Stock Spirits in profit warning as sales slump November 5, 2014 STOCK Spirits, the central European-focused spirits producer, saw its share price plummet 25 per cent yesterday as the company warned its full-year profits could be between “€5m (£3.9m) and €10m below expectations”. The UK-headquartered company pointed to a 15 per cent rise in Polish excise duties and aggressive pricing from competitors as reasons for the [...]
Danish discounter Netto opens joint venture with Sainsbury’s November 5, 2014 Discount supermarket chain Netto today makes its comeback to the UK, opening a store in Leeds in a joint venture with Sainsbury’s. Netto, which left the UK in 2010, intends to open 15 stores in a trial in the north of England, but has still to open any stores in London or the south east. [...]
Canaccord’s income rises November 5, 2014 CANACCORD Genuity yesterday reported that it had generated second-quarter income of C$20.7m (£11.3m) compared with C$6.7m in the same period last year. Paul Reynolds, president and chief executive of the Canadian wealth management firm, said: “We achieved strong results in our global advisory business and steady recurring revenue growth from our global wealth management operations.”
Time Warner detects a better quarter November 5, 2014 THREE months after it rebuffed an approach by Rupert Murdoch’s Twenty-First Century Fox, Time Warner raised its earnings outlook yesterday as the media company’s third-quarter revenue increased a bigger-than-expected three per cent to $6.24bn. The company’s HBO subsidiary produced the highly successful True Detective series.
Quartix IPO: As London’s frosty market reopens co-founder Andy Walters on why he braved the waters November 5, 2014 Telematics founder Andy Walters braved the City’s turbulent times As the London market starts to thaw, with the likes of Virgin Money gearing up to float after delaying when the global sell-off sent British shares tumbling, one small vehicle-tracking firm has braved the volatile market and will float today. Quartix co-founder and managing director Andy [...]
High growth small businesses created two in three new jobs and generated 36 per cent of UK economic growth last year November 5, 2014 Fast-growing smaller companies are fuelling a large part of economic growth despite representing just one per cent of UK firms. Despite just making up 3.4 per cent of total UK output, smaller companies generated 36 per cent of UK economic growth last year, according to a report released today by the Centre for Economics and [...]
London brokers Hyperion Group and RKH reveal plans to merge November 5, 2014 Private insurance brokers Hyperion Insurance Group and R K Harrison Holdings (RKH) revealed yesterday that they were in exclusive merger discussions. David Howden, currently chief executive at Hyperion, will take on the same role at the top of the combined group. RKH chief executive Paul Bridgwater is to step down. A spokesman for Hyperion said [...]
Leyne, Strauss-Kahn & Partners shuts after “additional commitments” discovered which “aggravate its delicate financial situation” November 5, 2014 An investment firm formerly associated with Dominique Strauss-Kahn has declared itself insolvent following the discovery of new dealings that the firm says have knocked its financial situation. Leyne, Strauss-Kahn & Partners (LSK) was set up last year by French-Israeli entrepreneur Thierry Leyne, who died on 23 October in an apparent suicide. Three days earlier the [...]
UK’s dominant service sector hits the brakes November 5, 2014 THE UK’s service sector sustained its strong growth during October, but the pace of expansion was the lowest for 17 months. The services purchasing managers’ index – a survey of firms – fell to 56.2 in October from 58.7 in September, according to figures released by Markit yesterday. A score above 50 signifies growth. October’s [...]
Eurozone PMI: Contraction in French services raises fears of third recession November 5, 2014 France continues to earn its title of the “sick man of Europe” with its service sector showing signs of contracting. The services purchasing managers’ index (PMI) – a survey of firms in the service sector – registered 48.3 for France in October, according to figures released yesterday by Markit. A score below 50 signals contraction. [...]