Bank of Ireland to get new boss June 10, 2009 Bank of Ireland will name former chief executive Pat Molloy as chairman when incumbent Richard Burrows resigns next month, the bank said yesterday. Molloy, who is also a former chairman of building materials group CRH, will be appointed to the board of Bank of Ireland by the government, which has a 25 per cent indirect [...]
PZ Cussons lathers up its profits June 10, 2009 Imperial leather maker PZ Cussons yesterday said it expects full year profits to be in line with expectations, driven by strong growth from its new product lines. PZ Cussons bought the Sanctuary spa line of products last year for £75m and said that recent trading across all of its divisions had been strong.
Net-a-porter profits rocket June 10, 2009 Upmarket online fashion retailer Net-A-Porter.com reported a more than 230 per cent rise in 2008 profit after developing strong relationships with luxury fashion houses and new and existing clients. The company said it had benefited from exclusive collaborations with designers including Alexander McQueen. Pre-tax profit for the year ending January 2009 rose 234 per cent [...]
Park Plaza hotel trading in line June 10, 2009 Park Plaza chief executive Boris Ivesha yesterday said trading for the five months to the end of May for the upmarket hotel chain is in line with management’s expectations. The group warned that the current environment was still “very challenging.”
BAA suffers a traffic slump in downturn June 10, 2009 AIRPORT operator BAA said yesterday its passenger numbers for May had slumped for the 14th month in a row, as 11.8m passengers used its seven airports – down 7.3 per cent from a year ago. Stansted, one of three airports BAA is being forced to sell, was hit hardest, seeing its air traffic slump 18.5 [...]
Berlin backs bad bank plan June 10, 2009 THE GERMAN cabinet yesterday backed a “bad bank” plan for regional banks – known as Landesbanks – that would allow the publicly-owned lenders to offload toxic assets and make consolidation more likely, the finance ministry said. Under a deal brokered by Finance Minister Peer Steinbrueck last week, German state leaders agreed to consolidate the Landesbank [...]
Walsh’s pay rises as BA struggles June 10, 2009 BRITISH AIRWAYS (BA) boss Willie Walsh pocketed a six per cent pay rise last year, it emerged yesterday, despite a dismal year for the UK’s flag carrier. Walsh’s basic salary was £735,000 – up five per cent from £701,000 the previous year. His pension fund was also topped up to £90,000 from £81,000. The news [...]
British trade deficit widens in April despite weaker sterling June 10, 2009 BRITAIN’S trade deficit widened to £7bn in April, up from £6.5bn in March, according to the Office of National Statistics, despite a recent raft of positive data. Economists had been expecting a trade deficit of £6.4bn. The gap in goods and services was £3bn compared with a gap of £2.7bn in March, the data showed. [...]
Workers can accrue holiday when on sick leave, says House of Lords June 10, 2009 EMPLOYEES on long-term sick leave are entitled to take all holiday they have accrued when they return to work, the House of Lords ruled yesterday. If workers were sacked or left a firm, they must receive holiday pay equivalent to the time they were unable to take while ill, the Law Lords added, in a [...]
ZARA SALES SLUMP June 10, 2009 THE parent of high street retailer Zara yesterday posted its sharpest fall in quarterly profits for five years as the recession took its toll. Spanish group Inditex, which owns Zara, reported a 16 per cent fall in net income to €184m (£157m). Inditex said it had experienced a four per cent increase in clothing sales [...]