PRESS DIGEST - British Business Press - May 21
The Times
TRADITION IS SHELVED AS SUPERMARKET PUTS FORWARD OTHER NAMES
Marks & Spencer(MKS.L) will be selling some of the best-known food and drink brands in its stores from next month, breaking its "own label only" tradition. The retailer will stock 350 products, including Coca-Cola, Persil, Marmite and Whiskas, in 19 stores in the North East of England. The products will be rolled out nationwide if the three-month trial proves a success. Sir Stuart Rose, the company's chief executive, said: "Customers say to me: 'We love your store, but my husband loves Marmite and he can't buy it from you.' Others say the same about Weetabix. I like Tabasco, but I can't buy it at Marks & Spencer."
YELL HALVES DIVIDEND TO BOLSTER FINANCES
Yell(YELL.L) announced plans on Tuesday to slash its dividend by half to shore up its balance sheet. The group's shares dropped 26 percent as it also revealed that underlying profits would be "broadly flat" and that "tougher economic conditions" were holding back progress. The group's chief financial officer, John Davis, said: "It is difficult for all businesses to operate in the current market. If recession was dictated by caution, then I think we are there."
ROYAL MAIL TO POST 2.6 BILLION POUND SHORTFALL BY 2010
