Sainsbury's Annual Profits Fall 1.4% To £788m

The boss of Sainsbury's has told Sky News he has a "few more years" in him at the helm of the supermarket chain despite the appointment of headhunters tasked with identifying his successor.

Justin King was speaking after Sainsbury's confirmed a slight fall in annual profits, amid the intense battle among supermarkets to grow market share and invest in online.

It made a pre-tax profit of £788m in the year to March 16 - down 1.4% on the previous 12 months because of property disposals though underlying profits were up 6.2%.

Mr King also confirmed the weekend report by Sky's City Editor Mark Kleinman that it had struck an agreement with Lloyds Banking Group to take full control of Sainsbury's Bank, at a cost to the chain of £248m.

Sainsbury's said its move to acquire the 50% shareholding it did not own was an opportunity to "enhance loyalty by offering accessible, high quality and tailored products which reward customers who bank and shop with us."

Sainsbury's has been investing in its supply chain

Growth online and in convenience stores drove market share gains for the supermarket business by 0.2% over the period according to the Kantar Worldpanel measure.

Total sales over the year rose 4.6% to £25.6bn - 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, Sainsbury's said, while convenience stores took £1.5bn.

During the year, it opened 14 new supermarkets, eight extensions and 87 convenience stores.

The full-year dividend was increased 3.7% to 16.7p.

Mr King, who took over at the supermarket amid sliding sales nearly a decade ago, remained bullish about its prospects despite the flat-lining economy.

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."

In his interview with Sky News he moved to quell speculation about his future, adding: "I've got plenty of headroom left yet and I consider myself still to be a relatively young man so I've got a few more years in Sainsbury's left in me yet."

Sky News revealed last month that Egon Zehnder, the search firm, had been appointed by David Tyler, Sainsbury's chairman, to identify Mr King's successor.

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Tesla: Electric Car Sales Spark First Profit

Accelerating demand has helped US electric car-maker Tesla make its first quarterly profit, sparking a surge in its share price.

Ten-year-old Tesla Motors surprised the market on Wednesday night when it confirmed earnings of $15m (£9.6m) in its first quarter, having delivered nearly 5,000 Model S electric cars during the first three months of the year.

The Californian company, led by billionaire Elon Musk, said it expects to deliver 21,000 Model S cars worldwide, up 5% from its earlier target of 20,000, and said global demand might soon surpass 30,000 vehicles a year.

Mr Musk said: "There's potential for next year a fairly significant increase in volume as we really test the depth of the demand that's out there.

"It's probably quite a bit higher than we had originally thought."

Tesla also reported higher-than-expected revenue of $562m (£361m) after selling 4,900 cars in the first quarter.

The results sent Tesla shares up 17% to $65.50 in after-hours trading on the Nasdaq.

The Model S, a  four-door fastback sports sedan, is Tesla's second model after the more expensive Roadster and represents the company's effort to reach a broader group of buyers.

Bringing down the cost of its vehicles has been the issue Mr Musk has previously pledged to address - a strategy that has helped improve share values by two-thirds this year.

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Morrisons Sees First Quarter Sales Fall

Morrisons has had a "solid start" to its financial year despite sales falling 2.6% over the first quarter.

The performance, on a like-for-like basis, included fuel sales, though total sales contracted by just 0.3% as new store openings bolstered business.

However, Morrisons has been hurt by its limited exposure in convenience stores and its lack of an online food offer.

The company, which trails market leaders Tesco, Asda and Sainsbury's, said sales at stores open over a year fell 1.8% when fuel was excluded in the 13 weeks to May 5 - an improvement on the fourth quarter decline of 4.1%.

"This performance reflects a steady improvement from the previous quarter and is in line with our expectations," the firm said, adding that throughout the period the industry had remained very competitive with promotional coupons and vouchers a significant factor.

Morrisons said its expectations for the full year were unchanged and its plans to launch an online food operation by January 2014 were progressing.

Talks with online grocer Ocado on a possible tie-up were continuing, the chain said.

Online and convenience are the two fastest growing areas for Britain's supermarkets as shopping habits change, with consumers increasingly using the internet to shop.

Morrisons has accelerated investment in convenience stores, targeting 100 by the end of the year.

The firm, which unlike rivals produces a lot of the products it sells, said it was doing a better job of telling customers how its offer was better by, for example, highlighting its more than 5,000 trained butchers, bakers and fishmongers, and doing more to make its promotions stand out.

Its chief executive Dalton Philips said: "Our promotions have been more innovative and we are explaining Morrisons' points of difference more effectively.

"These efforts were further reinforced by the horsemeat scandal which helped drive increasing customer recognition of Morrisons' unique supply chain and approach to meat sourcing."

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Unauthorised Apps 'Costing Parents £30m'

Children buying unauthorised apps have cost parents around £30m, a study suggests.

The survey found youngsters using smartphones or tablets increase families' average monthly charges by around £34, with more than a quarter of parents (28%) hit by inflated bills.

Eight-year-olds were shown to run up the highest bills, adding an average of £59.59 - while 36% of children aged four and under have made purchases without permission.

The data emerged after five-year-old Danny Kitchen hit the headlines for racking up a £1,700 bill in a few minutes while playing a game on his parents' iPad.

A total of 14% of parents to have received unexpected charges for similar reasons voiced concerns over affording the costs, and 34% say they now hide their tablets or smartphones.

However, the study suggested nearly one in five parents equips their children with their passwords, nearly a quarter of parents do not have a security password, and one in 10 give their children free rein to access whatever content they want.

Meanwhile, more than half (54%) of the parents surveyed said they link their smartphone or tablet to an easily accessible subscription service or direct debit account.

The Windows Phone UK-commissioned study said unauthorised purchases had an estimated total cost of £30,883,157.

Brett Siddons, of Windows Phone UK, said: "Our research reveals parents are worried about the impact of app and in-app purchases on their bills and we understand the stress this can cause.

"With technology becoming more and more intuitive, it's important that parents can trust in the technology they use and feel as safe as possible when handing over their smartphone and tablet devices to their children."

According to the survey, children spend on average three hours and 21 minutes a week playing games and using apps.

More than 2,000 parents who own smartphones or tablets were consulted for the survey by OnePoll last month.

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Queen's Speech: Immigration Set To Dominate

Measures to combat immigration and schemes to help businesses are among the Government's priorities which are due to be outlined in the Queen's Speech.

David Cameron says the new policies - including a crackdown on foreign criminals and rogue employers who take on illegal migrants - will back the people of Britain "every step of the way".

The agenda for the next session of Parliament will also see powers strengthened to deport foreign criminals by preventing the abuse of human rights laws.

The Prime Minister and his deputy Nick Clegg will say in a joint foreword to the speech: "In May 2010 we came together to govern in the national interest.

"We knew the road ahead would be tough and so it has proved to be.

"But three years on, our resolve to turn our country around has never been stronger. We know that Britain can be great again because we've got the people to do it.

"Today's Queen's Speech shows that we will back them every step of the way. It is all about backing people who work hard and want to get on in life."

While 163,000 migrants came to the UK in the year to June 2012 - down from 247,000 in the previous year - Mr Cameron has said he aims to reduce the figure to tens of thousands.

A new Immigration Bill will write into law rules to ensure the Article 8 human right to a family life does not prevent the courts from balancing the crime against the perpetrator's right to remain in the country.

Firms exploiting illegal labour will face stiffer fines, as will private landlords if they fail to check on tenants' immigration status.

Incomers' access to NHS services will be regulated and temporary migrants will be expected to make a contribution.

Shadow Commons leader Angela Eagle said: "We will look at measures on immigration. But the truth is over the last three years they have failed on immigration as they have failed in so many other areas.

David Cameron and Nick Clegg admit the last three years have been "tough"

"And at the same time, there is one group that is decisively better off - the richest in society."

Also due to be announced is a National Insurance Contributions Bill which will cut the cost of recruiting new employees and a Deregulation Bill to cut red tape for firms looking to grow.

A Social Care Bill will cap care costs, in an attempt to avoid pensioners being forced to sell their homes.

Meanwhile, a Pensions Bill will create a flat-rate pension, which ministers claim will encourage saving and help women who have had long career breaks.

Measures notable for their absence include mooted plans to force cigarettes to be sold in plain packaging and those to set a minimum price for alcohol.

Aid agencies are also angry the Government will again not enshrine in law its commitment to meet the United Nations target to devote 0.7% of GDP to aid spending.

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Sainsbury's Annual Profits Fall 1.4% To £788m

The boss of Sainsbury's has told Sky News he has a "few more years" in him at the helm of the supermarket chain - dampening speculation he was planning to leave.

Justin King was speaking after Sainsbury's confirmed a slight fall in annual profits, amid the intense battle among supermarkets to grow market share and invest in online.

It made a pre-tax profit of £788m in the year to March 16 - down 1.4% on the previous 12 months because of property disposals though underlying profits were up 6.2%.

Mr King also announced an agreement with Lloyds Banking Group to take full control of Sainsbury's Bank, at a cost to the chain of £248m.

Sainsbury's said its move to acquire the 50% shareholding it did not own was an opportunity to "enhance loyalty by offering accessible, high quality and tailored products which reward customers who bank and shop with us."

Sainsbury#s has been investing in its supply chain

Growth online and in convenience stores drove market share gains for the supermarket business by 0.2% over the period according to the Kantar Worldpanel measure.

Total sales over the year rose 4.6% to £25.6bn - 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, Sainsbury's said, while convenience stores took £1.5bn.

During the year, it opened 14 new supermarkets, eight extensions and 87 convenience stores.

The full-year dividend was increased 3.7% to 16.7p.

Mr King, who took over at the supermarket amid sliding sales nearly a decade ago, remained bullish about its prospects despite the flat-lining economy.

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."

In his interview with Sky News he moved to quell speculation about his future, adding: "I've got plenty of headroom left yet and I consider myself still to be a relatively young man so I've got a few more years in Sainsbury's left in me yet."

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TweetDeck: Twitter's UK Firm Shut By Regulator

By Pete Norman, Sky News Online

A British company bought by Twitter for a reported £25m has been shut down by the business regulator after it failed to file its accounts, Sky News has learned.

The official message of TweetDeck's demise

TweetDeck Ltd, which was bought by the California-based social media giant in 2011, was officially struck off the register by Companies House this morning.

The action comes after the wholly-owned British subsidiaries, TweetDeck and Twitter UK Ltd, failed to file accounts for 2011.

The account deadline was last September and both companies were subsequently penalised.

Although Twitter UK later filed its 2011 accounts, TweetDeck did not and the Cardiff-based Companies House moved to strike off the company in January, as first revealed by Sky News.

A notice confirming the action has now been published in the London Gazette, which is the Government's official journal of record, saying TweetDeck has been "dissolved".

A Companies House spokesman told Sky News: "We go through a strict compliance process to try and ensure companies file documentation in a timely manner.

"Unfortunately, in a small number of cases, matters proceeded to strike off, as in this case."

Twitter CEO Dick Costolo (l) and Alex Macgillivray

TweetDeck is used by so-called social media power users to integrate their online messaging activity.

Its functionality has now been incorporated within Twitter's main corporate structure, according to the San Francisco-based firm.

A Twitter spokesperson told Sky News: "TweetDeck the product continues to thrive as part of Twitter, but the old TweetDeck company has been dormant for some time, with no outstanding liabilities; hence our agreement with the move to dissolve it."

TweetDeck was controlled by two American directors, Twitter Inc CEO Dick Costolo and its general counsel Alex Macgillivray.

According to the business regulator, of the three million companies registered in the UK, 99.1% maintain up to date account filings.

Dissolution of dormant companies is normally initiated by the directors rather than it being imposed by the regulator.

In March an unnamed entity investigated TweetDeck but later halted action

The Companies House spokesman told Sky News: "It is incumbent on all directors to ensure documentation is submitted appropriately and it is always disappointing when this is not the case.

"As well as being a legal requirement, those wishing to research and invest use the register as an information source, and for this reason it is unhelpful if business records are not up to date and in good order."

TweetDeck was founded by Sheffield-educated computer programmer Iain Dodsworth in 2008 and sold to Twitter two years ago in what was widely reported as a £25m deal.

The microblogging giant controls its UK operations through a Dublin-based parent firm, known as Twitter International Company.

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Diageo Boss Paul Walsh To Step Down In June

Paul Walsh, the chief executive of FTSE 100 drinks firm Diageo, is to leave the post at the end of June to make way for Ivan Menezes.

The company has confirmed Mr Menezes, currently chief operating officer (COO), will assume control on July 1, with 57-year old Mr Walsh supporting the transition until he retires from Diageo in June 2014.

Diageo chairman Franz B Humer said: "Paul is an outstanding chief executive. He has served our business, its shareholders, employees and partners with enormous imagination and dedication over the past 13 years.

Paul Walsh became Diageo CEO in September 2000

"I know he is justly proud of Diageo and its people and he leaves a great legacy for his successor.

"The transition process which has been put in place enables  Paul to contribute his knowledge and experience during Ivan's first year as chief executive officer."

He continued: "We are delighted to have a leader of Ivan's talents and global experience to succeed Paul. The handover is being made at a time when the business is strong and Ivan takes on the role of CEO at an exciting stage of the company's global development.

"The board is confident that Ivan will inspire our organisation and Diageo will continue to achieve our medium-term performance objectives."

Faced with sluggish demand in recession-hit European economies, Diageo - like many of its peers in the consumer goods market - has been snapping up brands in emerging markets, where it aims to make around half of its turnover by 2015.

Mr Menezes, who is originally from India, previously headed Diageo's key North America division for eight years before his appointment as COO last year.

Diageo said Mr Walsh had not yet decided what his next move would be, though he has a number of corporate non-executive roles, as well as working as a 'business ambassador' for the Government.

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Biggest Post Offices Hit By Strikes Over Cuts

Many of the country's busiest Post Offices will be hit by strike action today.

Workers in so-called Crown offices, the larger branches usually sited on high streets, are involved in the walkout - the fourth round of action in a bitter row over jobs, pay and branch closures.

The Communication Workers Union (CWU) is fighting plans to franchise 70 of the Crown branches and close some others, saying hundreds of jobs will be affected.

The dispute also involves pay, with the CWU saying its members have not received a wage rise for over two years.

The Post Office says the Crown offices are losing £40m a year and has accused the union of refusing to accept economic realities.

But the union said it believes the company is trying to meet Government targets by "drastic" cost-cutting.

Dave Ward, CWU deputy general secretary, said: "This Government promised no programme of post office closures, but these plans would cut 20% of the Crown network.

"The pay offer is nothing like what the Post Office is trying to make out. It's conditional on accepting 76 Crown Post Office closures and over 800 job losses.

"The second and third lump sums are dependent on unachievable targets so are very unlikely to ever get paid. Even if they are paid, they would be significantly less than the publicised figure because many workers are part-time and hundreds would have lost their jobs."

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Struggling Families Using Loans To Buy Food

Five million families in Britain are approaching financial "breaking point" and struggling to pay for food, according to research.

One in five households said their monthly incomes would not stretch to cover all of their food costs in April and they had to use some form of borrowing such as a credit card, overdraft or loan, or plunder their savings instead, consumer group Which? found.

Which? said this would equate to five million families if the findings were projected across the UK.

The findings provide an indication of the numbers of people who are struggling, despite official figures showing last week that personal insolvencies have fallen to their lowest level in five years.

The group who could not cover their food bills from their income alone was largely made up of low-income households earning less than £21,000 a year and squeezed 30 to 49-year-olds, many of whom had children.

Some 82% of these people said that they were worried about food prices and 57% were finding it "difficult to cope" on their current income.

People in this group were also more likely to be worried about their level of debt and 74% of them described economy as "poor".

Which? executive director Richard Lloyd said: "Our tracker shows that many households are stretched to their financial breaking point, with rising food prices one of the top worries for squeezed consumers.

"It's simply shocking that so many people need to use savings or credit to pay for essentials like food."

The study also found that only one quarter of people said that they were living comfortably on their incomes, while more than one third (36%) felt squeezed.

Two-thirds were worried about the effects of low interest rates on their savings - although insolvency experts have credited low interest rates with helping people's borrowing costs and keeping personal insolvencies down.

Almost one third (31%) of people surveyed cut back spending on essentials last month, mainly women aged between 30 to 49 years old.

Over two thirds (68%) described the state of the economy as poor, with just 9% saying it was good.

Around 2,000 people across the UK took part in the survey, which was carried out last month.

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Barroso 'Mends Austerity Fences' With Merkel

The German Chancellor is not to blame for the eurozone austerity policies, the head of the European Commission has said - in an apparent attempt to mend fences with Berlin.

European Commission president Jose Manuel Barroso drew fire from Germany last month for saying that austerity had "reached its limits", in a public challenge to Europe's biggest economy.

Chancellor Angela Merkel's government has long championed fiscal restraint.

With Greece mired in recession, unemployment in some countries running at more than 25% and France being given more time to cut its budget deficit, there is growing pressure on Mrs Merkel and other hardliners to focus on growth and job creation, not austerity.

But Mr Barroso defended the policies of austerity and said growth built on debt was not sustainable, while reiterating his view that "pure austerity" measures were no longer acceptable.

"What is happening in France and Portugal is not Merkel's or Germany's fault," Mr Barroso told the Welt am Sonntag weekly paper.

"Growth that is based on debt is not sustainable. At the same time, the policies that people see as pure austerity have reached their limits of political and social acceptance.

"But the EU Commission says the current policy mix is right and we must continue it."

Mr Barroso also said Germany should not become complacent in its reform efforts just because its economy was performing better than others, adding that the country needed to open its markets for services and infrastructure.

He added: "Complacency would be dangerous for Germany. We should not forget how tightly interlinked the European economy is.

"And Germany benefits most from the European internal market and from a stable euro.

"In certain sectors Germany should open its market more than before. We will say more on this in our country-specific recommendations at the end of the May."

Germany has fared better than others in the eurozone debt crisis that began in late 2009, but its economy shrank at the end of last year and the government now sees economic growth this year of just 0.5%

However its unemployment rate is fractional of many others in the 17-nation eurozone, sitting at just above 5%.

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New Laws Planned To Boost Consumer Rights

A bill giving increased rights to consumers and reducing burdens on business is set to be unveiled in the Queen's Speech.

Ministers believe reforming legislation will save the economy around £4bn over 10 years in more effective protection and better understanding of consumer rights.

The expected bill would consolidate consumer rights, currently split between eight pieces of legislation, into one place.

It will cover goods, services, digital content and unfair contract terms and consolidate over 60 pieces of legislation on trading standards' powers to investigate beaches of consumer law into one piece of legislation.

Consumer Minister Jo Swinson said: "Stronger consumer protection and clearer consumer rights will help create a fairer and stronger marketplace.

"We are fully aware that this area of law over the years has become unnecessarily complicated and too confusing, with many people not sure where to turn if they have a problem.

"We are hoping to bring in a number of changes to improve consumer confidence and make sure the law is fit for the 21st century."

Ministers believe businesses will benefit from faster resolution of complaints as they would spend less time and money dealing with them.

The bill is expected to help people unhappy with home improvements and make it easier to seek refunds for faulty goods.

It will also be confirmed this week that Citizens Advice and Citizens Advice Scotland have agreed to take on the responsibilities of Consumer Focus from April 2014.

Richard Lloyd, Which? executive director, commented: "A Consumer Bill of Rights is a welcome step towards ensuring that we have consumer laws fit for the 21st century.

"This bill is about making it easier for people to understand their rights and giving consumers power to challenge bad practice. It should also mean that both consumers and regulators have the tools they need to challenge unscrupulous businesses that breach the law."

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US Creates 165,000 New Jobs In April

The United States created 165,000 new non-farm jobs in April, with the figure beating expectations.

Hiring was much stronger in the previous two months than first thought, and the gains trimmed the unemployment rate to a four-year low of 7.5%, the official figures showed.

The Department of Labour report showed the job market is improving despite higher taxes and government spending cuts.

In addition to the April gains, the government said employers added 138,000 jobs in March and 332,000 in February. That is 114,000 more over the two months than was originally estimated.

The economy has created an average of 208,000 jobs a month from November through April, which is above the 138,000 added in the previous six months.

John Silvia, chief economist at Wells Fargo, said: "This is a good report. There's a lot of strength.

"It's good for the economy. It's good for people's income."

The stronger job growth suggests that the federal budget cutting "does not mean recession," Mr Silvia said. "It does not mean a dramatic slowdown."

The release of the figures in the US came with certain drama after a fire overnight at the department's headquarters shut down the building for most employees.

Members of the media were allowed in for the release of the report.

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Smartphones: Debit Cards Of The Future?

By Liz Lane, Sky News Reporter

Smartphones could soon become an even greater part of our lives as networks join forces to let us pay for high street goods with our mobiles.

The battle to dominate the market for "virtual wallets" is heating up, but with it come concerns about how thieves and fraudsters could take advantage.

Britain's big-three mobile networks - EE, Vodafone and O2 - are creating an opt-in service that will allow all bank, credit and loyalty card details to be stored on a phone SIM.

The customer will be able to swipe it on a card reader in a shop and instantly pay for goods.

David Sear, chief executive of Weve, the company managing the project, said: "You'll be able to pick up your goods from the counter - your sandwich or whatever it might be, on a small transaction - and simply swipe your phone, rather than having to get your card out of your wallet."

He is hoping to get retailers to sign up later this year, with the promise of advertising opportunities.

Stores will be able to send special offer alerts to customers' phones as they walk past in an effort to tempt them in.

Google, Barclays, Mastercard and Paypal have all come up with their own versions of the virtual wallet, but they have not caught on in the UK.

The contactless payment market as a whole has yet to take off, with only 6% of people in the UK having made such a transaction with a credit or debit card.

Bryan Glick, editor of Computer Weekly Magazine, describes it as a chicken and egg situation.

He said: "Retailers aren't going to offer this as a means of paying unless they know they're going to use it, but people aren't going to use it unless they know there are a lot of retailers they can use it at."

As for security, the new system will have a limit on how much can be spent on a phone without entering a Pin code.

However, cyber security expert Jason Hart said he would take further precautions before using it - including having his smartphone, and the payment system itself, password-protected.

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Sainsbury's To Bank On Lloyds Buyout

By Mark Kleinman, City Editor

The supermarket chain J Sainsbury will next week move to take full control of its banking operations by striking a deal to buy out its partner, Lloyds Banking Group.

I have learnt that Sainsbury's is on the verge of an agreement with Lloyds that is expected to cost it several hundred million pounds.

Insiders said that a deal was likely to be announced alongside the retailer's full-year results on Wednesday.

Sainsbury's is understood to have been keen to acquire full control of the joint venture, called Sainsbury's Bank, for some time. Buying the Lloyds shareholding will allow it greater freedom to develop and market new banking products and services.

Launched in 1997, Sainsbury's Bank has 1.4 million active customers, according to the company. The business offers insurance, loans and savings products.

Supermarkets including Tesco and Sainsbury's have bold ambitions to take on the major high street banks.

They believe there is an opportunity to do so because of growing consumer mistrust of the industry's dominant players, fuelled by the banking crisis and the emergence of subsequent mis-selling scandals.

Tesco plans to launch current accounts within the next year, while Marks & Spencer has also been trialling the provision of banking services in some of its shops.

In 2008, Tesco struck a deal similar to the one planned by Sainsbury's, which involved it paying £950m to acquire the 50% stake in its personal finance arm from Royal Bank of Scotland.

People close to the talks between Sainsbury's and Lloyds said that various commercial and service agreements would continue to exist between them following next week's deal.

Sainsbury's Bank is run by Peter Griffiths, the former head of the Principality Building Society, who was appointed to the role last November.

The sale of its stake in Sainsbury's Bank should benefit Lloyds, which is 41%-owned by taxpayers, by bolstering its capital base at a time when regulators are forcing British banks to augment the amount of capital they hold in reserve.

Lloyds is also examining the sale of Scottish Widows Investment Partnership, the fund management arm of its insurance business, as well as a stake in its international wealth management operations.

The joint venture with Sainsbury's is one of many legacy holdings taken on by Lloyds after its rescue of HBOS, the mortgage lender which came close to collapse in the autumn of 2008.

Lloyds declined to comment, while Sainsbury's said it did not comment on speculation.

The supermarket chain does not plan to update the City next week about the future of Justin King, its chief executive, following Sky News' disclosure last month that its board has hired headhunters to work on succession planning for the role.

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