McDonald’s sales suffer a dip July 23, 2009 Fast-food giant McDonald’s said yesterday that the strong dollar contributed to a eight per cent dip in second-quarter profit to £1.09bn. The dip in profits was also down to tough comparatives, after a large gain in the same period of the previous year, the Illinois-based firm said.
BoA brings back accounting chief July 23, 2009 Bank of America has installed Neil Cotty in his previous position of chief accounting officer. Cotty had been chief financial officer of the group’s investment banking and wealth management operations and was at the heart of the bank’s acquisition of Wall Street rival Merrill Lynch.
JJB prepares for AGM row July 23, 2009 SPORTSWEAR tycoon Mike Ashley is threatening to make an explosive appearance at arch rival JJB Sport’s annual meeting today. The showdown will centre on the exact chronology of Ashley’s £1.5m personal loan to JJB’s executive chairman Sir David Jones, which could pose a conflict of interest. JJB Sports maintains that the £1.5m loan, which has [...]
Salesman loses tribunal claim for reinstatement at Nomura July 23, 2009 A FORMER Lehman Brothers salesman who claims he was made redundant after blowing the whistle on client abuses failed in his bid to be reinstated yesterday. An employment tribunal in Stratford told Paul Ryb he had not convinced it that he should be reinstated at Nomura. The Japanese bank bought the Lehman Brothers telecoms division [...]
THE LADIES OF THREADNEEDLE STREET July 23, 2009 THE female-dominated staff of Maurice Turnor Gardner (MTG), comprised of heavyweight lawyers made redundant from “magic circle” law firm Allen & Overy (A&O), sets up shop today at new City headquarters. The team has opened an office at 1 Threadneedle Street, after working out of A&O’s offices since setting the firm up four months ago. [...]
CITY VIEWS: HAS THE CAR SCRAPPAGE SCHEME PROVED TO BE AN EFFECTIVE INITIATIVE? July 23, 2009 DANIEL NOYCE OCE“ It’s a genius idea by the chancellor as it creates more revenue for the Treasury. They recoup more than £2,000 on car taxes etc, and all under the pretext of stimulating the economy. But it also raises questions over scrapping cars for the sake of it.” PHIL HEALY WILLIS“I think that it [...]
Carphone gets a boost from iPhone rush July 23, 2009 SHARES in Carphone Warehouse lifted yesterday after the company said that first quarter trading was in-line with expectations, and that revenues in its retail business had been boosted by the popularity of the iPhone. Europe’s biggest mobile phone retailer said that revenue at Best Buy Europe – its joint venture with US firm Best Buy [...]
Capita profits from outsourcing boom July 23, 2009 CAPITA reported an 18 per cent rise in first-half profits yesterday as it benefited from government and companies outsourcing to cut costs. The group reported a pre-tax profit of £141.7m, on the back of an 11 per cent rise in revenues to £1.31bn. The results came in below analysts’ expectations, but chief executive Paul Pindar [...]
DMGT AD SLUMP SLOWING July 23, 2009 DAILY Mail & General Trust (DMGT) said yesterday that the decline in advertising revenue at its titles slowed during the three months to the end of June, but that forward visibility remained low. National newspaper ad revenues fell 12 per cent, while regional newspaper ad revenues fell 33 per cent.
Compass warns on sales growth July 23, 2009 Compass, the world’s largest caterer, said yesterday that sales growth slowed in the third quarter and looked set to weaken further, meaning it had to rely on cost cuts and sterling’s weakness to help maintain strong profit growth. Shares in Compass fell as analysts said the sales figures were worse than they had been expecting, [...]