News That Matters

Tag: retail

Ovo Energy lines up audacious SSE retail deal

Ovo Energy lines up audacious SSE retail deal

Business
By Mark Kleinman, City editor Ovo Energy, the decade-old gas and electricity supplier, is plotting a move into the ranks of Britain's biggest utilities with a bid to acquire the retail operations of SSE.Sky News can exclusively reveal that Ovo has been in discussions for a number of months with SSE, the FTSE-100 group, about a deal. A transaction is not certain to be struck, but sources close to the situation said this weekend that it could be agreed in outline within weeks.If a deal is completed, it would pave the way for SSE's exit from the challenged UK energy retail market and catapult Ovo into the big league of British power suppliers.Under its pioneering chief executive, Stephen Fitzpatrick, Ovo has already amassed 1.5 million customers, some of ...
Debit cards show up more at retail stores, less at ATMs

Debit cards show up more at retail stores, less at ATMs

Finance
MUMBAI: Bank customers are increasingly getting comfortable making payments through debit cards on swipe machines at kirana stores and local retail outlets. Latest data from the RBI show that over a third of all debit card transactions were made at point of sale (PoS) terminals in April this year for the first time since demonetisation. With about 80-crore withdrawals worth Rs 2.84 lakh crore in April, ATM transactions made for just over 66% of overall debit card transaction volume. PoS machines registered the rest 34% of the transaction volume in this period. The only other time the ATM transaction share fell below the two-thirds mark was in December 2016 — a month after demonetisation — when it was at 60.3% and PoS transactions at 39.7%, owing to the lack of cash in the system. The trans
Look, who’s trying to catch a falling knife? Retail, HNI stakes in this crisis-hit stock hit highest levels in 66 quarters

Look, who’s trying to catch a falling knife? Retail, HNI stakes in this crisis-hit stock hit highest levels in 66 quarters

Finance
Mumbai: Foreign institutional investors (FIIs) cut their stake in the crisis-hit Dewan Housing Finance Corporation (DHFL) to lowest level in at least 12 quarters during the January-March period, but holdings of retail and high networth investors (HNI) on the counter hit highest levels in 66 quarters. FIIs held around 17.7 per cent in the company at the end of March, down 460 basis points from December quarter and lowest since the March quarter of 2016. Retail investors and HNIs raised their combined stake to 27.8 per cent, up 640 bps from December quarter. Their holding in the company was highest since the end of September quarter, 2002. “A similar trend was observed in many such distressed companies that are in a downtrend,” said Ajay Bodke, Chief Executive Officer and Chief Portfolio Man
Can Sir Philip Green save his retail empire?

Can Sir Philip Green save his retail empire?

Business
High Street retail chain Arcadia claims to be in serious trouble, facing what it calls "significant liquidity issues".The answer, it believes, is a Company Voluntary Arrangement (CVA), a series of proposals to its creditors.But critics say it raises as many questions as it answers and fails to address key branding and operational problems in the company.Arcadia, owned by Lady Tina Green, the wife of chairman Sir Philip Green, says sales in its stores open more than a year fell 9% in 2018-19. Earnings this year are expected to be £30m, compared with £219m two years ago.Faced with fixed charges of £100m a year, the group says it is struggling to pay its way.What does the CVA do?A CVA is a renegotiation of terms with a company's cre
Retail loan EMIs set to fall post RBI’s rate cut

Retail loan EMIs set to fall post RBI’s rate cut

Finance
The central bank's decision to reduce the benchmark interest rate on Thursday for the second bi-monthly monetary policy review in succession has now put the ball in the court of banks to see that RBI's action translates into cheaper loans for consumers. Muted growth and subdued inflation prompted the RBI on Thursday to lower its key lending rate for commercial banks by 25 basis points (bps) to 6 per cent. If the banks now decide cut interest rates in line with the RBI's policy rate cut, housing, auto, education loans would become cheaper while the EMI burden on retail consumers would fall. A state-run bank official here said there is likely to be a transmission of least 15 per cent of the RBI's cut in its repo, or short-term lending rate for commercial banks, and borrowers could look forwa...