The June 29, 2007 edition of Telegraph explains how Sports Direct, the retailer that own Sports World chain and the Lillywhites store in the UK has purchased Everlast, the well-known American boxing glove manufacturer, for 84 million pounds.
Sports Direct, being in financial trouble, hopes that this move will help them break into the lucrative US sportswear market, as it does very little business in the US currently.
Dave Forsey, chief executive of Sports Direct, said: “The Sports Direct board is confident that this acquisition will benefit our wholesale, licensing and retail businesses, while providing us with a significant stepping stone into the important US market.” (more…)
On 8th June Richard J Hunter wrote an article for Financial News under the title “Up in Smoke”. According to the article from July 1st smoking ban will be implemented in England. One of the most effected sectors would be the pubs sector. As the food sales increase in those pubs that have become smoke free it is being debated whether these pubs are turning into restaurants. Another story around the pub sector is the extensive property portfolios which many of them own, and how some of this value might be released, either through sale and leaseback schemes, or by converting to Real Estate Investment Trust, or REIT, status.
At the moment the pub companies are not generally committing themselves to a plan of action. Nonetheless this has given these share prices some support. Indeed, many of the pub shares have had a stellar run over the last year. During a period when the FTSE100 has risen some 15%, Punch Taverns have made 52%, Mitchells & Butlers 72% and Enterprise Inns 53%. The FTSE250 has risen 29%, and its constituent JD Wetherspoon has spiked by 56%.
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The June 27, 2007 edition of Telegraph explained how Northern Rock, Britain’s fifth largest mortgage lender, has come out saying that profits for this year will be lower than expected due to interest rates rising faster than expected.
The news had Northern Rock’s shares falling over 10pc and is on the heels of four interest rate increases since August. The Bank of England is expected to increase rates to 5.75pc, maybe as soon as next month.
In an update, Northern Rock claimed that it’s underlying profits will now be between 403m pounds and 457m pounds in the current financial year. This is an increase of 15m pounds since 2006. The City had been expecting an increase of 17pc. (more…)
According to an article in the June 21, 2007 edition of Daily Mail, there has been a widening gap between the rich and the poor in Britain and it’s said this may cause riots.
Sir Ronald Cohen has said that something must be done before the situation turns violent. The close friend of Gordon Brown also raised the spectre as it was shown that some of Britain’s richest were attacked by a powerful Commons committee by getting out of paying high taxes via a loophole.
Last week it was found that some entrepreneurs are paying a lower rate than their cleaners. Ordinary citizens are outraged that these wealthy entrepreneurs were receiving huge tax breaks. (more…)
This week’s article in the Yahoo Finance, Money Weekly section, it shows how to save money on technology. With the ever-increasing popularity of everything-technical among kids and adults alike, how can consumers save a buck? The most important and obvious way is to be patient. By waiting until the hype has receded a bit, prices will be lowered, keeping more money in your pocket. (more…)
As cheque, credit cards and chip and pin have been introduced as an alternative to carrying cash around, cash is not needed to be carried at all, as reported by the Financial Times on 11th May.
However, if you need to go to your local shop to buy some sandwiches or a drink, you still need to have some spare change in your pockets. But this is all about to change; you may even be able to protect the pennies in your pockets from ever seeing daylight.
In September the banking industry plans to introduce a ‘contactless’ credit and debit card system across the UK that will allow you to pay for items costing less than £10 by just swiping their card across a reader. (more…)
On 6 May 2007 Jo Thornhill wrote an interesting article about a Fashion & Furniture chain in UK and the chain under discussion is Laura Ashley.
It is the latest company who sent thousands of credit cards to its customers whether asked or not. Card sent by American owned GE (credit partner of store), according to him these cards are upgraded form of the store card while everyone knows store cards are useable on store only and spending limits are low rather than it Credit cards can be used everywhere with higher limits.
But yeah GE wrote to Laura Ashley’s customers first to inform & explain that if they do not want a credit card, informs the team and if they will not reply card must be posted.
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For more details check the source:
http://www.mailonsunday.co.uk/pages/dmstandard/frame.html?in_bottom=http%3A%2F%2Fwww.thisismoney.co.uk%2Fcredit-and-loans%2Farticle.html%3Fin_article_id%3D420066%26in_page_id%3D9%26ct%3D5
This article was previously wriiten for Finacebam last May
The BBC reported yesterday that Llyods TSB are the first bank to win its case against unfair bank penalty charges. There has been a debate within the press and media to whether the charges imposed by banks for over drawing and, late payment were actually legal.
But in this case District judge Cooke from Birmingham courts ruled that these were legitimate penalty fees. However it has been mentioned that because the ruling was from a district judge it does not hold any binding with other courts such as the high court.
Many other claimants have been successful, only because banks settled out of court to avoid publicity or any costs. This trend may now change with this ruling yesterday. More banks may now, take a chance and face the judge with these types of claims.
Mr Berwick the claimant was annoyed at the judgement and has said he may appeal against the decision.
This may also prevent other potential claimants from going through the process, in the worry they may lose their case.
It was reported in the Mail on Sunday (May 6th 2007) that the insurance arm of the RBS (Royal Bank Scotland) may be for sale and certain buyers were being “lined” up for this potential £8bn purchase.
It was reported that investment banks had approached a number of potential buyers, with a view of presenting a bid to the RBS. (more…)