Board meeting: Ladbrokes gets in kerfuffle at Man Utd ground April 22, 2014 IT WOULD appear David Moyes wasn’t the only person asked to leave Old Trafford yesterday, as Ladbrokes’ spin doctor Alex Donohue also had to do the walk of shame away from the Man Utd grounds. He had been on site with his chalk board, peddling the odds on who would replace Moyes and chatting to [...]
Tesco steps up assault with more price cuts April 22, 2014 TESCO yesterday launched a fresh round of price cuts and slashed its online shopping charges as it steps up its efforts to stop customers defecting to its discount rivals. The retailer dropped prices on over 30 products yesterday including bacon, sugar, broccoli and some of its bread ranges. The price of six Tesco free-range medium [...]
Tasty earnings at Yum Brands as China tucks into KFC and pizza April 22, 2014 KFC parent company Yum Brands last night posted healthy first quarter results, largely in line with analyst expectations. The group revealed net income of $399m, up from $337m (£237m) in the first quarter of 2013. Revenue was $2.72bn for the quarter, which narrowly missed predictions of $2.79bn. Results in China were strong, despite concerns over [...]
McDonald’s profits fall as US diners stay away April 22, 2014 MCDONALD’S has suffered another sluggish quarter of sales in its key US market, dragging group profits down, as the fast-food giant struggled with fierce competition, weak consumer spending and a cold winter. Group like-for-like sales rose 0.5 per cent but US sales fell 1.7 per cent, which the hamburger chain blamed partly yesterday on the [...]
United Tech beats on earnings April 22, 2014 United Technologies reported a higher-than-expected quarterly profit yesterday, helped by revenue growth across its aerospace and commercial building segments and strong sales in China. The manufacturer of elevators, jet engines and climate control systems, also lifted the low end of its 2014 earnings forecast.
Intu completes rights issue April 22, 2014 Shopping centre owner Intu said yesterday that it had completed its rights issue, raising around £488m. Investors initially took up 99 per cent of the shares but Intu subsequently found subscribers for the remaining 2.7m shares. The issue will help fund a trio of acquisitions, including a fifty per cent stake in Westfield Merry Hill.
Lockheed looks beyond US sales April 22, 2014 Lockheed Martin, the Pentagon’s largest supplier, yesterday reported a 23 per cent jump in operating profit and earnings per share in the first quarter, and raised its earnings per share outlook for the full year. But Lockheed said sales to the US military are likely to drop by six per cent this year after a [...]
Colt slumps as it exits mobile call contracts April 22, 2014 TELECOMS group Colt will withdraw around 85 per cent of its voice contracts – or calls from mobile operators that it carries on its network – over the next few months as part of a review of the business. Colt’s shares crashed 10.1 per cent on the announcement yesterday to close at 130p. On the [...]
Newly rebranded Connect Group extends £215m magazine deal April 22, 2014 CONNECT Group, the London-listed newspaper and magazine wholesaler that is today rebranding from Smiths News, has secured an agreement with Frontline and Seymour worth £215m a year until 2020. Frontline distributes titles from H Bauer, Immediate Media and Haymarket, while Seymour’s titles come from a number of publishers including Future Publishing and Dennis Publishing. The [...]
Chinese yuan drops to lowest in a year as People’s Bank steps in April 22, 2014 CHINA’S currency traded at the lowest level against the dollar in more than a year yesterday, as the People’s Bank of China (PBOC) intervened to ease reserve rules for the country’s rural lenders. The yuan has not been lower against the US currency since the first quarter of 2013, trading at 6.238 to the dollar [...]