Sainsbury’s, Bonmarché: Business news in brief on Friday June 10

Sainsbury’s John Rogers to replace Home Retail Chief Walden; Bonmarché reports strong results amid difficult trading conditions; UK’s construction output rebounds on upbeat industrial data

Zlata Rodionova
Friday 10 June 2016 13:53 BST
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Dubai-incorprated company, Spectre, offered 11.4 p per share for Bonmarché
Dubai-incorprated company, Spectre, offered 11.4 p per share for Bonmarché (Getty)

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Sainsbury’s John Rogers to replace Home Retail Chief Walden

Sainsbury's has announced that its finance chief John Rogers will take on the role of chief executive at Home Retail Group when the supermarket's takeover of the company is completed.

Rogers has been Sainsbury's finance chief since 2010, and currently looks after finance, group strategy, Sainsbury’s online, business development, procurement, property and Sainsbury's Bank.

Bonmarché reports strong results amid difficult trading conditions

Bonmarché has reported encouraging preliminary results as it continues with its brand modernisation journey. Its shares rose 3.3p to 130p as the company remained in line with its full-year guidance.

Total revenue grew by 5.3 per cent to £188 million in comparison to £178.6 million in 2015.

Store like-for-like sales increased by 0.7 per cent and online sales were up by 3.6 per cent.

UK’s construction output rebounds on upbeat industrial data

Construction output, which makes up six per cent of the economy, rose 2.5 per cent in April after a 3.6 per cent dip in March.

This was the biggest monthly increase since January 2014 and surpassed economists' expectations for a 1.7 per cent increase, data released by the Office for National statistics showed on Friday.

The ONS said some of the rise may be linked to the seasonal adjustment effects around the timing of the Easter holidays this year.

Russian central bank cuts interest rate to 10.5%

Russia's central bank cut its key interest rate by 0.5 percentage points to 10.5 per cent on Friday, citing a steadying rate of inflation for the move.

It is the first reduction in 10 months and follows a recovery in rouble, which has risen 25 per cent since January.

The rate cut comes at a time when Russia’s economy, plagued by plunging oil prices and Western sanctions over the Ukraine crisis, is showing signs that the worst is behind it.

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