Financial/Banking

Toronto -- Most retailers in Canada are ready for a phase-out of one-cent coins, a national retailing trade group said Wednesday.

The Retail Council of Canada said the majority of the country's retail businesses were prepared for the disappearance of the penny and will follow the government's proposals for determining prices.

Consumer confidence in January fell to its lowest point since November 2011, according to the Conference Board.

The Conference Board’s index decreased to 58.6, down from a revised 66.7 in December. The figure was lower than forecast; Bloomberg predicted a median of 64.

The drop in confidence coincides with the 2% payroll tax increase used to fund Social Security.

Washington -- Despite some groups’ claims, the National Retail Federation said that few, if any, merchants are expected to surcharge customers for using a credit card as theoretically allowed under a controversial proposed lawsuit settlement with Visa and MasterCard being debated in the courts.

 

Eden Prairie, Minn. -- Bloomberg reported Tuesday that Supervalu Inc. has set the rate it will pay on $2.4 billion of loans to fund the sale of five supermarket chains to a Cerberus Capital Management LP-led investor group.

A six-year, $1.5 billion term will pay interest at 5.75 percentage points more than the London interbank offered rate with a 1.25 percent minimum, reported Bloomberg, citing an unnamed source.

London -- A Tuesday report by Bloomberg said that Tesco Plc may be recovering from its financial doldrums, as the country’s largest supermarket chain has matched market growth for the first time in more than 18 months.

Citing Kantar Worldpanel’s latest market share figures, Bloomberg said that at Tesco stores rose 3.3% in the 12 weeks ended Jan. 20, the same pace as the industry. Growth exceeded Wal-Mart Stores’ Asda and J Sainsbury, which gained 2.1% and 3.2% respectively.

Clearwater, Fla. -- Boat retailer MarineMax reported Tuesday a loss of $4.16 million for the quarter ended Dec. 31, narrowed from a loss of $4.21 million in the year-ago period.

Revenue grew 8% to $99.1 million and same-store sales increased more than 8%.

New York City -- A report released Tuesday by The Conference Board showed that confidence among U.S. consumers fell in January to its lowest point since November 2011.

The Conference Board’s index decreased to 58.6, down from a revised 66.7 in December. The figure was lower than forecast; Bloomberg predicted a median of 64.

The drop in confidence coincides with the 2% payroll tax increase used to fund Social Security.

Hilco Trading wants to build the next great retail consulting business and consistent with that goal it has hired Antony Karabus to serve as president of Hilco’s retail consulting arm and elevated current CEO Greg Rubin to the role of chairman.