Tesco posts 10.5 per cent profit drop October 3, 2012 Tesco posted a 10.5 per cent drop in first-half trading profit this morning. Over the six months to 25 August, profit came in at to £1.6bn. A £1bn capital investment programme, to stem a decline in market share to chains such as Asda, Sainsbury’s and Morrisons, was largely responsible for the firm’s first fall in [...]
City Moves | Who’s switching jobs October 15, 2012 Alvarez & Marsal Taxand The tax advisory firm has appointed Stephen Labrum as a managing director and global head of transfer pricing. He joins after 13 years at Ernst & Young, where was a transfer pricing partner. Allianz Global Investors The asset management firm has appointed Andy Wiggins to the newly-created role of head of [...]
Sainsbury’s calls for high street reform February 12, 2012 SAINSBURY’S chief executive Justin King will this week urge the UK to be “brave enough” to shrink its ailing high streets and convert empty stores into houses or even classrooms. King will call for a greater mix between “retail and other activities” to help make high streets “not just a poor second to out of [...]
Sainsbury’s sales top forecasts January 11, 2012 Grocer J Sainsbury beat Christmas sales forecasts as store extensions and its expansion into convenience outlets, online shopping and non-food ranges helped it weather a tough market. Britain’s third-biggest supermarket group behind Wal-Mart’s Asda and industry leader Tesco said on Wednesday sales at stores open over a year rose 2.1 per cent excluding fuel in [...]
Banks to announce interest rates days after key economic indicators September 30, 2012 THE first day of the month brings with it September’s Purchasing Managers’ Index (PMI) manufacturing data for the UK and Eurozone. Last month’s UK figures painted a rosier-than-expected picture of the sector, although the Eurozone figures were disappointing. The news will be followed up tomorrow by construction data from the PMI, although FirstGroup’s trading update [...]
FTSE swings lower as rumours of Spanish bailout spook investors October 2, 2012 BRITAIN’S top share index continued its choppy trend and was pulled marginally lower yesterday, as weakness in banks and miners overpowered results-related gains for companies such as Babcock and Tesco. The FTSE 100 closed down 11.00 points, or 0.2 per cent, at 5,809.45. The index has swung in a 100-point range over the last five [...]
Rapid Responses October 3, 2012 Attack on property I’m a chartered surveyor working in London, and I was recently informed that Newham Council has decided to introduce mandatory blanket licensing of all rental properties in the borough. Letting agents or private landlords must pay £150 if they apply for a license by the end of the year. Afterwards, a five-year [...]
Champagne: is bigger better? October 8, 2012 City A.M.’s wine industry expert When you think about buying a bottle of Champagne, which names immediately spring to mind? Bollinger? Moet & Chandon? Brands like these carry a hefty price tag but whether their wines are better than the cheaper alternatives is up for debate. You can buy a bottle of Tesco-branded Champagne for [...]
Tesco displaying recovery signs after its shock profit warning September 25, 2012 TESCO, the world’s third biggest retailer, said a recovery plan to recapture home market share was making an impact after a shock profit warning, backing up industry data showing evidence of success in its fight-back against rivals. Once one of the most consistent British companies in terms of earnings growth, Tesco stunned investors in January [...]
Morrisons profit rises in tough market September 6, 2012 Britain’s fourth-largest supermarket Morrisons posted first-half profit towards the top end of forecasts and said it was on track to meet its expectations for the year even though it anticipated no let-up in pressure on the consumer. Morrisons, which trails Tesco, Wal-Mart’s Asda and J Sainsbury by annual sales, said today it made an underlying [...]