Latest finance news – Page 654
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Retail shares spring back as bid rumours surround troubled trio
Reversing the recent pattern, general retail stocks surged as bid speculation, stakebuilding and other chances of corporate action buoyed the sector.
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Signet UK defies City’s gloom as US division fails to sparkle
Signet outperformed City expectations during its second quarter, driven by a resilient UK performance.
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Autumn outlook bleak as retail sales slip again
Heavy clearance Sales across the high street failed to lift July retail sales, which fell 0.9 per cent like-for-like.
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Retail chiefs’ pay outstrips other industries
Chief executives and finance directors of listed high street retailers are paid far more than bosses of other types of businesses, according to research by BDO Stoy Hayward.
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Debenhams to help Wrapit customers
Debenhams will help to ease the disappointment of newlyweds left without their wedding gifts following the collapse of online gift service Wrapit.
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Iranian tycoon builds Woolworths stake
Iranian property tycoon Ardeshir Naghshineh has raised his stake in troubled retailer Woolworths, sparking fresh speculation that he could mount a bid for the business.
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Wellcome Trust emerges as mystery M&S stakebuilder
The UK’s largest charity, The Wellcome Trust, has emerged as the mystery company that has been stakebuilding in Marks & Spencer.
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Interest rate is held at 5 per cent
The Bank of England has held interest rates at 5 per cent, as retailers continue to feel the threat of the first recession in almost 20 years.
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Carphone Warehouse: The City View
Carphone Warehouse has completed its deal with Best Buy for a European joint venture and reportedly plans to have 200 Best Buy outlets in the UK, writes Amy Shields.
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City confidence in retail grows as stores index surges 7% in a day
Retail shares bounced back this week with general retailers outperforming the market.
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Alliance Boots buys 25% of Athos Farma in Brazil
Alliance Boots has made its first foray into South America with its purchase of a 25 per cent stake in a Brazilian pharmaceutical wholesaler Athos Farma.
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Wrapit enters administration
Online wedding gift service Wrapit has fallen into administration, meaning 2,000 couples could lose their presents.
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Kingfisher agrees sale of Castorama Italy
DIY giant Kingfisher has agreed to sell its Castorama Italy business for €560 million ( 440 million) to French home improvement retailer Groupe Adeo.
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Government to pick grocery czar if talks fail
The Government will consider bringing in a grocery ombudsman itself if the Competition Commission cannot come to an agreement with the supermarkets.
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BRC slams Government over Crossrail costs
The British Retail Consortium has hit out at the Government for leaving retailers in the dark over the funding of the 16 billion Crossrail train service running across London, which was given the green light last week.
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Tesco to ramp up banking offer in stores following £950m RBS deal
Tesco is poised to roll out personal finance desks in about 200 of its Extra superstores after buying Royal Bank of Scotland’s 50 per cent stake in Tesco Personal Finance (TPF) for 950 million.
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Tesco: The city view
Tesco’s share price fell a little this week, reflecting what analysts said was the “full” price paid for Tesco Personal Finance.
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Woolies update and CBI figuresdo nothing to dispel retail gloom
Plummeting sales at Woolworths and a gloomy CBI survey kept the downward pressure on store shares, but a better-than-feared update from Next and director share buying at Marks & Spencer provided some reassurance.
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Consumer confidence nosedives
Consumer confidence has plummeted to an all-time low as concerns over the economy and finances take hold.
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OFT invites comments on Co-op’s Somerfield buy-out
The Office of Fair Trading (OFT) has invited interested parties to lodge comments about the Co-operative Group’s 1.57 billion acquisition of Somerfield.