Chief Correspondent, UK Company News, London
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Apr 18, 2012

Tesco curbs UK expansion to focus on revival

LONDON, April 18 (Reuters) – Tesco, the world’s
No.3 retailer, slashed expansion plans for its main British
business and said it would spend over 1 billion pounds ($1.6
billion) on improving existing stores as it battles to recover
from a shock profit warning.

The group also said on Wednesday it would rein in store
openings at its loss-making U.S. chain Fresh & Easy, pushing
back the moment when it expects that business to break even.

Apr 18, 2012

Tesco unveils 1 billion pounds plan to revive UK business

LONDON (Reuters) – Tesco (TSCO.L: Quote, Profile, Research, Stock Buzz), the world’s No. 3 retailer, said it would spend 1 billion pounds ($1.6 billion) this year overhauling its underperforming UK business and will rein in expansion as it seeks to win back market share and calm nervous shareholders.

It said on Wednesday that the blueprint to revitalize its most important market, which it conceded was not a radical change of direction, would focus on improving staffing levels, smartening up stores and delivering better prices and product ranges.

Apr 18, 2012

Tesco unveils 1 bln stg plan to revive UK business

LONDON, April 18 (Reuters) – Tesco, the world’s No.
3 retailer, said it would spend 1 billion pounds ($1.6 billion)
this year overhauling its underperforming UK business and will
rein in expansion as it seeks to win back market share and calm
nervous shareholders.

It said on Wednesday that the blueprint to revitalise its
most important market, which it conceded was not a radical
change of direction, would focus on improving staffing levels,
smartening up stores and delivering better prices and product
ranges.

Feb 16, 2012

Reed Elsevier cuts costs to bolster growth

LONDON, Feb 16 (Reuters) – Anglo-Dutch publishing and
events group Reed Elsevier reported a rise in
full-year profit and said it expected cost cutting and small
acquisitions to help generate more growth in an uncertain
economy this year.

“The macroeconomic outlook remains uncertain, but … we
expect to deliver another year of underlying revenue and profit
growth in 2012,” Chief Executive Erik Engstrom said in a
statement on Thursday.

Jan 24, 2012

How the cruise ship industry sails under the radar

LONDON/NEW YORK (Reuters) – The very public dispute between Captain Francesco Schettino and the owners of his stricken vessel is a symptom of lax regulation and supervision that can only add to pressure for the cruise line industry to be subjected to closer scrutiny.

The mudslinging over who decided the Costa Concordia should sail within 150 metres of the shoreline of an Italian island in a manoeuvre known as a “salute” to show the ship off has exposed wider concerns over how such vast ships should be controlled and how safe they really are.

Jan 24, 2012
Jan 19, 2012
Jan 13, 2012
Dec 14, 2011

Exclusive: American Airlines’ $30 million London town house

Exclusive: American Airlines\’ $30 million London town house  Buried deep in American Airlines’ Chapter 11 bankruptcy filing is a striking asset — a town house in one of London’s most expensive residential streets that property experts say could be worth up to $30 million.

Nov 2, 2011

Exclusive: Poor nations a ray of hope for crisis-weary G20

LONDON (Reuters) – Simple reforms would eliminate much of the risk of investing in poor countries, unleashing billions of dollars of pent up cash and providing a welcome boost to the world economy, a report to be presented at this week’s G20 summit will say.

Tidjane Thiam, charged with pulling together the report, believes world leaders will seize on a plan to spur infrastructure investment in developing countries that includes reform of The World Bank and its regional counterparts but does not tap crisis-weary taxpayers.

    • About Paul

      "I took over the team covering British business news in September 2008, just as Lehman Brothers collapsed and banks plunged into crisis. Prior to that, I ran Reuters operations in Ireland, covering the Celtic Tiger boom and IRA disarmament. From 2000 to 2004, I worked in Frankfurt reporting on the European Central Bank and making daily TV appearances on the BBC World Business Report. I have also reported from Athens and Dublin during the euro zone crisis. Follow me on twitter at www.twitter.com/pchoskins"
      Joined Reuters:
      1998
      Languages:
      English, French, German
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