UK food retailers initiated by Credit Suisse
17th Jun 2015 07:33
Credit Suisse initiated coverage of UK food retailers with a negative stance on the sector, saying it sees few opportunities within a group that has historically misallocated capital, is faced with extreme competitive pressures and operates in a low-growth environment. The bank started Tesco and Sai
Read moreFTSE 100 movers: Standard Chartered hit by dividend cut speculation, Easyjet downgraded
15th Jun 2015 13:26
London stocks plunged towards three month lows on Monday, as investors nervously anticipated further details of a fed rate hike on Wednesday and Greece's negotiations with its creditors collapsed abruptly. At 1500 BST, the FTSE 250 was trading 0.9% lower at 6.724. Shares in Standard Chartered dropp
Read moreOrion considering bidding for Tesco's South Korean unit
15th Jun 2015 09:46
South Korean snack maker Orion said it was considering bidding for Tesco's South Korean unit, which is worth approximately £3.9bn. In a statement released on Monday, the group said it was yet to make a decision on whether to pursue a formal offer, although it had received an information memorandum a
Read more'Big Four' supermarkets' margins unlikely to recover before 2017, says Moody's
11th Jun 2015 07:11
The grocery retail market share of the 'Big Four' supermarkets - Tesco, Sainsbury, Morrisons and Asda - continues to fall and there is no immediate prospect of recovery in their profit margins, according to Moody's. In a note to clients on Thursday, the ratings agency forecast the Big Four's share o
Read moreFTSE 100 movers: Supermarkets and miners surge, Weir Group lower on profit warning
10th Jun 2015 13:25
Tesco surged on reports it has invited at least six firms including KKR and Carlyle Group to bid for its South Korean unit Homeplus, which is valued at about $6bn. According to people familiar with the matter cited by Reuters, London-based CVC Capital Partners, Hong Kong-based Affinity Equity Partne
Read moreKKR, Carlyle said to be among firms invited to bid for Tesco's South Korean unit
9th Jun 2015 07:42
Tesco has reportedly invited at least six firms including KKR and Carlyle Group to bid for its South Korean unit Homeplus, which is valued at about $6bn, as the supermarket retailer looks to cut debt and fund a turnaround plan. According to people familiar with the matter cited by Reuters, London-ba
Read moreTuesday newspaper round-up: HSBC, Supermarkets, Pets at Home
9th Jun 2015 07:01
HSBC is to cut up to 25,000 jobs around the world - including as many as 8,000 in the UK - as its chief executive, Stuart Gulliver, embarks on a fresh strategy to reduce costs and bolster returns to shareholders. Gulliver has already cut the total head count to 257,000 from 296,000 but on Tuesday si
Read moreMorrisons unveils price cuts on 200 'everyday items'
8th Jun 2015 10:12
Supermarket chain Morrisons has unveiled plans to cut prices of 200 "everyday items", including bread and milk, by up to a third. The group, UK's fourth largest supermarket, said the price of four pints of semi-skimmed milk will drop 11% to 89p, while selected bread brands will be 21% cheaper. Alon
Read moreFTSE 100 movers: Supermarkets lower, oil and mining stocks surge
5th Jun 2015 12:57
UK stocks were trading firmly in the red on Friday, as Greece missed the deadline for its €300m payment and OPEC decided against curbing oil production. Sector-wise, gains made by oil stocks and miners were offset by weakness across construction and food retailer stocks. As of 14:00 BST, the FTSE 1
Read moreTesco reportedly hires HSBC as it explores sale of South Korean unit
4th Jun 2015 12:03
Tesco is exploring the sale of its South Korean operations, valued at around $6bn, and has hired HSBC as a financial adviser, according to sources cited by Reuters. The potential sale of the South Korean operations - the company's biggest business outside of the UK - comes after Tesco unveiled in Ap
Read moreFTSE 100 movers: supermarkets, tobacco and mining stocks rebound
3rd Jun 2015 13:24
UK stocks were trading higher on Wednesday afternoon, led by gains in the construction, food retail and engineering sectors. As of 14:30 BST, the FTSE 100 was trading 0.46% points higher at 6,960. Morrisons and Sainsbury extended gains, following Tuesday's positive sentiment from Kantar Worldpanel,
Read moreLondon open: Greece and its creditors stake out their positions
3rd Jun 2015 08:59
Stocks began the morning moving slightly lower as investors waited on a host of economic data and Greece and its creditors staked out their respective positions ahead of a meeting between both sides. As of 09:26 the Footsie was down by 0.04 points to reach 6,928.23. Greece's prime minister Alexis T
Read moreWednesday broker round-up
3rd Jun 2015 08:41
Tesco: JP Morgan retains underweight, lowers price target to 175p from 185p. Amec Foster Wheeler: JP Morgan maintains overweight and 905p target. Bellway: JP Morgan raises target to 2,575p from 1,150p and reiterates overweight. Barratt Developments: JP Morgan lifts target to 650p from 550p and ove
Read moreLights dim on Tesco's show, JP Morgan says, broker cuts target
3rd Jun 2015 08:11
Analysts at JP Morgan Cazenove took a more pessimistic view on Tesco on the heels of data from Kantar Worlpanel which revealed the steamroller that are the discounters continued to roll on. On the basis of the latest grocery share data from Kantar the broker estimated that Tesco's like-for-like sale
Read moreLondon close: Stocks lower on mixed messages from Greece
2nd Jun 2015 16:00
London stocks closed slightly lower on Tuesday, as mixed messages from Greece extended investor uncertainty. At close, the FTSE 100 was 0.36% lower at 6,928.27. Reports that Greece's creditors had agreed on proposals circulated early in the afternoon, although Dutch Finance Minister Jeroen Dijsselb
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