Tesco hits back after £9.6m price fixing fine August 10, 2011 Tesco has hit back at a record fine imposed by the competition regulator today for its role in a ring of supermarkets and dairy companies that fixed price of milk and cheese for more than a year. The Office of Fair Trading has fined UK’s biggest supermarkets and dairy companies have been fined £49.5m for [...]
Supermarkets cut petrol prices as oil tumbles August 8, 2011 SUPERMARKETS have cut the price of petrol from near-record levels after the cost of oil tumbled in the face of continuing fears over Eurozone debt, the US downgrade and plunging stock markets. Asda was the first of the big retailers to announce yesterday that it would cut the price of unleaded petrol and diesel by [...]
Asda’s Bond steps down January 4, 2011 SUPERMARKET Asda said yesterday its chairman Andy Bond stood down on 1 January after less than a year in his part-time role. Bond, who left the chief executive job in April 2010, will also leave parent company Walmart once its 16.5bn rand (£1.5bn) purchase of a majority stake in South African supermarket Massmart goes through. [...]
CITY MOVES | WHO’S SWITCHING JOBS August 21, 2011 Yorkshire Building Society Chris Pilling, head of branch network at HSBC Bank, has been appointed as chief executive of the UK’s second-largest building society. Pilling will join Yorkshire Building Society on 31 December, taking over from current chief executive Iain Cornish. Prior to joining HSBC as chief executive of its telephone and internet banking arm [...]
Asda vows to cost 10pc less January 6, 2011 ASDA has guaranteed to sell 15,000 grocery products at least 10 per cent cheaper than all of its big rivals. The UK’s second largest chain behind Tesco is promising voucher refunds if customers are charged more. Asda chief executive Andy Clarke said: “The Asda Price Guarantee cuts through all the phoney claims and headline numbers, [...]
Asda to sell 47 of Netto UK shops to rivals January 12, 2011 ASDA, owned by Wal-Mart, has agreed to sell 47 of the stores it plans to buy from Netto UK to rivals including Morrisons and Iceland in order to win regulatory clearance for the deal. Asda has already lined up buyers for 25 of the stores, the Office of Fair Trading (OFT) said yesterday. The OFT [...]
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 [...]
Retail sales fall at fastest rate in a year July 28, 2011 Retail sales fell at their fastest pace in a year and stores expect a further deterioration in August, as hard-hit consumers clamp down on spending, a survey by the Confederation of British Industry showed. The CBI distributive trades survey’s reported sales balance fell to -5 in July from -2 in June, the lowest reading since [...]
Retail sales fall at fastest rate in a year July 28, 2011 Retail sales fell at their fastest pace in a year and stores expect a further deterioration in August, as hard-hit consumers clamp down on spending, a survey by the Confederation of British Industry showed. The CBI distributive trades survey’s reported sales balance fell to -5 in July from -2 in June, the lowest reading since [...]
Price war sees petrol tumble July 3, 2011 PETROL prices fell by over two pence per litre last week, according to data seen by City A.M. A combination of supermarket price wars and a sharp fall in the global price of oil saw the average price of unleaded drop from over 136p per litre to 133.82p. Diesel declined from almost 140p per litre [...]