Next claims Tesco copied clothing line September 20, 2009 TESCO, the supermarket famed for its aggressive price war tactics, was yesterday batting away allegations that it has illegally copied clothing ranges from fashion retailer Next. Next has filed claims with law courts alleging the supermarket has lifted up to five clothing lines – and stolen two design motifs originally designed by Next. Tesco denies [...]
Brit talent returns to Fashion Week September 20, 2009 LONDON Fashion Week kicked off with the usual smatterings of fresh new talent over the weekend, but all minds were fixed on the return to the UK of iconic brands Burberry, Pringle and Matthew Williamson. Williamson, who earlier this year unveiled a fashion line for high-street giant H&M, yesterday returned after seven years in New [...]
Belgian bank set to make loss selling off its British brokerage September 20, 2009 BELGIAN bank KBC has put its London brokerage and corporate finance house, KBC Peel Hunt, up for sale. The struggling bank has had to borrow around €7bn (£6.3bn) from the Belgian government, and is now likely to make a huge loss on its investment by selling the brokerage. KBC bought Peel Hunt in a deal [...]
JD Sports on the up while JJB struggles September 20, 2009 RIVAL sportswear retailers JD Sports and JJB Sports are due to report half-year figures this week amid mounting controversy in the sportswear sector.JD Sports has been relatively resilient throughout the downturn, reporting sales lifts and profiting from the ailing fortunes of its rivals. Selling mainly sportswear fashion, rather than sports equipment, it has been cushioned [...]
M&S searches for next Rose September 20, 2009 Marks and Spencer yesterday hit back at claims that shareholders were wary of an internal candidate being appointed to succeed Sir Stuart Rose. Earlier this month Rose’s key ally and food boss of the retail chain, John Dixon, was elevated to the main board – suggesting to observers that he will be in the running [...]
Goldshield set for takeover battle from management September 20, 2009 Pharmaceutical firm Goldshield is is locked in the midst of a takeover battle after plans of a management-led buyout were revealed. On Friday the group’s independent directors announced that Neopharm, the Fuhrer family owned firm, made a 440p per share bid for the group, valuing the company at about £161.2m. But the group’s management refrained [...]
Irwin closure brings US bank failures to 94 September 20, 2009 US REGULATORS have closed two banking units of Irwin Financial, bringing the number of federally insured lenders to fail this year to 94. The Federal Deposit Insurance Corporation (FDIC) was appointed receiver of the two units, Irwin Union Bank and Irwin Union Bank and Trust and will transfer the banks’ deposits to First Financial Bank. [...]
GOODWOOD RELIVES ITS GLORY DAYS September 20, 2009 THIS weekend’s annual Goodwood Revival meeting featured 80 of the 96 cars Sir Stirling Moss drove during his racing career took, attracting motoring fans from around the country. The event was attended by celebrities such as astronaut Buzz Aldrin and comedian Rowan Atkinson. On show were vehicles from motor racing’s golden era, including vintage Formula [...]
Putin in gas extraction summit September 20, 2009 Russian Prime Minister Vladimir Putin said he will this week hold a meeting on how to tap giant gas reserves on the Arctic Yamal peninsula, and global majors hope to hear about tax breaks and the easing of regulations. Industry sources said invitations had gone to the heads of Total, Royal Dutch Shell, Exxon Mobil, [...]
Lufthansa plans staff cost cuts September 20, 2009 Airline Deutsche Lufthansa is planning to cut five per cent off staff costs per year through 2011 at its central operations, a spokesman said, adding he was not able to say how many people worked there. Along with other airlines, Lufthansa has been hit by lower demand for air travel and rising fuel prices.