(TSCO.L) Tesco PLC Buy/Sell

The Times
JJB SPORTS PLANS TO TAP SHAREHOLDERS FOR AT LEAST 50 MILLION.
JJB Sports is thought to be in the process of raising at least 50 million pounds ($82.06 million) from shareholders over the next four to six weeks. Under advisement from Lazard, the sportswear retailer is hoping to raise the cash from a placing and firm offer which could see investors offered new JJB shares at just 12 pence each - a 61 per cent discount on Friday's closing price of 30.75 pence. The fundraising comes as a result of JJB's need for working capital to orchestrate a turnaround under executive chairman Sir David Jones.

The weak pound has seen Crockett & Jones enjoy a marked increase in sales of its footwear in London. However, with two-thirds of the company's output earmarked for export to the United States, conditions on the other side of the Atlantic have taken their toll on the Northampton-based shoemaker. Production has dipped by approximately ten per cent, but the drop-off has been manageable thanks to an overall growth of between three and five per cent over the past decade.
INVESTORS LAUNCH BRUISING ATTACK ON TESCO'S MOVE TO MODIFY.
Tesco's plan to lengthen the exercise period for share options from one to three years for existing and retiring executives was met with opposition from more than 40 per cent of those voting at the supermarket giant's AGM on Friday. However, with 57.23 per cent of investors voting in favour of the proposals, which will grant directors 36 months to wait for improvements in the company share price before cashing in, Tesco has free rein to implement the changes. Although the protest vote is one of the largest lodged in this season's annual meetings, shares remained unchanged at 350.5 pence.

Rumour of the day: Southern Cross
Tiddler to watch: Kalahari Minerals
The Daily Telegraph

On Friday, Coffee Republic suspended trading in its shares after placing a subsidiary into administration and calling in law firm Osborne Clarke to act as a restructuring advisor. In an announcement to the stock market, the British coffee retailer revealed that the financial position of subsidiaries including Coffee Republic (UK) Limited was being probed and that, in anticipation of the appointment of administrators, documents had been lodged with the High Court. Steve Bartlett, Coffee Republic's chief executive, said that a restructuring program was underway and the company was looking to rid itself of underperforming UK outlets. Shares closed up two per cent.

Baugur's former chief executive, Gunnar Sigurdsson, has been appointed the new chairman of Hamleys. Sigurdsson, who was at the helm of Baugur when it collapsed with debts of 1.3 billion pounds, is a friend of the British toy store's chief executive Gudjon Reynisson. Hamleys is understood to have had a number of Icelandic shareholders, among them Baugur. Following the investment giant's failure, the majority of Hamleys' shares are thought to be controlled by Landsbanki and Kaupthing's administration committees.

An attempt by Punch Taverns investors to block plans for a 375 million share issue has been thwarted after the leisure group received approval from 75.14 per cent of shareholders, a mere 0.14 per cent more than was required. Punch requires the cash to tackle its 4.4 billion pound debt. Hedge funds QVT Financial and Greenlight Capital, which collectively own 13 per cent of the shares, are thought to have voted against the proposals.

DSG International
Royal Bank of Scotland
Stagecoach
McBride
Micro Focus International
easyJet
Kesa Electricals
Barclays
Berkeley
The Independent
M&S GIVES OVERSEAS ROLE TO PROPERTY DIRECTOR
Clem Constantine, Marks & Spencer property director, has been charged with the responsibility for the retail giant's international division, which includes 296 stores in 40 territories such as India, China and Greece. With immediate effect, Constantine will be taking over from Carl Leaver, who is tipped as a successor for Sir Stuart Rose as chief executive.
SNOW HITS FOOTBALL CENTRES' PROFITS
Despite a hit on profits due to the snow in February, Goals Soccer Centres has revealed that it is trading in line with its estimates. The company, which operates 5-a-side football pitches, said sales and profits for the six months to June 30 were down approximately 300,000 pounds. However, Goals hopes to expand its current chain of 32 centres by opening six more outlets next year.
E.ON CUTS TARIFFS FOR GAS CUSTOMERS
On Friday, E.ON announced that it will be cutting almost 1.8 million customers' gas bills by 3.3 per cent. The move, effective from Saturday, follows a nine per cent drop in electricity charges on March 31. In response to a significant drop in wholesale energy prices, E.ON will also be scrapping its standing charge for gas prepayment - a move that will benefit 200,000 meter customers.
Keywords: PRESS DIGEST British business July 4

The Guardian

A number of expensive rail franchises due for increased government aid could result in a further 400 million pound burden on the taxpayer. So-called "cap and collar" arrangements for major rail contracts that are honoured after approximately four years mean that the Department for Transport must cover the majority of any revenue shortfalls. With the recession making a significant dent on rail profits, there is already speculation that the government may be forced to cover as much as 80 per cent of any shortfall for companies including National Express East Anglia, Virgin Trains and, from next year, Stagecoach's South West Trains.

On Friday, British Airways revealed that it is to cut capital spending by 20 per cent following the announcement that passenger numbers for June were down 4.9 per cent compared with the same period in 2008. The reduction in spending, from 725 million pounds to 580 million pounds, will likely be achieved through an extension of capacity reductions, grounding more planes and the delay of new aircraft deliveries.
LOW INTEREST RATES PERSUADE HOMEOWNERS TO PAY OFF RECORD.

Bank of England figures released on Friday reveal homeowners paid off a record 8.1 billion pounds from their mortgages in the first quarter of 2009. Low interest rates and a reluctance to deposit money in savings accounts are thought to be among the reasons for the increase in homeowner payments. Typically, borrowers were more likely to release equity from their properties, but this change in focus is having a detrimental effect on the retail sector, according to Catherine Matthews, a partner at the licensed insolvency practitioner Tomlinsons. "This process is good news for homeowners but bad news for the average UK business, which is being strangled by fragile consumer confidence and limited spending on the high street," she said.
Prepared for Reuters by Durrants

($1=.6093 Pound)

Keywords: PRESS DIGEST British business July 4

COPYRIGHT

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

The Times
JJB SPORTS PLANS TO TAP SHAREHOLDERS FOR AT LEAST 50 MILLION.
JJB Sports is thought to be in the process of raising at least 50 million pounds ($82.06 million) from shareholders over the next four to six weeks. Under advisement from Lazard, the sportswear retailer is hoping to raise the cash from a placing and firm offer which could see investors offered new JJB shares at just 12 pence each - a 61 per cent discount on Friday's closing price of 30.75 pence. The fundraising comes as a result of JJB's need for working capital to orchestrate a turnaround under executive chairman Sir David Jones.

The weak pound has seen Crockett & Jones enjoy a marked increase in sales of its footwear in London. However, with two-thirds of the company's output earmarked for export to the United States, conditions on the other side of the Atlantic have taken their toll on the Northampton-based shoemaker. Production has dipped by approximately ten per cent, but the drop-off has been manageable thanks to an overall growth of between three and five per cent over the past decade.
INVESTORS LAUNCH BRUISING ATTACK ON TESCO'S MOVE TO MODIFY.
Tesco's plan to lengthen the exercise period for share options from one to three years for existing and retiring executives was met with opposition from more than 40 per cent of those voting at the supermarket giant's AGM on Friday. However, with 57.23 per cent of investors voting in favour of the proposals, which will grant directors 36 months to wait for improvements in the company share price before cashing in, Tesco has free rein to implement the changes. Although the protest vote is one of the largest lodged in this season's annual meetings, shares remained unchanged at 350.5 pence.

Rumour of the day: Southern Cross
Tiddler to watch: Kalahari Minerals
The Daily Telegraph

On Friday, Coffee Republic suspended trading in its shares after placing a subsidiary into administration and calling in law firm Osborne Clarke to act as a restructuring advisor. In an announcement to the stock market, the British coffee retailer revealed that the financial position of subsidiaries including Coffee Republic (UK) Limited was being probed and that, in anticipation of the appointment of administrators, documents had been lodged with the High Court. Steve Bartlett, Coffee Republic's chief executive, said that a restructuring program was underway and the company was looking to rid itself of underperforming UK outlets. Shares closed up two per cent.

Baugur's former chief executive, Gunnar Sigurdsson, has been appointed the new chairman of Hamleys. Sigurdsson, who was at the helm of Baugur when it collapsed with debts of 1.3 billion pounds, is a friend of the British toy store's chief executive Gudjon Reynisson. Hamleys is understood to have had a number of Icelandic shareholders, among them Baugur. Following the investment giant's failure, the majority of Hamleys' shares are thought to be controlled by Landsbanki and Kaupthing's administration committees.

An attempt by Punch Taverns investors to block plans for a 375 million share issue has been thwarted after the leisure group received approval from 75.14 per cent of shareholders, a mere 0.14 per cent more than was required. Punch requires the cash to tackle its 4.4 billion pound debt. Hedge funds QVT Financial and Greenlight Capital, which collectively own 13 per cent of the shares, are thought to have voted against the proposals.

DSG International
Royal Bank of Scotland
Stagecoach
McBride
Micro Focus International
easyJet
Kesa Electricals
Barclays
Berkeley
The Independent
M&S GIVES OVERSEAS ROLE TO PROPERTY DIRECTOR
Clem Constantine, Marks & Spencer property director, has been charged with the responsibility for the retail giant's international division, which includes 296 stores in 40 territories such as India, China and Greece. With immediate effect, Constantine will be taking over from Carl Leaver, who is tipped as a successor for Sir Stuart Rose as chief executive.
SNOW HITS FOOTBALL CENTRES' PROFITS
Despite a hit on profits due to the snow in February, Goals Soccer Centres has revealed that it is trading in line with its estimates. The company, which operates 5-a-side football pitches, said sales and profits for the six months to June 30 were down approximately 300,000 pounds. However, Goals hopes to expand its current chain of 32 centres by opening six more outlets next year.
E.ON CUTS TARIFFS FOR GAS CUSTOMERS
On Friday, E.ON announced that it will be cutting almost 1.8 million customers' gas bills by 3.3 per cent. The move, effective from Saturday, follows a nine per cent drop in electricity charges on March 31. In response to a significant drop in wholesale energy prices, E.ON will also be scrapping its standing charge for gas prepayment - a move that will benefit 200,000 meter customers.
Keywords: PRESS DIGEST British business July 4

COPYRIGHT

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

The Times
JJB SPORTS PLANS TO TAP SHAREHOLDERS FOR AT LEAST 50 MILLION.
JJB Sports is thought to be in the process of raising at least 50 million pounds ($82.06 million) from shareholders over the next four to six weeks. Under advisement from Lazard, the sportswear retailer is hoping to raise the cash from a placing and firm offer which could see investors offered new JJB shares at just 12 pence each - a 61 per cent discount on Friday's closing price of 30.75 pence. The fundraising comes as a result of JJB's need for working capital to orchestrate a turnaround under executive chairman Sir David Jones.

The weak pound has seen Crockett & Jones enjoy a marked increase in sales of its footwear in London. However, with two-thirds of the company's output earmarked for export to the United States, conditions on the other side of the Atlantic have taken their toll on the Northampton-based shoemaker. Production has dipped by approximately ten per cent, but the drop-off has been manageable thanks to an overall growth of between three and five per cent over the past decade.
INVESTORS LAUNCH BRUISING ATTACK ON TESCO'S MOVE TO MODIFY.
Tesco's plan to lengthen the exercise period for share options from one to three years for existing and retiring executives was met with opposition from more than 40 per cent of those voting at the supermarket giant's AGM on Friday. However, with 57.23 per cent of investors voting in favour of the proposals, which will grant directors 36 months to wait for improvements in the company share price before cashing in, Tesco has free rein to implement the changes. Although the protest vote is one of the largest lodged in this season's annual meetings, shares remained unchanged at 350.5 pence.

Rumour of the day: Southern Cross
Tiddler to watch: Kalahari Minerals
The Daily Telegraph

On Friday, Coffee Republic suspended trading in its shares after placing a subsidiary into administration and calling in law firm Osborne Clarke to act as a restructuring advisor. In an announcement to the stock market, the British coffee retailer revealed that the financial position of subsidiaries including Coffee Republic (UK) Limited was being probed and that, in anticipation of the appointment of administrators, documents had been lodged with the High Court. Steve Bartlett, Coffee Republic's chief executive, said that a restructuring program was underway and the company was looking to rid itself of underperforming UK outlets. Shares closed up two per cent.

Baugur's former chief executive, Gunnar Sigurdsson, has been appointed the new chairman of Hamleys. Sigurdsson, who was at the helm of Baugur when it collapsed with debts of 1.3 billion pounds, is a friend of the British toy store's chief executive Gudjon Reynisson. Hamleys is understood to have had a number of Icelandic shareholders, among them Baugur. Following the investment giant's failure, the majority of Hamleys' shares are thought to be controlled by Landsbanki and Kaupthing's administration committees.

An attempt by Punch Taverns investors to block plans for a 375 million share issue has been thwarted after the leisure group received approval from 75.14 per cent of shareholders, a mere 0.14 per cent more than was required. Punch requires the cash to tackle its 4.4 billion pound debt. Hedge funds QVT Financial and Greenlight Capital, which collectively own 13 per cent of the shares, are thought to have voted against the proposals.

DSG International
Royal Bank of Scotland
Stagecoach
McBride
Micro Focus International
easyJet
Kesa Electricals
Barclays
Berkeley
The Independent
M&S GIVES OVERSEAS ROLE TO PROPERTY DIRECTOR
Clem Constantine, Marks & Spencer property director, has been charged with the responsibility for the retail giant's international division, which includes 296 stores in 40 territories such as India, China and Greece. With immediate effect, Constantine will be taking over from Carl Leaver, who is tipped as a successor for Sir Stuart Rose as chief executive.
SNOW HITS FOOTBALL CENTRES' PROFITS
Despite a hit on profits due to the snow in February, Goals Soccer Centres has revealed that it is trading in line with its estimates. The company, which operates 5-a-side football pitches, said sales and profits for the six months to June 30 were down approximately 300,000 pounds. However, Goals hopes to expand its current chain of 32 centres by opening six more outlets next year.
E.ON CUTS TARIFFS FOR GAS CUSTOMERS
On Friday, E.ON announced that it will be cutting almost 1.8 million customers' gas bills by 3.3 per cent. The move, effective from Saturday, follows a nine per cent drop in electricity charges on March 31. In response to a significant drop in wholesale energy prices, E.ON will also be scrapping its standing charge for gas prepayment - a move that will benefit 200,000 meter customers.
Keywords: PRESS DIGEST Financial Times July 3

The Guardian

A number of expensive rail franchises due for increased government aid could result in a further 400 million pound burden on the taxpayer. So-called "cap and collar" arrangements for major rail contracts that are honoured after approximately four years mean that the Department for Transport must cover the majority of any revenue shortfalls. With the recession making a significant dent on rail profits, there is already speculation that the government may be forced to cover as much as 80 per cent of any shortfall for companies including National Express East Anglia, Virgin Trains and, from next year, Stagecoach's South West Trains.

On Friday, British Airways revealed that it is to cut capital spending by 20 per cent following the announcement that passenger numbers for June were down 4.9 per cent compared with the same period in 2008. The reduction in spending, from 725 million pounds to 580 million pounds, will likely be achieved through an extension of capacity reductions, grounding more planes and the delay of new aircraft deliveries.
LOW INTEREST RATES PERSUADE HOMEOWNERS TO PAY OFF RECORD.

Bank of England figures released on Friday reveal homeowners paid off a record 8.1 billion pounds from their mortgages in the first quarter of 2009. Low interest rates and a reluctance to deposit money in savings accounts are thought to be among the reasons for the increase in homeowner payments. Typically, borrowers were more likely to release equity from their properties, but this change in focus is having a detrimental effect on the retail sector, according to Catherine Matthews, a partner at the licensed insolvency practitioner Tomlinsons. "This process is good news for homeowners but bad news for the average UK business, which is being strangled by fragile consumer confidence and limited spending on the high street," she said.
Prepared for Reuters by Durrants

($1=.6093 Pound)

Keywords: PRESS DIGEST Financial Times July 3

COPYRIGHT

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

The Times
JJB SPORTS PLANS TO TAP SHAREHOLDERS FOR AT LEAST 50 MILLION.
JJB Sports is thought to be in the process of raising at least 50 million pounds ($82.06 million) from shareholders over the next four to six weeks. Under advisement from Lazard, the sportswear retailer is hoping to raise the cash from a placing and firm offer which could see investors offered new JJB shares at just 12 pence each - a 61 per cent discount on Friday's closing price of 30.75 pence. The fundraising comes as a result of JJB's need for working capital to orchestrate a turnaround under executive chairman Sir David Jones.

The weak pound has seen Crockett & Jones enjoy a marked increase in sales of its footwear in London. However, with two-thirds of the company's output earmarked for export to the United States, conditions on the other side of the Atlantic have taken their toll on the Northampton-based shoemaker. Production has dipped by approximately ten per cent, but the drop-off has been manageable thanks to an overall growth of between three and five per cent over the past decade.
INVESTORS LAUNCH BRUISING ATTACK ON TESCO'S MOVE TO MODIFY.
Tesco's plan to lengthen the exercise period for share options from one to three years for existing and retiring executives was met with opposition from more than 40 per cent of those voting at the supermarket giant's AGM on Friday. However, with 57.23 per cent of investors voting in favour of the proposals, which will grant directors 36 months to wait for improvements in the company share price before cashing in, Tesco has free rein to implement the changes. Although the protest vote is one of the largest lodged in this season's annual meetings, shares remained unchanged at 350.5 pence.

Rumour of the day: Southern Cross
Tiddler to watch: Kalahari Minerals
The Daily Telegraph

On Friday, Coffee Republic suspended trading in its shares after placing a subsidiary into administration and calling in law firm Osborne Clarke to act as a restructuring advisor. In an announcement to the stock market, the British coffee retailer revealed that the financial position of subsidiaries including Coffee Republic (UK) Limited was being probed and that, in anticipation of the appointment of administrators, documents had been lodged with the High Court. Steve Bartlett, Coffee Republic's chief executive, said that a restructuring program was underway and the company was looking to rid itself of underperforming UK outlets. Shares closed up two per cent.

Baugur's former chief executive, Gunnar Sigurdsson, has been appointed the new chairman of Hamleys. Sigurdsson, who was at the helm of Baugur when it collapsed with debts of 1.3 billion pounds, is a friend of the British toy store's chief executive Gudjon Reynisson. Hamleys is understood to have had a number of Icelandic shareholders, among them Baugur. Following the investment giant's failure, the majority of Hamleys' shares are thought to be controlled by Landsbanki and Kaupthing's administration committees.

An attempt by Punch Taverns investors to block plans for a 375 million share issue has been thwarted after the leisure group received approval from 75.14 per cent of shareholders, a mere 0.14 per cent more than was required. Punch requires the cash to tackle its 4.4 billion pound debt. Hedge funds QVT Financial and Greenlight Capital, which collectively own 13 per cent of the shares, are thought to have voted against the proposals.

DSG International
Royal Bank of Scotland
Stagecoach
McBride
Micro Focus International
easyJet
Kesa Electricals
Barclays
Berkeley
The Independent
M&S GIVES OVERSEAS ROLE TO PROPERTY DIRECTOR
Clem Constantine, Marks & Spencer property director, has been charged with the responsibility for the retail giant's international division, which includes 296 stores in 40 territories such as India, China and Greece. With immediate effect, Constantine will be taking over from Carl Leaver, who is tipped as a successor for Sir Stuart Rose as chief executive.
SNOW HITS FOOTBALL CENTRES' PROFITS
Despite a hit on profits due to the snow in February, Goals Soccer Centres has revealed that it is trading in line with its estimates. The company, which operates 5-a-side football pitches, said sales and profits for the six months to June 30 were down approximately 300,000 pounds. However, Goals hopes to expand its current chain of 32 centres by opening six more outlets next year.
E.ON CUTS TARIFFS FOR GAS CUSTOMERS
On Friday, E.ON announced that it will be cutting almost 1.8 million customers' gas bills by 3.3 per cent. The move, effective from Saturday, follows a nine per cent drop in electricity charges on March 31. In response to a significant drop in wholesale energy prices, E.ON will also be scrapping its standing charge for gas prepayment - a move that will benefit 200,000 meter customers.
Keywords: PRESS DIGEST Financial Times July 3

COPYRIGHT

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.