Archive for the ‘Industry news’ Category
Theo Fennell reviews expansion plans
In a sign that even the most well-heeled consumer is feeling the pinch, Theo Fennell, the up-market jeweller, on Monday reported a half year loss and said it was reviewing expansion plans.
EDITOR’S CHOICE
Season looks grim for Carrefour
European retailers were in focus on Thursday as French supermarket group Carrefour warned it expected annual earnings growth to miss forecasts.
Carrefour reiterated its current earnings guidance only two months ago, and the new warning suggests there has been a significant deterioration in the retail climate in the run-up to Christmas.
Investors warm to Clapham House
Clapham House, which owns Gourmet Burger Kitchen and The Real Greek restaurant chains, firmed 2.3 per cent to 89½p after Dresdner Kleinwort said a bid from rival restaurant operator Capricorn was likely.
Capricorn, owners of the Nando’s chain, has already amassed a 24.9 per cent stake in Clapham. “Capricorn are experienced investors in the restaurant sector and we’ve long believed combining two fast casual dining concepts will create substantial value,” the broker said.
Toyota warns of maiden operating loss
Toyota Motor warned on Monday that it would post an operating loss for the first time in its history as a result of plunging sales and a surge in the value of the yen.
The Japanese automaker, which had earned a reputation for turning a profit even in hard times, said it was freezing expansion plans, suspending executive bonuses and reviewing its dividend payout.
Worst festive retail outlook for 30 years
Retailers are braced for the worst Christmas in more than three decades after far fewer shoppers hit the high street on the final weekend before the holidays compared with last year.
The numbers of people going into stores was 8.4 per cent lower on Saturday compared to the same day a year earlier, according to figures from Experian, the retail analyst. In the six days to Saturday, footfall was 11.4 per cent lower.
Coal-fired power is given the green light
Britain won’t ban the construction of coal-fired power stations while new technology is being developed to cut their carbon emissions, Ed Miliband, the energy secretary, has said.
Mr Miliband will decide next year on Eon’s application to build a coal-fired power station at Kingsnorth, Kent. The contentious application, fiercely opposed by environmental groups and the main opposition parties, is seen as a bellwether for a new generation of coal plants. Several other energy companies have plans for new coal plants in the pipeline.
UK coal-fired stations given green deadline
Britain will require all new coal-fired power stations to be built with carbon capture technology within two decades, Ed Miliband, the UK’s energy secretary, has said.
This gives energy groups far longer to build coal-fired plants than they would have under recommendations from Lord Turner, the UK’s adviser on climate change.
Assured in a turbulent market
When Edward Liddy was a young college student he would perch on a steel beam 80ft on high ground without a harness or safety net.
In his summer job at a construction company that built prefabricated warehouses, his role was to climb to the top of the building’s frame to ensure everything was in order. He took the job because it paid three times the minimum wage and he needed the money.
Apple has winning touch in festive sales
Apple, with its iPod touch, appears a clear winner this holiday season as US consumers shop for smaller, cheaper, more versatile electronics.
While the Consumer Electronics Association predicts flat fourth-quarter sales compared with a year ago, analysts report Apple stores have been the busiest among electronics retailers.
Vehicle import curbs have Russians on streets
Riot police in Vladivostok broke up a protest on Sunday against a steep rise in vehicle import duties.
| Riot police arrest a protester in Vladivostok, one of 30 Russian cities that saw vehicle import duty rallies |
Cheney warns of Detroit challenge
Tough decisions on the future of Detroit will fall to the incoming Obama administration, Dick Cheney, the US vice-president, warned on Sunday. “It will shortly become a problem that the next administration is going to have to deal with,” he told Fox News.
Jaguar’s pain is shared in West Midlands
By Jonathan Guthrie
A shiver has run through West Midlands business in response to the news that Jaguar Land Rover has sought government aid. Christmas merry-making was already muted as a result of extended factory shutdowns among automotive businesses hit by a slump in demand.
Tata concurs to cash boost for Jaguar
Tata, the Indian owner of Jaguar Land Rover, has agreed to inject “tens of millions” of pounds into the British vehicle company to prevent an immediate cash flow crisis, while the government continues to consider the case for a taxpayer-funded bail-out.
Customers put payment squeeze on suppliers
Two suppliers out of three are being forced to take arbitrary extensions of payment terms by their customers as pressure on businesses to conserve cash becomes more acute, a survey by the Institute of Credit Management has found.
The findings provide more evidence of the speed with which the recession is prompting many businesses to focus on preserving cash and managing working capital more tightly.
Farepak pay-outs due next year
Customers of Farepak, the Christmas hamper group that collapsed more than two years ago, won’t receive any compensation from the liquidators till next year.
Even then, the 122,000 customers who have made claims totalling £38m are expected to receive only 5p in the pound – though there’s a possibility litigation could increase the amount available for compensation.
BBC cuts offer on 2Entertain joint venture
Woolworths’ pensioners risk missing out on an expected £50m after BBC Worldwide cut the amount it is prepared to pay for the joint venture between the broadcaster’s commercial arm and the failed retail group.
2Entertain, which publishes DVDs, is held 60 per cent by BBC Worldwide and 40 per cent by Woolworths. The broadcaster was prepared to pay more than £100m for Woolworths’ stake just before the retailer collapsed into administration but has cut its indicative offer to around £40m, according to a person close to the talks.
Canada unveils auto bail-out plan
Canada has unveiled a plan to ease pressure on hard-pressed automotive parts suppliers and dealers in tandem with C$4bn in emergency loans to the local subsidiaries of General Motors and Chrysler.
Stephen Harper, the prime minister, said at the weekend that the suppliers would have easier access to credit insurance provided by the Export Development Corporation, a government agency. Ottawa would also set up a new facility to support consumer credit, focused on improved accessibility for vehicle loans and dealer financing.