Services surge ahead yet UK’s industry slows September 3, 2014 BRITISH services are reporting the fastest growth this year so far, even as the country’s manufacturers report a slowdown, suggesting that the recent expansion may be unbalancing. The August survey of the services sector conducted by the Chartered Institute of Purchasing & Supply (CIPS) and Markit came in at 60.5 – the strongest since November [...]
FTSE 100 touches a 14-year high after Ukraine cease fire rumours September 3, 2014 THE FTSE 100 opened at a 14 year high yesterday morning, driven upwards by strong UK services data and rumours of a ceasefire between Ukraine and Russia. The index climbed to over 6,897 yesterday morning, the highest level since 2000, before settling at 6,873.58 later in the day, having risen by 0.65 per cent on the [...]
Carl Icahn sells stake in discounter Family Dollar and earns $200m September 3, 2014 Activist investor Carl Icahn yesterday sold his stake in deep discounter Family Dollar, earning $200m (£121m) in the process, Reuters reported, citing sources familiar with the issue. The sale comes after Icahn pushed Family Dollar’s management into putting it up for sale, igniting a bidding war. In July, rival Dollar Tree offered to pay $8.5bn [...]
Gear VR puts Samsung in a bold new Galaxy September 3, 2014 SAMSUNG unveiled its first foray into virtual reality yesterday, with the Gear VR headset. The firm said that the headset, when married with the South Korean giant’s new Galaxy Note 4 smartphone, gives users an immersive experience to play games and watch video. While Samsung said the VR was still a work in progress, its [...]
LVMH agrees to peace deal with Hermes family September 3, 2014 FRANCE’S richest man Bernard Arnault yesterday agreed to relinquish most of his $7.5bn (£4.5bn) holding in luxury goods maker Hermes International, bringing to an end a bitter four-year battle. Arnault’s LVMH Moet Hennessy Louis Vuitton agreed to distribute most of its 23.2 per cent stake in Hermes among its shareholders and not to acquire any [...]
McCarthy & Stone set to splurge £2bn on land as revenues jump September 3, 2014 Rrtirement home-builder McCarthy & Stone is to step up its investment in land to £2bn over the next four years as it seeks to tap into a growing demand from over 65s needing to downsize. The company, which has raised its target from £1.5bn last year, is planning to double in size and develop more [...]
Galliford Try wins two affordable housing deals in London and Middlesbrough September 3, 2014 Galliford Try said yesterday that it had won two affordable housing contracts in east London and in Middlesbrough, in the north east, worth £106m. The FTSE 250 housing and construction group has been hired by Notting Hill Housing to build Great Eastern Quays, an £81m regeneration scheme in London’s Royal Docks that will have up [...]
American Apparel ad banned for inappropriate portrayal of young women in schoolwear promotion September 3, 2014 US clothes retailer American Apparel was yesterday reprimanded by the advertising watchdog for an advert showing a girl leaning over and revealing her underwear. The image had been designed to promote the brand’s schoolwear. The Advertising Standards Agency said the adverts had the “potential to normalise predatory sexual behaviour” towards young women. It is the [...]
Germany’s €6bn mega-float puts London on notice September 3, 2014 Europe’s biggest online fashion player Zalando, a rival to Britain’s Asos, plans to raise more than €500m (£399m) to fund its expansion by listing a stake on the Frankfurt stock exchange. The announcement comes as London’s tech community launches a fight back to maintain its lead over its European rivals. Yesterday, the Coalition for a [...]
Pure Gym gets back on its bike and plots overseas expansion September 3, 2014 Budget fitness chain Pure Gym is shaking off its £300m failed merger with Gym Group by pushing ahead with ambitious expansion plans and hunting for smaller acquisitions. Founder Peter Roberts said yesterday that it expected to grow from 70 clubs to 90 by the end of the year, as well as securing its first two [...]