Co-op sales surge after price war January 10, 2010 THE Co-operative Group’s like-for-like sales rose almost 5 per cent after slashing prices in a battle with its rivals over Christmas. The UK’s fifth biggest food retailer – which now has 3,000 stores after buying Somerfield last year – was boosted by a massive advertising campaign and overhaul of brands. Like-for-like sales – including VAT [...]
Blacks Leisure in winter sales boost January 10, 2010 OUTDOOR retailer Blacks Leisure has said that it has benefited from Britain’s cold snap as it reported a 12 per cent hike in sales. Blacks, which runs its own brand shops as well as the Millets chain, said it had “significantly enhanced its recovery prospects” after a restructuring with the closure 87 of loss-making stores [...]
Tate pulls out of hedge funds January 10, 2010 THE trustees of the Tate Gallery have withdrawn from hedge funds after losing £1m on investments. Accounts show that the trust held £6m of its £27m investments in fund of hedge funds at the start of its last financial year. But by March 2009 the gallery had liquidated its entire hedge fund holdings – with [...]
RBS confirms Aberdeen deal January 8, 2010 The Royal Bank of Scotland has agreed to sell part of its asset management business to Aberdeen Asset Management for nearly £85m. The move is part of the restructuring plan hatched after RBS was bailed out by the government. Aberdeen is taking over £13.5bn worth of assets and said it will issue new shares to [...]
Virgin Money moves into retail banking January 8, 2010 VIRGIN Money has moved into the retail banking sector after taking over a small private bank in a £50m deal. The move to buy Church House comes two years after the company failed to win control of Northern Rock. Virgin Money will pay £12.3m for the bank while pumping in a further £37.3m of capital [...]
Bank of America elite in line for record bonuses January 8, 2010 AN elite of Bank of America investment bankers are likely to receive record bonuses this year, the company has admitted. The bank, which repaid $45bn (£28bn) to the US government after being bailed out, had been limited to how big a bonus pot could be offered. But now the lender has moved to restore substantial [...]
Ecclestone in bid to buy Saab January 8, 2010 FORMULA 1 tycoon Bernie Ecclestone has been revealed as a major player in a bid to take over beleaguered Swedish car maker Saab. The billionaire has teamed up with Luxembourg-based investment company Genii Capital to look at a potential offer. Saab has been put up for sale by owner GM as part of a major [...]
Factory prices rise January 8, 2010 THE prices of goods leaving UK factories rose at a faster pace than expected in December, according to official figures. UK producer prices rose by 0.5 per cent last month the data from the Office for National Statistics (ONS) showed. It took the annual rate of output price inflation to 3.5 per cent – the [...]
Interest rate held at 0.5% January 7, 2010 The Bank of England’s Monetary Policy Committee (MPC) has once again frozen the interest rate at 0.5 per cent. It also agreed to continue with quantitative easing to help shore up the economy. The interest rate has remained unchanged since March after the MPC took drastic action to tackle the global economic crisis. Quantitative easing [...]
Sainsbury’s reports “record” Christmas performance January 7, 2010 SUPERMARKET chain J Sainsbury was given a festive boost with sales rising by 3.8 per cent as shoppers snapped up food and drink for Christmas. The like-for-like sales figures for the 12 weeks to Boxing Day beat the forecasts of City analysts who had predicted a 3.5 per cent gain. The data also show that [...]
