Rio Tinto drags FTSE 100 down January 17, 2013 Mining giant Rio Tinto weighed heavily on the FTSE 100 this morning, trading down around 3.5 per cent. This morning it said chief executive Tom Albanese would step down following a $14bn impairment charge relating to several acquisitions. Charles Gibson, head of mining at Edison Investment Research, said this morning: “When a company writes off [...]
Little Christmas cheer for retail January 14, 2013 Chief Market Strategist, Cantor Index THE official retail activity figures, which are posted monthly or at specific times like Christmas, are accurate but often indecipherable to the layman. The small print is where the message is. And the most recent figures suggest that Christmas was great for some, but brutal for others. The situation was [...]
Flailing high street has worse to come in the year ahead January 6, 2013 AFTER holding their breath for the last few weeks, some retailers can at last allow themselves a cautious sigh of relief. Positive sales numbers from the likes of John Lewis and Next have given the sector a much-needed dose of optimism, resulting in a slight hike in share prices for some of the larger players. [...]
What the other papers say this morning December 17, 2012 FINANCIAL TIMES Insurers warn regulators on reforms Insurers are conducting a war of words with regulators trying to prevent a repeat of AIG’s collapse, as the industry makes a last-ditch effort to avoid capital surcharges. US banks call for easing of Basel III US banks are making a last-minute push to ease new global liquidity [...]
Primark’s Union Jack sales boost profits at Associated British Food November 6, 2012 ASSOCIATED British Food’s chief executive has said customers snapping up Primark’s Union Jack themed merchandise during the Olympics and the Diamond Jubilee helped spur a 17 per cent rise in group full-year profit. George Weston said the discount fashion chain sold more than 7.5m items stamped with the flag as Brits and overseas visitors bought [...]
After its profits once again disappoint, can Marks & Spencer return to its former glory? November 6, 2012 YES Rafael Gilston Marks & Spencer sits squarely in the mid-market. Because of this, it’s under constant attack from more specialist brands like Next (for families), John Lewis (for labels), Zara (for the career woman) and even New Look (for teenagers and young adults). The historical legacy of the Marks & Spencer brand is that, by [...]
Rapid responses November 6, 2012 Minimum wage [Re: As the mayor announces a rise in London’s Living Wage, does it make economic sense? Yesterday] Sam Bowman is right that low paid workers should be taxed less. The Institute for Fiscal Studies has shown that, if firms paid the Living Wage, the government would knock £1,000 per worker off of the [...]
East Oxford Street prepares for major high street regeneration October 30, 2012 THE ARRIVAL of Crossrail and the regeneration of Tottenham Court Road is set to double spending growth in the area by £448m over the next 12 years, according to a report commissioned by the New West End Company. The east end of Oxford Street has struggled over the years to shake off its image as [...]
Primark moves into CD business September 30, 2012 Discount high street clothing store Primark is set to expand into music by experimenting with selling CDs in some of its 242 stores. Primark has reached a distribution deal with Universal, which recently had its purchase of EMI approved by the European Union, to sell music by artists signed to the label. The clothing chain, [...]
Best of the Brokers September 16, 2012 KIER Liberum has cut its rating on the construction and property group from “buy” to “hold” with a target price of 1,400p. The broker remains impressed by the firm’s management team and strong balance sheet, but has downgraded the stock to reflect a soaring share price. Liberum also points out that Kier’s aim of expanding [...]