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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Currys and PC World see rising sales

Category : Business

Dixons Retail, the owner of Currys and PC World, reports growth in sales in the last 12 months.

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Amazon paid £2.4m in tax in 2012

Category : Business, World News

Amazon’s UK unit paid £2.4m in corporation tax last year, despite making sales of £4.3bn, the online retailer’s accounts show.

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US retail sales inch up in April

Category : Business, World News

US retail sales rose unexpectedly in April, after falling back in the previous month.

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Sharp’s losses hit fresh record

Category : World News

Japanese electronics-maker Sharp reports a record annual loss, as it struggles with a high debt load and shrinking sales.

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VIDEO: Whisky sales fuel copper stills boom

Category : World News

Growth in whisky sales is fuelling demand for stills hand-made by coppersmiths in Scotland.

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You’ve got fail! AOL down nearly 10%

Category : Business

AOL posted decent growth in online advertising sales. But profits missed forecasts and investors were not pleased.

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Sony sees first profit in five years

Category : World News

Electronics giant Sony reports an annual profit for the first time in five years, boosted by a weakening yen and asset sales.

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Barratt upbeat on housing market

Category : World News

Housebuilder Barratt Developments reports improving sales and says market conditions are “the most positive we have seen for five years”.

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Sainsbury’s profits rise again

Category : Business

Sainsbury’s said it had outperformed competitors and celebrated the ‘milestone’ of non-food sales reaching £1bn for the first time

Profits at Sainsbury’s have risen again as the supermarket maintained its run of success under chief executive Justin King.

It came as the retailer also announced it was taking full control of Sainsbury’s Bank in a £248m deal to buy the 50% stake held by taxpayer-backed Lloyds Banking Group.

Full-year results to 16 March showed underlying profits up 6.2% to £756m, though the bottom-line pre-tax figure fell 1.4% to £788m when property disposals were included.

King, who took over at the supermarket amid sliding sales nearly a decade ago, remained bullish about its prospects despite the economic downturn.

He said: “Whilst we see no near-term change in the current economic situation, we remain confident that by continuing to invest in our long-standing strategy and by understanding and helping our customers, we are well positioned for future growth.”

Total sales rose by 4.6% to £25.6bn, driven by 33 consecutive quarters of like-for-like sales growth.

Sainsbury’s said it had outperformed competitors, citing figures from earlier this year which showed it had achieved 16.8% market share, its highest for a decade.

The results were boosted by what it called the “milestone” of non-food sales reaching £1bn for the first time.

Grocery online sales were nearing the £1bn mark, while Sainsbury’s convenience stores took £1.5bn, the company announced. During the year, it opened 14 new supermarkets, eight extensions and 87 convenience stores.

The supermarket, which sponsored the Paralympic Games and was also involved in the events to celebrate the Queen’s Diamond Jubilee, said: “It has been a year like no other.”

David Tyler, chairman of Sainsbury’s, said the decision to take full ownership of Sainsbury’s Bank would “benefit both customers and shareholders and allow its full potential to be realised”.

The bank, launched in 1997, has delivered five successive years of profit growth, the company said. Profit before tax in 2012/13 was £59m.

King said: “We see a great opportunity to increase the number of bank customers by offering accessible, high- quality financial service products which reward customers who bank and shop with us.

“We expect the bank to become an important source of profit diversification and growth, building on the strengths of our core business.”

Sainsbury’s sales up as profits fall

Category : Business

Sainsbury’s reports a slight fall in full-year pre-tax profits, despite rising sales, and confirms it is taking full ownership of Sainsbury’s Bank

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