Music industry slumps despite online growth March 18, 2014 MUSIC subscription services’ revenues grew to over $1bn (£603m) worldwide in 2013, but the dramatic growth from the likes of Spotify and Rdio was not enough to support the music industry which contracted 3.9 per cent overall to $15bn. Japan led the slump in global music revenues with a 16.7 per cent drop in sales [...]
Shares plunge as Asos ramps up investment March 18, 2014 ASOS shares plunged eight per cent yesterday after the online fashion retailer said it will ramp up spending on warehouses to meet growing demand at the expense of short term profits. Chief executive Nick Robertson said it will lift capital expenditure this year to £68m from the £55m previously forecast as it accelerates its investment [...]
Bottom Line: Give up the fantasy and settle into real life March 18, 2014 INVESTORS love an excuse to panic. No sooner had Asos revealed yesterday that margins were likely to be squeezed this year as a result of slower sales and more investment, than shareholders had run screaming for the hills – wiping more than £1bn off the retailer in early trading. Fellow online players (and stock market [...]
Top investment bankers paid most at Barclays March 18, 2014 SENIOR executives at Barclays saw their share awards drop by around 20 per cent for 2013, the bank’s figures showed yesterday. The drop for the top 12 staff comes after a poor year for the bank – adjusted profits fell 32 per cent compared with 2012, and executives are under pressure from shareholders and politicians to [...]
Record profit for Jefferies on recovery in equities markets March 18, 2014 INVESTMENT banking revenues gave Jefferies its highest ever quarterly profits, the advisory business reported yesterday. Pre-tax income came in at $182.3m (£109.9m) for the first quarter of its financial year, up 30.7 per cent on the same period of last year. Revenues increased 7.3 per cent on the year to $1.1bn, driven by investment banking [...]
Here’s looking at you, Kidd… March 18, 2014 Jodie named face of the 2014 Investec Derby ANY LADIES planning to glam it up on Ladies’ Day at the Investec Derby Festival in Epsom Downs on 6 June will have stiff competition from the official face of the event – its organisers have revealed that this year it will be supermodel Jodie Kidd. Not only [...]
Retail investors excluded from Polypipe float March 18, 2014 BRITISH plastic piping manufacturer Polypipe is the latest company to announce its plans to float on the London Stock Exchange, as it looks to take advantage of the UK construction market recovery. Around half of the company’s share capital will be up for grabs, but like online food takeaway business Just-Eat, which announced its plans [...]
Porsche to replace sports car engines March 18, 2014 LUXURY car manufacturer Porsche is to replace all the engines in its 2014 911 GT3 model sports cars and has warned all current owners not to drive the cars, after reports that they could catch fire. The company is recalling every single one of the 785 made, after two fires were reported in Italy and [...]
Resolution to be Friends Life as Cowdery exits March 18, 2014 SHARES in the insurance group Resolution slipped 5.92 cent yesterday as founder Clive Cowdery revealed he is stepping down at the end of the firm’s restructuring. The London-listed firm, founded in 2008 to consolidate struggling insurers, also plans to change its name to Friends Life in honour of its biggest acquisition. John Tiner, who helped [...]
Antofagasta hit by slide despite bumper payout March 18, 2014 CHILEAN copper miner Antofagasta briefly delighted the market yesterday with a better-than-expected dividend, but a decline in full-year revenue and earnings took the shine off results. The FTSE 100-quoted company issued a final dividend of 86.1 cents per share, bringing the total dividend for the year to 95 cents per share. This represents a total [...]