Member Info for Opium

I did not write the 2012 Pension report or the current HL view. Fruity's comments make little sense. Clearly in a zero sum game it is survival of the fittest at the expense of the other Big3. I think he means when bonds mature at the end of their fixed term, the interest rates on new bonds will reflect percieved risk & base rate- as always, for any corporate Bond.

Analysts are likely to trim their profit forecasts for future years, but with debt falling steadily, and limited future capital spending plans, Morrison's financial position looks secure enough. But dividends are not necessarily at the bottom yet. The group's comment about future payments after the current year is noticeably woolly. Commercial income, i.e. volume rebates from suppliers, is currently accounting for all of the group's underlying profit before tax, running at £179m (2014/15: £194m) in the first half. Clearly, Morrison needs to reach a position where it is making a profit without having to ask its suppliers for rebates.

'Currently Morrisons have enrolled less than 5% of their eligible workers (based on my assumption they have over 100,000 of such staff). The Government will be hoping that the number enrolling grows to at least 50%'. Easy to refute my guess of 20% now with some facts - but nobody has so far. I run an excellent pension scheme for my employees, also in surplus - because NOBODY HAS ENROLLED, geddit?

Sales at Asda, the British subsidiary of Wal-Mart, fell faster than at any of its "big four" supermarket rivals during the past three months, industry data showed on Tuesday. ASDA is Tesco's Biggest rival, with 2nd largest Market Share. BTW, no one has come up with a % figure for number of MRW employees enrolled - a scheme with 5% enrolled MRW (2012) is not a fair comparison with Tesco 50%, meeting the Government target, especially when auto-enrollment's impact is considered, legally avoided by MRW to save cash.

- In a continuing trend, from last month, .5% compared to 1% of Market Share. Sainsbury held its share of the total grocery market at 15.9% over the month - the only Big Four supermarket not to see a sales decline, according to the Nielsen data. Tesco saw its market share further cut back to 27.5% from 27.7% a month before and 28.2% a year ago, Nielsen said, while Morrisons also saw its share diminish by one percentage point over the month and 10.7%. WalMart-owned Asda also suffered a one-percentage-point monthly decline to 15.5% as its sales dropped 4.2%. In a continuing trend from the previous month, Tesco loss of market share .5, ASDA & MRW 1%.

Say MRW enrolled 100% more employees in 2013 & doubled that again in 2014 - that would be 20% of the workforce - but funding would have to more than double again, for a further 25% to be added to the projected 50% -again, no allowance for inflation. To sum up Tesco's burden is unchanged, but MRW's is increasing exponentially.

Good news, if MRW enrollment stands at the projected rate of 50% - not so good, if it is currently, say 20%, what is the figure currently?

If enrollment increases to 50% from 5% that would be a 900% increase in cost to MRW at 2012 prices - with no allowance for inflation. Where will the money come from?

In 2012 Tesco had a 50% enrollment & MRW had a low takeup of 5%. It was suggested at the time that Tesco had taken the high moral ground re:Auto enrollment, paying the price of a huge difference in costs. Looking forward to 2017, it was thought Tesco scheme might lose 5% of members & MRW scheme might increase to 50% membership, leveling the disparity in takeup, but at a huge increase in the costs of running their scheme, to MRW .

Bertie can also remember when George Michael was straight, so 2014 'news' is quite recent for him, tho I would be embarrassed to regurgitate 'news' that stale, as if it were yesterday:) Lot easier than talking about how MRW will respond to Tesco Brands Guarantee, I guess.

Tozzer, (actually a claret swilling Estate Agent from T.wells), whose Nautical bent derives from a stake in Trafalgar, a building company run by a set of local Pirates who have sunk the SP from 8p to a 1p, but remain the Bank That Likes To Say Yes, to family members. He has NO retail shares - just likes a good rant, apologies to all bemused Posters.

I thought the penny would drop eventually - Yes, no need to run to MRW to get 2 tins of Quality Street for 7 quid, Tesco will match that price & they are nearer. Why bother looking at ASDA, SBRY & MRW future promotions on any other Brands? Tesco will match those too - in fact, I only need to go to Tesco for Brands, period - that's why it's called a Brand Guarantee, geddit??

Anyone brave enough to to say PPL prefer points vouchers to Cash off your Bill - sing out, we'll all have a good laugh. If MRW have a bad Xmas, they could always sell THEIR Overseas Empire consisting of er... 1 store in Gibraltar that's under attack from a new Iceland.

If you a one of SBRY's 150,000 mobile customers shortly to be without a provider, as Vodaphone pulls the plug - consider joining the 4m Tesco Mobile users, I have just upgraded my phone & recommend their award-winning service. Like me, you may have a Tesco Clubcard as well as a Nectar card, on which you will gain points too.

MRW's response to Tesco's Massive ad. campaign must be to match it -but IMO, that will take at least 3 months, to reprogram & test computer programs, ditto, Asda & Sbry - while Tesco munch their Xmas lunch :)

If you took the trouble to visit an MRW store before Shooting from the Lip, you will find it is MRW who are catching up with Tesco by adopting a simpler points system on Nov 1st. Unfortunately, Tesco have just switched to Cash off your Bill, at the Till - even easier to grasp & bound to be popular at Xmas.

Important to distinguish between Software installed, tested, up'n running & 'Vapourware' -gosh wouldn't it be nice to do xyz - if we start now will it be ready by next march?

Bad - Tesco backroom boys have Beta tested the software changes & are rolling them out UK wide, in time for Xmas. Last I heard, MRW are dropping Mix 'n Match, but still are working on a replacement, TBA. Odds are they will have to copy Tesco's scheme, ditto Asda, SBRY. But Tesco have stolen a march,IMO.

Supermarket chain J Sainsbury has received a letter from the Financial Reporting Council (FRC) relating to supplier income disclosures. The watchdog has apparently written an exploratory letter to the grocery retailer with questions over its failure to include in its accounts income received from its suppliers in its annual report, the Telegraph reported. Around one-third of the companies whose accounts are reviewed by the FRC each year receive an exploratory letter to gain further information. A Sainsbury's spokesman responded by saying: "We are aware of updated FRC guidance and have updated our own policies accordingly".

Re-invested the div. - note Viridor Dir. Has bought a few days ago.