Advent sells Christ jewellery to 3i October 27, 2014 Buyout group Advent has sold a unit of its German books-to-cosmetics retailer Douglas to rival private equity firm 3i, making headway in a revamp ahead of a planned exit from the investment. Advent and the Kreke family, which owns 20 per cent of the group, sold Christ jewellery stores, whose products are modelled by Claudia [...]
Denny’s profits lift October 27, 2014 DENNY’S, the US hamburger chain, yesterday reported an 18.7 per cent increase in third-quarter profit. Revenue for the quarter came in at $117m, higher than forecasts of $115.4m. “Given the strength of our results and the solid start to the fourth quarter, we are positioned to produce our highest annual system-wide same-store sales growth since [...]
City Moves for 28 October 2014 | Who’s switching jobs October 27, 2014 Piper The private equity firm has announced the appointment of Richard Moore as investment manager. He joins from Magenta Partners. Moore is a chartered accountant, and spent four years working in financial due diligence, M&A, valuations, business modelling and distressed situations at EY. RBS Martin Knott has been appointed head of trade, global transaction services [...]
Huntsman near triples its third quarter profit October 27, 2014 HUNTSMAN yesterday reported third quarter profit almost three times as high as last year, helped by a tax benefit and increased revenues. Peter Huntsman, president and chief of the chemical products manufacturer, said: “We continue to see growing demand for key products such as MDI polyurethanes, amines, maleic, aerospace composites and environmentally friendly textile dyes [...]
Best of the Brokers for 28 October 2014 October 27, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com 4IMPRINT GROUP WH Ireland reiterated its “buy” rating following a trading update last week. The broker said the company had proved able to exploit opportunities which it has identified, resulting in very encouraging organic growth based on sustainable market share gains. RAMBLER METALS [...]
Lloyds on FTSE loserboard over tests on capital – London Report October 27, 2014 BRITAIN’S top equity index fell yesterday, weighed down by financials after Lloyds only narrowly passed a regulatory health check of Europe’s banks. The FTSE 100 index fell 0.4 per cent to 6,363.46 points, after managing a slight rebound last week from 15-month lows touched earlier in October. The index has come down from a more [...]
US stocks flat after a fall in energy sector – New York Report October 27, 2014 US STOCKS ended near flat yesterday, pausing after the S&P 500’s biggest weekly gain since January 2013, while energy shares fell with another decline in oil prices. Among the day’s biggest positives, shares of Gilead Sciences rose 1.7 per cent to $112.59, a day ahead of its scheduled earnings release. Micron Technology shares jumped four [...]
Monarch Airlines staff face 700 redundancies and 30pc pay cuts October 27, 2014 700 employees of Luton-based Monarch Airlines will be made redundant and many more will face pay cuts of 30 per cent, under an agreement to save the company. Over 90 per cent of staff voted to accept the changes rather than see the company go under, and two-thirds of the redundancies will be voluntary, [...]
Twitter share price plummets as it fails to live up to World Cup hype October 27, 2014 Twitter shares dropped in value by as much as eight per cent in after hours trading, highlighting concerns about the micro-blogging site's user growth. In its earnings for the third quarter, it reported 284m monthly active users – a 23 per cent increase from the equivalent period in 2013 but just a five per [...]
More should be done to punish traders trying to manipulate financial markets, says Bank of England’s Minouche Shafik October 27, 2014 Minouche Shafik, deputy governor of the Bank of England (BoE), said today that more could be done to punish traders who attempt to manipulate financial markets. Her suggestion was made during a speech at LSE – the first she has given since being appointed deputy governor. During it, she focussed on the results [...]