Salvatore Ferragamo profit lifted by currencies May 13, 2015 Italian luxury group Salvatore Ferragamo yesterday reported a 16 per cent rise in its first-quarter core profit as currency effects boosted sales in Asia and North America. Earnings before interest, tax, depreciation and amortisation totalled €61m (£44m) in the first quarter, marginally ahead of analysts’ consensus of €58m. Sales rose 10 per cent to €327m. [...]
Bob Diamond re-elected as Atlas Mara director after facing a minor investor revolt May 13, 2015 Ex-Barclays chief Bob Diamond was re-elected as a director at his latest venture Atlas Mara – but only after a modest shareholder rebellion among voters. The chief executive was backed by 91.2 per cent of shareholders, giving him the support a solid majority. But that figure compares with more than 99 per cent for all [...]
Morgan Stanley fined $2m for incorrectly reporting short-selling positions May 13, 2015 US investment bank Morgan Stanley was yesterday fined $2m for incorrectly reporting its short-selling positions over a period of more than six years. Regulator Finra requires banks to report their short positions, to provide investors with transparency over activity in the marketplace. But Morgan Stanley failed to do this, and failed to implement a system designed [...]
Cadbury’s raider Nelson Peltz loses first ever boardroom vote over DuPont split May 13, 2015 Veteran corporate raider Nelson Peltz, who once besieged British chocolate maker Cadbury, lost a bitter boardroom battle for control of a US chemicals giant yesterday – his first defeat in a decade. Peltz, 74, lost a shareholder vote on his plans to overhaul the board of DuPont, a two century old company with offices in [...]
SABMiller falls flat as revenues lose sparkle after dollar woes May 13, 2015 Shares in SABMiller crept up yesterday as investors shrugged off the firm’s dollar woes and instead focused on the fundamentals. The world’s largest brewer saw its full-year results take a hit as the strong dollar weighed heavily on revenues. The firm continued to target the expanding markets of Africa and Latin America, spending $1.6bn (£1bn) [...]
Property magnate Nick Candy lifts his stake in online platform Audioboom May 13, 2015 Nick Candy, the property tycoon, has increased his stake in the social audio platform Audioboom, investing a further £531,500 in shares. The latest investment was 9,170,000 shares at a cost of 5.88p a share. It brings Candy’s total shareholding in the firm to 25m shares, a 4.6 per cent stake. Candy, who made his name [...]
Travelodge targets port locations to tap into thriving cruise market May 13, 2015 Budget hotel chain Travelodge said yesterday that it plans to cash in on a boom in cruise and ferry trips by building 14 new hotels in key port locations across the UK. The company, which has 516 hotels in the UK, Ireland and Spain, plans to invest £84m on opening hotels in port locations including [...]
BT awards chief Gavin Patterson £1.95m in shares May 13, 2015 BT chief executive Gavin Patterson yesterday took home 416,719 shares, as part of an incentive package. The shares were priced at £4.69, meaning Patterson’s bonus came to a total value of £1.95m. Other senior executives to benefit included group finance director Tony Chanmugam, who received 391,131 shares, and Luis Alvarez, the chief executive of BT [...]
Saudi Arabia says it’s taking investment away from foreign rivals May 13, 2015 Saudi Arabia, the world's biggest producer of oil, claims to be taking investment away from US shale producers and other foreign competitors, according to the FT. A Saudi official told them there was “no doubt about it”, that the decline in price over recent months had “deterred investors away from expensive oil including US shale, [...]
UK Oil and Gas investments share price jumps after extending Horse Hill Gatwick oil licenses May 13, 2015 UK Oil and Gas Investments (UKOG), the company exploring oil reserves in the area of Horse Hill near Gatwick, has had its licence extended, sending shares up more than six per cent in afternoon trading. Regulators have approved a year-long extension to licences held by Horse Hill Developments, the company in which UKOG holds a stake, [...]