Latest finance news – Page 665
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EU probes Visa charges
The EU is to investigate the fees levied by Visa on cross-border credit and debit card transactions, it was announced today.
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Laura Ashley ups stake in Moss Bros
Laura Ashley raised its stake in troubled menswear retailer Moss Bros yesterday for the fifth time this month.
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CBI forecasts consumer spending slowdown
The CBI believes that the outlook for consumer spending has deteriorated significantly because surging import prices have eroded shoppers’ purchasing power.
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Marks & Spencer creates central European joint venture
Marks & Spencer has created a joint venture in central and Eastern Europe with its local franchise partner and will open 30 more shops there.
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Somerfield sale in jeopardy
The planned 2 billion sale of Somerfield could be dropped after only one bid was tabled by the deadline at the end of last week.
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Blacks forced to speed up Sandcity merger plan after accounts debacle
Blacks Leisure will bring forward some of its recovery plans following the emergence of accounting discrepancies of about 2 million at its Sandcity subsidiary.
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Ted Baker: the city view
Idiosyncratic fashion retailer Ted Baker bucked the gloomy trend with a strong set of prelims, writes Lisa Berwin.
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Retail takes body blow as stocks plunge after Bear Stearns crisis
The whole market slumped as US investment bank Bear Stearns became the latest credit crunch victim and retailers were again hit hard as brokers fretted about the outlook for the consumer economy.
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Schuh completes refinancing
Schuh is understood to have completed a 36 million refinancing package, provided by the Bank of Scotland.
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Poor weather threatens Easter sales
The eight days of Easter are expected to be worth 8 billion to UK retailers, but poor weather means they are likely to fare worse than last year.
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JJB store closures on the cards
JJB Sports is reviewing the future of some of its store portfolio, according to reports in today’s Daily Telegraph .
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Comet suffers first like-for-like fall in two years
Electricals retailer Comet's like-for-like sales have dropped for the first time in more than two years, as parent Kesa Electricals posted results.
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Wolfson confident in Next as tough year looms
Fashion group Next sees little prospect of an improvement in consumer spending in the next year.
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Consumer inflation reaches nine-month high
Consumer inflation rose to 2.5 per cent in February, its highest level for nine months, as rising gas and electricity prices pushed inflation upwards.
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Stylo sells Shellys
Shoe specialist retailer Stylo has sold its Shellys brand to Hong Kong company Eternal Best Industries.
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RWC08: bosses warn retailers to stick to the basics
The bosses of DFS, Selfridges and Majestic Wine told delegates that retailers should “stick to the knitting” and not abandon the principles of their business during the present dip in consumer spending.
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Carrefour unclear on Halley family’s stake
Uncertainty hangs over the strategic direction of Carrefour, after changes to its shareholder structure paved the way for activist investors to tighten their grip on the world’s second largest retailer.
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Russia’s Eldorado hit with hefty back-tax bill
Russian electricals retailer Eldorado, in which UK retailer DSGi considered investing, faces back-tax claims of up to Rub15 billion ( 312 million), which could force it to sell assets.
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Tesco takes axe to costs as cooling climate bites
Tesco has embarked on what is thought to be its most extensive round of cost-cutting for more than five years, as the UK retail sector faces a challenging year.
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RWC08: Private equity will target faster growing businesses
The dearth of private equity retail deals looks likely to continue, but there is still scope among mid-priced, fast-growing businesses.