IT consultant ordered to pay £50,000 after being accused of stealing Soho House members’ personal details
Mothercare poaches Rexam’s finance chief Richard Smothers December 9, 2014 MOTHERCARE yesterday announced it had secured a new chief financial officer after poaching Richard Smothers from the same role at packaging group Rexam. The baby goods retailer said that Smothers would join the firm on 23 March after stepping down at Rexam. He will replace Matt Smith, who is leaving next month to become chief [...]
EasyHotel pre-tax profits slip as costs mount after Aim listing December 9, 2014 Hotel operator easyHotel yesterday reported a lower pre-tax profit for its last financial year, due to costs associated with its listing on Aim earlier this year. The company also revealed a flat profit on an adjusted basis, once stripping out those costs and other payments, as central costs surged. “Current trading is healthy and we [...]
DX Group buys half of Gnewt for £1.75m to expand green services December 9, 2014 INDEPENDENT postal company DX Group yesterday said it had acquired at 49.8 per cent stake in Gnewt Cargo, an environmentally friendly delivery services company. The Buckinghamshire-headquartered DX will pay approximately £1.75m in cash upon completion of the deal. The founders of London-based Gnewt will retain the remaining stake in the business. Founded in 2009 with [...]
City Moves for 10 December 2014 | Who’s switching jobs December 9, 2014 Lambert Smith Hampton The commercial property consultancy has appointed Kenneth Hogg as a director in its London valuation team. He has 24 years’ experience in commercial property, and joins from Davis Coffer Lyons. TSB Craig Bundell has been appointed head of credit cards at the bank. He joins from Mastercard, where he held the position [...]
Best of the Brokers for 10 December 2014 December 9, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com GEMFIELDS FinnCap has reiterated its “buy” rating following the company’s second ruby auction in Singapore, selling gemstones from its Montepuez mine in Mozambique, where it recorded its highest ever revenue for an auction, at $43.4m (£27.7m). The broker retained its 60p price target. [...]
FTSE tumbles on Tesco share price turmoil as banks take a hit – London Report December 9, 2014 Britain’s main equity index yesterday fell to one-month lows, hit by supermarket retailer Tesco’s fourth profit warning this year. Shares in Tesco at one stage fell as much as 17 per cent to their lowest in around 14 years, wiping some £2.6bn off the firm’s market capitalisation. It later regained some ground to close 6.6 [...]
Geopolitical fears weigh on Wall Street – New York Report December 9, 2014 THE S&P 500 ended nearly flat yesterday as concerns about global weakness and political turmoil were offset by gains in technology and energy shares. The Dow Jones industrial average fell 51.28 points, or 0.29 per cent, to 17,801.2, the S&P 500 lost 0.49 points, or 0.02 per cent, to 2,059.82. However, the Nasdaq Composite added [...]
Citi share price falls after bank announces $2.7bn legal costs December 9, 2014 Shares in Citigroup have fallen by over two per cent in early morning trading, after the US bank revealed it would be taking a $3.5bn (£2.23bn) charge for legal and restructuring operations. The charges are expected to eat up huge chunks of the bank’s fourth quarter profits, yet Citi insisted that it still expects [...]
CIA interrogations criticised as “brutal” and “ineffective” in US Senate report December 9, 2014 The Central Intelligence Agency’s interrogation of terror suspects after 9/11 has been criticised in a major report by the US Senate committee. The CIA misled Americans, including the White House and Congress, on the effectiveness of “enhanced interrogations.” Interrogations were labelled “brutal” and the intelligence agency failed to secure information that foiled threats a Senate [...]
Wages in emerging economies increase as developed world slows down December 9, 2014 The wages in developing countries have risen more than those in the developed world since the global recession, according to the latest data of its type. The chart below shows just how these countries have outperformed their developed world counterparts over the last eight years. During this time period, the average annual increase in the [...]