
Enterprise Inns founder and boss Ted Tuppen to retire November 19, 2013 Ted Tuppen, the founder of Enterprise Inns, is to retire as chief executive officer (CEO) at the end of February 2014. Company shares have climbed over six per cent this morning. (Release) Enterprise Inns is the largest pub owner in the UK, with 5,500 properties valued at £4bn, and Tuppen has been CEO for more [...]
Mortgage sizes boosted as Help to Buy kicks off November 18, 2013 THE SIZE of the average mortgage swelled in October, reaching the highest level against house prices since January 2009, according to figures released by Mortgage Advice Bureau (MAB) today. In the month that the second phase of the government’s Help to Buy scheme of mortgage guarantees began, MAB says that the average loan-to-value (LTV) rate [...]
The law firm boss leaving the City for a homecoming November 17, 2013 After nine years at Freshfields, Ted Burke tells Elizabeth Fournier why he’s going in-house IF strong law firms are built on their client relationships, then Freshfields Bruckhaus Deringer must have some very solid foundations. In one of the longest-standing and enduring client-law firm relationships on record, Freshfields can trace its origins all the way back [...]
London Report: New borrowing figures likely a boost for Britain November 17, 2013 CHANCELLOR George Osborne is likely to get a boost this week with October public borrowing figures predicted to show the economic recovery gaining strength. Corporation payments and profits from the Royal Mail share sale have helped boost the government coffers and the final set of figures before Osborne’s Autumn Statement are expected to be strong. [...]
Wall St The Week Ahead: Retail figures a clue to Xmas season ahead November 17, 2013 THE guessing game about when the Federal Reserve will start to cut its stimulus will enter a new round this week as stock investors dissect minutes from the last central bank meeting, while retail sales and clues about the consumer will also vie for attention. The minutes for the 29-30 October meeting are due to [...]
What the other papers say this morning – 15 November 2013 November 14, 2013 FINANCIAL TIMES Ofgem clashes with energy firms Network charges, identified by energy suppliers as a reason for inflation-busting price rises, are not going up as much as companies say, according to the UK’s energy regulator. Energy suppliers have blamed higher bills on rising costs in three areas: the wholesale energy they buy on international markets; [...]
Great Portland lifted by return in confidence November 14, 2013 WEST End property developer Great Portland Estates posted a 9.2 per cent leap in first-half net asset value and said it expected the strengthening economy to support the capital’s property market as more companies find confidence to move. The company, which owns offices and shops in central London, said diluted net asset value per share [...]