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News Nuggets : BSkyB, UTV, Tesco & downgrade, Nestle & ‘ageing work force’, Barclays & frontline jobs cuts

by on November 15, 2013 in Latest News, Nuggets, Retail, Retail News

The food giant Nestle has said its creating 1900 jobs and work placements in the UK over the next three years. Fiona Kendrick, the UK chief executive of the Swiss company, has told Radio 5 this morning that the “industry needs to step up and play its role in bringing our youth employment down.”

She added: “We recognise today that in the food and drink industry, and within Nestle as well, we do have an ageing work force.”

Last night Barclays said it was cutting 1700 “frontline” jobs in its branches because more customers are banking online.

Goldman Sachs analysts knocked Tesco shares by cutting the supermarket group to “sell”.

We & Tesco to Sell from Neutral: we do not believe that its current valuation adequately reflects a scenario in which margin in the UK compresses from FY13 levels. We believe that industry margins are likely to fall over the next three years as the discounter and online channels maintain double-digit growth rates.

BSkyB has said it’s investing $8m in Luminari Capital, a venture capital fund focusing on video technology and media start-up companies. Sky says the investment will “increase its exposure to relevant startup companies that it may choose to partner in the future.”

UTV has reported a 7pc rise in revenues over the past nine months.

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