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Sports Direct faces game of two halves Sports Direct faces game of two halves
(10 days later)
Mike Ashley's Newcastle United spent less in the recently closed transfer window than the price of a couple of pairs of cheap trainers, much to the chagrin of many of the club's supporters.Mike Ashley's Newcastle United spent less in the recently closed transfer window than the price of a couple of pairs of cheap trainers, much to the chagrin of many of the club's supporters.
But Ashley will be hoping for a better reception when he meets shareholders of his Sports Direct empire at its annual meeting on Wednesday. He will have good news to tell them: trading is expected to have remained strong, with the company benefiting from an increasingly dominant position as competitors such as JJB have fallen by the wayside.But Ashley will be hoping for a better reception when he meets shareholders of his Sports Direct empire at its annual meeting on Wednesday. He will have good news to tell them: trading is expected to have remained strong, with the company benefiting from an increasingly dominant position as competitors such as JJB have fallen by the wayside.
The retailer is also likely to be confirmed as the latest member of the FTSE 100 index of Britain's top companies following a surge in the value of its shares. A far cry from its troubled stock market debut in 2007 and fractious relationship with the City.The retailer is also likely to be confirmed as the latest member of the FTSE 100 index of Britain's top companies following a surge in the value of its shares. A far cry from its troubled stock market debut in 2007 and fractious relationship with the City.
But it is not all sweetness and light. Some of the doubts over Ashley's stewardship of Newcastle United also afflict Sports Direct. Following its final results in July, the retailer was praised for paying bonuses of up to £100,000 to 2,000 staff. However the shine was soon taken off when it emerged that 20,000 part-time workers were on so-called zero-hours contracts. These mean staff do not know how many hours they will work from one week to the next, nor do they get sick pay or even holiday pay. A former employee has begun legal action against the company.But it is not all sweetness and light. Some of the doubts over Ashley's stewardship of Newcastle United also afflict Sports Direct. Following its final results in July, the retailer was praised for paying bonuses of up to £100,000 to 2,000 staff. However the shine was soon taken off when it emerged that 20,000 part-time workers were on so-called zero-hours contracts. These mean staff do not know how many hours they will work from one week to the next, nor do they get sick pay or even holiday pay. A former employee has begun legal action against the company.
Sports Direct is not keen to comment on the issue, but on Wednesday it may have no choice.Sports Direct is not keen to comment on the issue, but on Wednesday it may have no choice.
Silvio raises eurozone fearsSilvio raises eurozone fears
Silvio Berlusconi has remained pretty central to Italian politics despite stepping down as prime minister in 2011 and facing various court cases.Silvio Berlusconi has remained pretty central to Italian politics despite stepping down as prime minister in 2011 and facing various court cases.
His centre-right coalition won 29% of the votes in elections earlier this year, and ended up supporting current prime minister Enrico Letta. But tomorrow a special senate committee will vote on whether to start proceedings to expel Berlusconi from parliament following his recent conviction for tax fraud.His centre-right coalition won 29% of the votes in elections earlier this year, and ended up supporting current prime minister Enrico Letta. But tomorrow a special senate committee will vote on whether to start proceedings to expel Berlusconi from parliament following his recent conviction for tax fraud.
If that happens, it would raise the prospect of Berlusconi pulling out of the fragile coalition government, plunging Italy into yet another crisis and reminding everyone the eurozone is by no means out of the woods yet.If that happens, it would raise the prospect of Berlusconi pulling out of the fragile coalition government, plunging Italy into yet another crisis and reminding everyone the eurozone is by no means out of the woods yet.
Conflicting comments from various Berlusconi allies have not helped, ranging as they do from threatening to bring down Letta's government to maintaining support for the coalition. Analysts at Investec summed it up: "While this [Monday's meeting] could see nervousness over a possible collapse of the Italian government rise further, a final decision would hinge on the senate later voting in a full sitting before Berlusconi's expulsion would be confirmed."Conflicting comments from various Berlusconi allies have not helped, ranging as they do from threatening to bring down Letta's government to maintaining support for the coalition. Analysts at Investec summed it up: "While this [Monday's meeting] could see nervousness over a possible collapse of the Italian government rise further, a final decision would hinge on the senate later voting in a full sitting before Berlusconi's expulsion would be confirmed."
TSB bounces back
TSB bounces back
Banks will be in the spotlight again this week, not that they ever really left it. Barclays will press the button on its near-£6bn cash call on Friday, which happens to be the 13th of the month. Perhaps unsurprisingly, the bank has already been hit by bad luck. Early visitors to its website seeking details about the fundraising found themselves directed instead to the website of a company that supplies cattle semen.Banks will be in the spotlight again this week, not that they ever really left it. Barclays will press the button on its near-£6bn cash call on Friday, which happens to be the 13th of the month. Perhaps unsurprisingly, the bank has already been hit by bad luck. Early visitors to its website seeking details about the fundraising found themselves directed instead to the website of a company that supplies cattle semen.
Only shareholders on the register on Friday will be eligible to take part, with a prospectus due shortly after and shares due to begin trading on 3 October.Only shareholders on the register on Friday will be eligible to take part, with a prospectus due shortly after and shares due to begin trading on 3 October.
Meanwhile, a 200-year-old brand returns to the high street on Monday when Lloyds spins off 632 of its branches under the TSB name.Meanwhile, a 200-year-old brand returns to the high street on Monday when Lloyds spins off 632 of its branches under the TSB name.
TSB emerged from the "trustee savings bank" movement. But in the mid-1990s, following its takeover by Lloyds, the name disappeared. Now, thanks to Europe demanding Lloyds sell branches in return for approving the government's investment in the bank, it's back. After a failed plan to sell the branches to Co-op Bank, they will now be floated, and this week's separation is the first step in that process.TSB emerged from the "trustee savings bank" movement. But in the mid-1990s, following its takeover by Lloyds, the name disappeared. Now, thanks to Europe demanding Lloyds sell branches in return for approving the government's investment in the bank, it's back. After a failed plan to sell the branches to Co-op Bank, they will now be floated, and this week's separation is the first step in that process.
So thousands of Lloyds customers will find themselves in a new entity, although some seem to want to stay where they were, preferring to stay with Lloyds. Where's the trust?So thousands of Lloyds customers will find themselves in a new entity, although some seem to want to stay where they were, preferring to stay with Lloyds. Where's the trust?
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